The Agora Dispatch — Olympus Community Weekly Newsletter — Wednesday 11 August 2021
Welcome to the Agora Dispatch — an Olympus community-run newsletter — made by Ohmies, for Ohmies!
- Editorial — Tempest
- wETH Bond opens up to strong demand
- Increasing numbers of exploits & hacks sighted — Learn how to safeguard your crypto-assets!
- OIP-17 passes muster — voting now open!
- 65 DAO contributors active in July: Up 71% month-over-month
- Odyssey DAO updates — Creative livestream with @Milark — Ohmie Stories competition — Community call on memetic expression, philosophy & art curation
- Policy team puts locked staking on ice
- Twitter thread — Balaji on flatcoin
- RAI founder stumbles upon a mycelium of Ohmies
- Ohmie of the Week — @xYoung
- Numbers at a glance — 10,000 Ohmies
- Ohmie profile — @Cartesius (3, 3)
- Meme of the Week — Interstellar Ohmie (credit @Ohmni-Man (🌲,🌲))
- Opportunities to contribute — join us
- Agora’s Learning ancient-Greek mythology series — Pandora, the first woman
Editorial — Tempest
A wild wind shrieks at the door, but our house is built on hard clay.
We’ve seen whales go off to chase the ephemeral Ethereum pump — but they will no doubt return.
Remember we own the liquidity — the only place you can buy or sell OHM is to the protocol.
In order to sell, pump chasers have to unstake — and the less OHM staked the higher the reward apy for those who remain.
And so the cycle goes…
wETH bonds open up to strong demand
We are proud to report that wETH bonds brought in almost $200k to the treasury on its first day! To recap, these wETH do not contribute to the RFV (risk-free value) of the treasury, but are counted towards the intrinsic value of each OHM. The more wETH (or ETH) rises, the better for your OHM!
If you wonder why the bonds are not denominated in ETH, check out this explanation from Radar Relay. The bottom line is: ETH is not compatible with the ERC-20 standard, thus renders it unusable in most smart contract interactions.
Check out the Olympus documentation if you need further guidance on how to wrap your ETH or purchase wETH bonds.
Increasing numbers of exploits & hacks sighted — Learn how to safeguard your crypto-assets!
Recently, we noticed a surge in wallet exploits where users’ funds were drained by hackers. While no security measures are 100% foolproof, here are a few measures that you can employ to safeguard your crypto-assets:
- Use a smart contract wallet (more on this later) or hardware wallet to store your funds
- Never click on any suspicious link that may direct you to a compromised site
- Never share your secret/seed phrase or private key with anyone
- Never enter your secret/seed phrase or private key in a suspicious site or application
- Avoid installing extraneous browser extensions
Part of being strong Olympians is a better understanding of general operational security throughout the Internet and DeFi. We recommend a few basic security tips:
- Use a password manager — Bitwarden is free and open-source. It stores critical data in the encrypted storage and you only need to remember one password for the rest of your life
- Use multifactor authentication — Authy and Aegis are great options for generating the infamous six digit codes. 2FA or multifactor is a small inconvenience, but a lot less inconvenient than losing everything.
- Lock your phone number or park your SIM — call your provider and request the highest level of security for moving your phone number around. Some people use SMS 2FA but we recommend you avoid it at all costs.
We mentioned smart contract wallets earlier, and want to give a bit more insight. Per Argent’s recent blog:
- Using a hardware wallet alone is a single point of failure. And it’s only as safe as your seed phrase.
- With Argent you can choose addresses to trust. Transactions to these are seamless. Any other transactions (say, to an attacker’s wallet) are automatically blocked. So even if an attacker somehow got access to your unlocked phone and wallet, they still couldn’t drain the account.
- Hardware wallets have supply chain risk. Argent’s smart contracts are open source for anyone to inspect. They’ve also been repeatedly audited by independent firms; and even reviewed by the legendary samczsun.
Although a smart contract wallet is a bit more gas intensive, it offers some key benefits:
- Multisig security — all transactions to untrusted addresses are automatically blocked unless you deliberately approve them with guardians (friends, your hardware wallet, MetaMask, or our automated option).
- No seed phrase — the hacks often involve tricking someone into entering their seed phrase on a malicious site. As soon as you do this, it’s game over. The attacker has complete control. Argent doesn’t have seed phrases though. Problem solved.
Stay safe out there Ohmies!
OIP-17 passes muster — voting now open!
The DeFi space is riddled with exploits. The marauding hackers are waiting patiently to strike, and no protocols are too big to fail, as we have seen from the recent exploit of defi darling THORchain.
So we were heartened to see the proposal which seeks to introduce a two-tier bug bounty program has proceeded to a snapshot vote. Be sure to cast your vote by 14 August to make your voice heard.
