ICHI supports Ren to provide stablecoins for BTC and others
Ren, an inter-blockchain liquidity agreement, and ICHI, a platform that allows the cryptocurrency community to create and manage their own non-custodial stablecoins, announced the establishment of a new partnership to make decentralized stablecoins available for Bitcoin, Dogecoin, Zcash, Ren and other crypto communities.
ICHI Decentralized Financial Administration (DMA) Agreement Promote the creation of stablecoins by the crypto community, which is supported by a mixture of its own native tokens and fiat-backed stablecoins. This increases the demand for native tokens in each community and ensures that value is always locked in the community.
One + Ren
The new integration will enable ICHI to create stablecoins for the popular cryptocurrencies BTC, DOGE, REN itself, and other cryptocurrenciesvirtual machine Bring to the Ethereum network. It is worth noting that this integration aims to promote the use of these cryptocurrencies in DeFi applications throughout the blockchain ecosystem.
“This partnership is a key step in allowing liquidity to flow between any blockchains. ICHI’s agreement creates value for any stakeholder in Bitcoin, Dogecoin, and Digibyte; or we encourage the adoption and use of these tokens. Other crypto communities supported by the currency; and return value to the community in the form of revenue.”
-Michael Burgess, chief operating officer
In addition, the ICHI protocol provides each crypto community with the tools to operate its own economy. This includes the establishment of a community-managed vault created by minting “oneTokens.” When the amount of each community’s vault exceeds the existing minted oneToken, each community’s oneToken will be over-collateralized; this happens when the community invests in DeFi projects to earn income.
“We are happy to work with Ren to provide communities with autonomy in how to spend, invest, save, and otherwise use their money to encourage the scalable and sustainable growth of DeFi.”
– Brian Gross, ICHI
Today’s cooperation follows the collaboration of ICHI, Ren and ConsenSys to develop a stablecoin for Filecoin. Since its launch in June; more than 2 million USD oneFIL stablecoins have been minted. ICHI also launched internal stablecoins for 1inch Network, Fuse Network and Wing Finance.