The big blockchain news story in the past week was the Ethereum Merge success. The Merge, referring to merging the Proof-of-Work Ethereum Mainnet with the Proof-of-Stake Beacon Chain, was successfully executed on 15 September 2022, and this has reduced the Ethereum power consumption by about 99.95%, making Ethereum a much more environmentally friendly blockchain that is expected to be more ready for wider adoption for the future.

When Ethereum was launched in 2015, the network ran on a Proof-of-Work consensus that relied on miners to process transactions; in 2020, the Proof-of-Stake Beacon Chain was created to allow validators to stake ETH in preparation for the eventual transition to the Proof-of-Stake mechanism. The Beacon Chain ran in parallel with the Mainnet until the Merge. After The Merge, the Beacon Chain became the consensus engine for all network data, including execution layer transactions and account balances; validators have replaced miners to secure the Ethereum network, and staking rewards have replaced mining rewards.

For holders of ETH and ERC20 tokens, no action needs to be taken, all the ledger data since the Ethereum genesis remains on the blockchain, the wallets work just like before the Merge, and changes in transaction time and gas are minimal and should not be observable. However, the Merge has enabled Ethereum to be improved in the future in terms of scaling (using methods not possible on a Proof-of-Work blockchain). A burn mechanism could also make ETH deflationary.

The price of ETH has taken a hit since the Merge, following significant pump in anticipation of the Merge, which saw ETH doubling in price between 19 June and 14 August.

To read more about the Merge and the Beacon Chain:

https://ethereum.org/en/upgrades/merge/

https://ethereum.org/en/upgrades/beacon-chain/

WETH HODL VAULT

To celebrate the Merge milestone, ICHI has launched a new HODL Vault for ETH/wETH hodlers, you can deposit $ETH or $wETH into the vault and earn yields paid in both $ETH and $ICHI. At the time of writing this newsletter, the total value of liquidity in this vault was 235.93 $wETH, comprising of 223 $wETH and 3303 $ICHI.

You can access this Vault by visiting: https://app.ichi.org/hodlvault?poolId=1036&back=hodlvault

WBTC HODL VAULT

ICHI also has 2 HODL Vaults for wrapped Bitcoin (wBTC) hodlers, on the Ethereum network and the Polygon network. Combined, the vaults have a liquidity value of almost 33 Bitcoins. If you hodl $wBTC, you can deposit your $wBTC into either Vault and start earning yields in both $wBTC and $ICHI.

To learn more about how “wrapped BTC” is different from BTC, you can find more info here: https://www.kraken.com/en-us/learn/what-is-wrapped-bitcoin-wbtc

MESSARI MAINNET

https://mainnet.events/

The Messari Mainnet this year will take place from the 21st to the 23rd of September in New York City. The presentations/discussions will cover a wide range of topics, from DeFi governance to CeFi contagion, from DAO productivity to DeFi degening, from adoption to policy, every major entity of the crypto industry will be represented at the event. The ICHI team is always working on expanding and deepening our connections to the wider crypto industry, and that’s why members of the team will also attend the conference and they are looking forward to an incredible time of networking and building new partnerships!

That’s a wrap for this issue of the newsletter, and until next time

Here at ICHI DAO, we want to grow our ecosystem, growth based on solid tech, so we are seeking to scale our developer community. We are currently working on our first developer bounty program and will announce more details in the near future, so if you are a developer, be on the look out for more info!

BOBA HODL VAULT LIVE

Boba is now an ICHI HODL Vault partner! Boba is an Ethereum Layer 2 solution that is based on Optimism roll-up but offers instant exit from Layer 2 to Layer 1 rather than the 7-day period that characterises Optimism roll-up. Learn more about Boba on its official website:

https://boba.network/

HODL VAULT GROWTH

Our HODL Vaults have experienced growth not just in the number of tokens we have onboarded, but also in the size of liquidity under management. The wBTC vault has a healthy internal rate of return (IRR) of almost 100%; our ALLY vault has an IRR of almost 200%; and since its recent launch, the HOME vault has received 155K HOME token deposits, and the IRR is at 56%.

