The Agora Dispatch — Olympus Community Weekly Newsletter — Wednesday 22 September 2021
Welcome to the Agora Dispatch — an Olympus community run newsletter — made by Ohmies, for Ohmies!
- Editorial — Small things, done well, compound
- FOHMO 3 — Set list, unrugged
- Olympus Pro revealed!
- OLY 101 concluded
- New OIPs — Uniswap V3 pool, DAO swap, and OTC deal
- KlimaDAO Successful LBP & closing party
- Wonderland buys 404 OHM
- Launch of Agora Subscriber role on Olympus discord
- Odyssey Updates — Agora Sound Bank, FOHMO 3 pre-party
- Twitter thread — @shadow on Olympus Treasury
- Ohmie of the Week — @Bike4Peace.eu
- Numbers at a glance -15k Ohmies, Protocol Revenue Explodes & More!
- Ohmie profile — @D-Shot
- Meme of the Week — Can’t get it off my head (credit Jay.junjie)
- State of the DAO — Weekly update
- Opportunities to contribute — join us
- Agora’s Learning ancient-Greek mythology series — A synopsis of the Trojan War
Editorial — Small things, done well, compound
This week has seen many records broken for the Olympus protocol and community — probably the most significant is breaking through 1 billion dollars in market cap.
It is a significant achievement and, while the core team and the DAO contributors deserve ample praise, we at Agora believe the biggest contributor is the Ohmies doing the small things with loving care.
Whether it is answering questions, creating a sense of place in #offtopic, explaining the protocol IRL or contributing to our top notch memery — the small things, done well, compound into a reputation as the warmest, most welcoming and committed community in crypto.
OHM is backed by Ohmies — long may we keep it!
FOHMO 3 Set list — head to the discord for more info
FOHMO 3 — Day #1 — September 24th @ 2:00PM PST — 9:00PM UTC — Special Guest(s) Speaker Panel / Olympus Pro / Lots of Alpha
FOHMO 3 — Day #2 — September 25th @ 7:00AM PST — 2:00PM UTC — Special Guest(s) / Gaming / Music / NFT Give-Away / Air-Drops / Olympus Poker Night / After Party
FOHMO 3 — Day #3 — September — 26th @ 6:00PM PST — 1:00AM UTC — Speaker Panel / DAO Highlight / DAO Recruitment Drive & more!
Olympus Pro revealed!
“This time we own it.” This is the closing statement of the latest Medium post from Olympus which reveals Olympus Pro. Five simple words, yet they capture the essence of Olympus Pro succinctly.
When the roll-out of Olympus Pro was hinted on Discord and Twitter over the past few weeks, many Ohmies enquired about it. Some even thought Olympus Pro would be a new token. The article summarizes Olympus Pro as “protocol owned liquidity-as-a-service”.
Olympus Pro is a revolution in DeFi. Currently, projects rely on liquidity pools for funding and liquidity. The problem, as we are all too aware, is these pools often distribute a large amount of farm tokens that are pumped and dumped by the mercenary liquidity providers, leaving the token worthless and destroying the project in the process.
Olympus Pro will provide “liquidity-as-a-service”. Stated simply, a protocol will own their own liquidity rather than renting it.
Similar to how bonding works at Olympus, Olympus Pro is a marketplace where liquidity can be exchanged for the protocol’s token at a discount. For this service, Olympus receives a 3.3% fee paid in that protocol’s token, giving OlympusDAO a stake in the protocol and keeping their goals aligned. By owning their own liquidity, the protocol can spend less on farming incentives and put their tokens to good use. The amassed liquidity represents a productive asset too, which provides revenue to the protocol through trading fees.
Sherpa Academy — OLY 101 concluded
We can say that the class was oversubscribed when the Discord channel hit the screenshare limit and latecomers were not able to join the voice session. The event had to be streamed on Twitch to allow for a larger audience!
About 300 Ohmies tuned with Sherpas @Brian (3,3) and @Dom who walked them through the basic concepts of Olympus, like what bonding is and the central role it plays as the main revenue driver of the protocol. The class was engaging and inclusive; the Sherpas also thoroughly answered any questions thrown at them.