65 DAO contributors active in July 2021 — up 71% month-over-month
We saw a 71% increase in active contributors on OlympusDAO this past month. From exploring new partnership opportunities, launching new initiatives like the Community Night or crafting new NFTs, to revamping the website UI, the Olympians have been toiling towards the vision of becoming the world’s decentralized reserve currency.
If the mission and vision of OlympusDAO resonate with you, check out the “Opportunities to contribute” section near the end of our newsletter. Exciting adventures and challenges await those brave Olympians.
Odyssey DAO updates
As the Odyssey DAO grows we expect that we will bring you multiple stories a week from its happenings under this new Odyssey DAO updates section.
They have a twitter account you should go follow!
Creative livestream with @Milark
On 10 July we stopped by the Odyssey DAO server to watch audio magician @Milark’s live stream — he gave us an up-close look at his method for developing new songs, using a variety of instruments and techniques.
He also made some giveaways along the way - @RajLondon received a specially made soundtrack for his BoredApe profile picture entitled McApe — check it out here.
We expect big things to come from @Milark who can regularly be found spinning the decks over at Odyssey.
Ohmie Stories competition
The Odyssey DAO is capturing our past through an initiative called Ohmie Stories — this project aims to store the stories of how Ohmies came to join the community in there own words.
You to can tell your Ohmie story in the #Ohmie Stories channel in the Odyssey discord. If you submit within the next three weeks you will be eligible for some great NFT prizes — check the discord for further details.
Over 100 Ohmies on the community call
Over 100 Ohmies tuned in for the Community call on memetic expression, philosophy and art curation led by our philosopher Ohmie @Church.
A number of Ohmies shared how they have found a sense of belonging and space within the community. This included @73andshakeabit, a vintage Ohmie, who recounted how he thought technology would always be a barrier to his participation in an online community, but a number of Ohmies helped him tear down that barrier and he can now comfortably navigate his way online.
Some cool ideas about how Odyssey can roll out some very special NFT products were explored on the call as well. Check out a recording of the call here.
Policy team puts locked staking on ice
Locked staking was proposed some time ago on the forum by @Zeus. While the original intention was to encourage (3,3) — keeping the goal of long-term stakers aligned with the protocol. It was a hot topic of discussion with advocates on both sides.
Because its implementation may add overheads such as engineering cost and complexity to the system, without any tangible benefits that justify them, the Policy team has decided to put the idea on hold releasing the following note:
If you are keen to learn more about this topic head to the #policy channel on the main Olympus Discord.
Twitter thread — @Balaji on flatcoin
We saw a cool twitter thread by the venerable @Balaji last week which mentions our humble protocol and we thought we should bring it direct to you.
He argues that the adoption of “flatcoin” allows the crypto space to achieve true sovereignty. But what is flatcoin? Flatcoin is not pegged to any asset, but it achieves price stability (or flatness) via the backing of multiple assets. Just like the vision for OHM.
Fiatcoin, on the other hand, is pegged to an external currency, most commonly the US Dollar. When the underlying currency falters (e.g. due to some poor monetary policy), fiatcoin is subject to the same fate as well.
So, flatcoin or fiatcoin? Choose wisely.
RAI founder stumbles across a mycelium of Ohmies
Ameen Soleimani, the founder of RAI, got a little more mushroom than he was expecting when he arrived at the discord and, in characteristically bombastic style, asked where he could short 40 million dollars worth of OHM.
While the answer is of course nowhere — he appears to have been under the mistaken impression that the deposited sOHM in Rari Fuse pools could be borrowed and market sold, thereby creating a short (it can’t be borrowed of course). The purpose of his appearance and question it seems was wanting to highlight this non-attack vector.
To his great surprise a sproutness of mushrooms popped up to refute his doubt and quickly inform him of the naivety of even thinking of betting against the Ohmies.
We think he learnt his lesson.
Ohmie of the Week — @xYoung
Thanks to @Brian (3,3) for being such a great Ohmie of the week!
When Wartull let us know that the NEW Ohmie of the Week was xYoung we were very pleased indeed!
He has been around the community from very early on and is a model to aspire to for the young Ohmies — diligently occupying the #questions and #welcome-chat channels to make sure all manner of questions are answered promptly and politely.
He is one of our Sherpas, of course, and known to get up to mischief in the #off-topic channel — a well-deserved recognition of some very hard work — well done @xYoung!
Numbers at a glance — 10,000 Ohmies!
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: 10580 (+950)
- July 27th: 8366
- August 3: 9630
- August 10: 10580
Last week we reported that the number of Ohmies surpassed 9000 and guess what, Olympus just passed 10,000 Ohmies!!
