Giveth <> ICHI angel vault proposal

Giveth Proposals
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Summary:

Giveth’s mission is to reward & empower those who give. The Giveth governance tokens are used to reward donors to verified projects on Giveth. The Angel Vault provides an opportunity to protect the price of GIV from downward volatility and ensure the stability of Giveth, GIVbacks & the GIVeconomy into the future. We propose launching an ICHI Angel Vault to accomplish this goal without any new spending.

What is liquidity? How is ICHI’s Angel Vault different from other approaches to liquidity?

Liquidity on exchanges is necessary to maximize the value of the $GIV token for GIVbacks, for funding proposals via the GIVgarden, for expanding the DAO, and for governance.

Adding liquidity to DeFi has historically required placing your token up for sale on AMMs while centralized market makers also sell your token. This selling pressure would work against the value of Giveth’s rewards and reduce platform adoption.

Instead, we are proposing that the Giveth protocol manage their own community controlled liquidity via ICHI Angel Vaults on Uniswap V3. This system is designed to support the $GIV price while earning trading fees for the project.

  • Deposit $oneGIV, a token worth $1, into an Angel Vault smart contract to protect the price of $GIV from market declines
  • Earn additional income for the Giveth treasury
  • Create a new use for $GIV without impacting donor or project experience

Step 1: Create Stable Asset “Branded Dollar” for Giveth ($oneGIV) Token

$oneGIV would be a token worth $1. It would be minted with a combination of 80% stable asset pre-determined such as $USDC or $FEI and 20% $GIV. We are proposing that the Giveth community mint 4M $oneGIV and contributed to the Angel Vault by May 1, 2022

*Note to Giveth Community: You may use any stable asset to mint your $oneGIV. $USDC, $FEI, and $DAI are some suggestions.

Step 2: Create a Giveth Angel Vault

Allocate 5M GIV tokens to the Angel Vault position to drive the success of the token price and rewards for the Giveth community. The proposed budget by line item is in this spreadsheet.

What is needed? This spreadsheet explained.

As it stands today, 5 million $GIV is currently earmarked specifically for a Uniswap V3 Pool, so the ICHI DAO is proposing this goes directly into an Angel Vault in Uni V3. Some of this $GIV would be used to mint $oneGIV and some $GIV would be used as incentives for participants to engage in the Angel Vault. In order for Giveth’s Angel Vault to work, it must be backed by a stable asset i.e. USDC/FEI. The ICHI DAO has determined that $1 million is what will be necessary to start with a strong backing underneath the $GIV token price.

Keep in mind, these assets remain the property of the Giveth treasury and under the treasury’s full control. Also remember that once you adopt an Angel Vault, it is a liquidity strategy that must be maintained in order to yield its desired intended. Meaning that as the $GIV market cap rises, it is highly recommended that the community continue to contribute to the Angel Vault to keep 10% of market cap serving as your community’s price protection.

FAQ
Please click HERE to review our FAQ for ICHI Angel Vaults.

Technical Docs
Please click HERE for our Statement of Expected Behavior

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Wooo so excited for this! This has my full support, thank you for all the prep and coordination that went into crafting this proposal @graceless :angel:

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ICHI is pumped to partner with this amazing community!!

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Love this proposal - ICHI helping Giveth create sustainable growth and keeping value within the community!

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With the 5 million $GIV currently allocated for Uni V3, it sounds like a great option to go with ICHI’s Angel Vault as a place to put it :slight_smile:

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This is awesome! We should definitely use $DAI as our stable for any simplicity bridging between gnosis chain.

Where would we find the $1 Million in stables required to support $oneGIV?

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Yesterday @griff and I had a call with @graceless and we were discussing using $FEI as the stable because it’s more decentralized (at least more than $USDC). I’m not super familiar with it: https://fei.money/

ICHI has been using $USDC as the stable for most of these Angel vaults, but apparently recently had a chat with $FEI and were talking launch a Vault w/ them… so it sounds like it would be a great opportunity for FEI, ICHI and Giveth all to collab.

