The Agora Dispatch — Olympus Community Weekly Newsletter — Wednesday 1 September 2021

Welcome to the Agora Dispatch — an Olympus community run newsletter — made by Ohmies, for Ohmies!

Summary

  • Editorial — Ohmies, treasure this moment
  • Zeus proposes $3.3 million OHM/SUSHI token swap with Sushiswap
  • Olympus — Now on Reddit
  • Bankless Article — Olympus as the Holy Trinity of Adoption
  • OWAD — Benchmark your portfolio performance against ETH & BTC
  • OIP-20 & 21 — Increase DAO funding — Approve 30% of excess Treasury assets for passive yield
  • Ohmie Appreciation Night — September 3rd 5pm EST
  • Annyeong, Korean Ohmies!
  • Odyssey Updates — Community Night afterparty — Church of Church this Sunday!
  • Twitter thread — @Wartull on ETH Bonds
  • Ohmie of the Week — @jdp630
  • Numbers at a glance — Runway takes a leap
  • Ohmie profile — @nonfungiblekeisha(3,3)
  • Meme of the Week — Olympus Autumn (credit @(sisu, kas) Ω)
  • Opportunities to contribute — join us
  • Agora’s Learning ancient-Greek mythology series — Orpheus and Eurydice

Editorial — Ohmies, treasure this moment

Credit Mugen (3, 3) for Agora

As we sit here writing the 10th edition of the Agora Dispatch — it feels surreal — like we have been doing this weekly ritual for years.

We have come so far as a protocol — even in this paper’s short lifetime — we are glad we were around to live it with you.

They say the news is the first rough draft of history. These last weeks have been some of the most exciting and difficult in Olympus’ history — we hope to have captured them as a faithful record.

The lead up to FOHMO 3 on September 24th is going to be exciting — filled with fun and adventure — we hope to capture that too.

Remember, Olympus is building towards a goal — that goal is to be the decentralized reserve currency — it’s a grand enterprise and it is one we can achieve.

Ohmies, years from now — you’ll open your Agora newsletter.. look down and see that same Agora newsman meme.

And we’ll remind you to remember back to this time.. and that you did believe!

Zeus proposes $3.3 million OHM/SUSHI token swap with Sushiswap

As OIP-19 just passed with a resounding yes just a day ago, @Zeus has come back down from Olympus to build on that community sentiment — he has proposed a token swap with long-time partner, Sushiswap:

Specification

  • Execution at current 30-day moving average prices with no discount.
  • OHM 30-Day MA = $345.78
  • SUSHI 30-Day MA = $11.58
  • $3,300,000 notional value, paid in xSUSHI and sOHM.
  • 242,736 xSUSHI <> 9544 sOHM

The motivation behind the token swap as laid out by @Zeus is to:

- Deepen bonds between both communities

- Diversify the treasury

- Gain governance power in each other’s protocols.

@Zeus also provided more details on the benefits of the proposed swap to both communities in a follow-up comment on the forum:

A poll is open now to gauge the community sentiment on this proposal over on the Sushiswap forum.

Olympus — Now on Reddit

We spotted that the Olympus community is now fresh on Reddit!

Ohmies, @GH0ST_08, @RCP3, @kmacro, @WAGMIcrypto, @David_GMI are over there moderating and making sure everyone behaves. There are lots of tasty memes and not so many Ohmies yet. Head over and join in the fun!

To prevent spam, the community is currently restricted — only approved users will be able to post, but you can comment and upvote/downvote posts as usual. We are told that the Olympus Reddit team will roll-out a streamlined process for Ohmies to be able to post soon.

https://www.reddit.com/r/OlympusDAO_Official/

Bankless Article — Olympus as the Holy Trinity of Adoption

We were thrilled to see that Olympus was featured in the leading DeFi newsletter, Bankless, for the second time in as many months.

This time in a piece authored by @mattigaggs of Zee Prime Capital. Matti explores “The Holy Trinity”; memes, liquidity, and tech, and tells us why we need OHM and how Olympus is revolutionizing DeFi.

It makes a good case for why Olympus has a clear path to major adoption.

Required reading for the sophisticated Ohmie!

https://newsletter.banklesshq.com/p/the-holy-trinity-for-adoption

OWAD — Benchmark your portfolio performance against ETH and BTC

The data wizard, @0xRusowsky has upgraded the Olympus Wallet Activity Dashboard (OWAD) to give you better insights on your OHM investment.