Why are more and more projects and their tokens being added to our vaults? Here are just a few of many reasons:

ICHI vaults helps projects take the most advantage of Uniswap V3 through automatic management of concentrated liquidity, maximising revenue in the process;

Prevents excessive selling of tokens beneath market value;

Simple, straight forward, single token deposits;

Optional stop-loss automation for large deposits.

DeFiCon 2022

Ben Spickard from our team attended DeFiCon 2022 recently, and was part of a panel discussion titled “Make It Rain: Liquidity Management in DeFi”. Insights Ben shared with the panel covered the pitfalls (such as fake yields) we witnessed in the DeFi hype cycle versus DeFi as a technology and what must projects do to survive the crypto winter; the rivalry between CeFi and DeFi in terms of liquidity, risks and technology; what ICHI has done to reduce impermanent loss, and more. You can watch a recording of the panel discussion here:

Daniel Tal’s Speech at BlockSplit

ICHI Steward Daniel Tal gave a speech back in May at BlockSplit, explaining the liquidity dilemma inherent in DeFi - projects having to sell their tokens to fund themselves, but in doing so, token values drop; and how ICHI solves the dilemma through our Angel and HODL Vaults and Branded Dollars. You can watch a recording of the speech here:

That’s a wrap for now, stay in touch through our Telegram channel

https://t.me/ichifarm

Until next time

Ichi and Giveth jointly hosted a Twitter Space session in this past week. The teams explained the vision and mission of Giveth as a public good DAO innovating and thriving in the crypto space, how liquidity management through Ichi’s Angel Vaults and Branded Dollar can and has benefitted a project/DAO such as Giveth, what Giveth has planned for the project and more.

The winners of the ICHI >< GIVETH Gleam competition and meme design competition were also announced towards the end of the Space session. You can listen to the recording of the session here:

https://twitter.com/i/spaces/1OyKADLRMyrxb?s=20

ICHI >< HOME Coin SPACE

We recently launched a HODL Vault with HOME Coin, a DeFi project that offers DeFi investors the opportunity for consistent yield through a stablecoin backed by home mortgages, and aims to provide stability in a crypto bear market as the yield is not correlated to the crypto market, but rather to 30-year mortgages backed by HOME.

To educate the community on the HOME project and what the partnership between ICHI and HOME means, please tune in to our joint AMA on Twitter Space on 22 August at 3PM (EST).

https://twitter.com/ichifoundation/status/1560301531320070144?s=20&t=cC1U5iFn-q3bddiP-Fcb7A

https://twitter.com/i/spaces/1RDxlgzgDaEJL

Stay tuned to our updates and developments by attending our AMA sessions, asking questions, and subscribing to this weekly newsletter. Until next time

ICHI CMO Ben Spickard attended DeFiCon this week, and spoke on the Make It Rain: Liquidity Management in DeFi panel at the conference. The topic of the panel discussion was the perfect opportunity for us to lay out what sets ICHI apart and what we can contribute to the DeFi space in terms of liquidity management, utilising our vaults and branded dollars. The wider DeFi space still needs to become more aware of how we can help them.

GIVETH+ICHI GLEAM CAMPAIGN

In support of our partnership with Giveth and recently deploying an Angel Vault, ICHI and Giveth have collaborated in launching a gleam giveaway contest. Check it out now!

https://twitter.com/ichifoundation/status/1557047401604517888?s=21&t=nODU1sKvShkCEZxftkzGMg

Details and instructions on how to participate in the Gleam competition are available in the linked page. Spread the word, community!

Speaking of Giveth, Ichi and Giveth will co-host a Twitter Spaces on Wednesday 17 August at 12 midday (EST), please tune in!

NEW HODL VAULTS

$HOME - Bacon Protocol Home is a project that seeks to integrate physical real estate into DeFi - tokenised mortgage ownership.

For more information, please refer to their website.

https://www.baconcoin.com/

$BOBA - Boba Network is an L2 Ethereum scaling and augmenting solution, it is an Optimistic rollup scaling solution that reduces gas fees, improves transaction throughput and extends the capabilities of smart contracts; it offers fast exists backed by community-driven liquidity pools, shrinking the Optimistic rollup exit period from seven days down to just a few minutes.

