Agora Insights — Olympus Community Weekly Newsletter — Friday 17 December 2021

Welcome to the Agora Insights — our data-driven newsletter — made by Ohmies, for Ohmies!

Summary

  • Editorial — OIP-63 & Bullish Reward Rate Reductions
  • Numbers at a Glance — Ohmies in Migration, LP Fees and OP Treasury Holding Up

Editorial — OIP-63 & Bullish Reward Rate Reductions

With the recent release of OIP-63, there is some confusion amongst the Ohmies (especially newer Ohmies) as to how a reward rate reduction will benefit Olympus (and by virtue, their bags).

This is understandable, as it has been a while since the last reduction (August 20th). For reference, the last time Olympus reduced reward rate (OIP-18) was when the protocol had a market cap of less than $400 million and there were barely 10,000 total Ohmies.

Our friend and Olympus Policy Wizard Zeke (@zeke850) does an excellent job of explaining the rationale behind reward rate deductions and why Ohmies should be excited about the future:

You can view the full thread HERE. This is a must-read!!

Numbers at a Glance — Ohmies in Migration, LP Fees and OP Treasury Holding Up

As we do each week, we returned to Delphi to gather up the latest protocol data and metrics.

However, this week is a bit special: The Ohmies are in migration!! The migration has temporarily messed up a few charts on the dashboard, so we’ve shortened the list a bit.

You can access all of the enclosed charts and data at the wonderful Olympus Dune Analytics page HERE (curated by the legendary Shadow).

Please read on for this week’s numbers at a glance:

1. Number of Ohmies: 85,687 (+1,871)

  • 3 December: 81,119
  • 10 December: 83,816
  • 17 December: 85,687

To the new Ohmies: Welcome! :)!

3. Liquidity Provider Fees Generated: $25,870,058

  • $1,169,911 in fees generated in one week!
  • $167,130 in average daily fees
  • Week-over-week growth of +4.7%

Via: Dune Dashboard

Olympus has taken in over $25.8M in LP fees to date. It is worth noting that these LP fees are collected in both OHM and the stable asset (either DAI or FRAX) at 0.25% per trade on Sushiswap and 0.30% on Uniswap.

4. Olympus Pro Treasury Holdings: $503,184

  • 7-day change: -43,589 (-7.9%)
  • 30-day change: +$51,988 (+11.5%)
  • The Olympus Pro Treasury holds the tokens of partner protocols that are utilizing the Olympus Pro platform. The tokens are generated via a 3.3% fee charged for use of the platform.
  • While relatively small currently, the mutual benefit received by both Olympus and the partner protocols far exceeds the amount of fees received.

5. Market Value of Treasury Assets: $663,569,289

  • 7-day change: -$123,602,454 (-15.7%)
  • 30-day change: -$103,961,444 (-13.5%)
  • 3-month change: +$496,263,677 (+296.6%)
  • Zoom out!

The Market Value of Treasury Assets shows the current market rate of all of the assets held within the Treasury. This value will be more volatile than Treasury Risk Free Value as it encompasses all assets in the treasury and not solely stablecoins.

6. Risk Free Value of Treasury Assets: $191,800,168

  • 7-day change: -867,631 (-0.4%)
  • 30-day change: +$16,287,379 (+9.3%)
  • 3-month change: +$140,557,851 (+ 279.0%)
  • Zoom out!

As a reminder, when the supply growth of OHM outpaces the revenue inflow, RFV per OHM will drop — this is part of the motivation behind OIP-18 as covered in the August 18th edition of the newsletter.

OIP-18 Framework (click HERE to view Proposal)

7. Macro numbers from around the Cryptoverse:

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 Olympus Agora team.

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