You might ask yourself:

“Would it be more profitable if I held BTC instead of OHM?”

“What if I bought ETH instead of OHM since protocol inception?”

If so, then we suggest, the Benchmark Performance query is all you need. It provides benchmarks of your OHM portfolio performance against ETH and BTC:

https://dune.xyz/0xrusowsky/Olympus-Wallet-History

It uses User Index-adjusted Price to calculate the OHM price as opposed to using its current market value. This allows for a fair comparison due to the inflationary aspect of OHM — while OHM’s price fluctuates based on the market condition, the protocol continues to mint and distribute OHM to all stakers in the form of rebase rewards.

Another cool feature we spotted is Investment Insights. This query allows you to view your average OHM purchase price and any realized profit. So if you ever wonder whether you have “made it back” from your initial capital, you now have your answer!

https://dune.xyz/0xrusowsky/Olympus-Wallet-History

Big thanks to @0xRusowsky!

OIP 20 & 21 — Increase DAO Funding — Approve 30% of excess Treasury for passive yield

We recommend that you head on over to the snapshot and the forums to have your say about the proposed DAO budget increase and the proposal to make use of the protocol Treasury for some low risk yield.

Here is a summary as we see it:

OIP-20: Allows the protocol to utilize excess assets in the Treasury to create passive yield. The protocol will use a conservative strategy to gain yield from whitelisted protocols — currently Aave, Convex, and Sushi.

OIP-21: A two-part proposal:

  • Authorize an additional 30k DAI a week (6ok per week total; in OHM equivalent) to retain and expand our DAO contributors.
  • set and authorize a framework for additional budget raises to 75K and 90k per week, respectively. These additional budget raises will be authorized based on key project growth milestones.

Voting closes September 3rd.

You can vote here: OIP-20 and OIP-21.

Ohmie Appreciation Night — September 3rd 5PM EST (9PM UTC)

https://twitter.com/OlympusDAO/status/1432839485503463425

If you are hanging out for FOHMO 3 like us — and need something to take the edge off — we can report that Olympus just announced their second Community Night event. This one is themed Ohmie Appreciation Night which will be held on this Friday, 3 September at 5PM EST (9 PM UTC).

Be sure to hop into the Olympus Discord to join in the fun!

There is also an Odyssey after-party following the event on Olympus Odyssey Discord starting at 9PM EST (1AM UTC).

Shout out to the Olympus Marketing team who have been working tirelessly behind the scenes to bring out new initiatives like this, to keep the Ohmies engaged and strengthen community ties.

Annyeong, Korean Ohmies!

Attention to the Korean Ohmies out there, if you haven’t joined the Korean Olympus community on KakaoTalk, please do so!

Need help understanding the technical documentation? Olympus’ official GitBook has just been translated to Korean recently:

A special shout-out to @Dave_GMI for spearheading the Korean translation and community outreach effort.

Odyssey DAO — Odyssey afterparty this Friday — Church of @Church this Sunday

There is an Odyssey after-party following the Ohmie Appreciation Night this Friday September 3rd which will be held in the Odyssey Discord and start at 9pm EST.

Also keep an eye out on the announcements channel in the Odyssey DAO for the confirmation time of the Church of @Church to be held this Sunday September 5th — it’s always a fun and insightful discussion about Olympus culture and memes!

Twitter thread — @Wartull on ETH bonds

What do crypto punks have in common with Olympus DAO? Olympus Community lead @Wartull tells us in a punchy twitter thread and gives us a nice overview of wETH bond performance over the past 3 weeks since inception.

Although wETH bonds have been a success, they are still a very small part of the treasury’s assets. What other volatile assets could Olympus hold in treasury and what are some ways to accomplish this?

In his thread, Wartull explains a few possibilities to us. One being, “partnerships with other protocols, with Olympus DAO being the de facto (de) Central Bank of Defi.”

https://twitter.com/WartuII/status/1432332591286325255

Ohmie of the Week — @jdp630

Thanks to last week’s Ohmie of the week @DC (3,3)!

This week’s Ohmie of the week is @jdp630! He has been helping Ohmies navigate the discord in a very (3,3) manner since he first arrived on the scene in early April. A regular contributor helping out around the DAO — he recently stepped up herding the Discord chat on the Policy Framework Discussion this week — no small task — which was a great success!