Learn more about the Boba Network here

https://boba.network/ecosystem/

Until next time:

We held our community update call earlier this week on Twitter Spaces, 188 people tuned in, if you missed out, you have the chance to replay the recording of the call:

https://twitter.com/ichifoundation/status/1554126715961630722

ICHI AMBASSADOR PROGRAM

In the community update call, we discussed about the new Ichi Ambassador Program, and here’s a brief breakdown of what the new program entails:

https://medium.com/ichifarm/ichi-ambassador-program-3177203dc2e2

In short, we are looking for ICHI community members to contribute to our DAO in one of the four streams: Business Development, Marketing, Operations, and Community. We are seeking members to fill several Business Development Representative roles at the moment, and at the same time, for roles that have not yet been created, you are welcome to propose any new roles, including compensation structures, and submit them for approval.

GIVETH ANGEL VAULT

The new Giveth Angel Vault is now live, and you can now participate in the rewards program, also be on the look out for an upcoming co-marketing campaign and contest by Giveth and Ichi!

https://twitter.com/Givethio/status/1555211605893214208?s=20&t=_deYBJ-hkV-zjwukFG63mQ

ICHI TEAM TO ATTEND DEFICON

The ICHI team are working hard to raise awareness of our mission and vision among the crypto and DeFi communities and share with them what we can do to help them grow. Team members Peter and Ben will be attending DeFiCon in New York City from 11 to 12 August. They will be speaking to an audience at the event, and also will be meeting other crypto communities and networking with them.

https://twitter.com/DeFi_Conference

To get tickets, please visit

https://www.eventbrite.com/e/deficon-defi-conference-in-new-york-city-tickets-397270134667

Until next time

Community members, we have a community call on Monday and it will be held on Twitter Spaces, this is your opportunity to learn about:

• Updates on new Ichi products 🔊

• Our new ambassador program, and how YOU can get involved in the growth of our ecosystem 🤝

• Status of the ICHI protocol 📊

• Current focus points 🗺️

• Upcoming events/news 📅

• Q&A 🙋‍♂️

• Plus a #POAP for joining us! 🥳

When: 1st of August, 15:30 (UTC)

Where:

https://twitter.com/i/spaces/1OdKrBjYwqlKX

HODL VAULT UPDATE

Our HODL Vaults have had 3 more additions: 1INCH, FUSE and ALLY, all of the three new vaults are on the Ethereum network.

To deposit into HODL Vaults, go to

https://app.ichi.org/

And choose HODL Vaults, which is just next to Angel Vaults.

To learn more about what HODL Vaults are and what they do, please refer to:

https://docs.ichi.org/ichi-docs-v3/ichi-vaults/hodl-vaults

Please attend our community call, learn about our BUIDL progress, ask questions and invite people to join us! Until next time:

This past week, $ICHI was listed on MEXC Global (www.mexc.com), the trading pair is ICHI/USDT, and can be found at

https://www.mexc.com/exchange/ICHI_USDT

When you send and receive your $ICHI tokens, please be mindful that only the upgraded ICHI contract is valid for MEXC, please ensure you have the correct contract:

0x111111517e4929d3dcbdfa7cce55d30d4b6bc4d6

(Always double check!)

https://www.coingecko.com/en/coins/ichi

What are the benefits of listing $ICHI (the token of a fundamentally DeFi project) on a centralised exchange, you might wonder. Here are a couple of them:

1. There are 7 million users on MEXC, and by being traded on MEXC, it exposes the name of ICHI to the wider crypto community, and raises awareness of our project.

2. MEXC has a predominantly Asia-Pacific community, and this will help our community expand to this region of the world, which has been very important to the growth of the crypto community since the beginning.

MEXC is also hosting an AMA with ICHI on a Twitter Space on 25th July (8AM EST, 8PM SGT), talking about how to use ICHI to redesign DeFi. There are rewards available! To find out how, check out the Gleam page referred to in this tweet:

https://twitter.com/MEXC_Global/status/1550782777649397761

NICK DRAKON INTERVIEWS BRYAN GROSS

Crypto educator Nick Drakon recently interviewed Bryan Gross, Steward of ICHI Foundation. In the interview, Bryan recounts his career in the traditional tech sector trying to build blockchain usecases, and discusses the strengths and weaknesses of crypto business models, CEX vs DEX, stablecoins, lending in the space and how he expects the crypto space will evolve and develop from here.

