The Agora Dispatch — Community Weekly Newsletter — Thursday 21 July 2022
Welcome to the Agora Dispatch — news and views from around the Ohmieverse!
- Editorial —OHM doing what it’s supposed to
- OIP-94A: Amend Interim Ranged Stability Policy Levers
- Proxy advisory — yay on 94A!
- Wartull on Market Capping w/ DCF & SMS
- Bond Protocol — first contact
Editorial — OHM doing what it’s supposed to
OHM is becoming more and more each day an asset with the properties of a reserve, limited downside exposure protected by inverse bonds, and a healthy treasury exposure to upside with ETH, WBTC, CVX, FXS, TOKE & a bunch of other exotics in our holdings.
Inshallah, we will achieve a steady state with range-bound stability and, with the right levers for the policy gods, a slow steady value accrual for the Ohmies through growing confidence in OHM.
In the scheme of things, it’s just a moment away!
OIP-94A: Amend Interim Ranged Stability Policy Levers
Jfry4 hit us with a new proposal this week on the topic of ranged bound stability, with a proposed amendment to the relevant policy levers.
As Ohmies will recall, the OIP-94 gave authority to the policy team to run the initial iteration of the Inverse Bond program for 90 days targeting, the 120 moving average price of OHM and expiring on 25 July 2022.
The policy team’s implementation of the program has been meticulous and very profitable for Ohmies, removing OHM from circulation below liquid backing for the majority of the life of the program.
This new proposal would give the policy team authority to continue the program until the implementation of range-bound stability (the walls!) is ready.
- A target to meet the 120-day moving average
- Daily/weekly inverse bond capacity will continue to be determined by the amount of DAI required to meet the 120-day moving average target
- OHM acquired from inverse bonds will be burned
- This program will end when Ranged Stability is live
Note that the specific parameters will be monitored regularly by Policy and will change based on market conditions
Authorize the Policy team to:
- Continue running inverse bonds above liquid backing
- Burn remaining OHM after removing liquidity
Proxy advisory — yay on 94A!
The program has been profitable for most of its life, seeing a significant exodus of holders who did not have the requisite confidence or capacity to retain their OHM.
The policy team has demonstrated they can carefully manage the program and are responsive to market conditions.
Continuing it will build market confidence in OHM as an asset, allowing holders to be comfortable with exposure to it over time, a necessary precedent if we are to trade above backing and be able to grow the treasury again.
The time period to range-bound stability implementation makes sense, even if it is not imminent — given the policy team has demonstrated competence in its execution.
The vote is live on snapshot here.
Wartull on Market Capping w/DCF & SCS
Wartull gave it a fine effort spreading the good word of OHM (walls, bonds & the Bond protocol spin out), Artemis, and a couple of other projects he is interested in.
Give it a listen here.
Bond Protocol — first contact
Bond protocol hit us up with a thread for what they have in store. The protocol will be focused on:
- Permissionless Markets
- Composable Bonds (tokenized)
- Modular Auction interfaces
- 0% fees on the bond marketplace
We are excited! You can check out their thread here.
Till next week Ohmies!