A fitting title for a deserving Ohmie — congratulations @jd630 on being Ohmie of the Week!!

Numbers at a glance — Runway takes a leap

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: 11906 (+474)

  • August 17: 10921
  • August 24: 11432
  • August 31: 11906

Welcome to all the new Ohmies! Keep a lookout for them in the Discord and show them the hospitality of Olympus!

2. Current Runway: 328 days

At the current reward rate of 0.312%, Olympus can continue to distribute OHM rewards for 328 days even if it stops bringing in revenue. That’s a +14 day increase over the past week!

If you need a recap on what runway is, check out this twitter thread from @xh3b4sd.

3. Bond sales (reserve bonds) statistics:

  • Total Bond Sales (past week): $3,509,919
  • DAI bonds: 2,940,931 DAI bonded in the past week
  • Week-over-week growth of +4.5%
  • FRAX bonds: 244,027 FRAX bonded in the past week
  • Week-over-week growth of +2.3%
  • wETH bonds: $324,961 wETH has been bonded in the past week
  • Week-over-week growth of +16.1%

4. Bond sales (liquidity bonds) statistics:

  • OHM-DAI LP bonds: $292,663 of RFV in a week
  • Week-over-week growth of -6.8%
  • OHM-FRAX LP bonds: $26,376 of RFV in a week
  • Week-over-week growth of -6.5%

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.

5. Liquidity Providing Fee Generation

  • Total LP Fees Generated: $2,141,107
  • $110,697 in fees generated in one week!
  • Week-over-week growth of +5.5%

Via: Dune Dashboard

Olympus has taken in over $2.14M 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.

6. RFV per OHM: $27.15

  • 7-day change: -$0.60 (-2.1%)
  • 30-day change: -$0.72 (-2.5%%)

As you can see, the RFV per OHM has experienced a slight drop over the past month. 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.

7. Current Index: 13.987 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 tripled your stack now to 3.04 OHM! OHM’s price today is around $303. Let’s find out what is your ROI:

  • Principal: $204.28
  • Return on 31 August: 3.04 * $303 = $921.12
  • Principal gain = $921.12 — $204.28 = $716.84
  • ROI = ($716.84 / $204.28) * 100% = 350.911%

This is the power of compounding. The growth in your OHM balance coupled with price increase can mean a massive return on your investment- provided that you (3,3) and have a long enough time frame.

8. Protocol Owned Liquidity: >99% (OHM-DAI & OHM-FRAX)

Protocol Owned Liquidity shows the amount of LP tokens owned by the Treasury. For Olympus, this figure is currently greater than 99% for both OHM-DAI LP Tokens and OHM-FRAX LP tokens.

9. Macro numbers from around the cryptoverse:

Ohmie profile — @nonfungiblekeisha(3,3)

We met @nonfungibleKeisha at her rolling estate on the Mycenaean hills — she poured us some of the locally produced wine in delicate terracotta cups. We sat in the playful light of that golden hour, still early enough in the fall to catch a warm afternoon breeze.

How did you get into crypto?

Before crypto (and currently still) I am in the process of getting my degree in business with a major in Legal Studies and a minor tbd. I plan on using crypto to help me be better suited to study for the LSAT and go to law school in the next couple of years without having to work very much. I really want to lead a non-profit organization in the future (15+) and the best way to help people is having money to begin with, so why not start now.

How did you discover Olympus?

My friend who introduced me to crypto is the one who also got me onto Olympus. I didn’t have the time back then to day trade, so he told me about profitable rewards and staking etc. He at the time, was bonding/staking (3,3) and had been for a while, I staked my first sOHM in April/May of this year. I did tons of research and came to what I thought was an understanding but mostly what attracted me was my APY. I remember sitting on discord, eyes fresh to crypto, using the staking calculator dm’ing my friend saying “these numbers can’t mean what I think it can mean can it? there’s no way”. I bought very close to the top and dca’d a bit — then got rekt by the massacre. Olympus at one point was the biggest loss I had taken in crypto ever (funny cause it seems so little now), but I did my research and began to get an understanding of what Olympus was really trying to do.

What are you excited about for Olympus?