You can also find the podcast episode on your favourite podcast app by searching DeFi Sparks.

… and more from Bryan:

Opinion Piece - Decentralised Stablecoins: The Final Evolution of Paying with Shells

https://beincrypto.com/decentralized-stablecoins-the-final-evolution-of-paying-with-shells/

In this article, Bryan gives a brief overview of how the concept of “money” came to be, the history of modern currency, the birth and evolution of crypto, the challenges centralised stablecoins face and pose, and where the ICHI vision of decentralised stablecoin fits in the narrative.

TUTORIAL: HOW TO BRIDGE $ICHI BETWEEN ETH MAINNET AND POLYGON

$ICHI was born on the Ethereum Mainnet but has grown to expand into the Polygon network, so it is possible to bridge $ICHI between the two blockchains, here is a tutorial on how to do that: https://docs.ichi.org/ichi-docs-v3/multichain/bridging-ichi

Until next time

ICHI successfully concluded our AMA session hosted by Polygon on June 29, it was an excellent opportunity to raise ICHI’s profile in the Polygon community, letting the Polygon DeFi space know what we can do for them. If you didn’t get a chance to participate in the session live, we have a recording of it here:

CAROLINA FLYERS ICHI NIGHT

American Ultimate Disc League game: ICHI sponsored the Carolina Flyers’ game against the Tampa Bay Cannons on the ICHI Night - July 9, at the Durham County Stadium, North Carolina.

ETH SEATTLE

ICHI Foundation Steward Bryan Gross gave a presentation titled “The Liquidity Problem: Thoughts on Bootstrapping Liquidity” at the ETH Seattle event. It is positive to see the Ethereum and the wider blockchain community still engaging with each other and continuing to build, regardless market conditions, summer or winter.

WHAT’S HAPPENING BEHIND THE SCENES AT ICHI?

Besides the frontend of things that the ICHI team has been engaged in (spreading awareness of our project, expanding our community, giving presentations, etc.), the team is also busy working behind the scenes to strengthen the ICHI project, and that includes actively building new partnerships with other projects and raising capital so we continue to grow over this crypto winter and into the next cycle.

Until next time

ICHI has scheduled an AMA with the Polygon Community for June 28th at 11:30am EST! To support this event and really involve the community, as well as Polygon community, we have launched a 7-day Gleam Campaign (a few days in by now). This campaign consists of tasks to do to enter a raffle to win $100 worth of ICHI. The more tasks you do, the more chances you have of winning. Join here! https://gleam.io/t8yUY/polygon-x-ichi-ama

The AMA will take place on Polygon’s Discord.

CRYPTO CURRENT INTERVIEWS BEN SPICKARD

Crypto Current recently interviewed Ben Spickard, ICHI’s head of marketing and founding team member. In this interview, Ben explains what ICHI is and what ICHI can offer DeFi through Angel Vaults, HODL Vaults and Branded Dollars, and reflects on the project’s recent developments vis a vis leverage and DeFi.

Give Crypto Current a follow:

https://twitter.com/cryptocurrent

BANCOR IMPERMANENT LOSS PROTECTION PAUSE

In order to support the ICHI community, we wish to clarify a few details about what we have learned regarding the temporary pause on Impermanent Loss Protection on Bancor. IL Protection from Bancor is currently paused. Users can still withdraw their positions from Bancor during this time; however, if a user withdraws, they will not get the tokens earned from IL protection. If a depositor has tokens on Bancor V2 and wishes to withdraw from the platform, they must first migrate to V3. Users who migrate from V2 to V3 during the pause will also lose their IL protection earned tokens. Bancor has stated in their article that this is a temporary measure to protect their protocol and its users. Once Bancor turns back on IL protection, users will be entitled to all of the tokens allocated to them. Users with deposited funds in their protocol will continue to earn yields and will be entitled to withdraw their fully-protected value when IL protection is reactivated. Learn more about Bancor's update in their article below. We will continue to update the ICHI community as we learn more. If a user deposited before Saturday when they paused IL protection, their deposited funds are earning IL protection yields. This is in reference to Bancor's latest medium post https://blog.bancor.network/market-conditions-update-june-19-2022-e5b857b39336

