ICHI Docs v3
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Governance Implementation
This page describes the interaction between ICHI and Branded Dollar Community Governance as it pertains to implementing strategies and using treasury funds.

ICHI Governance

ICHI Governance is the system’s overall governance which we refer to as “global”. It is the highest level of authority and thus has the largest scope. It provides boundaries inside of which the oneToken Governance instances can function to govern their oneToken community-backed Collateral and Treasury. ICHI Governance is responsible for admission control as it pertains to:
  1. 1.
    Accepting the creation of a new oneToken species, its initial configuration and its corresponding Community Governance contract.
  2. 2.
    Adding a new Collateral Token to the list of “like kind” Collateral Tokens available in the Collateral Reserve for oneToken holders.
  3. 3.
    Adding and removing implementation versions.
  4. 4.
    Adding Oracle, MintMaster, Controller, and Strategy implementations.

Key components include

  1. 1.
    Versions: oneToken implementations.
  2. 2.
    Oracles: Price aggregators for each token in the Community Treasury and Collateral.
  3. 3.
    MintMaster: sets the Minting Ratio.
  4. 4.
    Collateral Tokens: USD hard pegged stablecoins accepted and emitted in the Minting and Redemption processes.
  5. 5.
    Strategies: Modular contracts purpose-built for deploying Collateral and Community Treasury funds.

Deployments

ICHI Governance also deploys oneToken implementations. It does so by specifying an initial configuration from the available predetermined options. This is done through the following steps:
  1. 1.
    ICHI Governance includes the initial oneToken configuration and instructs the oneToken Factory to deploy a new oneToken contract.
  2. 2.
    The oneToken Factory (owned by the ICHI Governance contract) validates the input including confirmation that only a pre-approved implementation Version, Oracles and Collateral are specified.
  3. 3.
    The oneToken factory deploys the oneToken instance and the system of contracts is ready for service.
Components used in deploying oneTokens

Branded Dollar Governance

oneToken Governance is akin to local or community governance. Each oneToken instance has its own community-led governance with the ability to decide on customized implementations of system components that are whitelisted by ICHI Governance. oneToken Governance is implemented as an address which can be an EOA (Externally Owner Account), multisig, or on-chain governance contract capable of emitting bytecode. Important issues that oneToken governance deals with include:
  1. 1.
    Adjusting the Minting Minimum/Maximum or absolute Ratio for new minted oneTokens when using the Incremental implementation of the MintMaster, or working with other parameters chosen modules require.
  2. 2.
    Adjusting the type of Collateral used, e.g. change USDC to DAI or a combination of both.
Each oneToken is a vote on treasury allocations, specific stablecoins parameters (like minting and redeeming fees), and on adoption programs.

Branded Dollar Governance

Branded Dollar Governance is akin to local or community governance. Each oneToken instance has its own community-led governance with the ability to decide on customized implementations of system components that are whitelisted by ICHI Governance. Branded Dollar Governance is implemented as an address which can be an EOA (Externally Owner Account), multisig, or on-chain governance contract capable of emitting bytecode. Important issues that oneToken governance deals with include:
  1. 1.
    Adjusting the Minting Minimum/Maximum or absolute Ratio for new minted oneTokens when using the Incremental implementation of the MintMaster, or working with other parameters chosen modules require.
  2. 2.
    Adjusting the type of Collateral used, e.g. change USDC to DAI or a combination of both.
  3. 3.
    Executing Community Treasury operations

Treasury Governance

Managing the Branded Dollar Treasury is a unique capability ICHI provides for its Branded Dollar communities. Branded Dollar Governance can manage funds for both Collateral Reserve and the Community Treasury. This can be enabled for any Branded Dollar community.
Upon creation, each Branded Dollar will have a multi-sig Gnosis wallet created as the Treasury Owner. This multi-sig contract will perform ongoing operational actions on behalf of the DAO voters. It will be created with the ICHI recommended 4-of-6 multi-signature scheme with a requirement of 4 signers from the DMA community and 2 signers from the ICHI community. Updates to this scheme will be subject to DMA community votes.
Treasury management operations include:
  1. 1.
    Exchanging one type of token in the Community Treasury for another
  2. 2.
    Allocating project tokens in the Community Treasury in Staking and Farming operations
  3. 3.
    Allocating project tokens and other non-collateral assets across a variety of whitelisted DeFi opportunities
  4. 4.
    Allocating Collateral Assets in principle preserving, whitelisted opportunities across DeFi
This is flexible. In essence, this means that the oneToken Vault (holding both the Collateral Reserve and the Community Treasury) can do almost anything an EOA can do. By extension, that means participation in any third party DeFi protocols is completely possible as oneToken Governance sees fit from time to time. These actions can be automated through the implementation of Strategies.