Re: bridging: I’m not sure why we’d need to bridge anything? I think the idea is that we’d put the stables and GIV in the vault and just leave it for a good long time.

The $1M in stables is something we’d have to rally together! I Reaching out to people who are willing to loan us the stables, swap for GIV. Grace was connecting us to some possible partners.

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Once the stable pool is created can anyone add liquidity to mint more $oneGIV? If that’s the case it would make it less gas intensive for users swapping between GC and mainnet to participate.

Didn’t FEI lose it’s peg less than a year ago? Why not go with the tried and true DAI that the native token of Gnosis Chain is pegged with.

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To answer your first question, once $oneGIV has been deployed, any user will be able to mint more $oneGIV via the minting feature within ICHI’s app: https://app.ichi.org/

1 Like
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Fei has a really really active Community and offers a lot of cool integrations… They lost their peg after launch because they were too successful (Raised about 1 billion dollars) and didn’t plan for that. It was a chaotic launch to say the least but since that, they have been about as stable as DAI

DAI:

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FEI:

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Fei is very active about supporting integrations and I think we are already well connected to MakerDAO and it would be cool to also build a connection with the $TRIBE Community as well

You make a fair point tho if we have to bridge to oneGIV to xDai then we might want to unwind it and have it connected to DAI… That said… I thing we should pay people in oneGIV and the best way to do that is to make a oneGIV/GIV pool on xDai. If we do that it doesn’t matter much what stable coin we use on mainnet.

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Griff - if you would like to reach out to your DAI contacts and bridge the introduction to the ICHI team - we are more than happy to discuss this route as well!

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DAI seems to be a tried and true solution and we use it already very often as our staple stable. Why make it more complicated for the open market and Givethers to interact with $oneGIV?

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I fully support this proposal and I would love to see FEI as the primary stablecoin solution! I am from the Rari Capital team within the Tribe DAO and we have all been long time supporters of Ichi and watching the Ichi Fuse Pool grow over the last couple of months have been very exciting to see. FEI would make for a perfect integration and would provide a new use case for FEI as we deepen liquidity within other protocols and continue to build a closer relationship with future collaborations such as Vaults.

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Hey all from the Giveth community! I’m a core contributor at Rari Capital and to the Tribe DAO. At Rari we are proud to work closely and support numerous DAOs by helping them make Fuse pools. Recently we have been working with Ichi and they are currently the 3rd largest pool in Fuse with just around $100m. https://app.rari.capital/fuse/pool/136

We would love to begin a partnership with Giveth by having $oneGIV be largely $Fei backed and by helping your community set up a Fuse pool for the Ichi vault. We are working with dozens of projects and supporting them with our DAO focused infrastructure including Fuse, Turbo, and the PCV. We’d love to welcome you to the Tribe!

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Hi - Brianna here from the Fei founding team. I would love to see Giveth use FEI, which is fully backed by decentralized collateral, and begin a partnership between our communities! The Tribe community is DAO2DAO focused, and I am sure there is much more we can collaborate on in the future.

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Does the Tribe community have any interest in making donations to on the irl public good projects?

Or are there other integrations that might make sense?

It would be cool if this could be the start of a fun partnership! We are also VERY into DAO2DAO collabs! Token Swaps, donation integrations, etc. We are open for ideas!

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Awesome post and proposal thank you @graceless. Would love to see this happen. Fully in support of using a decentralized stable like DAI or FEI - And to echo @Griff ^ above, I think a partnership between Fei and Giveth could be super cool and beneficial for both communities.

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Hey @Griff! FEI agreed that they are willing to match your Angel Vault deposit 10% of whatever you put it in the vault, so if the Giveth community decides to move forward with this proposal and the FEI branded dollar, Giveth would put in $1M FEI and FEI would contribute $100k FEI in the Giveth Angel Vault (for greater price protection)!

I will leave it to Brianna @brianna if they are interested in donations on your public good projects as well!

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This is amazing!!!

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Should Giveth launch an ICHI Angel Vault?
  • Yes!
  • Maybe - I have concerns & will comment
  • No, thanks
  • Abstain

0 voters