In Brief:
- ShapeShift DAO just released its first token-backed stablecoin.
- The new stable branded dollar or one TOKEN is called oneFOX.
- The project that launches oneTOKENS has complete control over them.
The leading non-custodial crypto platform, ShapeShift DAO announced via tweet that it has formed a collaboration with ICHI to launch a new stable token named oneFOX.
Each oneFOX token is linked to the US dollar and supported by ShapeShift’s native FOX token and another popular USD stablecoin(USDC).
Uniswap, Filecoin, Dodo, Perlin Network, 1inch Network, and Fuse Network all have their own oneTOKENS.
In contrast to traditional stablecoins such as Tether’s USDT and Circle’s USDC, oneTOKENS are completely controlled by the project that creates them.
To mint its native stablecoin using the stablecoin platform ICHI, community members must provide one part native cryptocurrency and one part USDC, and the native asset to USDC ratio varies from project to project.
ICHI steward Bryan Gross stated, “We built ICHI so crypto projects could control all of the aspects of their own money. FOX is a great store of value and provides important governance and incentives for the community. And now thanks to the oneFOX branded dollar, it can also be used as a reliable unit of exchange. This is about providing all of the values of a stablecoin without the tradeoffs.”
ShapeShift transferred its legacy to a decentralized autonomous organization (DAO) controlled by holders of its FOX token back in July.
Following the announcement, the company revealed the largest airdrop in crypto history, distributing over 340 million FOX tokens to over 1 million ShapeShift customers and DeFi community members.
