From the grants page:
Hi ICHI,
We appreciate the submission and want to see ZEC be used in more ways like this.
However, the utility here mostly accrues to the Ethereum network, and so we are not in a position to spend $250K on this grant.
ZOMG’s view is that user-defined assets are coming to Zcash, and when they do, we want an array of privacy-preserving stablecoins on the Zcash network. I’m confident ZOMG will fund those efforts.
As for ICHI on Ethereum, while we could see a short-term bump in people needing renZEC to liquidity mine from oneZEC pools, we do not see enough traction in ICHI to indicate longer-term adoption.
For example, oneUNI has about $2M in value and $1-10K in daily trading volume. If those are the numbers that the largest ERC-20 pulls in, we have concerns about what numbers oneZEC would pull in.
All of that said, if these numbers change and you all can demonstrate meaningful traction (# of users, trading volume, etc), then ZOMG would be open to reconsider.
I’ll leave this grant open for now if there are objections you all want to raise, or errors in our logic that you’d like us to reconsider.
thank you, Chris