The Agora Dispatch — Olympus Community Weekly Newsletter — Wednesday 12 January 2022
Welcome to the Agora Dispatch — an Olympus community run newsletter — made by Ohmies, for Ohmies!
Summary
- Editorial — We are still here & more inevitable than ever
- V2 Bonds launch without a hitch
- OIP Roundup
- Olympus Pulls in $700k LP Fees in One Day
- ImmuneFi Bug Bounties are Live
- TerraUSD (UST) goes interchain with some help from Olympus
- Locking FXS for four years — partnership with Frax ironclad!
- Stormy Seas and Market Volatility
- MANA innit — the efficiency of Olympus Pro has been seen in gamefi!
- Twitter Thread — The Terra Econohmy
- Ohmie of the Week — Nach211
- Meme of the Week — Bottom of the Stack — credit (Shark11)
- State of the DAO — Weekly Update
- Opportunities to Contribute — Join Us
Editorial — We are still here and more inevitable than ever
Seems like we made it through the storm Ohmies and it was quite a gale — the mix of people unwinding from the now defunct Abracadabra wsOHM borrowing and Rari Fuse liquidations were a real test of our mettle.
We have passed through what is likely the toughest point in our journey — the perfect storm of poor market conditions, migration and v2.
Now we seem to be safely through it — we can reflect.
We held the line at (3,3) — Ohmies simply refuse to sell and the vision for the decentralized reserve is now inevitable:
- Olympus is the largest DAO operation in DeFi
- The treasury is not going away
- There are 5+ partnerships a week
- Grants about to launch its first cohort
- Permissionless OP coming up
- Incubator partner announcement on 17th Jan
- V2 bonds are here today
- Olympus subDAOs stronger than ever
- A new launch liquidity product coming later this week
- And the nicest community in web(3,3)
Sit comfy Ohmies — gonna be a wild ride.
V2 bonds — launch without a hitch
V2 bonds have been launched! Econohmy is what we’re talking about!
The first accepted collaterals are DAI and OHM-ETH LP tokens. OHM-ETH bonds would replace the liquidity that was moved to the balancer pool (per OIP-61), while DAI bonds would supplement the RFV revenue from FRAX V1 bonds (meant to stabilize RFV per OHM).
With the new upgrades, you can now buy bonds that are automatically staked with flexible vesting terms, meaning you can earn rebase rewards on your bond rewards, plus you can hold several bonds with different maturation dates.
V2 bonds are considerably more friendly to smaller investors. The bonds are automatically staked at purchase, reducing gas fees and the need for active management compared to V1 bonds.
You can read more about v2 bonds in the announcement here: https://olympusdao.medium.com/introducing-v2-bonds-a17c7da298a2
Happy bonding Ohmies!
OIP Roundup
We’ve seen a very interesting OIP’s make it to the forum even in spite of the weather:
OIP-69: The Thecosomata Treaty
Our friends at the Redacted Cartel SubDAO have proposed an OIP to allow the use of the incurDebt() function in the Olympus v2 contracts. This would allow Redacted to borrow OHM using their sOHM as collateral.
This requires gOHM holders to whitelist this special part of the contract, Thecosmata.sol.
Being able to bond in OHM through stake it as sOHM and then borrow OHM against it to pair with BTRFLY from their treasury — will allow Redacted to thicken its liquidity very quickly. They have committed to impose a 50% LTV limit on the borrowing.
The proposal received positive feedback on the Olympus forum and has been sent to Snapshot for a vote.
The Silver Lining of Volatility: Olympus Pulls in $700k of LP Fees in One Day
While we huddled in the belly of the ship from the typhoon raging above us — Olympus has kept on chugging along, generating revenue despite the volatility.
The recent jump in fees (shown in the chart below) is very normal during periods of high volatility, where assets are changing hands frequently and quickly. During these market conditions, Olympus is directly benefiting from owning its own liquidity by collecting trading fees from SushiSwap & UniSwap.
As a reminder, 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 currently.
Over the past 3 months, Olympus has generated over $24 million in trading fees. This averages out to about $262,000 per day.
Comfy!
ImmuneFi Bug Bounties are Live
Calling all shadowy super coders and whitehats!
We saw that Olympus just launched a bug bounty program through ImmuneFi to help ensure the safety and security of the decentral reserve. The bounties are quite generous, the largest ever in fact, with up to $3.3 million available in rewards for identifying critical issues that cover loss of user funds, loss of treasury funds and loss of bond funds.
Check out the full details of the bounty program at ImmuneFi.
TerraUSD (UST) goes interchain with some help from Olympus
Another step in building the econohmy is the upcoming partnership between Olympus and Terra. Ohmies may remember the community voted to accept UST, Terra’s algorithmic stablecoin, into the Olympus Treasury as per OIP-52. Olympus plans to hold 3.3% to 5% of its reserves in UST, locking 7–10 million UST into our treasury.
UST bonds are planned to go live with the launch of gOHM on Terra. Olympus will be bringing OlympusPro to Terra protocols soon, along with gOHM liquidity on Astroport.
