The Agora Dispatch — Community Weekly Newsletter — Saturday 31 July 2022
Welcome to the Agora Dispatch — news and views from around the Ohmieverse!
Summary:
- Editorial —Markets flip neutral — OHM steady as she goes
- Fraxswap OHM/FRAX Mint & Sync pool goes live
- Vesta proposes updated partnership
- RFC — New Bug Bounty tier proposed
- Zeus tweeting again — He can’t keep getting away with this!?
Editorial — Markets flip neutral — OHM steady as she goes
Of the back of some not not dovish language from JPowel — we saw the markets flip neutral in the never-ending war between bears and bulls.
Arthur Hayes delivered his second installment of a series of articles explaining the interplay of the ECB, the BOJ, and the Federal Reserve — providing some illumination of what we might expect over the medium term.
ETH is hanging around $1700 over the past week — which is pretty healthy considering the final Proof of Stake merge testnet implementation on Goerli is scheduled for early August. This will be the last testnet implementation — before mainnet, slated for likely in Sep 2022.
In the midst of this OHM is steady as she goes hanging around the $15–16 mark, even with reduced inverse bonds set at $153K per day till Friday 5th August. Inverse bonds are constantly being monitored by the policy contributors and will be reassessed before Friday.
Onwards!
Fraxswap OHM/FRAX Mint & Sync pool goes live
Probably the biggest news this week is that the first mint and sync pool implementation has gone live on the FRAX-OHM Fraxswap pool.
As previously reported, Fraxswap is a unique AMM that allows for time-weighted market orders — making it a TWAMM. This allows people (or protocols) to enter or exit positions over a period of time. For example, Frax is currently buying back $2mm FRAX worth of FXS over a 30-day period. Zeus has previously indicated the TWAMM will be used in Range Bound Stability (walls).
Back to the matter at hand, mint and sync is now enabled for the pool, minting OHM rebases directly into the LP for liquidity providers. The FXS gauge rewards are not yet enabled, but you should expect them presently.
You can keep an eye on the pool through the Frax analytics site FraxFacts here.
Vesta proposes updated partnership
Vesta put out a post discussing renegotiating the terms of our partnership. While we aren’t the biggest fans of rejigging a partnership, we have spoken to some people, and it seems Vesta has previously raised concerns about the support they expected as a partner.
To catch you up, Vesta is proposing that Olympus swap $250K of OHM for 1% of VSTA (1,000,000 tokens at the seed round price of $0.25). This would be down from 6% for technical assistance, marketing assistance, and Olympus endorsement to the community at Vesta’s token launch and following. We previously spoke to the founder who seemed quite satisfied at the time.
Unfortunately, there isn’t a great deal of leverage in the relationship on the Olympus side, and they are a key partner given the strategic importance of the gOHM in the Vesta pool.
The VSTA token price has come-up above $0.25, to around $0.50 at the time of press, so the deal stands on its own merits.
We aren’t going to second guess the contributors who have had to renegotiate what was originally a very generous deal for Olympus — and we note there appears to be more than meets the eye and probably other things in the works.
VSTA-OHM liquidity on mainnet would be dope (just saying).
RFC — New Bug Bounty tier proposed
Top tier Ohmie and TripsTrade founder Proof of Steve has returned to the hallowed halls of the Olympus forums to propose an additional tier in the Immunefi-run Bug Bounty Program.
The new tier would allow payments of $16,942.00 for bugs or inefficiencies in Olympus’ codebase that are extremely high-quality submissions which have significant material impacts to Olympus, but fall outside the current Bug Bounty Program.
As long as it isn’t overused, which the language suggests it won’t be, it seems fine by us.
It is now at the request for comment stage and will head to OIP proposal if there are no hitches.
Zeus tweeting again — He can’t keep getting away with this!?
Finally, we have received reports that Zeus is back on the tweets, this time to point out some interesting statistics about the circulating gOHM and treasury growth over time. Very illuminating, check it out:
Till next week Ohmies!
