ICHI
Automated liquidity manager
Single-token liquidity vaults pitched to DAOs and token projects; its DAO case study does not name the DAO.
About ICHI
ICHI is a non-custodial protocol that lets token projects, DAOs and asset managers provide concentrated liquidity from single-token deposits. It takes a 10% performance fee from swap fees by default, with custom fees for enterprise deployments.
ichi.org ↗Our verdict
Its vaults are non-custodial with no privileged rebalance function, but its only DAO case study does not name the DAO.
How each block was graded
Mandate
ICHI’s case study describes “a leading DAO” deploying over $10M of idle treasury tokens, without naming it. The one named integration we found, Galaxis, is a user-deposit vault rather than a treasury mandate.
| What we found | Source | Checked |
|---|---|---|
| Case study: “a leading DAO” deployed over $10M of idle tokens into ICHI vaults; DAO not named | docs.ichi.org | 2026-09-21 |
| Galaxis integrates ICHI vaults on Base and Polygon for user deposits | coinmarketcap.com | 2026-09-21 |
Money
Value in ICHI vaults is tracked publicly at about $8.1M on 21 Sep 2026. Vaults are non-custodial with no privileged rebalance function; in extreme volatility ICHI can lock deposits, but not move funds.
| What we found | Source | Checked |
|---|---|---|
| Total value locked in ICHI vaults: $8.1M (read 21 Sep 2026) | defillama.com | 2026-09-21 |
| Non-custodial vaults; “no privileged rebalance function”; ICHI can lock vaults to new deposits in extreme volatility | docs.ichi.org | 2026-09-21 |
Transparency
ICHI lists its vaults in a public app, but it renders in the browser and we could not verify the data it shows; its case studies are anonymised and there are no reports.
| What we found | Source | Checked |
|---|---|---|
| Public vault listing in the ICHI app | app.ichi.org | 2026-09-21 |
| not published | — | 2026-09-21 |
Strengths & weaknesses
What works
- ✓Non-custodial vaults with no privileged rebalance function
- ✓Value managed is tracked independently
Where it loses grades
- ✕Its DAO case study does not name the DAO
- ✕Vault value has fallen from $35.4M to $8.1M in a year
- ✕A 2022 bad-debt episode in an ICHI-run lending pool sent its token down about 90%
Incidents
- 2022-04-12 — Cascading liquidations and bad debt in Rari Fuse Pool 136, owned and operated by the Ichi Foundation; the ICHI token fell about 90%, from over $120 to $12.50. [users made whole: unknown] [source]
A token project that wants to provide liquidity from a single-token treasury position.
A DAO that wants to check a manager’s track record with named clients.
The rest of the dao treasury & liquidity managers ranking
Same three blocks, same rules, same review run — this is what ICHI is being compared against.
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