You know the event was a success when @Zeus himself arrived to congratulate the Sherpas on a job well done:
New OIPs — Uniswap V3 pool, DAO swap, and OTC deal
It certainly was a busy week for the Policy team as we saw three OIPs being put up in the span of three days. We’ll take a closer look at each of them:
OIP-26: Move OHM-FRAX pool to Uniswap v3
A proposal to move the OHM-FRAX pool to Uniswap v3 will soon be up for a vote. This will increase capital efficiency. This means more revenue from LP fees and lower slippage on trades.
An important note is this requires a new calculation on the RFV (risk-free value) of OHM-FRAX LP tokens. The OHM-Frax LP bonds will be retired too due to the complexities involved in accepting v3 LP tokens by the treasury.
The proposal also has an option to have 50% of the pool move to Arbitrum. Since stablecoin volume is low on Arbitrum, this could help Olympus capture some of that volume and, therefore, fees.
You can read the details in the linked forum post: OIP-26: Move OHM-FRAX pool to Uniswap v3
OIP-29: Execute Treasury Swap with Sushiswap
Sushiswap and Olympus seek to deepen the association between their respective communities via a token swap. This will increase Olympus’ exposure to xSUSHI, further diversifying the treasury. The swap will carry a six-month vesting period, with liquidity provision being exempted.
A major benefit would be increasing OlympusDAO’s governance power in Sushiswap. There are two options on how Olympus could use these tokens:
- Create an xSUSHI-OHM liquidity pool
- Convert to oSUSHI in order to push greater Onsen emissions towards Olympus liquidity pools
You can read the forum proposal from Zeus here: OIP-29: Execute Treasury swap with Sushiswap
OIP-30: Execute OTC deal with Incooom Finance
The Olympus treasury currently holds $185 million in OHM. These funds are used to compensate DAO members and pay for expenses. As certain expenses cannot be paid in OHM, such as audits, Olympus would need to sell OHM to pay for such expenses, which is not ideal.
The DAO proposes to make an OTC (over-the-counter) deal with Incooom Finance (a separate project run by some Ohmies) which would resolve the issue. Incooom is a protocol that aims to merge NFT culture and decentralized finance in a symbiotic asset that strengthens community and creates win-win-win strategies.
Through the deal, Olympus would receive 111 ETH and Incooom would receive 815 OHM in return. This benefits both parties as Olympus can use the acquired assets to pay for expenses while Incooom can use the OHM for their vault strategy.
Due to the relatively low amount involved (0.2% of the treasury value), this will be an informal vote made on the forum — which may proceed to Snapshot if contentious.
You can vote here: OIP-30: Execute OTC deal with Incooom Finance
KlimaDAO LBP closing party
Last week, we saw KlimaDAO raised over $17M from its LBP program on Copperlaunch. As the fundraising program came to an end, the Klimates had an office-hours and a celebration in their discord.
At the celebration Carbon stocks, the Verified Carbon Standard were discussed and there was feasting! For those of you who are unfamiliar with the carbon market, please do check out their Medium page.
Congratulations to the KlimaDAO on their successful launch! As a strategic partner, KlimaDAO’s success means Olympus’ success.
Wonderland buys 404 OHM
We saw Wonderland Money buy 404 OHM as part of their intention to keep a small part of their treasury in OHM.
Launch of Agora Subscriber role on Olympus Discord
Head on over to the #resources channel in the Olympus discord server to snap up the Agora Subscriber role — l this will give you access to the #Agora channel where you can keep up to date with all the media direct from Olympus Agora as soon as it is released.
You will also be able to discuss and shape the direction of The Agora Dispatch, the Agora Podcast and the soon to be launched Agora TV!
Odyssey Updates — Agora Sound Bank, FOHMO 3 pre-party
Agora Sound Bank
The Agora team organized its first Agora Sound Bank session on Olympus Odyssey discord last week. Our very own @Mark11 and @dropkickdarren, who also run the Agora Podcast, held an AMA session, chatted and experimented with music production for the podcast too — in what was a very chill time. Attendees were treated to this very fine POAP.
There is a call to action from the Odyssey team too — they will be launching a series of Odyssey merchandise and are looking for contributors. If you are interested, hop into their Discord and introduce yourself.
Another Agora Sound Bank will be held in two weeks time.
FOHMO 3 Pre-party
We also saw Olympus Odyssey kicked off FOHMO 3 this week with a live meme session led by @Jman. The event was streamed on Twitch where we saw @Jman showcasing his meme creation skill. In this light-hearted event, he talked about what is FOHMO, the FOHMO 3 schedule, and Olympus Pro.
