The Agora Dispatch — Olympus Community Weekly Newsletter — Wednesday 20 April 2022
Welcome to the Agora Dispatch — an Olympus community-run newsletter — made by Ohmies, for Ohmies!
- Editorial — Charting a course
- The grapevine: around the Ohmieverse
- Show your love for the planet: KlimaDAO love-letter update
- March Treasury Report and Q1 Highlight
- A new landing page — rich!
- Proteus — gOHM rewards on Fantom pool ceased
- Cross-chain voting is live
- TAP-12: Pilot Deposit on Tribe Turbo
- Olympus Documentation Revamp
- Twitter Thread — Ethereum All Devs Calls
- Ohmie of the Week — DaVoice
- Meme of the Week — Berapasta
- Opportunities to Contribute — Join Us
Editorial — Charting a course
Ohmies, you would have now seen the new landing page, along with new branding and content — it sets a more mature tone and so must we. Along with the Olympus Governance Council (OGC) to guide the DAO, it is an obvious signpost that we are setting a new narrative for the project — one that caters to an audience wider than just the anime characters on crypto twitter.
If we are to be a reserve asset — that projects like Terra Luna, FEI, and Frax will have robust confidence in to use as backing for their stablecoins — it is important for us to have:
- an inviting brand that isn’t fixated on an APY (check out the website)
- a lean DAO focussed on our core mission (the OGC is implementing this)
- a clear roadmap for where we are going (Olympus12)
- a focus on stability and predictability (wall,wall with a moving average price will provide this)
There are going to be some pains — especially as the DAO refocuses and slims down — but fear not fair Ohmies — the DAO is still brewing up best in class improvements and features that will serve us well.
We have come so far — and our next voyage is about to begin — the future is bright!
On the Grapevine: around the Ohmieverse
- We saw the launch of Fiat DAO this week — Ohmies will remember that Olympus owns 1% of FDT governance tokens through our DAO swap under OIP-72 . You can now mint the FIAT soft peg stable coin against Element Finance principal tokens on the Fiat DAO app here. Congratulations to Max and the team!
- Kirk from Volt protocol — an inflation-protected stablecoin similar asset to FPI — confirmed in a Twitter spaces that the stable asset will launch in a guarded fashion this Friday 22 April 2022. The governance token sale will probably happen sometime around the middle of May 2022 so plenty of time yet.
- We also saw some chat on twitter around pOHM this week — we’ll be putting out a nice explainer on how pOHM works soon. The short version of pOHM is that the pOHM contract ensures holders can’t own more than their allotted share of the protocol — comfy.
Show Your Love for the Planet
As per OIP-88, the Ohmies have voted to retire 33,333 carbon tonnes via KlimaDAO’s Love Letter campaign. Consequently, Ohmies get a chance to write a custom message to show their love for the planet. Ideas are currently being curated for the letter by filling out this form.
March Treasury Report and Q1 Highlight
As we bid adieu to March, it also marks the ending of Q1 2022. With that, the Treasury team has shared some interesting highlights:
- The Treasury generated $77M in Q1 revenue (Bonds, Olympus Pro, and LP fees)
- The Treasury brought in $27M worth of vested assets across four protocols
- Excluding LP’s, the Treasury grew $21M in March to $345M (+6.5% increase)
- OHM-FRAX LP was successfully migrated to Uniswap V3
- POL (protocol-owned liquidity) was deployed to Balancer and Uniswap V3 (In addition to Sushiswap)
The full report is available here: Olympus March 2022 Treasury Report.
gOHM Rewards on Fantom Pools Winding Down
With the broad-based rollout of cross-chain liquidity under Proteus, the DAO has actively been adjusting OHM/gOHM rewards across various pools to find the proper balance between incentivizing liquidity — while not diluting OHM with over-abundant rewards. Based on volume metrics, gOHM rewards on Fantom pools (Beethoven & SpiritSwap) will be wound down over the coming days.
