The Agora Dispatch — Olympus Community Weekly Newsletter — Wednesday 6 October 2021
Welcome to the Agora Dispatch — an Olympus community run newsletter — made by Ohmies, for Ohmies!
- Editorial — Spooling-up
- Olympus Pro launch week & Olympus Pro Index
- Bonjour, French Ohmies!
- Tokemak CORE — Update
- Church from Alchemist talks on Agora TV
- An insane week for Olympus
- MakerDAO — Collateral governance proposal
- Twitter thread — Second order effect of Olympus
- Ohmie of the Week — Mugen
- Numbers at a glance — 23k Ohmies, Record Revenues & More
- Ohmie profile — (Rerun) Hades
- Meme of the Week — We are still early
- State of the DAO — Weekly update
- Opportunities to contribute
- Agora’s Learning ancient Greek Mythology series — Hercules pt. 1: Birth & Early Life
- From The Frontlines — Most common questions of the week straight from Sherpa DC (3,3)
Editorial — Spooling-up
We had a stimulating discussion with Church last week during Agora TV — one topic that stuck out in particular when discussing the advantages of DAOs is how they can operate with parallelization.
When an organization has a coordination mechanism that incentivizes its members to deliver, there is no need for a hierarchy. The members could spool up and deliver in parallel rather than hierarchically, making DAOs a far more efficient organization than an old world company.
Church said that, eventually, no one person will be able to know everything that is happening in each area of a DAO — we can confirm that Olympus has already arrived at that event horizon.
Olympus Pro launch week & Olympus Pro Index
We were very proud to see Olympus Pro have a successful week with all bonding markets going live without a hitch.
At the time of writing this, Olympus has bonded almost $1,000,000, taking a 3.3% fee to the Treasury.
We also saw that Coingecko has created an Olympus Pro Index for all the protocols who are big brained enough to use our protocol — check it out HERE.
Bonjour, French Ohmies!
The glOHMal team at OlympusDAO is actively expanding the social presence of Olympus in other countries. With DeFi being the Future of France, the DAO members have been putting in effort to make sure the French community is properly taken care of.
We saw a new Telegram channel being launched this week that caters for the French community:
Well done glOHMal team, keep up the good work!
Tokemak CORE Update
Last week we gave you the background on Tokemak and the initial liquidity event C.O.R.E — and now we provide an update on how Olympus is traveling in that race.
With just a few more hours until the voting for the first Token Reactors ends, Olympus is sitting comfortably in third place:
If Olympus remains in the top five after the voting ends, it will become part of the first Reactors, and a DAO swap between Olympus and Tokemak would take place to seed the initial reserve pool.
Again, we don’t like to leave anything to chance. If you are a TOKE holder, there is still time for you to vote for Olympus.
Church from Odyssey DAO (and Alchemist) appears on Agora TV
If you weren’t lucky enough to be able to tune in to Agora TV last week, we got you covered with a quick summary of the live show’s conversation.
It was a cozy conversation about Pokemon cards, Lucid dreams, and we also touched on the Odyssey DAO’s Genesis NFT launch date (of course this is kept secret).
- Discussed various Alchemist products like Copper, Crucible and MistX.
- Crucible: Use of NFT allows for more efficient and non-custodial staking with incentives.
- Copper: LBP is a good solution for price discovery and initial token distribution.
- MistX: flashbot-implemented DEX that prevents a trade from being front-run.
On Olympus and OP:
- OP allows us to move beyond staking narrative.
- Community is the strength of Olympus.
- The ease of use (e.g. staking) also lowers the barrier of entry for users who want to be a part of the community.
On crypto and Fiat:
- Crypto is about capturing attention.
- Rather than thinking I have X that is worth an amount, we will in the future think: I have Y assets that allow me to do these various things.
On working in a DAO:
- DAO work often takes more hours and requires passion to step into a role.
- Have skin in the game, so you are financially aligned with the organization.
- Pseudonymity allows for the elimination of most social stigma which leads to less friction and more productivity.
- In a DAO, people gravitate towards what they enjoy doing, leading to a better work environment.
