The Agora Dispatch — Olympus Community Weekly Newsletter — Wednesday 15 December 2021
- Editorial — Breath
- FOHMO 4 — Recap
- V2 Migration is Live!
- Squid x OHMas
- OIP-58 and OIP-60 — Market Makers
- OIP-59 — Phantom partnership approved
- OIP-61: Balancer Pool implementation & LBP funding approval
- OIP-62: Liquidity Proposal 1
- Olympus Pro — Arbitrum Cohort Launches
- Ohmie of the Week — Fluidsonic (v2, v2)
- Twitter Thread — Wartull hints at Olympus Academy
- Meme of the Week — At sea
- State of the DAO — Weekly Update
- Opportunities to Contribute — Join Us
Editorial — Breath
Volatility crashes about us on the stormy high seas — the Ohmies hold strong — those older with steely eyes staring head-on into the gale — some younger crouching face covered — as each wave beats against the boat bow.
Soon the storms will subside — and those who stiffly held through will know the joy of a shared tribulation with their brethren.
We will be here!
FOHMO 4 Recap
If you missed FOHMO 4 you can catch the Agora Recap here.
From the project updates around the DAO, info on v2, new bond possibilities, a rousing speech from Dan Elitzer and the announcement of a MetaMars game with OHM as its currency by Bored Elon Musk — it was action packed an not to be missed!
V2 Migration is Live!
You would have no doubt seen that Olympus is currently in the process of completing its migration to V2. This migration will move OHM to on-chain governance and allow users to access gOHM on other other chains.
The main addition coming from the migration is the introduction of gOHM. gOHM is “governance OHM” that will provide holders voting power in Olympus governance. gOHM will be similar to wrapped + staked OHM (wsOHM) in that the rebase rewards will be built into the price (price of gOHM = price of OHM * Current Index).
Below is a simple chart showing the primary Olympus tokens and their characteristics with gOHM now in the mix:
There are several reasons for the migration, all of which focused on the future success and growth of the protocol:
- Governance: gOHM will soon become the only Olympus token with both built-in rebase rewards and voting power in Olympus governance. This is the primary motivation for the migration as Olympus matures from a 4 of 7 multi-sig approach to on-chain governance through gOHM. Ohmies should migrate to gOHM and take part in governance to have their voice heard, further decentralizing the protocol.
- Cross-chain liquidity: For Olympus to continue pushing towards its goal to become the reserve currency of DeFi, it is imperative to have a presence on every chain with active users. gOHM, and more specifically the Proteus initiative, allow users to gain exposure to OHM on a multitude of different chains including Avalanche, Arbitrum and Polygon (with many more to come).
Wrap to gOHM within the Olympus UI!
- If you do not migrate right away, YOU WILL NOT LOSE ANY REBASE REWARDS.
- If you hold staked OHM (sOHM), you DO NOT NEED TO UNSTAKE TO MIGRATE to gOHM. You can either 1) continue to hold sOHM and receive rebases or 2) wrap to gOHM within the Olympus app and receive built-in rebases (price increases vs. balance increases).
- If you hold Rari Fuse Staked OHM (fsOHM), you do not need to do anything. The migration will be handled on the back-end.
- Olympus V2 Migration Docs: https://docs.olympusdao.finance/main/basics/migration
- Olympus DAO Discord (Announcements Channel): https://discord.com/invite/olympusdao
- Olympus V2 Proposal: https://olympusdao.medium.com/introducing-olympus-v2-c4ade14e9fe
- Mugen’s V2 Migration Article (Medium): A Guide to Olympus DAO V2 Migration
Squid x OHMas
Squid DAO — a protocol that gives voting shares to owners of auctioned NFTs — decided to expand beyond only auctioning for ETH and have done a special set of NFT auctions in OHM.
This beauty sold for 333.33 OHM — it is titled Squid x OHMas. You can check out what Squid DAO are up to over here.
OIP-60 — Hire A Market Maker
OIP-58 was a temperature check to see whether or not Ohmies believed Olympus could use a market maker. The temp check passed with 90% favorable votes and now with the entrance of Wintermute as a contender for preferred market maker has given way to OIP-60 — which is currently live on the forums for a temp check.
OIP-60 asks Ohmies to choose either GSR, Wintermute, both, or neither as the market maker. Both of them had shown interest in becoming Olympus’ market maker in the past. Both firms are of a high reputation and if we are to use a market maker we may as well only deal with the best. The main difference with the proposals is around, when working with CEXs, whether naked OHM (with a native staking solution on the CEX) or gOHM should be on the menu.
Having a market maker is important to make sure that when OHM is listed on CEXs that there is sufficient liquidity.
The Wintermute proposal proposes to borrow about $14 million in gOHM and the GSR proposal proposes to borrow about $10 million in OHM.
OIP-59 — Partnership with PhantomDAO
PhantomDAO — an Olympus fork being developed on the Fantom blockchain — approached the Olympus community seeking to form a partnership. They are building a reimplementation of the Olympus contracts with on-chain governance from day one — they aim to use a portion of their treasury to invest in projects building infrastructure in the Fantom ecosystem.
The project has been in contact with the partnerships contributors in the DAO and proposed to provide Olympus with 3.33% of its governance token when it launches. Olympus can use it to stake or participate in the governance of PhantomDAO, but not reducing its exposure. PhantomDAO also proposes to hold 10% of its initial treasury in gOHM with the intention to increase this subject to community governance.
The proposal went to a Snapshot vote late last week on 10th Dec and finished with 98.9% approval.
Welcome to the pham Phan!