The reduction in rewards is a signal that the program has achieved its objective of gaining footholds on the high activity chains for the gOHM asset.
We will continue to watch the rollout of Proteus and OHM’s cross-chain presence with interest.
Cross-chain voting is live!
We are glad to report that the first iteration of Cross-Chain Voting is now live!
If you’re an Ohmie with gOHM on either Arbitrum, Polygon, Fantom, Avalanche, or Optimism you can now have your voice heard on the snapshot voting page.
Additionally, those with their gOHM stashed in Tokemak can also vote on proposals with their tgOHM.
New Landing Page
The creative folks within the Olympus community have delivered a beautiful and sleek new landing page! With less clutter, Ohmies can learn about new product releases by navigating to the “Product Updates” section or get up to speed with the latest development in the “In the News” section.
You’ll notice, as we did, that the new page sets a more mature tone for the project — and is an important milestone on our quest to become the decentralized reserve currency.
OIP-93: Mint and Sync
Olympus has always owned the majority of its own liquidity for trading — it has been a key source of revenue for the protocol and added to our runway significantly. As the project is maturing and there are measures being put in place to have more stability and predictability in the price of OHM — being able to provide a wide range of liquidity pairs is more and more important.
Enter mint and sync.
Zeus proposes in OIP-93 a novel mechanism called “mint and sync” which allows the protocol to mint emission rewards directly to a pool for LP providers. This removes the staking opportunity cost for liquidity providers, as they are able to receive staking rewards while earning trading fees. Consequently, Olympus can attract more outside liquidity providers to grow its liquidity and trade against many new pairs.
You can learn more about the proposal on the forum. Bullish!
TAP-12: Pilot Deposit on Tribe Turbo
We saw more good things from the growing partnership with our friends at TribeDAO. With TAP-12, the treasury team is proposing to do a pilot deposit of $1.5 million worth of DAO-owned OHM into yield generating Tribe Turbo. This will allow a portion of the otherwise dormant DAO funds (which are different from the OlympusDAO treasury) to be used to deploy FEI at a maximum of 20% LTV into the Fuse lending platform to earn yield — with a cut of the interest earings going to Tribe and a cut to Olympus.
Given the newness of Tribe Turbo — Olympus will be one of the first cohort participants — there is some degree of risk involved. The proposed pilot deposit is kept to a relatively minimal amount with the potential to be ramped up through a subsequent vote. The proposal is in the snapshot voting phase, so, head over and vote.
Olympus Documentation Revamp
Olympus has gone through countless improvements and restructuring, but its documentation often struggles to keep up with the dizzying pace of progress. Well, we have some good news for you.
Olympus Learn, a new working group that serves as the education arm of Olympus, has been quietly working on a revamped version of the documents & FAQ pages. It is still a work in progress, but you can catch a glimpse of a few improvements (published just recently) on Olympus’ GitBook page.
The front page of the revamped documentation
Twitter Thread — Ethereum All Core Devs (Tim Beiko)
This week’s thread is a tweet thread about what goes down on the Ethereum all core devs calls — this is a fascinating look into how issues are hashed out — and developers make decisions about the most important blockchain in the world. Check it out here.
Ohmie of the week: Davoice321
Davoice321 helps OlympusDAO contributors keep themselves accountable. His work on developing key metrics for the DAO ensures that we’re investing our resources in the right direction. With his quarterly performance reports, he plays a pivotal role in strategic planning.
Thank you for your tireless efforts, Davoice, congratulations on being the Ohmie of the Week!
Meme of the Week: Credits: Bera Copy Pasta (credit Dev Bear)
This week’s Meme of the Week is from the beras over at Berachain who explain why you might see copy-pasta (something people in a community repeat to each other over and over usually a wall of text complaining about devs or whatnot).
Dev Bear explains the growth strategy behind the Berachain community’s use of copy-pasta.
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.