The Agora Dispatch — Olympus Community Weekly Newsletter — Wednesday 15 September 2021
Welcome to the Agora Dispatch — an Olympus community run newsletter — made by Ohmies, for Ohmies!
- Editorial — Unbanksy.eth says it all!
- FOHMO 3 — GET READY!
- Agora Subscriber Role — Keep an eye out & be ready to sign up in the Main Discord
- New OIP’s — Add LUSD & Deploy to Arbitrum
- Klima DAO LBP is live
- Incooom Finance — Revealed & Genesis Mint!
- OLY 101 — Basics of Olympus
- Olympus x Alchemix — ALCX bond
- Introducing new Dune dashboards from Olympus
- Odyssey Updates — Agora sound board
- Twitter thread — @Wartull on volatility
- Ohmie of the Week — @Z (٣,٣)(درخت,درخت)
- Numbers at a glance — Continued Growth in Bond Sales & Protocol Owned Liquidity
- Ohmie profile — @sh4dow
- Meme of the Week — Uncorrelated asset
- State of the DAO — Weekly update
- Opportunities to contribute — join us
- Agora’s Learning ancient-Greek mythology series — The Geography of Ancient Greece (pt. 2)
Editorial — Unbanksy.eth says it all!
Some of you who follow Olympus Core Team member @unbanksy.eth on Twitter (if you haven’t already it is probably a good idea to do so now) would have seen the below tweet earlier this week.
This tweet crystallizes a vision for Olympus that must have been obvious to Zues and others from the beginning — and is only coming into focus now for the rest of us.
A $1 trillion market cap is 1000x times from where we are now — we are still so early!
Stay (3,3) Ohmies and have fun at FOHMO #3 — with lots of love from the Agora team!
FOHMO 3 — GET READY!
Ohmies, for every big festival you must have your set list and festival guide!
We got you covered:
Day 1 9/24 — OP — 5 PM EST / 2 PM PST / 9 PM UTC — Europe / USA
Day 2 9/25 Community — 10 AM EST / 7 AM PST / 2 PM UTC — USA Morning / Early Afternoon Euro
Day 3 9/26 — Giga Brain — 9PM EST / 6PM PST / 8 AM GMT +7 — Asia Morning
Agora Subscriber Role — Keep an eye out & be ready to sign up in the Main Discord
We will be creating a new role in the Olympus Discord called Agora Subscriber. Ohmies will be able to react to an emoji to get the role and have access to a special channel where they can discuss matters related to the newsletter and podcasts — they will also be notified the moment new content becomes available.
New OIP’s — Add LUSD & Deploy to Arbitrum
OIP 24: Proposal to add LUSD to the treasury
LUSD is the newest proposed Treasury asset to commence the accrual of both LUSD reserve bonds and LUSD-OHM liquidity bonds. LUSD is a dollar-pegged stable coin from Liquity, a decentralized borrowing protocol that allows users to draw interest-free loans in LUSD (against ETH as collateral) with a low collateral ratio of 110%. Liquity contracts are fully algorithmic, there are no admin keys and Liquity is accessible via multiple front-end operators making it censorship resistant. The peg of LUSD is maintained by multiple mechanisms, a core mechanism being redemption at face value for collateral assets, in this case, ETH. This creates an arbitrage opportunity that raises or lowers the price of LUSD.
Ohmies can read more about the mechanisms in Liquity’s documentation here.
A benefit of utilizing LUSD, other than decentralization, is that the Olympus treasury could use LUSD to generate yield through Liquity’s stability pool and allow the treasury to purchase ETH at a discount.
Be sure to check out Liquity and don’t forget to cast your vote.
OIP-25: Deploy Olympus to Arbitrum
An often requested proposal is currently open for a vote, this of course is expanding Olympus to Layer 2, specifically Arbitrum.
Arbitrum is a layer 2 optimistic rollup for Ethereum. Arbitrum processes transactions in a separate environment thus processing transactions quicker and at about 10% of the cost of gas on Ethereum. This should help a lot of Ohmies with smaller bags get more OHM as well as bring in new Ohmies who have maybe avoided investing all together due to prohibitive gas costs.
An advantage of Arbitrum over other scaling solutions such as Polygon is that Arbitrum is secured by Ethereum’s base layer and does not have it’s own token. This means that Olympus can deploy to Arbitrum without sacrificing Ethereum L1 security.
Ohmies should be aware that in order to get your funds off of Arbitrum there is a one week delay — unless you use a relay bridge.
In short the mechanism of the proposal is that Olympus creates an OHM / wETH liquidity pool on SushiSwap Arbitrum. There would be one bond type, an OHM / wETH LP bond. Unlike L1, stakers on Arbitrum would receive dynamic rebase rewards based on bond revenue.