OIP-61: Balancer Pool implementation & LBP funding approval
We saw another proposal from the DAO this week — this one aims to launch a liquidity pool on Balancer and approve a LBP funding loan program on strict conditions.
Having a liquidity pool on Balancer would allow protocols to conduct fundraising in OHM, increase the network effects of OHM across another trading venue and gain the protocol further trading fees. Several protocols have come to Olympus with a plan to conduct their public liquidity bootstrapping pool in OHM — but there has so far been no liquidity on Balancer to allow this. This proposal solves that issue.
The proposal seeks authority from community governance to allow the DAO to seed Balancer pool with upto $25 million in OHM and up to $12.5 million of each of ETH and DAI. The initial intention is to create an OHM-ETH-DAI pool (50%-25%-25% initial weight) or an OHM-DAI pool — dependent on available liquidity during migration. This would provide sufficient liquidity to help projects launch their fundraising programs through LBP.
The second part of the proposal is the approval of an LBP funding program for protocols fundraising in Balancer liquidity bootstrapping pools: see an explanation here.
The proposal also seeks approval for being able to provide a further service to reputable and vetted projects being an LBP funding program. This would supply the OHM required for a LBP pool to the project as a loan for the duration of the LBP raise. All OHM utilized for the LBP funding loan program will come from the DAO. For example, a project that:
- Seeks to provide 5% of its total supply for LBP
- launch with $100 million fully diluted valuation
- have starting weights of 5%-95%
Would need just $250,000 worth of OHM to commence its LBP pool.
The protocols would then return the OHM after the raise. There would be strict security controls in place as detailed in the proposal.
OIP-62 Liquidity Proposal 1
The long awaited move to concentrated liquidity on Uniswap v3 looks like it might be coming to Olympus real soon with the discussion commencing on OIP-62.
The proposal sets out to:
- Migrate the OHM-FRAX pair to concentrated liquidity on Uniswap v3
- Seed OHM-DAI and OHM-ETH liquidity on Uniswap v3
- Enable and seed layer 2 liquidity on Uniswap v3 on Arbitrum and Optimism
Learn more about the proposal and share your view on the Olympus forum.
Olympus Pro — Arbitrum Cohort Launches
Olympus Pro is branching out into Arbitrum — wooo!
This time our partners Everipedia, GMX, and TreasureDAO are joining as the first cohort on a layer 2 blockchain. With this expansion, bonders can purchase bonds within a gas-fee-friendly space — which should hopefully mean more efficient liquidity acquisition for our partners and a better UX for our users.
- Everipedia (FRAX) — Bonds go live on Dec 14th
- TreasureDAO (MAGIC-gOHM, MAGIC-ETH) — Bonds go live on Dec 15th
- GMX (WETH) — Bonds go live on Dec 16th
We can’t wait!
Ohmie of the Week — Fluidsonic (v2, v2)
This week’s Ohmie of the Week is Fluidsonic. One of our trusty Sherpas he is always there to lend a hand to the new and old Ohmies alike — who will all have a question or two as they ascend mount Olympus.
A numbers and data wiz as well, he has whipped up a dashboard which has become a stock piece of every Ohmies tool kit when traversing bonds, protocol revenue and risk free value — you can check it out here.
More recently he was one of the many Ohmies working tirelessly in the background to make the migration and FOHMO 4 a great success!
We thank you for all you do! And congratulate you on being Ohmie of the Week!!
Twitter Thread — Wartull hints at Olympus Academy
The community manager at Olympus, Wartull, was offering a $100k sign-on bonus for Solidity developers to join Olympus recently. The tweet has caused quite a fuss on Twitter and many developers have reached out to him since. This leads him to think about ways to onboard junior developers and get them acclimatized to DAO work. The result? Olympus Academy. Although it is still an idea, we think it is a brilliant one — as the world starts to embrace blockchain technology, talented developers play an increasingly important role in shaping the future of Web3.
Meme of the Week — At sea (credit DegensArcade)
This week’s Meme of the Week is a take on the brave Ohmie venturing out to sea — but this time braving the wind and the waves of a turbulent market — a work of art — very topical!
State of the DAO — Weekly Update
We highlight some of the updates that happened in the DAO over the past week:
Community and Content
Although the Sherpas are not part of the Community and Content team (yet), they have been phenomenal this week, answering a barrage of questions pertaining to V2 migration in the Community Discord. If you are stuck with the migration process, please ping the helpful Sherpas in the #general or #question channel and they would jump to your rescue immediately.
Marketing and Design
Given a string of activities going on in Olympus, the Marketing team still managed to pull off FOHMO #4 successfully. We even saw guests from CNBC and Bloomberg show up in the Olympus Twitter Spaces! How is that for effective marketing?
The November allocation just went out this week! Kudos to the Operations team for trying out a new allocation system using Parcel. The DAO contributors no longer need to pay gas out of their pocket as they are paid directly in gOHM into their wallet.
With a large amount of user funds on the line, the Engineering team needs to be meticulous with the V2 migration. That’s why the migration process is performed in phases: starting with gOHM wrapper, to V2 token contracts and the treasury migration, we have seen a large number of users migrate their tokens to gOHM without a hitch. Next up would be the introduction of bond V2 and the re-opening of 3,3 Together pool. We want to thank the Engineering team for always putting the Ohmies’ interest in front of theirs.
Olympus Pro is expanding to Arbitrum! Since its inception, Olympus Pro has helped partners from different chains securing more than $20M in liquidity. Other than vetting partners, the team has to actively manage the bond program, like adjusting the BCV parameter, to make sure the bonds are sold in an efficient manner.
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.