Consensus Check - Support Stable UNI

Cast your vote on this Consensus Check here.


As promised on the June 2nd, June 30th, and August 25th Uniswap community calls, this is a proposal to provide a $UNI loan to Stable UNI ($oneUNI). Then users will deposit 10X more $UNI when minting $oneUNI, a token valued at $1.

The Uniswap community provided overwhelming positive support for ICHI’s Temperature Check Snapshot Proposal and forum discussion. A 998,788 $UNI loan was the token weighted average amount voted for by the Uniswap community.

Based on this support, we have created this Consensus Check to progress the Uniswap community in providing this loan.

I’d like to thank all of those who provided feedback in this process.


$oneUNI is the 7th ICHI V2 stable asset, following stable assets created for Filecoin, 1INCH, 88MPH, and more. It enables the Uniswap community to govern and benefit from their own everyday currency.


$515M $USDC and $181M $USDT are locked within Uniswap V3.

You have to sell $UNI to mint these stablecoins.

You have to buy $UNI to mint $oneUNI.

More value will be retained within the Uniswap economy by increasing the amount of $UNI required to mint $oneUNI.

Use Cases

Users have minted 1.8M $oneUNI, adding $1M of $oneUNI-$USDC liquidity to Uniswap V3 in the first week. They can earn ICHI rewards by depositing $oneUNI at ICHI has scheduled a 3X increase in this reward rate upon the receipt of the $UNI loan so that additional $UNI is paid to mint $oneUNI.

$UNI grant recipients who need USD exposure, such as the DeFi Alliance, are able to switch from other stable assets to $oneUNI. This enables them to also earn ICHI rewards and keep more value within the Uniswap community.

In addition, ICHI has three upcoming use cases for $oneUNI:

  1. Stable Arbitrage: 20% of each oneToken’s collateral is deposited to Uniswap V3 to provide $USDC-$oneToken liquidity. The USDC side of the pools will be converted to $oneUNI.
  2. ICHI Vaults: ICHI is in the audit process for novel Uniswap V3 liquidity mining vaults. $oneUNI will be a base asset for these vaults.
  3. ICHI Rebalancer: ICHI oneTokens must establish Member Token-USDC range orders on Uniswap V3 to rebalance their treasuries. $oneUNI will become a new base asset for these range orders.


The Stable UNI treasury would either need to be topped up with $UNI or rebalance $UNI into $USDC if a severe $UNI price decline causes the treasury reserve ratio to drop beneath 150% (ICHI’s recommended minimum).

Mitigation: Yield on Stable UNI treasury assets, $oneUNI minting ratio adjustments, and $oneUNI redemption fees drive over-collateralization. These mitigations make it less likely that the reserve ratio drops beneath 150%.


Deposit 998,788 $UNI to the $oneUNI community treasury as a loan to lower the minting ratio from 98% $USDC and 2% $UNI to $80% USDC and 20% UNI. This means users will begin depositing $0.20 of $UNI and $0.80 of $USDC to mint each $oneUNI.


  1. Support Stable UNI
  2. Do Nothing

Cast your vote on this Consensus Check here.


Looking forward to this. Let me know if you have any questions the proposal or ICHI.


Nice! Would love to see Stable UNI take off. Even without the loan $1.8M in one week is quite impressive. I believe the drawback is indeed manageable. ICHI stabletokens were able to weather a severe market downturn back in May without falling below 150% threshold.

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I think it’s great people are building products on top of products, finding new use cases, trying to figure out what works and what doesn’t.

So Uniswap could eventually reclaim all the deposited UNI? They are not actually “spending” it?

Also I’m not a fan of the name “oneUNI”, I would prefer to call it - “UNO” !


hahah!!! yes for UNO! Such a great addition here @Deep9

What´s the schedule for repayment? Also, do we need to go through with the proposal if we have already almost 2M? :slight_smile:

Thanks for the question @Buckerino. The $UNI grant will always still belong to the Uniswap community. They can vote to repay the amount provided at any time.

$2M is just the start before Uniswap support…soon I hope it will be passing $1B minted!


The proposal lowers the $oneUNI minting ratio by providing the loan. This will result in 10X more UNI being purchased and deposited when minting $oneUNI. 2M is just a good start.


Vote: Snapshot

I like it. I really wish this idea has surfaced prior to the deployment of the contract and millions in deposits.

Important note These funds do not go to the ICHI DAO and they are not spent. They are deposited to the Stable UNI contract. The entire amount remains the property of the Uniswap community.

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This proposal results in a 20,000% increase in the amount of UNI deposited to $oneUNI by users through the end of the year. This is an increase in deposits from 10k $UNI to 1M $UNI.


Option 2 looks like the better path forward based on these numbers - over 7x $oneUNI minted at a 80% minting ratio would drive much more demand for $UNI and upward price pressure on it. Additionally looks like with all of that the reserve ratio stays above 200% meaning its more strongly collateralized by the assets backing it.

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Agree with @dhtal on option 2. Lowering the minting ratio increase ‘purchases’ of UNI on the market (which I like:)) and obviously keeping the reserve ratio above 200% are strong indicators to others looking to mint a stable UNI ($oneUNI) Support

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Uno sounds great ! maybe that will be the unofficial name people will use when it becomes wide spread and used accross DeFi - “Uno by Uni” :star_struck:

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fyi - we pulled down the consensus check vote and will repost it.