Agora Insights — Olympus Community Weekly Newsletter — Saturday 8 January 2022

Happy New Year OHMIES!!

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

Summary

  • Editorial — Cross-Chain Collaboration within DeFi (Bretton Woods 2.0)
  • Numbers at a Glance — Olympus Pro flirting with $1 million, Steady RFV Growth & a Resilient Treasury

Editorial — Cross-Chain Collaboration within DeFi (Bretton Woods 2.0)

As the DeFi universe matures and adapts over time, cooperation and collaboration between protocols will become increasingly imperative to its success. This is amplified when considering the current battle for users between Layer 1 solutions such as Ethereum, Avalanche, Solana, and others. This battle for users has forced many DeFi protocols to go cross-chain or risk losing out on large groups of potential users.

As we know, Olympus has started pushing for a larger cross-chain presence with the rollout of Proteus and will continue to do so as it pursues the ambitious goal to become the reserve currency of DeFi. However, creating a presence on a multitude of chains is no easy feat, which is why partnerships and collaboration are so crucial.

Rome DAO, a friendly fork of Olympus recently launched on the Moonriver platform, just released an excellent article detailing their plans to collaborate with Olympus and aid in providing Olympus a presence on Dotsama (slang for the Polkadot & Kusama ecosystems). As of now, Rome plans to accumulate gOHM within their Treasury via bonding (33% goal) and create a wsROME-gOHM liquidity pool.

The article begins by detailing the original Bretton Woods Agreement, which was an agreement between a group of countries to establish a set of rules tied to monetary policy. The rules put in place effectively smoothened commercial and financial relations between the countries and their currencies, creating a mutual benefit for both the countries themselves and the world economy as a whole.

The primary thesis of the article is that the shift of power from stablecoins to decentralized, crypto-backed reserve currencies has begun, but is not a zero-sum game. The author acknowledges Olympus as the future reserve currency of the major chains (Ethereum, Avalance, Polygon, etc.) and refers to Rome’s plans to collaborate with Olympus as “Bretton Woods 2.0”.

Just as the original Bretton Woods agreement mandated cooperation to create a positive-sum outcome amongst different countries, Rome has laid out a blueprint to bring positive-sum benefits to both Olympus and themselves.

Read the full article HERE.

Numbers at a Glance — Olympus Pro flirting with $1 million, Steady RFV Growth & a Resilient Treasury

As we do each week, we returned to Delphi to gather up the latest protocol data and metrics. Important Reminder: The Ohmies are finishing up migration to v2!! This will affect revenue-related charts as bonding has been halted during the migration.

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

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

1. Number of Ohmies: 89,044 (+1,742)

  • 1 January: 87,302
  • 8 January: 89,044

To the new Ohmies: Welcome! :)!

2. Olympus Pro Treasury Holdings: $997,547

  • 7-day change: +$57,826 (+6.2%)
  • 30-day change: +$403,326 (+67.9%)
  • The Olympus Pro Treasury holds the tokens of partner protocols who are utilizing the Olympus Pro platform. The tokens are generated via a 3.3% fee charged for use of the platform.

3. Market Value of Treasury Assets: $686,178,200

  • 7-day change: -$12,862,512 (-1.8%)
  • 30-day change: -$91,458,756 (-11.7%)
  • 3-month change: +$371,956,637 (+118.4%)
  • 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.

4. Risk Free Value of Treasury Assets: $223,409,356

  • 7-day change: +17,611,738 (+8.6%)
  • 30-day change: +$34,191,863 (+18.1%)
  • 3-month change: +$135,958,530 (+ 155.4%)

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 & the recently passed OIP-63 as covered in the December 22nd edition of the newsletter.

OIP-18 Framework

5. Liquidity Provider Fees Generated: $29,714,558

  • $1,072,714 in fees generated in one week!
  • $153,245 in average daily fees
  • Week-over-week growth of +3.6%

Via: Dune Dashboard

Olympus has taken in over $29.7M 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.

6. Ohmies in Migration

  • Liquidity Migrated: 82.4%
  • Wallets Migrated: 61.4%

*Reminder: If you haven’t already, we recommend migrating & wrapping your sOHM to gOHM*

8. 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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