I have been encouraged to propose partnering with the ICHI DAO to create $oneUMA: A stablecoin to accelerate the growth of the $UMA economy.
$oneUMA will increase the value of the $UMA token and provide greater economic freedom to all the contributors to the UMA. It will leverage the value of the $UMA token without selling it. It is self-defeating to sell $UMA tokens for other stablecoins/fiat. $oneUMA solves this problem by keeping stored value within the UMA economy when paying dollar-denominated expenses.
$oneUMA will enable predictable budgeting and funding. There is no reason to be worried about market cycles.
More value will be retained within the UMA economy. Instead of selling $UMA tokens for assets issued by other communities, entities, or governments, UMA can use its own asset to conduct business or create dollar-denominated exposure/loans in decentralized finance.
Filecoin, 1INCH, Gitcoin, and other top projects are relying on ICHI to build their own stablecoin. The UMA DAO should partner with ICHI to make $oneUMA, a stablecoin minted with a mix of $USDC and $UMA.
Capital Efficient: $oneUMA will be minted and redeemed for exactly $1, unlike other decentralized stablecoins that rely on debt or algorithms.
Regulated off-ramp: $oneUMA is 1-for-1 redeemable for USDC, which is redeemable for a USD.
Where do I learn more?
ICHI website: https://www.ichi.org/ 15
ICHI Telegram: Telegram: Contact @ichifarm