2. RFV per OHM: $29.22
The RFV per OHM just broke the $29 mark on the 8th of August! The revenue from bond sales has contributed tremendously to the growth of the treasury, and now there is more than $29 in treasury assets behind every OHM in circulation.
3. 20k APY Runway: 238 days
APY Runway has continued a steady upward trend as the protocol revenue growth remains strong. In a bit less than two months, the runway for 20k APY staking rewards has increased from 198 days to 238 days! If you need a recap on what runway is, check out this thread by @xh3b4sd.
4. Current Index at 10.5395
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:
5. 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.
6. Bond sales (reserve bonds) statistics:
- DAI bonds: 2,917,369 DAI has been bonded in the past week
- Week-over-week growth of +11.59%
- FRAX bonds: 431,298 FRAX has been bonded in the past week
- Week-over-week growth of -27.03%*
- *Important Note: The Policy team recently voted to decrease the FRAX and OHM-FRAX bond capacities to keep aligned with the treasury target of 5% of total FRAX supply which is protocol-owned.
7. Bond sales (liquidity bonds) statistics:
- OHM-DAI LP bonds: 336,560 of RFV in a week
- Week-over-week growth of +6.52%
- OHM-FRAX LP bonds: 46,305 of RFV in a week
- Week-over-week growth of -49.85%
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.
8. Macro numbers from around the cryptoverse:
9. Liquidity Providing Fee Generation
Via: Dune Dashboard
Shadow has updated the Dune Dashboard to better reflect all the LP fees captured by Olympus! Previously, LP tokens in the Sushi Onsen program were not captured by Croco Finance. We’re excited to share that Olympus has taken in over $1.7M in 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.
Ohmie profile — @Cartesius (3, 3)
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 the 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 — Interstellar Ohmie (credit @Ohmni-Man (🌲,🌲))
We looked to the stars for this week’s Meme of the Week — coming from @Ohmni-Man (🌲,🌲) — it captures the feeling most of us would have had when our fate or circumstance forces us to contemplate a coordination failure.
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 — Pandora, the first woman
Preface: The origins of Pandora’s Box were likely misogynistic in nature, as the story depicts the creation of women leading to the release of all evil & misery into the world. The myth was also later adopted by Christianity, which put its own spin on the story (the story of Adam & Eve).
Note: if you haven’t caught up on the story of Prometheus (covered in the July 28th edition of the Dispatch) go check that out on Medium as that story will provide some important context.
The story of Pandora and Pandora’s Box begins just after Prometheus was able to successfully return fire back to humans from the divines. Prometheus had pulled an ingenious ruse on Zeus, tricking him into accepting a sacrifice of fat and bone instead of meat.
The Chief God was infuriated and embarrassed by the trick and began planning his revenge on Prometheus and all of mankind. Zeus instructed Hephaestus, the god of smiths & crafting, to create a beautiful woman who would appear irresistible to gods and men alike. To accomplish this lofty goal, Hephaestus had Aphrodite, the goddess of love, pose as a model for his creation.
Not only was the woman created with Aphrodite as a model, but she was also given gifts from each of the Olympian gods. The gifts included a sharp and crafty wit from Hermes, the ability to sing and play the Lyre from Apollo, and the gift of curiosity from Hera. The woman was given the name Pandora, meaning all-gifted, for all the gifts she received from the gods.
Before descending from Olympus to Earth, Hermes gave Pandora a beautifully carved box (a “gift” from Zeus) and warned her to never open it. Pandora was then lowered onto the mortal plane and presented to Epimetheus, Prometheus’ half-brother.
Prometheus was intelligent enough to know not to accept any gift from Zeus and warned his half-brother to do the same. He knew of Zeus’ merciless nature and that he would seek revenge for the ruse to steal back fire for humans. However, Epimetheus was not as intelligent as his half-brother (actually quite the opposite) and instantly became enchanted with Pandora’s beauty. They were set to be married immediately with no hesitation or thought.
To congratulate the new couple, Hermes came to the wedding and informed Epimetheus that Pandora was a gift from Zeus, to show that there were no hard feelings between he & Prometheus. Hermes also told Epimetheus that the beautiful box Pandora cradled was a wedding gift for the new couple. Epimetheus, forgetting the many warnings of his half-brother, accepted the gift and the words of Hermes as truth.
Not long after the wedding, the curiosity that Hera bestowed upon Pandora began to eat away at her, as she was desperate to know what was inside the box gifted by Zeus. Finally, her curiosity became overwhelming, and she slowly opened the box, releasing all the evil and wicked things that would plague mankind forever: death, sickness, jealousy, hatred, famine and so on…
Pandora knew what she had done would cause death and destruction for mankind forever, and experienced absolute dread & misery until one faint but warm feeling overcame her, that made her feel that all was not lost: Hope.