Infrastructure Tool: Branded dollar creation

[37aces]

Description/Problem

People want to buy collectibles but may decide otherwise if they have to pay with the volatile FLOW token. Stablecoins solve this problem but you have to sell FLOW to get stablecoins. $oneFLOW works better than stablecoins by enabling a dollar equivalent balance backed by $FLOW tokens.

ICHI, a Flow partner, will launch Stable Flow ($oneFLOW), a token valued at $1. Stable Flow is minted in part with FLOW tokens and redeemable for fiat-backed stablecoins.

Developers will be able to easily build $oneFLOW into their apps for DeFi, peer-to-peer payments, charging for services, or enabling consumers to earn rewards for the value they create. In addition, $oneFLOW will be able to fund affiliate bonuses to these developers from the yield earned by the assets backing $oneFLOW.

Experienced Required

• Good understanding of Cadence and storage model
• Good understanding of Solidity
• Familiarity with smart contract application architectures
• High-level understanding of Flow's architecture (block production, transaction states, etc.)

Minimum Feature Set (Acceptance Criteria)

• oneToken Factory
  • A contract that acts as a oneToken deployment mechanism.
• oneToken Vault
  • A contract owned by oneToken Governance that holds assets, mints and burns ERC20 tokens, and controls the process flow during the minting and redemption process, including coordinating modularized components.
• Mint Master
  • A Mint Master uses any available information to compute the current minting ratio.
• Strategies
  • Trading contracts that invest funds in yield-farming contracts, receive other types of tokens and report balances of each type of token they hold.
• Controller
  • A global contract that executes the appointed strategies for a given oneToken Vault at the specified period of time.

Extension (Optional) Feature Set

• ICHI Governance Model
  • Global governance controls the oneTokenFactory and manages global parameters. Governance itself is external to the oneToken system.
• oneToken Governance Model
  • Governance of specific oneToken instances with user votes weighted by their holdings of the corresponding oneTokens in specific liquidity pools

Milestone Requirements

1. Create wireframes an architectural software diagram for Cadence implementation of the minimum feature set.
2. Implement an MVP of the oneFLOW token contract including mint master.
3. Implement an MVP of the oneToken Factory contract
4. Implement strategies for the oneToken Vault

Software Requirements Maintainability

• The tools or libraries used to construct the solution should be well vetted and well maintained
• Code should be written in a way that can be extended with new functionality and clear enough for open-source developers to contribute to.

Testing

• All core logic should have unit tests.
• Each feature implemented should be tested by an end-to-end (E2E) test.

Other Requirements Documentation

• The following pieces of documentation needs to be completed alongside the code for a successful submission:
  • Installation Guide: How to get this application up and running.
  • Usage Guide: A highlight of all the features available and how to use them.
  • Contribution Guide: A thorough explanation of the codebase, where features are located, a diagram explaining complex interactions, etc. This is intended to be a primer for new contributors that would like to add or modify features.

Judging Criteria For all projects, technical & high-level judging criteria apply.

Resources ICHI Documentation: https://docs.ichi.farm/ ICHI open source code (Solidity implementation): https://github.com/ichifarm

[chandanworkacct]

Question for ICHI team: Is there a good layman article on how ICHI stablecoins work?

[dthibeau]

Question for ICHI team: Is there a good layman article on how ICHI stablecoins work?

Check out our Medium introducing ICHI V2 here: https://medium.com/ichifarm/announcing-ichi-v2-d69cebc47d25

At the core its very simple: ICHI deploys a "branded" dollar for any crypto project. The branded dollar is minted and redeemed for exactly $1 in value, and is minted with USDC and FLOW. It provides a seamless experience for users to transact on the network without having to worry about price exposure. It is also governed by the FLOW community that holds the branded dollar.

[dthibeau]

Myself and @37aces from the ICHI community are happy to answer any questions that may arise.

[chandanworkacct]

Which stablecoin are you going to use on flow blockchain? USDC or FUSD?

On Wed, Sep 22, 2021 at 5:38 AM dthibeau @.***> wrote:

Myself and @37aces https://github.com/37aces from the ICHI community are happy to answer any questions that may arise.

— You are receiving this because you commented. Reply to this email directly, view it on GitHub https://github.com/onflow/flip-fest/issues/38#issuecomment-924890684, or unsubscribe https://github.com/notifications/unsubscribe-auth/AIFCOF7LZTUOA3OVKTSKXG3UDHE5HANCNFSM5EPQQVZQ . Triage notifications on the go with GitHub Mobile for iOS https://apps.apple.com/app/apple-store/id1477376905?ct=notification-email&mt=8&pt=524675 or Android https://play.google.com/store/apps/details?id=com.github.android&referrer=utm_campaign%3Dnotification-email%26utm_medium%3Demail%26utm_source%3Dgithub.

--

Chandan Mishra | twitter: @chandan_at_work @.*** | +1 650.281.8249 <(650)%20281-8249>

[dthibeau]

Which stablecoin are you going to use on flow blockchain? USDC or FUSD?

@chandanworkacct - That would be up to the FLOW community. The ICHI model supports almost any stablecoin type.

[zeke13210]

Looking to tackle this issue with my team @dthibeau and @37aces https://www.hackerearth.com/challenges/hackathon/flip-fest/dashboard/368dd7e/team/. I'm not sure how to pull my team members GitHub information from HackerEarth but I want to make sure my interest was expressed. Milestone 1 estimated completion within 2 weeks.

[dthibeau]

@zeke13210 Fantastic! We can answer any questions you have here or in the flipfest Discord channels.

[kimcodeashian]

To give participants a better idea of working with ICHI to get stablecoins on Flow - ICHI has uploaded a video describing the end to end flow of how apps can mint and redeem their new stablecoins. The goal will be to replicate something similar on Flow - reach out and ask any q's on the issue for more details!

https://user-images.githubusercontent.com/28242967/137561957-284261c5-6351-48e9-8164-aa1b1ade087f.mp4

[mwufi]

Q: About the strategies part...how would ICHI treasury work if there's not significant deFi on Flow? Would there be no strategies at the moment? (But maybe some in the future?)

[dthibeau]

@mwufi - Strategies are designed to be custom to the network and to which ICHI is deployed. Strategies could be yield based on staking, lending, AMMs etc. As such there is some dependency to those yield opportunities existing. ICHI liquidity rewards can also provide an opportunity for these yield opportunities to emerge.