ETH SEATTLE 2022

ETH Seattle this year will take place on July 8th. There will be cool talks, drinks , and billiards. ICHI Foundation’s steward Bryan Gross will be speaking at this event. Event is free, but there is space for only 300 people, so if you’re in the area and wish to get a ticket, RSVP now at:

https://2022.ethseattle.org/

Until next week:

ICHI attended CONSENSUS 2022 in Austin, TX in the past week, and had a great time sharing our goals and visions with others in the blockchain circle, networking and making new connections. Our very own Ichi Foundation steward Bryan Gross was interviewed by CertiK.

https://twitter.com/CertiK/status/1535375648524341248?s=20&t=ZNRrc56uBBs0hbjjoMye1Q

For a recap of Ichi’s time at Consensus 2022 (as well as two other crypto companies’), we have a recording of Twitter Spaces call hosted by Footprint Analytics available:

https://twitter.com/i/spaces/1LyGBoNrXkOJN?s=20

Feel free to skip to 15:00 to listen to the interesting stuff!

Oh, at Consensus, there was POAP for attendees to scan and claim free ICHI, well, there’s some leftover POAP for our community to claim, just head to our Discord’s #consensus-2022-qrcode sub-channel to claim.

ICHI & LEGACY ICHI ON COINGECKO

Both Legacy Ichi and Ichi are now listed on CoinGecko and they can be found here:

https://www.coingecko.com/en/coins/legacy-ichi

https://www.coingecko.com/en/coins/ichi

One point to notice though, the chart shown for Legacy Ichi only goes back to June 16, whereas the chart for Ichi (the newer, upgraded contract) goes back to the beginning (when Legacy Ichi began). To clear up any confusion, the two separate contract addresses for Legacy Ichi and Ichi are, if your MetaMask isn’t displaying your Ichi holdings as expected, double check the contract addresses you’ve put in. MetaMask may also be experiencing some trouble showing the correct current price of Ichi because of the parallel co-existence of the two contracts.

Legacy ICHI: 0x903bef1736cddf2a537176cf3c64579c3867a881

ICHI: 0x111111517e4929d3dcbdfa7cce55d30d4b6bc4d6

GLEAM CAMPAIGN X POLYGON AMA

Ichi has expanded into the Polygon Layer 2 blockchain, and ICHI will run a Polygon AMA campaign on Gleam, a platform that rewards users for sharing and engaging brands. The winner will get $100 worth of $ICHI!

The AMA will be held on Polygon’s Discord.

https://discord.com/invite/XvpHAxZ

To enter the campaign, please visit gleam.io/t8yUY/polygon-x-ichi-ama

ICHI ON BANCOR

As a whitelisted token on Bancor, Legacy ICHI and its pool have been automatically upgraded and have migrated over to Bancor v3, for a guide on how to migrate your liquidity from Bancor V2 to V3, see here:

https://medium.com/ichifarm/the-ichi-guide-to-bancor-v3-9c49b3a962dd

https://medium.com/ichifarm/the-ichi-guide-to-bancor-v3-9c49b3a962dd

Meanwhile, we have a live Snapshot proposal for the upgraded Ichi on Bancor V3:

Summary: -Provide 50,000 BNT worth of Legacy ICHI as rewards for migrating LPs (also matched by Bancor with BNT) -Provide 50,000 BNT worth of ICHI as rewards for ICHI LPs (this will be matched by Bancor with BNT as well)* -Provide 150,000 BNT worth of ICHI for External Impermanent Loss Protection*

Voting is live at

https://snapshot.org/#/ichi.eth/proposal/0xefd26a12611d809411277a23ab59d41c9b56703a2faa43f2fc407e66e9c9160d

SNAPSHOT VOTE: VOLATILITY INCREASE IN VAULT IRR DEPOSITS

Summary: Propose an increase in vault rewards during periods of extreme downward volatility to reward LP providers with higher rewards for staying in the pool during downward volatility.

