- Editorial — New beginnings
- Olympus Give launches
- OIP-63: Reward rate adjustment
- V2 Migration Reminder
- Proposed partnership with Debt DAO
- Spirit Swap gOHM boosted farm
- Twitter Thread — Brian on APY Reduction
- Meme of the Week — Olympus Keeps Giving (credit SimpleBeanFactory)
- Ohmie of the Week
- State of the DAO
Editorial — New beginnings
Once you stop to think how long we will be playing games with the same people in this space you realize that integrity is everything.
Protocols that keep their word and are good to their partners will be able to achieve once impossible to imagine economic upside.
Olympus has this reputation — and we are seeing the formation of an ecosystem of good actors form around Olympus and drive value back to the Ohmies — safely knowing that Olympus has diamond hands.
Having diamond hands changes how equity can be distributed — if a token you give to Olympus can never enter the market, it shouldn’t be treated like an ordinary allocation.
This type of symbiosis is the holy grail of non-extractive value creation — value is created without the risk of downside because you are assured Olympus would never sell.
Some partner protocols already realizing this are Redacted Cartel, Lobis, Volt, Phantom DAO and perhaps soon Debt DAO — with many, many, many more to come.
This is world changing economics and you get to see it first with Olympus (again).
Olympus Give launches
We saw that Olympus has unveiled a new product today — Olympus Give. Codenamed Tyche, it enables Ohmies to take part in lossless crowdfunding by directing rebase rewards to their designated causes.
To participate, users need to acquire sOHM V2 token. One way to do so is by staking OHM tokens on the Olympus App. For Ohmies who have just migrated to gOHM, they would have to unwrap their gOHM tokens into sOHM V2. If this sounds confusing, Z33 has written an excellent guide to break down the different tokens for you.
Learn more about the project in this Medium post.
OIP-63: Reward rate adjustment
This is a new OIP up for discussion on the forums that builds on OIP-18.
Olympus has seen tremendous growth (it reached a peak market cap of 4.3B earlier this month) while maintaining a healthy runway. The Policy team have now raised they feel it is time to reassess the current reward rate to enter the next phase of growth. The proposal by Shadow calls for a reward rate reduction to the minimum amount within the current range, roughly 0.1587% which translates to around 1,000% APY. The adjustment would take up to 4 weeks in total with the rate being reduced across each epoch.
Head over to the forums to have your say and discuss.
OIP-64: Umami Finance
We saw the Umami Finance (food based OHM fork on Arbitrum) has reached out to the Olympus community seeking assistance to kickstart a gOHM-UMAMI liquidity pool on Arbitrum. The proposal asks that both protocols supply $1M worth of their tokens to build initial liquidity.
Umani argues that besides encouraging the adoption of gOHM on Arbitrum, they also have plans to utilize gOHM as the primary collateral asset when their collateralized lending protocol launches next year.
Check out the proposal and have your say here.
V2 Migration Reminder
Unless you’ve been living under a rock the past several weeks, you will likely be aware of the ongoing V2 migration. The migration is a major stepping-stone for Olympus to maturation of the protocol.
We covered the Migration in more depth in last week’s Agora Dispatch, including the following:
· The purpose of the migration (specifically on-chain governance & cross-chain liquidity)
· The different types of OHM and their characteristics (sOHM, gOHM, etc.)
· How to wrap to gOHM within the Olympus UI
· Other important notes related to the migration
Below is a helpful chart along with a couple great resources pertaining to the migration:
Olympus DAO v2 Migration Announcement & Info (Medium):
Olympus DAO v2 Migration FAQs:
OIP-65: Proposed partnership with Debt DAO
Debt DAO, has approached the Olympus community for a potential partnership.
They are building infrastructure for DAOs to revenue-based financing.
Debt DAO are kindly offering 3.3% of their governance token in order to align with the Ohmies and Olympus. They also want to raise their public launch in OHM.
They have been discussing the partnership with the DAO contributors for several weeks and held an AMA in the Olympus discord earlier this week.
There is currently a temp check poll and discussion of the OIP on the forum — have your say here.
SpiritSwap gOHM boosted farm
Twitter Thread — Brian on APY Reduction
The recent price action of OHM has caught many new Ohmies by surprise, and the ongoing migration certainly didn’t help — the Olympus dashboard was displaying some inaccurate information which made the backing of OHM appear less than usual.
Brian, one of the OG Ohmies, shared his thoughts about this proposal and explained why Ohmies shouldn’t fixate too much on APY. If you are concerned about the recent development in Olympus, we recommend you to give this thread a read.
Meme of the Week — Olympus Keeps Giving (credit SimpleBeanFactory)
Olympus never stops giving. Besides those rebase rewards that Ohmies have been receiving since the protocol inception, Olympus has brought many new innovations as well — Olympus Pro, OlyZaps, and Olympus Incubator, just to name a few. And in this season of giving, Olympus has launched another product, Olympus Give, which as you read above allows Ohmies to direct yield to causes with very little effort through yield redirection.
Keep an eye out for our special edition of the Dispatch featuring the Ohmies of the year — coming soon!
State of the DAO — Weekly update
We highlight some of the updates that happened in the DAO over the past week:
Community and Content
The Olympus Reddit community is closing on 10K members! Launched 4 months ago, the community has seen two account migrations before finally settling on r/OlympusDAO. The moderators are definitely struggling to keep up with the number of enquiries that shoot up along with the popularity of Olympus. If you are interested in becoming part of the moderation team, check out the last section of our newsletter on how you could contribute to the DAO.
Marketing and Design
The ongoing V2 migration has certainly caused a lot of fuss and confusion among the Ohmies. The Sherpas have been answering questions non-stop on the Olympus Discord, and one of the most common requests is to provide a walk-through video pertaining to the migration. We are glad to hear that the Design team is actively working on one, and they have completed the video script.
Many DAO members relish the recent improvement in the DAO allocation process, but one issue remains unsolved — the delay in payout distribution. The Operations team has proposed a bi-weekly compensation process that can mitigate the issue.
After halting the bond sales for close to a week, the Engineering team finally flipped the switch on FRAX bonds four days ago. With both FRAX and OHM-FRAX LP bonds now offered for sales, we expect them to pick up steam and supplement the daily income of Olympus.
We saw two partnership proposals posted on the forum last week — Debt DAO enables the lending option using OHM while Umami Finance aims to deepen gOHM liquidity on Arbitrum by offering gOHM-paired LP bonds. We covered both proposals in the earlier sections of this edition, be sure to check them out for a quick rundown.
Opportunities to contribute — Join Us
To get involved with what is happening atop Mount Olympus, join the DAO Discord.
Once you are in, head to the #dao-start-here channel and read the instruction carefully so that you can get assigned a role.
Have any questions? Just ask in the #general-dao channel and a helpful Ohmie will appear to guide you along your path.
Keep it (3,3), till next week Ohmies — with love from the Agora Dispatch team.