Another part of the agreement is a slew of incentives for gOHM-UST pools on Solana, Polygon and Terra.
Last, but certainly not least, is a coming purchase of a 1 million dollar UST bond by Terra to kick off the launch of UST bonds with Olympus.
You can read the full forum post here.
We look forward to having Terra 3,3 and being a part of the econohmy.
Strengthen partnership with FRAX
Step by step, bit by bit, we’re creating the econohmy!
Olympus has been partnered with Frax Finance since June last year, when the protocol was only a few months old.
Now, following our recent treasury swap and to further aling our protocols, Olympus has locked its FXS for 4 years to increase its voting power!
Stormy Seas and Market Volatility
These last few weeks have been rough, Ohmies. In the face of extreme market volatility and cascading liquidations (in both OHM and the market in general), it’s important to take a step back and remember what we are building. Olympus was never solely about the high APY, but about creating something that will change DeFi forever. Stakers should stake their OHM with the belief that OHM will have utility and value in the future beyond simple yield generation, as we enter this developmental and transition period.
The sheer amount of work being done within the DAO and the number of upcoming integrations and use cases for OHM are staggering. Json had an excellent summary (included below) of several developments we can look forward to in early 2022.
Ohmies, (3,3) and chill. OlympusDAO is building the econohmy and we aren’t going anywhere!
MANA innit — the efficiency of Olympus Pro has been seen in gamefi!
Decentraland, one of the most popular gamefi protocols, has started a pre-proposal to take part in Olympus Pro for the purpose of acquiring their own liquidity of MANA-ETH, generating a revenue stream for the DAO, and diversifying the treasury.
The vote is live now, see more details here.
Twitter Thread — The Terra Econohmy
A lot of Ohmies have been clamoring for the Olympus treasury to incorporate UST into its treasury. In the past, this was a tall order as Olympus only existed on Ethereum back then — However, the introduction of gOHM has opened the door.
One of our own Agoreans, Mugen, shared an illuminating post that explores the partnership between Terra and Olympus, and explains why it goes beyond just UST bonds in shaping the econohmy.
Ohmie of the Week — Nach211
This week’s Ohmie of the Week is a great servant of the DAO — burning the midnight oil to get the copy for migration updates straight from the god of thunder himself — Nach demonstrated a commitment to Olympus no one could rightly ask for in the hectic migration process.
Nach is new father, juggling a day job, marketing in the DAO and now also running point on the mountains of Incubator marketing work (watch this space next week Ohmies).
Always with a kind word for all his colleagues and very dry humor to bring brighten our days — he is an exemplary Ohmie and a credit to our movement.
We are proud to call him Ohmie of the Week— congratulations Nach!
Meme of the Week — Credit (Shark11)
Like Kirby gains the powers and abilities from what it consumes, the econohmy absorbs all and benefits. By absorbing tokens from friends, as well as competitors, Olympus can align itself with any protocol and grow its treasury.
Take the case of KlimaDAO, Olympus can help save the planet by owning a percentage of their token supply. Olympus also owns [REDACTED]’s native token, BTRFLY, in its treasury, which allows it to gain exposure to CRV and CVX indirectly and have a comfy position in the Curve Wars.
Bottom of the stack — as it were.
Keep an eye out for our special edition of the Dispatch featuring the Ohmies of the year — coming soon!
State of the DAO — Weekly update
We highlight some of the updates that happened in the DAO over the past week:
Community & Content
The phalanx of Olympus, the Sherpas have been fielding questions, weeding out FUDs on the Community Discord the past week as Olympus shed 40% of its market cap. A shout-out to these front-liners who held the community together in times of uncertainty.
Marketing
V2 bonds launched successfully last weekend to the Ohmies’ delight! Olympus is slowly regaining its footing after the launch was marred by coordination issues which had set back its launch date. To avoid any unnecessary delay, the Marketing team were all hands on deck to make sure the Ohmies were fully prepared for the launch — and they certainly nailed it. Aside from the timely announcements on Discord and Twitter, a Medium blog was prepared to guide Ohmies through the intricacies of V2 bonds.
Operations
We saw the Operations team rework the notion database this week. Someone incorrectly duplicated the member database and the various department leads were notified to halt their notion access. On the other hand, DAO members who are no longer active had been removed from the database to keep it in order.
Engineering
A lot of Ohmies have been clamoring for “Devs do something” amidst the bad market condition recently, but we know the Engineering team have never really taken their foot off the pedal. They played a crucial role in the successful launch of the V2 bonds, and are working on OlyZaps as we write this. OlympusDAO engineers are just buidl different.
Partnership
It looks like the OP team is going to onboard another new partner — Decentraland. Decentraland is a decentralized virtual reality platform where players can use MANA tokens (Decentraland’s navtive token) to purchase lands and utilize them in all sorts of creative ways. Decentraland is looking forward to diversifying their treasury and accruing their own liquidity through the OP program.
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.