Keeping your OHM safe
Recently Olympus has noticed many instances of Ohmies being hacked and losing their OHM. There are a few safe practices you should be keen to:
- Remember to never give out your seed phrase to your wallet, it doesn’t matter if Zeus himself asks.
- Mods will never DM you first. You can also check server roles to ensure the mod is who they say they are.
- There is not an Olympus app, you should never download or even click any link that is sent to you.
- Use a hardware wallet like Ledger or Trezor. Always.
Many Ohmies are not aware that sOHM also rebases in a hardware wallet. You should never leave your sOHM in your MetaMask or other browser wallet and should always send it to your hardware wallet.
If you’re one of the mad lads without a hard wallet you’re in luck. OlympusDAO is doing two giveaways for hardware wallets, 48 Ledger wallets in total.
- 33 Ledger wallets go to Ohmies who share their Ohmie card on Twitter with the hashtags #OHMISBACKED #OHMIECARD.
- 15 Ledger wallets go to participants in the lead up to Day #1 of FOHMO 3 taking place on Friday September 24th. Follow the fohmo3-preparty channel on Discord for a chance to win.
Stay safe out there, friends!
Twitter thread — @shadow on Olympus Treasury
This week’s twitter thread is penned by the Oracle of Delphi, @shadow. He has made substantial improvements to the Olympus Dune dashboard this week, and highlighted some of the key metrics that Ohmies should focus on.
For example, there is a new chart which breaks down treasury assets into different types:
@shadow points out that because the values of LP tokens are marked down when calculating RFV (risk-free value), Ohmies often overlook the fact that the majority of the treasury is made up of liquidity or LP tokens (71.9% as of 20 September). Having massive liquidity is imperative as it allows large trades to go through without causing significant impact to the token price.
Read up about other improvements he made to the Dune dashboard in this tweet.
Ohmie of the Week — @Bike4Peace
This week’s Ohmie of the Week is @Bike4Peace — he is an Ohmie on a mission to raise 1 million USD for charities by riding 15,000 kms from Sayulita in Mexico across North, Middle & South-America to Patagonia.
He is an #off-topic regular and is deeply committed to our community — often providing renditions of his exciting adventures. A kind Ohmie, with a passion for people he brings color to our community. Follow his adventures at https://www.bike4peace.eu/ and a special section regarding Ohmies.
Congrats Ohmie, keep it up!
Numbers at a glance — 15k Ohmies, Protocol Revenue Explodes & More!
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: 15,538 (+1,989)
- September 7: 12,274
- September 14: 13,549
- September 21: 15,538
Welcome to all the new Ohmies! Keep a lookout for them in the Discord and show them the hospitality of Olympus!
2. *New* Protocol Total Revenue:
- Total Protocol Revenue (past week): $24,086,872
- Week-over-week growth of +48.6%
- Month-over-month growth of +234.9%
- Annualized rate (using 7-day MA): $1,252,517,344
3. Bond sales (reserve bonds) statistics:
- Total Bond Sales (past week): $7,413,567
- DAI bonds: 6,152,790 DAI bonded in the past week
- Week-over-week growth of +26.8%
- FRAX bonds: 383,061 FRAX bonded in the past week
- Week-over-week growth of +40.4%
- wETH bonds: $877,716 wETH has been bonded in the past week
- Week-over-week growth of +167.1%
4. Bond sales (liquidity bonds) statistics:
- OHM-DAI LP bonds: $648,837 of RFV in a week
- Week-over-week growth of +37.5%
- OHM-FRAX LP bonds: $49,273 of RFV in a week
- Week-over-week growth of +17.6%
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.
5. Protocol Owned Liquidity (DAI & FRAX): $135,218,191
Protocol Owned Liquidity shows the amount of LP tokens owned by the Treasury. For Olympus, this figure is now over $135 million and greater than 99% for both OHM-DAI LP Tokens and OHM-FRAX LP tokens.
6. Current Runway: 354days
At the current reward rate of 0.297%, Olympus can continue to distribute OHM rewards for 354 days even if it stops bringing in revenue. That’s a +4 day increase over the past week!
If you need a recap on what runway is, check out this twitter thread from @xh3b4sd.