Voting is live at

https://snapshot.org/#/ichi.eth/proposal/0xb6acfcda2b1c19a231f7df2c6cd7bcd5654a8be989e26659c496ae0c2f4f188b

Until next week, stay comfy!

ICHI METRICS

It has been a good week for Ichi’s recovery and continued growth. We are head-down and making steady progress.

$oneICHI GROWTH

$oneICHI is minted on the Ichi App and is backed 100% by USDC. Each $oneICHI is minted by depositing 1 $USDC, and the number of $oneICHI minted has increased by 4.4%.

In terms of other metrics, the transfer amount and transfer count have also grown since the $oneICHI launch.

ICHI ANGEL VAULTS

There is a combined liquidity of $5 million in the USDC-ICHI and oneICHI-ICHI Angel Vaults, which is a healthy ratio of 9.8% relative to the Ichi market cap of $51 million. That’s right! Ichi’s market cap has grown steadily over the last 7 days. So what we are seeing here: Angel Vault utilisation has gone up, more liquidity has been added to the vaults, more assets are under Ichi’s management, and Ichi’s market cap is growing.

QREDO METRICS

QREDO’s Angel Vault liquidity remains at 13% relative to its market cap of $38.7 million.

The strong liquidity support of the Angel Vault has translated into strong price support. In the same 7-day period, QREDO’s price remained stable (actually rose by 2%), while ETH dropped 5% (with more volatility seen).

Explainer:

ICHI’s Angel Vault innovation works best to protect token price stability when a substantial - usually around 10% (or more) of the token’s total market cap is deposited into and managed by an Angel Vault, with rebalancing (AKA buywall adjustment) conditions carefully set and followed.

CONSENSUS 2022

After much preparation and anticipation, CONSENSUS 2022 is finally upon us!

What will the ICHI team be doing at Consensus?

• ICHI can be found at booth #107 at Consensus! (Come say hi!)

• At the booth, we plan to have hats, journals, and a free POAP (similar to a free NFT) to give away.

• Anyone will be able to scan the POAP at our booth, but for the other items, we have an inflatable dice that we will have guests roll for prizes. If you roll a 1 (for ICHI), you get your choice between a hat and a journal!

• We also will have a POAP scavenger hunt at the booth, where we will place QR codes around Austin/Convention Center and people can find them and receive a small amount of $ICHI that they will get post-conference.

• Our main focus will be to tell people about our awesome ICHI Vaults and how they can get involved (as LPs or partner projects)

Needless to say, it’s going to be an awesome and exciting time in Austin, but if you can’t make it this year, keep watching this space, we will bring you some recap of what we got up to at the conference!

Until next week, stay comfy!

QREDO Highlights

Founded in 2018 by Anthony Hoy and Brian Spector, QREDO has been in BUIDL mode and never stopped, its mainnet went live in November 2020. It is a layer two blockchain with fast finality, it brings a radical new approach to bring liquidity and capital efficiency to the blockchain economy, through the first decentralized trustless multi-party computation (MPC) custodial network. This advancement enables Qredo to offer decentralized custody, native cross-chain swaps, and cross-platform liquidity access. The protocol is fully audited, verified, and insured.

Qredo's unique implementation of Multi-party computation (MPC) for decentralized asset custodianship and cross-chain liquidity enables parties to jointly compute outputs without knowing the inputs of the other party, and public wallet addresses can be created without requiring a private key. A threshold signature scheme further removes the possibility of any vulnerability resulting from private key disclosure to any malicious actors.

ICHI is pleased to partner with QREDO and be a liquidity management solution for the project. At the time of writing, QREDO’s market cap is $38 million, and $5 million of liquidity is deposited in the USDC-QRDO Angel Vault, that’s 13% of the market cap! ICHI looks forward to helping keep QREDO’s price stable and comfy in this crypto winter.

Give QREDO a follow:

https://www.qredo.com/

https://twitter.com/QredoNetwork

ICHI’S GROWTH SINCE VAULT RELAUNCH

Since the ICHI Angel Vault relaunch, ICHI’s market cap has tripled, and the website traffic of ichi.org has done a 6x. Since last week, the daily trading volume has also reached a healthy $1 million.