Keep up to date with our Agora products by following us on Twitter : Agora Dispatch, Agora Podcast, Agora TV, Agora Spaces, Agora Sound Bank (seasonal).
We also have the #agora channel in the Olympus Discord where you can discuss products and new ideas for media.
An insane week for Ohmies
20K Ohmies, 1 year of runway, index-adjusted price at all-time high, these are only some of the records that are smashed by Olympus this week. Oh, did we forget to mention that Olympus also brought in a record $9.5M revenue in just a single day?
It’s something — read more in Numbers at a Glance below.
MakerDAO — OHM Collateral governance proposal
The alliance between MakerDAO and Olympus goes back to April 1st: when Olympus launched its first bond program utilizing OHM-DAI LP tokens.
Fast forward six months, Olympus now owns more than 200M worth of OHM-DAI liquidity:
DAI is a decentralized stablecoin created by MakerDAO that is over-collateralized by multiple assets such as ETH and USDC. It also forms part of the backing of each OHM in circulation. With this proposal, the Olympus seeks to add wsOHM (wrapped staked OHM) as the new collateral within the MakerDAO ecosystem, allowing Ohmies to mint DAI against their wsOHM.
If this proposal were to pass Ohmies would be able to secure the cheapest borrowing yet against their wsOHM. If you are an MKR holder or head to the MakerDAO forum and let them know if you support it.
Twitter thread — Second order effect of Olympus
We saw another great thread from @wagmianon (aka Brian) and we’ll take you through his main thesis below.
When the Olympus treasury accumulates assets, these assets either stay in the treasury or are deployed to other protocols to generate passive yield. This means these assets are diamond-handed by Olympus, reducing their circulating supply.
Take MakerDAO as an example. DAI is a collateralized stablecoins, and OlympusDAO now owns 2% of all the supply:
This means the collaterals behind DAI, such as ETH, are essentially locked in MakerDAO forever, perpetually generating borrowing fees for MakerDAO. Who doesn’t like passive income?
What about FRAX? As the treasury takes in more FRAX via bonds, its circulating supply also decreases. More FXS tokens need to be burned to mint more FRAX, and this increases the buying pressure of FXS.
These two examples demonstrate the symbiotic relationship between Olympus and other protocols it partners with. And with the launch of Olympus Pro, we are going to see more interesting dynamics like this play out. When Olympus wins, everyone wins.
Read more the tweet from @wagmianon here:
Ohmie of the Week — @Mugen
Not only is @Mugen a helpful voice answering questions of the newer Ohmies in the discord — he has also been assisting with DAO POAP design and the promo images for the Agora Podcast. He is also a regular contributor to this newsletter.
If these weren’t enough he is also a steady voice on Twitter educating the wider DeFi community about the merits of Olympus and more recently Olympus Pro.
And so we are proud to call him Ohmie of the Week — congrats Mugen — keep up the good work!
Numbers at a glance — 23k Ohmies, Record Revenues & More
As we do each week, we returned to Delphi to gather up the latest breakdown of the treasury numbers and protocol statistics (you can access it yourself here if you crave). Please read on for this week’s numbers at a glance:
1. Number of Ohmies: 23,311(+4,483)
- September 5: 12,146
- September 28: 18,828
- October 5: 23,311
Welcome to all the new Ohmies! Keep a lookout for them in the Discord and show them the hospitality of Olympus!
2. Protocol Revenue:
- Protocol Revenue (past week): $54,351,241
- Week-over-week growth of +92.7%
- Month-over-month growth of +477.5%
- Annualized rate (using 7-day MA): $2,826,264,532
3. Current Runway: 374 days
At the current reward rate of 0.297%, Olympus can continue to distribute OHM rewards for 374 days even if it stops bringing in revenue. That’s over a year of runway and a +8 day increase over the past week!
If you need a recap on what runway is, check out this twitter thread from @xh3b4sd.
