ICE DAO is a decentralized innovative reserve currency protocol that aims to focus on creating a policy-controlled currency system. The platform is developing a reserve currency based on the DeFi system on the Avalanche Network. Avalanche is a blockchain platform that builds decentralized applications and financial primitives. Besides this, the mission of ICE is to make DeFi easily accessible for people and grow wealth by farming in the trusted protocols. The ICE token is controlled by the DAO at a high level. In brief, DAO (decentralized autonomous organization) is a community-driven entity with no central authority.

The whitepaper states that the purpose of this protocol is to introduce game-theoretic and economic dynamics into the market through bonding and staking. These two mechanisms are essential to create an innovative reserve currency and help participate in the ICE. Further, stakers have to stake their ICE tokens to seek to earn more ICE tokens in return. At the same time, bonders offer LP tokens to earn discounted ICE tokens after a fixed vesting period.

ICE DAO aims to resolve the depreciation of the tokens as users generally prefer transacting with dollar-pegged stablecoins. This means when there is a depreciation in the traditional currency, there can be depreciation in the stablecoins. Therefore, the protocol is building a free-floating reserve currency, i.e., ICE, to seek to focus on supply growth and hold its purchasing power.

The ICE tokens are backed by a group of assets (e.g., MIM ) in the ICE treasury to aim to give tokens an intrinsic value that can stay stable. MIM is an ERC-20 token soft-pegged to USD. Further, the protocol can only mint and burn ICE as it controls the funds in the treasury. Minting uses the proof-of-stake mechanism to create new coins for circulation for trading. Besides this, the network can accumulate its liquidity with the help of liquidity bonds. Coin burning is the process of eliminating tokens from circulation by sending them to a wallet to lock them forever.

ICE was ideated and developed by an anonymous team and was contributed by the ICE DAO community. DAO governs ICE, and community members take all the decisions through snapshot voting on the forum. As of September 15, 2021, the total supply of this currency was 2,082,553 ICE tokens.

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