7. Liquidity Providing Fee Generation
- Total LP Fees Generated: $3,143,408
- $634,109 in fees generated in one week!
- Week-over-week growth of +25.3%
Via: Dune Dashboard
Olympus has taken in over $3.14M 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.
8. Risk Free Value of Treasury Assets: $54,305,113
- 7-day change: +6,974,150 (+14.7%)
- 30-day change: +21,643,477 (+66.3%)
- RFV Per OHM: $29.06
- Based on current circulating supply of 1,878,136
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.
9. Current Index: 17.917 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 3.894 OHM! OHM’s price today is around $619.02. Let’s find out what is your ROI:
- Principal: $204.28
- Return on 21 September: 3.894 * $619.02 = $2410.464
- Principal gain = $2410.464 — $204.28 = $2206.184
- ROI = ($2206.184 / $204.28)*100% = 1079.98%
A tenbagger in three months, but only if you have the conviction to (3, 3).
10. Macro numbers from around the cryptoverse:
Ohmie profile — An Ohmies lesson by @D-Shot
This week we bring you a story written by Ohmie D-Shot and posted in #Ohmie Stories. D-Shot spins the decks sometimes over in the Odyssey Discord but was a victim of a scam recently.
An Ohmie’s Lesson
Sometimes your role is to serve as a lesson to others. This time around that is me. I’ve come a cropper this week. I fell for the nasty bot that has been on this discord server and which we have constantly been warned about. I lost all my Ohm and most of the rest, but still rescued enough to start building again.
Lesson 1. Listen to advice and think before you act. I accept responsibility. I’m not going to explain in detail what went wrong as it may sound like making excuses. I could have prevented this but I didn’t. Entirely my fault. Audit your computer and systems rigorously. I didn’t and paid the price.
Lesson 2. Look forward. It could have been worse. No use fretting and regretting. My best life now is to learn the lesson and move on, make the most of what I’ve got and become a winner again.
Lesson 3. It’s bad and it hurt. But, one thing I learned from Kairos’ videos is that this is still early enough in the Olympus journey for me to do very very well with what I’ve got left. May the runway keep lengthening.
Lesson 4. Community. I was grateful for some consolation and advice about recovering some things the thieves hadn’t got to yet. I also benefited from a meditation session straight after the event. (I had to leave early to get a Covid jab but still it calmed me down a good deal.) We have a massive community interest in each other. Engaged Ohmies invest themselves in the community, they stake their Ohm and they help each other.
If we all stay true everybody wins.
We weren’t the first to see D-Shot’s story and we are happy to report that we saw a good samaritan send D-Shot a nice tip on the main discord to get him started back on the path to (3,3).
Meme of the Week — Can’t get it outta my head (credit @Jay.junjie)
Near the end of OLY 101 session, the host dropped a puzzle designed by @Danish-ish (3,3) that could potentially unlock a mysterious prize.
It immediately stirred the community into a whirlwind, all trying to solve the puzzle before anyone else. Alas, the puzzle proved to be no child’s play and had everyone scratching their heads. We think the following meme summarizes the situation best:
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 Sherpas Academy conducted their first education course, OLY 101: Basics of Olympus to an overwhelming reception last week. The event had to be streamed on Twitch as the Discord channel hit the screenshare limit due to a large number of participants. We hope to see more educational events like this from the Sherpas to keep the community engaged and raise the knowledge level of everyone.
Marketing and Design
Within one week, the Reddit sub has amassed more than 400 members while the YouTube channel also hit a major milestone of 1k subscribers this week. Well done, Marketing team!
One week after the distribution of August allocation, the Operations team launched a survey to gauge the community sentiment about their compensation. The DAO aims to create the best place for the community to work in, so a survey like this is crucial for the DAO to fine-tune its compensation program.
We have seen several Ohmies complaining about the “Add token to wallet” feature does not work in the past:
The Engineering team heard you! A fix has been pushed last week and now you can add the OHM or sOHM token contract to your browser wallet in a breeze. They are now putting the final touches on the OP program before FOHMO 3.
Policy and Partnership
It’s been a busy week for the Policy team as we saw three proposals being put up on the forum. There is a plan to deploy Olympus on Arbitrum, move OHM-FRAX liquidity to Uniswap v3, and a proposed DAO swap with Sushi. And we are thrilled to see the community has voiced a resounding yes to the Arbitrum proposal as seen in the snapshot voting result. So stay tuned, your days of splurging high gas fees to interact with Olympus on L1 may soon become a thing of the past.