VAULT REBALANCE

Huge milestone after the vault relaunch - $ICHI vaults have been rebalanced this past week, and all deposited liquidity has been deployed! There is about $3 million of liquidity in the ICHI-USDC pool with an IRR of 16.58%, rewards have been distributed to liquidity providers.

DRAKE ON DIGITAL EXPLAINS ANGEL VAULTS AND HODL VAULTS

In this 10 minute videoclip, Drake on Digital gives an easy-to-understand rundown on ICHI’s two main products: Angel Vaults and HODL Vaults; share it with your friends!

CONSENSUS 2022

It’s here! Consensus 2022 will take place in Austin, Texas from 9 to 12 this month. This is the only festival covering all sides of blockchain, crypto, Web 3 and the metaverse. Hosted by CoinDesk, the most influential and trusted platform for the digital world, Consensus is the world’s biggest and longest-running crypto festival. Ichi is proud to be a Block Sponsor for this event.

Until next week, stay comfy!

The new angel vaults have been set up. There are at present five pairs: USDC-QRDO, USDC-ICHI, oneICHI-ICHI, oneFUSE-FUSE and oneFOX-FOX. The vaults are in "staging mode" now. That is, technically they are all ready and people have already begun making deposits and adding liquidity into them, but any rebalancing will only happen until their strength becomes greater than 10% of the market cap.

Want to know more about the new Vaults? Head to our Discord channel and ask away. https://discord.gg/6kArwTfb

CONSENSUS 2022 BLOCK SPONSOR

Consensus 2022 by CoinDesk will run from 9 to 12 June in Austin Texas. Topics will include things blockchain-related. Notable speakers will include Edward Snowden, SBF, CZ, Cathie Wood, PUNK6529, members of the Congress, just to name a few. This year, ICHI is proud to be a Block Sponsor.

INFOGRAPHIC CONTEST

WHY:

We are in need of an infographic that tells someone new about ICHI’s products and services. This could include general ICHI DEFI knowledge, newly launched products, and movements of ICHI since inception. This Infographic could possibly be the one we use for conferences and presentations, so bring your A-Game!

WHAT:

There will be 2 rewards for the winner and the runner-up. Winners will be announced in our discord and twitter account.

WHEN:

Contest starts right now, and ends Friday June 3rd! More details are listed below and submissions must be posted there, that is where you will get paid out: https://beta.layer3.xyz/contests/ichi-infographic-contest We are looking forward to see the creative ideas submitted. Have a wonderful weekend and good luck!

QUESTION OF THE WEEK

I see the “upgrade ICHI” option on the ICHI App, what is it?

A resolution was passed in late 2021 to upgrade the ICHI token to enable ICHI to meet the demands of hundreds of crypto projects, the new token will increase the decimal places of ICHI from 9 to 18 to maximize compatibility with other protocols, it will also enable a new monetary policy better suited to funding expansion to other chains and actively grow the ICHI ecosystem. The ICHI token we have been using so far is known as the “legacy” Ichi, as opposed to the new Ichi, or upgraded Ichi. If you wish to upgrade, simply connect your wallet to the ICHI App: https://app.ichi.org

Thanks. If all my (legacy) ICHI is staked as xICHI do I need to unstake and then upgrade? Or does it happen automatically?

As far as upgrading - there is no rush. Eventually we expect everybody to move into new liquidity pools and new vaults (all of which will be using new ICHI) - it'll naturally drive the upgrades. But new xICHI hasn't been released yet, so if you want to keep up your ichipowah for now, I would hold on and not unwind your xICHIs just yet.

• $ALLY

After a process of discussion through which the Ichi community discussed the best ways to deal with the RARI incident, and move the Ichi project forward, the community voted and passed the $ALLY resolution. The $ALLY token is now live, and will remain claimable until 13 May 2025, you can check if you are eligible to claim any $ALLY. The $ALLY token will be used to redeem the $ICHI token, and how much $ICHI can be redeemed will depend on whether the redemption is made prior to (and how much prior to) the full term matures (3-year term, which takes us to 13 May 2025. To check if you are eligible to claim $ALLY, visit https://ally.ichi.org/ and connect your wallet.

For a thorough explanation on the $ALLY program, visit https://medium.com/ichifarm/ichi-ally-token-proposal-cbdaf9f90da2.