4. Bond sales (reserve bonds) statistics:
- Total Bond Sales (past week): $19,073,600
- *NEW* LUSD bonds: 13,808,270 LUSD bonded in the past week
- Week-over-week growth of +489.9%
- DAI bonds: 3,618,545 DAI bonded in the past week
- Week-over-week growth of +9.6%
- FRAX bonds: 773,311 FRAX bonded in the past week
- Week-over-week growth of +161.3%
- wETH bonds: $873,474 wETH has been bonded in the past week
- Week-over-week growth of -7.9%
5. Bond sales (liquidity bonds) statistics:
- OHM-DAI LP bonds: $1,179,836 of RFV in a week
- Week-over-week growth of +47.5%
- OHM-FRAX LP bonds: $39,781 of RFV in a week
- Week-over-week growth of +2.7%
For liquidity bonds, only their RFV (risk-free value) rather than the market value is counted. RFV represents the real value of the assets that counts towards the backing of each OHM.
6. Liquidity Provider Fees
- Total LP Fees Generated: $4,352,670
- $738,403 in fees generated in one week!
- Week-over-week growth of +20.4%
Via: Dune Dashboard
Olympus has taken in over $4.35M 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.
7. Market Value of Treasury Assets: $306,289,778
- 7-day change: +$82,456,773 (+36.8%)
- 30-day change: +$191,512,602 (+166.8%)
The Market Value of Treasury Assets shows the current market rate of all of the assets held within the Treasury.
8. Risk Free Value of Treasury Assets: $80,704,295
- 7-day change: +$19,518,253 (+31.9%)
- 30-day change: +$40,490,936(+100.7%)
- RFV Per OHM: $34.80
- Based on current circulating supply of 2,319,240
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.
9. Current Index: 20.960 OHM
Current Index measures your current OHM balance if you had one OHM staked since the first epoch.
The following table compares the difference in your current OHM balance based on your staking date:
The price of OHM on 15 June was about $204.28. If you staked one OHM since then, you would have more than quadrupled your stack now to 4.556 OHM! OHM’s price today is around $916.76. Let’s find out what is your ROI:
- Principal: $204.28
- Return on 5 October: 4.556 * $916.76 = $4176.759
- Principal gain = $4176.759 — $204.28 = $3972.479
- ROI = ($3972.479 / $204.28)*100% = 1944.625%
Investing in OHM back in the middle of June would give you close to 20x return today. Don’t underestimate the power of compounding.
10. Macro numbers from around the cryptoverse:
Ohmie profile — (Rerun) Hades
Unfortunately the Ohmie we booked for the profile this week couldn’t do it at the last moment, so again we will reach into our Profile Treasury and present you a vintage profile.
Can you give us a little background of your life before crypto?
Before crypto I was studying to become a veterinarian but I was struggling with continuing down that path — I became bored and lost my passion. Through all the studies and monotony of life, I ended up taking some time off from school to figure out what I wanted. It just started changing from there I guess. I got into crypto and my life has been immensely better ever since — I’ve never regretted it.
How did you get into crypto?
I’ve known about crypto for a couple years now but slap myself for never looking into it more or ‘taking the dive down the rabbit hole’ sooner. I took that dive at the beginning of this year and it might be the best decision I’ve made in life to date LOL. It really clicked for me just learning through crypto twitter and finally realizing the full potential it has to change the world and provide opportunities that were never available to some. I haven’t stopped reading and researching since then.
When and how did you join Olympus?
I joined Olympus at the end of March because I saw @Tetranode tweet about it.
I lurked a lot of the gigabrain convos and tried to learn as much as I could from everyone and eventually fell in love with the protocol and community.
What are you excited about for Olympus?
There’s a lot that I’m excited for in the future of Olympus — but most of all locked staking and to see the numbers on how much actually gets locked. The DAO is incredible and it not only excites me to see what everyone continues to accomplish — but also to help out and learn from those more experienced as well. I love the community, of course, it’s my home and I can’t wait to see how it grows and where we take it. Olympus truly and genuinely has changed my life and I’m sure that it will continue to do that for others too.
What else are you into/excited about in the crypto space?
