The Agora Dispatch — Community Weekly Newsletter — Thursday 14 July 2022
Welcome to the Agora Dispatch — news and views from around the Ohmieverse!
- Editorial — Hello good souls
- OIP-102 Compensation Plan with Bonus Structure
- OIP-104: Deploy Permissionless OP as Bond Protocol — Proxy Advisory Yay!
- Agora spaces is back
- Frax approves OHM-FRAX pool FXS reward gauge
- A new challenger enters the arena: OHMsnake!
Editorial — Hello good souls
Yes, we have been away too long — but don’t worry we are back in action now and won’t leave you again (well not for a while at least)!
Over the Christmas break, we decided to spin out from being funded by (and beholden to the DAO) — we ummed and ahhed about receiving a grant from the grants program. But, in the end, we decided to try and see if we can come up with our own strat for long-term viability strategy. We think we have something good, so you just you hold onto your horses!
We are streamlining our operation to be
- This punchy newsletter
- A Wednesday night Twitter spaces (recorded and uploaded to lè podcast) and
- News of the week (also on the pod)
- We also will have intermittent interviews with a guest host (more on that later).
Finally, we are going to run a proxy advisory service, cause governance is important, and we have opinions dammit!
There were a number of big proposals while we were away so we’ll touch on a few.
OIP-102 Compensation Plan with Bonus Structure
The compensation plan for the DAO was put forward — starting at $175 a month for a lowly content role and topping out at $25K for the most experienced engineers:
Additionally, there are bonuses payable depending on if the DAO meets some specified goals:
It seems about right with a top engineer on full bonus getting $384,000 a year.
The estimate is about $400K a month for 40 contributors and 7 paid Council/Stratego positions. Seems fine by us.
This one sailed through snapshot on 5 July with 99% approval.
OIP-104: Deploy Permissionless OP as Bond Protocol
Next up we have a proposal from the Olympus Pro team to spin out OP into a corporate enterprise, with Olympus holding at least 60% of equity on formation.
There was quite some back and forth between community heavyweights, DAO veterans, and many other members of the community. Obviously, it is a controversial proposal on the pro side:
- Liability exposure reduction (our favorite) (we won’t get Tribed if there is an exploit of Bond protocol, as it were)
- Removing a distraction from the DAO’s core mission
- Flexibility to get outside funding and be credible neutral
- Ability to market to real-world companies for use of the product
- Equity not on chain (rug risk)
- Insiders getting a piece through any fundraising
- A source of revenue for the DAO lost
After pondering the issues we came down on the side of voting yay. This is based on all the pros and considering further detail to address the cons such as:
- The reputation of the OP team and specifically Tex as the project lead (risk is still there but de minimis in our opinion)
- Any raise will have to fund the runway for the project and there are assurances the council will provide input to any proposed raise
- It isn’t a good source of revenue atm and the equity value will capture the majority of this in any event
So our first Proxy Advice is — A yay on OIP-104
The vote is currently ongoing on Snapshot here.
Agora spaces is back
Agora spaces returned this week with Json and Shark11 (OHMsnake couldn’t make it but will hopefully join next week) — Pottedmeat joined the stage for a little bit to talk backing and bonds!
As usual, it was a nice chat about the general state of OHM, what some of our friends and partners, and what the near to medium terms hold for the protocol.
Listen to the recording here (also to be uploaded to the podcast platform soon):
Frax approves OHM-FRAX pool FXS reward gauge
Elsewhere around defi we saw our friends at Frax approved an OHM-FRAX pool as the first mint and sync pool on Fraxswap under FIP 94 for an FXS rewards gauge. This will allow Olympus to vote with its nice big stack of locked FXS for the OHM-FRAX gauge so liquidity providers to that pool can earn some sweet rewards.
Also, being the first mint and sync pool it effectively makes LPs in that pool act as if they are holding gOHM in the LP — this is done by the OHM rebases being minted directly into that pool as OHM.
Stacking FXS and rebases yum!
Check out the proposal as passed here.
A new challenger enters the arena: OHMsnake!
We saw a curious account pop up over the last few days which gave us a good laugh from some banger tweets!
With Jaws now officially ex-Olympus DAO (as described in his bio) it is just what the doctor ordered!
Just a short one this week — will be longer next though not as long as it used to be.
Till next week Ohmies!