You can read the details in the forum proposal here:
Klima DAO LBP is live
Klima DAO is building a digital currency backed by carbon. The goal of Klima DAO is to transparently allow the appreciation of carbon credit assets to create an incentive for quicker adoption of low carbon technologies. Olympus DAO, and therefore indirectly you too Ohmies, are providing strategic advice to KlimaDAO and will receive vested Klima for this service.
Learn more about the vision of Klima DAO on their Medium blog.
Incooom Finance — Revealed & Genesis Mint!
We were glad to see the Ohmies over at Incooom Finance had a smooth launch.
While not officially related to Olympus we recognize a number of the project team members are stalwart Ohmies. They plan to use gamified playing card NFTs to stack OHM, using vault strategies similar to Yearn Finance.
There were 54 decks of cards as a part of the Genesis release — mintable for ETH which should soon become OHM. The genesis mint sold out in 13 minutes.
We have been told there will be many more opportunities for those wanting to get involved in the future.
OLY 101 — Basics of Olympus
We are glad to tell you first that The Sherpas Academy will be organizing its first course:
- OLY 101: Basics of Olympus on 16 September, 12 AM UTC.
It is an interactive voice session held on the Olympus Discord, so be sure to join the community if you haven’t done so.
Those who attend will learn about the fundamentals of Olympus such as staking and bonding, what is (3,3), and how APY is calculated. There will also be an Q&A session, so prepare your questions and raise them with the Sherpas, some of the biggest brains in town.
P.S. We heard that there will be a mysterious puzzle at the end of the session too.
Olympus x Alchemix — ALCX bond
This is a testament to the various benefits offered by POL (protocol-owned liquidity) — a concept first pioneered by Olympus. By selling ALCX at a discount in exchange for liquidity such as the ALCX/ETH SLP pair, Alchemix aims to reduce their reliance on liquidity providers over time and therefore eliminate the need of dishing out high farming rewards.
As a partner, Olympus stands to take a 3.3% fee cut from the bond revenue which it will diamond hands in the Treasury. This presents an additional source of income for Olympus and further diversifies the treasury through the intake of ALCX tokens.
The proposal is live on snapshot till 17 September. If you are an ALCX holder, go and cast your vote now.
Introducing new Dune dashboards from Olympus
One of the Dune Wizards, @Zap, has created a few analytics that we think are quite interesting. You can visualize OHM supply growth more easily with OHM Minting and Runway Metrics, for instance, and watch the fascinating bell curve that shows the distribution of sOHM across wallets of different sizes in Olympus Wallets:
There are a lot more to these, let’s take a deeper look at each dashboard.
OHM Minting and Runway Metrics
New OHM are minted when a bond is purchased, but did you know there are other ways to mint them too? If you ever wonder how much OHM are minted and from what means, OHM Minting and RFV Data Chart will show you just that:
Each bond sold contributes to RFV (risk-free value) growth in the treasury. RFV is important because it contributes to the backing of each OHM in circulation. To track how much RFV revenue is contributed by each OHM minted from bond sales, @Zap created the Revenue per OHM Minted query:
One of the most common questions we heard from Ohmies is how long can Olympus sustain the runway. To answer this, @Zap projected the RFV and supply growth using regression:
The RFV growth is projected using both linear and quadratic regressions. A linear regression assumes a consistent inflow of revenue to the treasury, whereas a quadratic regression assumes a consistent growth of the revenue. While a quadratic regression presents a more optimistic view, it results in a negative parabola during the time of slow growth. As RFV cannot decrease — the treasury only takes in new assets but never discards them — a linear regression can be used to circumvent this. The RFV/OHM Regressions chart simply takes the larger of the two projected RFV to forecast the growth of RFV/OHM:
This dashboard allows you to view the OHM holding (including sOHM) of each wallet, excluding those with a dust amount (less than 0.1 OHM). At the top of the page, you can find some general information such as the total number of wallets that are holding OHM and the average wallet size:
Another cool feature of this dashboard is it also reveals your sOHM holding that are deposited on other platforms such as Rari Capital or Abracadabra:
Thanks for your hard work on this @Zap it is great!
Dimitri Daniloff Live Stream
Artist @DimitriDaniloff along with Yves AKA @LiveTheLifeTV will be doing a live session on Thursday 9/16 @ 7:11 pm EST (11:11 pm UTC) to discuss the creative process and art behind the upcoming Odyssey Genesis NFTs on the Odyssey discord.
Agora Soundbank Live Stream & AMA
Come join Mark11 and Dropkickdarren as they build out a special ‘Olympus is’ soundbank — and have the chance to ask them anything you like!
Treasury is now set up!
Odyssey has announced that the project treasury has now been set up and they are hoping to onboard new Ohmies with talent who want to get involved!
Regular Livestreams now on Twitch
Ohmie @Jman did a live stream on Monday to kick-off the week with some chill jams and epic memes. A few OHMies got together and talked about life, scuba diving, and INCOOOM.
Twitter thread — @Wartull on volatility
Just a short thread this week concerning the money we make from volatility — whether the price moves up or down — if you aren’t following @Wartull the Olympus Community lead you should be!
Ohmie of the Week — @Z (٣,٣)(درخت,درخت)
This week’s Ohmie of the Week is an Ohmie who has been with us since July this year and on the day of joining the discord showed he had done his homework:
He constantly helps other Ohmies understand the protocol better and is always a pleasant voice in the community. He conducts himself with integrity and has recently joined the Sherpas to step-up his game in lighting the path for others!
@Z (٣,٣)(درخت,درخت) you are a credit to Olympus and we are very glad to say, Ohmie of the Week!
Numbers at a glance — Continued Growth in Bond Sales & Protocol Owned Liquidity
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: 13549(+1275)
- August 31: 11906
- September 7: 12274
- September 14: 13549
Welcome to all the new Ohmies! Keep a lookout for them in the Discord and show them the hospitality of Olympus!
2. Bond sales (reserve bonds) statistics:
- Total Bond Sales (past week): $5,453,798
- DAI bonds: 4,852,211 DAI bonded in the past week
- Week-over-week growth of +47.6%
- FRAX bonds: 272,930 FRAX bonded in the past week
- Week-over-week growth of +18.3%
- wETH bonds: $328,657 wETH has been bonded in the past week
- Week-over-week growth of -16.1%
3. Bond sales (liquidity bonds) statistics:
- OHM-DAI LP bonds: $472,052 of RFV in a week
- Week-over-week growth of +37.1%
- OHM-FRAX LP bonds: $41,909 of RFV in a week
- Week-over-week growth of +41.2%
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.
4. Protocol Owned Liquidity (DAI & FRAX): $103,660,183 Protocol Owned Liquidity shows the amount of LP tokens owned by the Treasury. For Olympus, this figure is now over $100 million and greater than 99% for both OHM-DAI LP Tokens and OHM-FRAX LP tokens.
5. Current Runway: 350days
At the current reward rate of 0.297%, Olympus can continue to distribute OHM rewards for 350 days even if it stops bringing in revenue. That’s a +3 day increase over the past week!
If you need a recap on what runway is, check out this twitter thread from @xh3b4sd.
6. Liquidity Providing Fee Generation
- Total LP Fees Generated: $2,509,299
- $244,534in fees generated in one week!
- Week-over-week growth of +10.8%
Via: Dune Dashboard
Olympus has taken in over $2.50M 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.
7. Risk Free Value of Treasury Assets: $47,330,963
- 7-day change: +5,946,212 (+14.4%)
- 30-day change: +17,238,163 (+57.3%)
- RFV Per OHM: $27.92
- Based on current circulating supply of 1,685,099
As a reminder, 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.
8. Current Index: 16.494 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 3.585 OHM! OHM’s price today is around $472.75. Let’s find out what is your ROI:
- Principal: $204.28
- Return on 14 September: 3.585 * $472.75 = $1694.809
- Principal gain = $1694.809 — $204.28 = $1490.529
- ROI = ($1490.529 / $204.28)*100% = 729.65%
More than 7x return in three months… We will let the number speak for itself.
9. Macro numbers from around the cryptoverse:
Ohmie profile — @sh4dow
We met @sh4dow outside the Treasury in Athens — he checked the lock on the heavy wooden doors and slipped the long key into his robes, ‘Can’t be too careful with the people’s money’ he said the weight of others’ expectations audible in the saying of it.
We strolled the streets, as he let us get to know him a little better.
How did you get into crypto?
My background is in finance and economics, so naturally I was instantly fascinated by crypto when I heard about it. I got in during the previous bull run in 2017, like so many people. It took some time for me to realize that there is substance behind all the noise, especially since DeFi wasn’t really a big thing at that point. However, once I realized that, I thought crypto is the place to be. It’s young, it’s fun, and there are lots of opportunities for individual growth and development as well as being part of something bigger than yourself.
How did you discover Olympus?
I’ve been with Olympus since a few days before staking launched in March and have been actively involved ever since. I started off by creating the OG staking calculator for the Ohmies and explaining the difference between APR and APY on a daily basis in the Discord. After which, I built the highly requested Olympus Dune dashboard at the time, and I’ve been actively maintaining and adding new stuff to it to date. I’m passionate about monetary policy and behavioural economics, and while in the real world economic experiments aren’t possible (or at least moral), what we have with Olympus is just that. This is why I joined the Policy team in the DAO when it was formed, although I’ve been discussing Policy since the moment I stumbled upon Olympus.
What are you excited about for Olympus?
There are a lot of things to look forward to when it comes to Olympus, even when you just consider the short-term. In the following 10 days we have Olympus Pro rolling out, the move to Arbitrum, as well as a new partnership with Liquity, the last two of course pending community vote. In the longer term, I see working with other protocols as the way forward, and us playing a key role in DeFi, both with the infrastructure we have and our rapidly growing Treasury. While there are currently many things in the works, you never know what great new idea another protocol will have, and how Olympus could fit into that vision, and that’s the power of partnerships.
What else are you into/excited about in crypto?
As for the rest of the crypto market, I’m always excited to see how young projects perform and how they build themselves up. Every project is a case study, and there’s something to learn from every success or failure.
Meme of the Week — Uncorrelated asset
This week’s Meme of The Week — is a classic from @Wagmicrypto and captures the calmness of holding a decorrelated asset like OHM — while the majors took a dive earlier this week.
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 Agora Podcast team just hit a significant milestone: more than 500 unique listeners have tuned in to their podcasts on Spotify! Works are also in progress to expand the podcast offering to other platforms, notably Apple Podcasts, to reach more audience.
As of 13 September, the OlympusDAO Youtube channel has amassed an aggregated view count of more than 20K, which hits one of the OKRs of the Content team. Well done, Video team!
Marketing and Design
In the previous edition, we talked about the soft launch of Olympus Insights — a bite-sized bulletin covering various protocol metrics that is delivered to your inbox weekly. The Marketing team has been hard at work refining the design of the newsletter, trying out various presentation formats, looking for the right tone just to give the best experience to all the data geeks out there. Stay tuned for more updates from the Marketing team, we think you would love it when Olympus Insights is launched officially.
The allocation for the month of August has finally been distributed! Olympus wouldn’t be where it is today without the consistent contribution from the DAO members. The last week has been hectic for the Operation team as they worked out the allocation for different teams, tweaking the budget, and drafting up multiple allocation sheets to make sure every DAO member is fairly compensated.
0xRusowsky made a cool dashboard that lets you visualize how the budget is distributed across different teams, month-over-month comparison, and other useful insights.
The Engineering team has been heads down with Olympus Pro — they have also been making sure the way is clear for new reserve bond types.
Policy and Partnership
The Policy team has drafted a proposal to introduce a new stable asset, LUSD to our treasury. This has been in the works for several weeks and involves close collaboration between the Policy and Partnership teams. Adding LUSD is clearly a refreshing move, as it is a truly decentralized stablecoin collateralized by ETH and isn’t tied to any centralized entities as USDC or USDT does.
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 — The Geography of Ancient Greece (pt. 2)
If you missed part one, you can read it here.
Preface: While the heart of ancient Greece beat in Athens, the veins of the nation spread far: From the Great Mount Olympus in the North, across the countless islands of the Aegean Sea, to the West Coast of Asia Minor which housed Miletus and Troy.
The largest and most famous of the Greek islands, Crete is the birthplace of Zeus, Apollo and Artemis and is the setting of several prominent Greek myths including King Minos and the Minotaur, Hercules and the Bull and the love story of Theseus and Ariadne. Prior to the Greek takeover of Crete, the island was home to the Minoan civilization, the first advanced civilization in Europe (3500–1100 BC). The Minoans were known for their extravagant art, building complexes and writing styles.
Located just north of the Gulf of Corinth and near the center of the Greek Mainland, Delphi was primarily known for the Temple of Apollo: a religious sanctuary dedicated to the eclectic god of prophecy. The sanctuary was home to the Pythia, the high priestess of the Temple also known as the Oracle of Delphi. The Oracle of Delphi played an imperative role in many stories, providing prophecies from Apollo himself to our favorite Protagonists. Despite being one of the smaller and poorer city-states, the Oracle had such a massive influence on both politics and war that Delphi was included in the same breath as Athens and Sparta.
Located in the mountainous region of Northern Greece, Mount Olympus is the tallest and most recognized mountain in Greece. In Greek Mythology, The mountain is home to the twelve Olympian Gods, who ruled the world from the summit (the Mytikas Peak). In addition to the it’s Mythological history, Mount Olympus also aided in natural security for Ancient Greece, as the rough and steep terrain made it difficult for invading forces to quickly mobilize through the mountains.
Across the Aegean Sea from the Greek Mainland is Troy, a coastal Polis located on the Northwestern tip of Asia Minor (modern day Turkey). Troy is featured consistently in Homer’s famous Epics the Iliad and the Odyssey, and the Trojans were portrayed as formidable opponents to the Greeks. Troy had high walls and skilled archers that prevented many of the direct attacks from the Greek military, forcing the Greeks to get creative in their battle tactics. This is the origin of the famous Trojan Horse ruse, which we will cover more in-depth in a future edition of Agora Learning.