As for other things I’m into in crypto, I enjoy trading a lot, specifically scalping (for the most part). I’m also fascinated by the concept of DAOs and the future possibilities and potential they have. The space moves so fast that there are more innovations and good ideas popping up all the time that make me curious.
Meme of the Week — We are still early
This week’s meme of the week is from a crypto influencer who is going through a list of rising tokens, when stumbling across OHM he has no idea what it is, we are still early, see for yourself:
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 glOHMal team has been ramping up their social media effort to reach more Ohmies. Last week we saw the launch of a new telegram channel for the French community and the Korean KakaoTalk channel has seen a steady rise in Ohmies too (more than 150 members as of 6 October).
Marketing and Design
The Marketing team has done everything they can to promote the various community channels such as the Olympus Reddit page and OlympusDAO YouTube channel. The former now has more than 850 members and the YouTube channel has garnered more than 45K views!
Working in the DAO has its many benefits — the elimination of burdensome bureaucracy, asynchronous collaboration, freedom to choose work that matters — but it can be daunting at first especially if you are a newcomer. To smooth the onboarding process for newcomers, the Operations team has launched a DAO-wide survey recently to gather feedback on the onboarding experience. By gathering first-hand experience from the DAO members, the team hopes to devise plans to lower the barrier of entry for new talents to contribute to the DAO.
Most of you should be aware by now that the Olympus dashboard just got a major revamp:
It queries data from The Graph and doesn’t the UI look amazing?
And thanks to the Engineering team, the LUSD bond roll-out is a huge success, making Olympus the current third largest holder of LUSD.
Olympus has now acquired more than $4M in wETH through bonds and met the 5% threshold of the treasury’s RFV:
A shout-out to the Policy team for constantly managing the BCV values of various bond types to maintain a balanced bond capacity and ensure the protocol functions optimally.
It was a busy week for the Partnership team as they finally wrapped up the AMA call with Olympus Pro’s partners such as Float Protocol and Frax Finance. These AMA calls are crucial to educate the partners’ community about bonding and how it allows them to acquire discounted tokens while supporting their beloved protocol in doing so.
Over at Olympus, after the Ohmies showed sufficient interest and support for TAP-3 and TAP-4, the Partnership team moved them to Snapshot today. Remember to check out the Olympus’ Snapshot page and cast your vote.
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.
Agora’s Learning ancient-Greek mythology series — Hercules pt. 1: Birth & Early Life
Preface: Heracles (better known as Hercules by the Romans), was a Greek demigod who is likely the most iconic figure in all of Greek Mythology. Born to Zeus and the mortal Alcmene, Hercules was the protagonist of hundreds of myths, facing off with countless enemies: mythological monsters and angry gods and goddesses alike.
Hercules was born to Alcmene, a mortal woman whom Zeus had courted by impersonating her husband, Amphitryon, a soldier who had been away at war for several years. When the real Amphitryon returned from war several nights later, Alcmene also became pregnant with his son, blind to the fact that she had become pregnant by a man and a god at the same time. Alcmene was pregnant to twins with two different fathers — a phenomena known as heteropaternal superfecundation.
As the son of Zeus, Hercules was born a demi-god with superhuman strength and an inherent violent personality. Hercules’ abilities first became evident when he was just a baby. Hera, who was constantly conspiring against Zeus’ mortal offspring, sent two serpents to kill the baby Hercules before he could grow up. Hercules swiftly strangled both serpents, foiling Hera’s first attempt at vengeance.
Early Life & Mentors
Hercules was raised by his mortal parents Amphitryon and Alcmene, who had their hands full with a child as gifted as Hercules. Luckily for them, Hercules garnered the attention of several of the greatest teachers and mentors ancient Greece had to offer. Autolycus, Odysseus’ grandfather, tutored Hercules in wrestling; Eurytus, the king of Arcadia, instructed Hercules in archery; and Harpalycus of Phanotè, a son of Hermes, taught Hercules boxing. Despite being only a teenager, Hercules quickly overcame each of his mentors in their respective fields.