I kept researching at the lows, joined OT, and became an Ohmie. I came for the APY and stayed for the frens I made along the way. I’m looking forward to FOHMO 3 and learning more about what Olympus Pro is about. Very excited for that reveal. I like how Ohmies are always thinking about products and innovations needed in defi. Many times, I have read something new coming from the gigabrains here and I’m like, wow, this is exActly what I didn’t know defi needs, but now that I see it, it’s perfect!

What else are you into/excited about in crypto?

My end goal with crypto is to look for/build/interact with initiatives that aim to make crypto more accessible to the entire world. When we truly come to the time where mass adoption happens, crypto needs to be as accessible as possible to all nations and everyone everywhere (or at least a lot more so than now). Otherwise the gap is going to get wider between the rich and the poor.

So I am excited to hopefully be involved in that in some way in the future and I’m really excited on the macroscale to see the growth and adoption of NFTS. I cannot wait to see all the real world integrations of blockchain and Non Fungible Tokens, it will be such a wonderful time as different things come to fruition. There are just the endless possibilities for NFTS for almost everything we do in our everyday lives.

Meme of the Week — Olympus Autumn (credit @(sisu, kas) Ω)

This week’s meme of the week captures the relaxed mood of the Olympus culture — an Ohmie takes their own time walking in the Autumn leaves, in perfect calm, knowing they are safely on the path to (3,3).

Credit (sisu, kas) Ω

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 — Orpheus and Eurydice

Preface: The story of Orpheus & Eurydice is one of the most famous myths in Greek lore, with renditions from the renowned Greek Philosopher Plato and Roman poets Virgil and Ovid. The story is a romantic tragedy that has inspired many works of art including paintings, songs and plays.

Orpheus was born to the Olympian God of Music & Philosophy Apollo and the Muse Calliope, who was known for the beautiful harmony of her voice. Destined to be a musical prodigy from birth, Orpheus wasted no time mastering the lyre and developing what would become the greatest and most charming singing voice in Greece. It was said that no god or mortal could resist his music and even the rocks and trees would move to be nearer to him when he sang.

Outside of being the best musician in Greece, Orpheus was also a free spirit with a knack for adventure. It is written that Orpheus accompanied Jason & the Argonauts on their quest to steal the Golden Fleece, and even saved them from Sirens with his music (coming in a future edition of the Dispatch).

During one of his famous musical performances, Orpheus locked eyes with a beautiful, but shy, wood nymph named Eurydice. Eurydice had been intoxicated by Orpheus’ music and the two instantly fell head over heels in love. The two lovers were set to be married not long after their first encounter.

The two lovebirds had a beautiful wedding day where they were blessed by Hymenaios, the god of marriage. Unfortunately, the blessed day was then followed by a tragic night. A jealous shepherd named Airstaeus wanted Eurydice for himself, and plotted to kill Orpheus to free up Eurydice’s hand in marriage. The new couple encountered Airstaeus on their way home from the wedding and immediately fled into the woods, sensing the danger they were in.

During the attempted escape Orpheus lost his grasp of Eurydice’s hand and looked back in horror to see that she had stumbled into a pit of deadly vipers. Understanding that there was no chance of survival, Airstaeus abandoned his pursuit and left Orpheus alone with his doomed lover.

Following Eurydice’s death, Orpheus went into an insurmountable state of grief, unable to create the beautiful music that he once could in the past. With seemingly no remaining options, Orpheus leveraged his Olympian father to gain access to the underworld where he would attempt to save his deceased wife from Hades.

In the underworld, Orpheus was able to use his musical talents to charm both Hades and Cerberus (Hades’ three-headed dog). Hades told Orpheus that he can take Eurydice with him back to the mortal realm under one condition: she would have to follow him out of the caves of the underworld without him looking back at her until they were back on Earth. Orpheus thanked the god for the generous offer and began the ascent back to Earth. Unable to hear Eurydice’s footsteps, however, he began fearing that Hades had fooled him. Only a few feet away from the exit, Orpheus lost his faith and turned to see Eurydice behind him, but her shade was whisked back among the dead, now trapped with Hades forever.

Having lost his lover for a second time, Orpheus returned to his previous state of endless grief. He played a mourning ballad calling for death, so that he could once again reunite with Eurydice in the underworld. Eventually, Orpheus’ wish was granted when he was killed by beasts of the wilderness and his soul was sent to the underworld where he could spend the rest of eternity with his snake-bitten wife.

OlympusDAO community run media — by Ohmies, for Ohmies