As RenVM brings popular cryptocurrencies to Ethereum, it is partnering with ICHI, a protocol for creating decentralized monetary authorities. All cryptocurrencies on RenVM can now mint & govern their own interoperable stablecoin backed by a mix of their native token and USDC…
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08/10/2021
Ren, an inter-blockchain liquidity protocol, and ICHI, a platform that allows cryptocurrency communities to create and govern their own non-custodial stablecoin, have announced a new partnership to make decentralized stablecoins available to Bitcoin, Dogecoin, Zcash, Ren, and other crypto communities.
ICHI’s Decentralized Monetary Authority (DMA) protocol facilitates crypto communities in creating a stablecoin that is backed by a blend of its own native coin and fiat-backed stablecoins. This increases the demand for each community’s native coin and ensures value remains locked in the community.
ICHI + Ren
The new integration will enable ICHI to create a stablecoin for popular cryptocurrencies BTC, DOGE, REN itself, and others in whichRenVM brings to the Ethereum network. Notably, this integration aims to facilitate these cryptocurrencies to be used in DeFi apps across the blockchain ecosystem.
“This partnership is a key step in allowing the fluid movement of liquidity between any blockchain. ICHI’s protocol creates value for any stakeholder within the Bitcoin, Dogecoin, Digibyte; or other crypto communities we support by encouraging the adoption and use of these tokens; and driving value back to the community in the form of yield.”
– Michael Burgess, Ren COO
In-House Economy
Further, the ICHI protocol provides every crypto community with the tools to operate their own economy. This includes establishing a community-governed treasury created through the minting of ‘oneTokens.’ Every community’s oneToken becomes over-collateralized when the amount in their treasury exceeds that of existing minted oneTokens; which occurs from the community investing in DeFi projects to earn yield.
“We are thrilled to partner with Ren to provide communities with autonomy over how to spend, invest, save, and otherwise use their money to encourage the scalable and sustainable growth of DeFi.”
– Bryan Gross, ICHI
Today’s partnership follows the collaboration between ICHI, Ren, and ConsenSys to develop a stablecoin for Filecoin. Since its launch back in June; more than $2 million in oneFIL stablecoins have been minted. ICHI has also launched in-house stablecoins for 1inch Network, Fuse Network, and Wing Finance.