The Agora Dispatch — Olympus Community Weekly Newsletter — Wednesday 1 December 2021
Welcome to the Agora Dispatch — an Olympus community run newsletter — made by Ohmies, for Ohmies!
- Editorial — Tidal wave of liquidity
- Olympus Pro — Introducing the Non-Fungible Thanksgiving Cohort & Avalanche Cohort 1
- Proteus & Migration AMA Recap
- Olympus bond mishap — shields up!
- Strategic Asset Whitelist (OIP- 51)
- Add UST to the Treasury (OIP — 52)
- Execute DAO swap with Frax Finance (OIP-53)
- Stablecoin Farming Amendment (OIP- 54)
- OlyZaps — Swap any asset into sOHM
- Beware of fake accounts
- LOBI — airdrop revealed
- Olympus x Mover — Europeans can buy OHM straight from a debit card
- Twitter thread — Proteus explainer
- Ohmie of the Week — Sam Kazemian
- Ohmie profile — Rerun — Cartesius (3,3)
- Meme of the Week — OHM Everywhere! (credit Fluidsonic)
- State of the DAO — Weekly update
- Opportunities to contribute — join us
Editorial — Tidal wave of liquidity
Thanks to the Proteus program, in about 2 weeks from now there will be substantial gOHM liquidity on every chain. Today we’ve seen the initial rewards head over to Avalanche supporting $12 million in gOHM/AVAX liquidity on day one.
Wherever the users go, gOHM will follow — soon users will be able to buy gOHM on any chain, be fully staked and (3,3). It will also mean that every protocol will be able to take gOHM into their treasury and use it for their liquidity pair.
This is a seismic shift in the playing field — Olympus has lost thousands of users from the scourge of Ethereum L1 gas fees — no more!
Olympus Pro — Introducing the Non-Fungible Thanksgiving Cohort & Avalanche Cohort 1
Introducing the Non-Fungible Thanksgiving Cohort
Olympus Pro will help these protocols grow their own liquidity and grow the Olympus Treasury through a small fee paid in each of their governance tokens.
Olympus Pro — Avalanche Cohort 1
Along with gOHM liquidity rewards, — we also saw the launch of a new OP cohort over on Avalanche with the following protocols:
Always great to see protocols coming to the OP rehab to wean them off liquidity farming.
Proteus & Migration AMA Recap
The Olympus DAO official Twitter account held a Spaces on Tuesday (30 November) to answer questions related to Proteus — Olympus’ first major step towards cross-chain implementation. The AMA featured Zeus, Wartull, Abipup and JaLa as speakers and over 800 Ohmies in the audience.
Here are some of the most topical questions that came out of the AMA:
Q: What is Proteus and why should I be excited about it?
- Proteus is incentivizing liquidity on other chains outside of Ethereum
- It is imperative for Olympus to be available wherever DeFi exists (chain-agnostic)
- The key to Proteus is gOHM, a cross-chain version of wrapped + staked OHM
Q: What is gOHM and how is it related to OHM?
- gOHM (governance OHM) is the future on-chain governance token of Olympus.
- gOHM has a static balance and increasing redemption value, just like today’s wsOHM
- the price of gOHM is calculated by the price of OHM multiplied by the Current Index
- gOHM allows you to take your staked OHM to other platforms and networks (such as Avalanche)
Q: What is the process of migrating OHM to Avalanche/other chains?
- Stake your OHM (to sOHM) in the Olympus UI
- Wrap your OHM (to gOHM) in the Olympus UI
- Use Synapse to bridge your gOHM to the desired chain (link on the Olympus App)
Q: Are there any good ways to borrow against gOHM at the moment?
- Nothing available right now, but the team is in talks with Trader Joe and BENQI to get something going
Q: When will Olympus start bonding on these other chains?
- As Proteus rolls out chain by chain, quantitative and qualitative factors will be reviewed to determine the most beneficial chains and the best pairs to bond with
Q: What was the primary motivation for going to Avalanche first? What are the next L1’s gOHM will be deployed on?
- Avalanche had the most natural interest and attractive user base
- Next up: Fantom, Arbitrum, and Polygon (likely over the next week)
- Later: Moonriver, Solana, Terra and more
Q: If I hold staked OHM right now, is there any benefit of going to gOHM prior to migration?
- There is no benefit of going from sOHM to gOHM unless you want to bridge it. You will have plenty of time to move to gOHM in the future
Q: If I hold wsOHM, what is the best way to swap to gOHM?
- A Migration page will be live within two days where you can easily swap one wsOHM for one gOHM within the Olympus UI
Q: What is the future of cross-chain OHM? Will it mainly be using gOHM on different chains?
- The long-term goal is to get the full implementation of OHM cross-chain (staking, bonding, etc.), with Ethereum remaining the native chain due to its superior security
Q: When will cross-chain assets show up on Zapper?
- The team is in contact with various wallets/tools. Processes can be slow, but will be accelerated if more users request the feature
Olympus bond mishap — shields up!
Last week, someone was able to purchase a large amount OHM-DAI bond for a significant discount making a tidy $1.3 million profit — the issue was caused by a mistake to close-off the OHM-DAI bonds when they were at full capacity:
No treasury funds were at risk, as OHM tokens are minted anew whenever a bond is sold.
Had the enterprising recipient of the OHM just reported this under the Bug Bounty program — they would have been a hero and received more money to boot.
Rest assured a full review was conducted and safeguards put in place to ensure this doesn’t happen again.
Strategic Asset Whitelist (OIP- 51)
We were glad to see that OIP-51 to authorize the bonding of strategic assets got the tick of approval from the community with over 99% in support.
As previously reported the pivot to bond in some strategic assets was in order to diversify our treasury, hold governance power in strategic protocols, receive income streams and potential price appreciation upside.
The Treasury team can now acquire these assets over the medium to long term without announcing ahead of time to avoid frontrunning.
To date the treasury has acquired ~$18.5 of CVX through bonds.
Add UST to the Treasury (OIP — 52)
Jawz put forward OIP-52 — a forum proposal to acquire the UST (Terra USD). This is what the LUNAtics have been craving for quite some time.
There seems to be a lot of support to acquire and the added commitment from Terra to purchase a $1m OHM bond across one month.
The proposal comes on the heels of deprecating OHM-LUSD and LUSD bonds as our treasury has had its fill. The intake of UST bonds will target 3.3% of RFV with a cap at 5%.
Execute DAO swap with Frax Finance (OIP-53)
The groundwork for OIP-53 was laid during OIP-19, which allowed the DAO to pursue a DAO Swap with one of Olympus’ OG partners, Frax Finance.
With OIP-53 — the Olympus will swap $3m of OHM for FXS over a 30 day time weighted average price (twap) — to have greater say in their governance the DAO intends to lock the swapped FXS as veFXS.
The proposal is live on snapshot here.
Stablecoin Farming Amendment proposal (OIP- 54)
OIP-54 has been posted to the forum by Json from our Treasury team and it seeks to invest 50% of excess stablecoin reserves — into whitelisted protocols to earn yield. Such a move would accelerate the growth rate of RFV and promote higher yields on the otherwise idle assets.
OIP-20 had previously capped the investment at 33% and the proposal seeks to extend that limit. Currently whitelisted protocols include Compound, Aave, Convex and Sushiswap; OIP-54 wishes to include Rari Capital as well.
Join the discussion here!
OlyZaps — Swap any asset into sOHM
The engineering team stealthily launched OlyZaps last week.
It is the fruit of a collaboration between Olympus and wallet viewer Zapper — users can now swap any assets into sOHM directly through the Olympus website.
Learn more about OlyZaps in this step-by-step guide.
Beware of fake accounts
We spotted an Instagram account masquerading as Olympus. Please don’t fall for it or respond to any of their posts. This is just another way to scam unsuspecting users. Olympus is NOT on Instagram. If you see an Instagram account popping up, please report and don’t interact with it.
Ohmie of the Week — Sam Kazemian
This week’s Ohmie of the Week is not your usual Ohmie — in fact, he is the founder of an entirely different protocol Frax Finance. Sam (and Frax as a protocol) have been Ohmies since they started a collaboration with Olympus back in early June (nearly six months ago!).