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 — A synopsis of the Trojan War
Preface: The Trojan War was a pseudo-mythological series of battles between the Greeks and the Trojans during the late Bronze Age (1200–1100BC). While long thought to be historical fiction, in 1868 Heinrich Schliemann, a German Archeologist, discovered ruins in Western Turkey that proved that the ancient city did exist.
The Trojan War, as described by Homer in the Iliad, was a ten-year conflict that took place primarily in Troy, an ancient city on the western coast of modern-day Turkey. The conflict began at the hands of Zeus, who was simultaneously working to reduce the increasing population of humanity and reclaim Helen, the wife of the Spartan King Menelaus. Zeus commissioned the Trojan Prince Paris to abduct Helen and bring her back to Troy, which did not go over well with Menelaus and the Spartans. Lucky for Menelaus, his brother was Agamemnon, the renowned King of Mycenae and leader of the Greek Army.
Understanding the role of the Gods in Helen’s abduction, the Greeks first attempted Diplomacy with the Trojans to reclaim the Spartan Queen. After their diplomatic strategies failed, the Greeks began their siege of the city, which carried on for a decade. While the Greeks had a far superior army in terms of experience and ability, they did not have the sheer manpower to directly take on Troy, which was protected by its high walls and skilled archers.
The War featured battles between several of the greatest fighters of ancient history and plenty of intervention by the divines (listed below).
• Trojan Allies: Apollo, Aphrodite, Ares, Leto, Zeus (partially)
• Greek Allies: Athena, Hera, Hephaestus, Hermes, Poseidon
Paris & Menelaus
The first feature fight between the Greeks & Trojans was between the Trojan Prince Paris and the powerful Spartan King Menelaus. Menelaus challenged Paris to one-on-one combat and Paris obliged, with Paris winning the first throw of the spear. Menelaus blocked the spear with his shield and charged Paris, grabbing him by the helmet and dragging him around the battlefield. Nearly choking to death, Paris was saved at the last moment by Aphrodite, who cut the strap on Paris’ helmet and transported him back behind the walls of Troy.
Ajax, Hector & Achilles
The next major fight was between the other Prince of Troy, Hector, and the Greek Hero Ajax. Hector was undoubtedly the strongest warrior in Troy, even though he was opposed to the war with the Greeks. The two warriors dueled for an entire day, eventually leading to a stalemate in which the fighters honored the hard-fought battle with gifts to each other.
Hector’s next, and last, duel was with Achilles. Achilles was the greatest warrior in Greece (and arguably the entire world). He was blessed at birth when his mother dunked him into the River Styx, which granted him immortality in every part of his body besides his ankle (where his mother grabbed him to dunk him in the water). The battle between Achilles and Hector did not last long, as Achilles quickly killed him and proceeded to drag his corpse behind his chariot for 12 days straight before returning his body to the Trojans for a proper burial (brutal).
Achilles did not have much time to celebrate his victory, however, as a grieving Paris was able to avenge his fallen brother by hitting Achilles perfectly in the ankle with an arrow guided by Apollo, killing the Greek legend.
Odysseus & the Trojan Horse
As mentioned earlier, the high walls and robust defenses of Troy were a lofty challenge even for the battle-tested Greeks, who were much better suited for battle at sea. After a decade of bloodshed and their numbers dwindling, the Greeks needed to determine an alternate attack strategy if they were to sack Troy.
Bring in Odysseus, who formulated an ingenious ruse to get Greek fighters behind enemy lines. First, the Greeks boarded their ships and sailed off into the sunset, leaving behind only a mysterious offering to the Trojans: A gigantic wooden horse. Little did the Trojans know, the horse was filled with hidden Greek warriors. Falling for Odysseus’ ruse, the Trojans took the horse inside the city walls and began celebrating their victory with wine and music. During the drunken celebration, the Greeks climbed out of the horse, opened the city walls for the Greek army (who had returned during the night) and the city was sacked and the population slaughtered or enslaved.
Finally, although the Greeks had won the long-fought war, the gods were disgusted by their barbaric actions and sent them vicious storms during their travels back across the Aegean Sea to the mainland. Very few Greeks survived the trip home.