Family & Tragedy
Following his training and education, Hercules made his way to Thebes, where he met with the Theban king Creon. Creon and the Theban army had been struggling in a war with the Minyans, a large, fearsome tribe that had enslaved and raided Thebes constantly over the course of several decades. Hercules, fully-trained and with a ruthless heart, single-handedly defeated the Minyan army and brought prosperity back to Thebes.
As gratitude for his help in defeating the Minyans, Creon gave Hercules his eldest daughter Megara, with whom Hercules had many children with (stories document between 4 and 8 children). Unfortunately, the family would not live happily ever after. The jealous and vengeful Hera, learning of the family that Hercules had built, struck Hercules with an unconquerable madness that led him to kill his wife and children.
With a heavy heart and nowhere else to go, Hercules decided to seek guidance from Apollo in Delphi.
Continued next week in part 2!
From The Frontlines — Most common questions of the week straight from Sherpa DC (3,3)
I enjoy spending a lot of my time helping new Ohmies with their questions in our Discord #questions channel.
And I am here to share the most frequently asked ones with the broader community as well as demystify the protocol for the average person that is not familiar with Crypto and Defi (Decentralized Finance).
#1 What is Olympus DAO ?
Olympus DAO is a Bank. A Bank with its own reserve currency called OHM.
There are three (3) services available in the Olympus DAO Bank today and many more to come in the future.
Let’s have a look at them.
1) Checking Account — That’s your “OHM Balance” that appears on the Stake page of the website.
2) Savings Account — That’s your “Staked Balance” that appears on the Stake page of the website and is represented by sOHM (staked OHM).
3) Bonds — Bonds are opportunities to buy the OHM token at a discount and to help the Olympus DAO Bank (protocol) to acquire assets and liquidity.
Similar to how tradfi (traditional finance) bonds help governments stabilize their fiat currencies.
#2 What does (3, 3)🤝 mean?
(3, 3) means Staking. Simple.
Furthermore, it means Staking the Olympus DAO way, where your staking position (3, 3) is your Savings Account in the Olympus DAO Bank.
And what does that mean ? Staking the Olympus DAO way you may ask ?
It means that per our tokenomics and game theory , a staker benefits themselves the most, as well as the protocol. The longer you stay staked in the protocol, the better for you (your savings account) and for the protocol.
After all, we all want our savings account to keep growing.
And no one ever wants to take funds from their savings account unless they have to.
(3, 3) Staking:
Benefits YOU the most.
Benefits ALL other users the most by default.
Benefits the Protocol the most.
If we all (3,3) together we all win together is our “motto”.
Having that said, there are no lock-up periods and a staker can Unstake at any time.
#3 What Does INCOOOHM Mean ? REWARDS REBASES AND INCOOOOHM
The simple answer: it means Passive Income.
Traditional banks pay dividends on our savings account.
They are very small, around 2% per year on average.
Olympus DAO Savings Account also pays dividends and they are called Rewards.
These Dividends (Rewards) are divided in eight (8) hour periods that are called Rebases.
Rewards are shown in the Stake page of the website and are represented by:
“Next Reward Amount”.
They happen every eight (8) hours with each “Rebase” that can also be seen and followed on the top left corner of the website.
Rewards by the way are currently at 7000% + APY and they are paid entirely by the Protocol revenue and profits sharing system.
And I’ll go deeper into that next week, my beloved Ohmnies.
Hope to see you then.
Troubleshooting Ohmies will bring you the most frequently asked issue that Ohmies are having trouble with in the past week.
Ledger Hardware Wallet
Ledger Hardware wallet went through a recent update and lots of users are having some difficulties as a result.
Over 100 Ohmies have come to our Discord #questions channel looking for answers in regards to their Ledger Hardware wallet in the past week.
The following troubleshooting steps helped fixing 99% of their issues:
1st: Set up Ledger Live and update your Ledger Hardware wallet to the latest version 2.33.1
2nd: Update your Ledger Hardware wallet firmware.
3rd: Enable Contracts Data
Below is the official link from the Ledger website for those that need a more comprehensive step-by-step guide: