The Agora Dispatch — Olympus Community Weekly Newsletter — Wednesday 19 January 2022
Welcome to the Agora Dispatch — an Olympus community run newsletter — made by Ohmies, for Ohmies!
- Editorial — Olympus is not a hedge-fund
- Olympus Pro in 2022
- Vesta Finance joins Olympus Incubator
- Urgent: Abracadabra users need to migrate their positions
- Request for Comment: Treasury Framework
- Request for Comment — FIAT DAO x Olympus Partnership
- OIP-70 — LUSD Native Staking Whitelist
- OIP-71 Goddess DAO Launch Liquidity Assistance Proposal
- Ohmie of the Week — stratabatta (Read,#MigrationFAQ)
- Twitter Thread — It’s All in the Fundamentals
- Meme of the Week — The dawn is coming(credit hodlmao)
- State of the DAO — Weekly Update
- Opportunities to Contribute — Join Us
Editorial — Olympus is not a hedge-fund
We have been seeing a lot of posts on twitter criticizing Olympus and its mission — they start by saying:
‘Why Olympus trade above its floor price if it is a big hedge fund?’
It isn’t a hedge fund and doesn’t act like one.
‘But if hedge fund why are you not putting all the assets to farm Curve pools and expose to USDT?’
Cause it isn’t a hedge fund and needs people to have confidence in the treasury sitting behind the asset — so that means being careful with centralized risks.
‘But if you are a hedge-fund why not have a lock-up for 10 years and give higher apy to those that lock?’
Cause it isn’t a hedge-fund — it’s on a mission to be the reserve currency of DeFi.
In any event, generalized lockups just put the problem into the future and put a drag on confidence in the asset as a reserve currency. For sure, lockups can be useful if you aren’t trying to be the reserve currency of DeFi and have a separate governance token.
Also, Olympus v2 bonds present a mechanism to get the benefit of locking but in a targeted and precise way — for e.g. bond lengths can be extended to any period desired and are staked from instantiation. If the policy team released a small amount of 2 year bonds and they were purchased at a 5% discount, this would be a targeted locking mechanism for 2 years with increased payoff for the buyer because of the 5% discount at time of purchase .
‘So now that you agree that you are a hedge fund, answer this! Why are you trying to build out networks, use cases for OHM, liquidity products, assistance to new project integrating or building on OHM, a basket of assets as your backing, a grants program, an incubator, an education and news arm, subDAOs providing value back to you? Huh? How come?’
Anon, we aren’t a hedge-fund…
Update on Olympus Pro in 2022
In less than 4 months, Olympus Pro has partnered with 35 protocols and generated more than $2mm in revenue via Olympus Pro on Ethereum alone.
Olympus is improving the educational and informational content for both partners and users, this should improve expectations and help to ensure success for projects using Olympus Pro.
With more partners and cohorts joining every week — it goes from strength to strength serving as a source of revenue for the Treasury.
Watch this space for an explosion of use cases when permissionless Olympus Pro launches in the near future.
Olympus Incubator announces Vesta Finance joins the program!
The newest member of the Olympus Incubator program launches at the end of the month and it’s Vesta Finance (https://twitter.com/vestafinance). Vesta Finance is a Liquity (https://www.liquity.org/) fork and lending protocol that allows users to deposit assets to mint VSD, a stablecoin, at 0% with a low collateralization ratio compared to most other collateralized stables.
For those that are unaware, Olympus Incubator (https://twitter.com/Olympusincubate) is a recently launched program which was approved by community governance — and helps new projects traverse the DeFi landscape with advice and support.
Vesta Finance is providing Olympus with 6% of it’s governance token to be diamond handed in the Olympus treasury and allow Olympus to participate in its governance.
You can read more about Vesta Finance on their Medium
Urgent: Abracadabra users need to migrate their positions
The vast majority of the V2 migration is complete except for small amounts left in a couple pools; 37 million in LUSD and 17 million in DAI
In order to complete the migration those borrowing MIM on Abracadabra are being asked to migrate their positions by January 23rd, there is still $1.98M MIM borrowed. Abracadabra is using OHMv1 price oracles and there is the possibility that someone could manipulate the price feed to affect those positions.
Please if you are in that pool please migrate as soon as possible.
Request for Comment: Treasury Framework
As a community-run DAO, all decisions are made by the community. Olympus is growing rapidly, and now the DAO wants to clarify how treasury-related decisions will be made and executed in a framework.
This will mean more minor decisions do not have to go through an OIP process but will be executed in a framework.
Please head to Olympus forum and have your say there.
Request for Comment — FIAT DAO x Olympus Partnership
FiatDAO is building a protocol to manage leverage and secondary liquidity for DeFi fixed income through a combination of collateralized debt positions and a unique redemption mechanism they offer.
Users can deposit supported fixed income assets as collateral and borrow against their positions by minting Fixed Income Asset Tokens aka $FIAT.
The proposed partnership includes proposed collaborations around products in OHMptions, Olympus Treasury Bonds, and FIAT-OHM bonds in the future. There is also a DAO swap where FiatDAO provide 0.5% FDT supply worth of OHM vested immediately to FiatDAO and Olympus to receive 1% of $FDT supply at a 50% discount (with 0.5% of the FDT vested immediately to Olympus and 0.5% FDT to be vested to Olympus over 12 months).
Read more details and share your view on the Olympus forum.
OIP-70 — LUSD Native Staking Whitelist
OIP-70 seeks to stake up to 100% of the Olympus LUSD reserves into Liquity Stability Pool.
Depositing LUSD into the stability pool will expose it only to the inherent risk in the Liquity protocol system — for this reason the Treasury team seeks authority from the community to deposit up to the maximum amount of LUSD held in the Treasury.
Check it out and have your say:
OIP-71 Goddess DAO Launch Liquidity Assistance Proposal
The people behind Flow Carbon, a company based in New York that helps entities offset their carbon emission by trading carbon credits, are launching a protocol called Goddess DAO — Goddess DAO will govern a two way high quality carbon tonnage bridge on chain.
Their token, GNT, is a bundle token composed of various GCO2s, each of which is 1:1 backed by one metric ton on unretired carbon credits.
The proposal aims to help Goddess DAO with it’s launch liquidity by providing gOHM worth $1.5mm to a GNT-gOHM pair on Polygon; Goddess DAO will then bond $1.5mm of gOHM through Olympus Pro back to Olympus. Olympus will also receive 1.5% of Goddess DAO’s GDSS governance token.
This is a novel product which could be replicated as a fully fledged program to encourage and assist protocols to keep their liquidity in OHM. Check it out:
Ohmie of the Week — Stratabatta
This week’s Ohmie of the Week is stratabatta — an Ohmies since early October he has been a consistent helping hand around the community answering questions and explaining protocol to the streams of visitors to the discord over the past couple of months.
Recently joining up as an intern Sherpa — he faced down the full brunt of what will probably be the toughest point in our journey to the peak of Olympus — he served with grace and kept a cool head under pressure.
A very deserving Ohmie of the Week!
Twitter Thread — It’s All in the Fundamentals
It was another volatile week for Olympus and we feel it’s important for us to revisit the fundamentals of what we are trying to do, and what people can consider when trying to price OHM. While fundamentals of Olympus look stronger than ever — V2 bonds have launched successfully, and a new Incubator partner was just announced — FUD has also reached an unprecedented level within the broader community.
While fixating on metrics like price and market cap is understandable (given the prevailing macro condition), it’s easy to look past the many innovations brewing within the DAO. Mark11, sheds some light on the econohmy:
Meme of the Week —The dawn is coming (credit hodlmao)
While the volatility and liquidations were an tough period — if the Ohmies are to achieve their objective in becoming the decentralized reserve currency of DeFi — the only way is onwards.
It is always the darkest before dawn. And it is also during times like this that we should not lose hope and remember the coordination that has served Ohmies to date.
Keep an eye out for our special edition of the Dispatch featuring the Ohmies of the year — coming soon!
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.