Already the largest protocol holder of OHM — they have doubled down this week approving a further $3 million FXS for OHM DAO swap.
Sam is a regular speaker at our FOHMOs events and always available to offer advice or working on a new collab.
We don’t know what the future holds but we are glad to have Sam and Frax onboard to weather the high seas!
Congratulations to Sam Kazemian — our Ohmie of the Week!
Ohmie profile — Rerun — @Cartesius (3, 3)
Unfortunately the Ohmie we had lined up for this week was unable to complete the profile — so we reached into our archives for a special rerun from way back at the beginning of August!
We travelled to the underworld to do our profile of @Cartesius (3, 3) this week. Our companion on the ride across the river Styx made the trip quite uncomfortable — we were relieved when we saw the familiar art adorning @Cartesius’s sanctuary nearing the other side. He came out to meet us with his characteristic beaming smile — paying the ferrymaster his due on our behalf, as he bustled us in out of the cold.
Can you give us a little background of your life before crypto?
Studied finance+business admin, made an early pivot to FinTech consulting for F500 companies as their Cloud Financial ERP deployment specialist.
How did you get into crypto?
Only followed the space via BTC news headlines for years before stumbling across something that mentioned Ethereum. It was around Nov-Dec 2017, so right around the EOY rally and crash. Got the sense that the tech’s potential was way ahead of its actual utility at the time, so just decided to passively HODL…until ETH started taking off again at the end of last year, and then I started taking a closer look at the whole ecosystem that was developing around it.
When and how did you join Olympus?
Can’t recall where I got tipped off (possibly RARI Server), but joined Olympus Discord right before the Presale. Sadly, wasn’t familiar with the IDO concept and so missed that opportunity by not paying close enough attention to what was happening in the Server. That stung a bit, but I still got such positive vibes from the project and its launch that I put my $kin in the game in the original aOHM pool and shortly after on SushiSwap upon launch. Haven’t stopped memeing and shitposting for the cause since then!
What are you excited about for Olympus?
The first months of the project have been an awesome thing to observe as the community has organically grown and attracted a ton of multi-talented contributors and supporters. I’m captivated by the idea of the protocol’s network effects as they continue to extend throughout the crypto-verse with additional partnerships and integrations. I am excited to see how the project’s longer-term ambitions become realized as market cap grows and Olympus can begin to use the treasury’s & DAO’s full powers re: monetary policy.
What else are you into/excited about in the crypto space?
I get mesmerized by the sheer magnitude of the TAM this space stands to disrupt+capture. It’s still incredibly early. DAOs and their development are also especially interesting; organizing with other people around the world, without knowing each other and establishing your own rules, and making your own decisions autonomously all encoded on a Blockchain is just wild!
Meme of the Week — OHM Everywhere! (credit Fluidsonic (9,9)
This week’s Meme of the Week is a simple jest about the amount of gOHM liquidity about to hit all the other chains once the Proteus program is in full effect — very playful!
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 did an amazing job again with their translation effort. Last week we saw two translations going live: the Russian version of the Olympus documentation along with the Chinese version.
Marketing and Design
It is not easy to keep tabs on the development in Olympus. For example, we saw two features going live last week with OlyZaps and gOHM wrapping. The latter is particularly important for cross-chain liquidity. To make sure the Olympus community understands the implication of this, the Marketing team has organized an AMA session on Twitter Spaces which concluded successfully today.
After months of receiving payout in OHM tokens, the DAO contributors can look forward to receiving gOHM instead. gOHM tokens accrue rebase rewards automatically as their value is tied to the Current Index, which goes up every rebase. Gone are the days when a contributor would miss out on their rebase rewards due to late allocation.
The Engineering members were firing on all cylinders (and still are) to bring OlyZaps to the Ohmies. In anticipation of v2 migration, they also shipped the migrator contract and enabled gOHM wrapping.
The Partnership team has proposed a DAO swap with Frax Finance. $3M worth of DAO OHM will be swapped for FXS, which would give OlympusDAO additional governance power in Frax Finance.
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.