The Agora Dispatch — Olympus Community Weekly Newsletter — Wednesday 23th February 2022
Welcome to the Agora Dispatch — an Olympus community-run newsletter — made by Ohmies, for Ohmies!
- Editorial — It’s all about bonds
- Spend Your gOHM with Mover
- Berkeley University paper on DeFi liquidity management via Optimal Control: Ohm as a case study
- OIP- 83: Curve V2 deployment
- OIP-82: Tender Offer for Spartacus Finance
- Tender Offer AMA: What you need to know
- OIP-51A: Amendment to Strategic Asset Whitelist
- TAP-6: Frax Finance Whitelist
- Ohmie of the Week — Kschan
- Twitter Thread — Asfi return to OHM
- Meme of the Week — Welcome hOHM (credit: dr00shie)
- State of the DAO — Weekly Update
- Opportunities to Contribute — Join Us
Editorial — It’s all about bonds
Their endorsement of the bond centric future is a big deal — even earning respect from some who we’ve clashed with before
As Zeus said late last week — the game is already over we won, now we just have to stick around to enjoy it.
Spend your gOHM with Mover
The debit card offers a 0% crypto-to-Euro conversion rate, so you don’t incur an additional costs when using gOHM to pay for your daily expenses.
Mover is building out some more very cool integrations including gasless onboarding for new Ohmies — check out their grantee page here.
Berkeley University paper on DeFi liquidity management via Optimal Control: Ohm as a case study
Ohmies from all over have been waiting for Tarun Chitra’s paper on Olympus’ bonds as a volatility reducing control theory mechanic.
If you are big brain, you should check out the paper here.
If you are small brain, like us, Tarun helpfully listed the TLDR:
- Ohm uses optimal control / model predictive control to control its price process via bonds
- With the correct parametrization, the protocol can asymptotically lower its price process variance
- It can lower this variance faster if more durations/bonds are available
Shorter: Bonds good for becoming defi reserve currency.
New Dashboard Preview from Multifarm
It has been a while since Olympus revamped its dashboard. While it has dutifully served the community — it could be greatly improved.
Multifarm, which provides dashboard-as-a-service for various DAOs — has been cooking up a fresh one for Olympus. To many Ohmies’ delight, they released the following sneak peek recently:
Expect this level of detail when it is released in a couple of weeks.
OIP-83: Curve V2 deployment
Olympus’ focus on deepening its liquidity across the DeFi landscape has driven the Policy team to look at Curve, the largest DeFi protocol by TVL (total value locked).
While Curve is renowned for its 3crv USDT-USDC-DAI pool, the introduction of Curve Factory allows anyone to create a pool with assets that are not necessarily pegged to each other. This proposal by Json seeks to authorize the deployment of OHM-paired crypto pools through Curve Factory.
OIP-82: Tender Offer for Spartacus Finance
Olympus is moving rapidly! Last week the tender offer proposal was approved via snapshot vote (OIP-80), and now we have the first tender offer to Spartacus Finance.
Spartacus is a fork of Olympus, however, it has traded below its backing price for approximately 3 months which led to consternation for the project participants. In tough times like this, Olympus offers them a hOhm. Olympus offers a higher value per $SPA than the current market price in exchange for merging its treasury with Olympus.
Read more details about the proposal on Olympus forum and have your say here.
Spartacus Tender Offer AMA: What you need to know
In light of the recently proposed Tender Offer of Spartacus Finance (OIP-82) above, battle-hardened Olympus DAO contributors Shreddy, Abipup, and JaLa hosted an AMA on the Olympus Discord to clear up any confusion and answer questions related to the recent proposal.
As a reminder, this proposal (OIP-82) comes following the passing of the initial Tender Offer Framework, which passed as per OIP-80. While the framework to pursue Tender Offers passed with 95% of Ohmies in favor, this proposal to execute a Tender Offer with Spartacus is currently far more contentious, with only ~56% of Ohmies currently in favor.
We have distilled the proposal into the following Q&A:
Q: In a nutshell, what will be the end result if this proposal passes as currently outlined?
A: This proposal aims to complete a “Treasury Swap” where Olympus acquires the assets within the Spartacus Treasury in exchange for providing gOHM to Spartacus holders at a pre-defined Tender Price. This Tender Price is planned to be above the current $SPA market price, but below the current backing price. In essence, Olympus is providing Spartacus holders a premium on their current holdings while also receiving Treasury assets at a discount.
Q: How did the Olympus DAO members settle on a Tender Price of $50?
A: While not set in stone, the $50 Tender Price outlined in the proposal represents a price at which Olympus realizes a profit from the deal (based on the treasury assets to be acquired) while also paying a premium to the current Spartacus market price (to the benefit of $SPA holders).
Q: Why does the proposal contain a $500,000 grant to the Spartacus Developers?
A: The developer grant is being used as an olive branch to the Spartacus developers to (1) provide an incentive to the Spartacus team to strongly consider the proposal and (2) incentivize the developers to bring their talents to Olympus.
Q: What are the potential benefits of this Tender Offer?
A: Along with acquiring Treasury assets at a discount, the goal of Tender Offers is also to grow the Olympus Community and the econOHMy, which will not happen through Mercenary tactics. Growing the Olympus community is a primary reason behind providing holders with a premium to their current holdings.
Q: What are the potential drawbacks of this Tender Offer?
A: By providing gOHM to $SPA holders with no vesting schedule, there is sell pressure risk that the Spartacus holders will immediately sell their OHM. DAO members involved in this proposal are currently formulating ways to combat this risk, with the potential creation of a liquidity position on Uniswap v3 that could absorb sell pressure following the Tender Offer.
Important Note: This proposal would have to pass through both Olympus’ governance process and the governance process of Spartacus (which is relatively unknown) to go into effect.
OIP-51A: Amendment to Strategic Asset Whitelist
The original OIP-51 set out the process and whitelist for acquiring strategic assets to the treasury.
The newly proposed OIP-51A proposes to make additions to the whitelisted assets to add closely aligned protocols REDACTED and Fiat DAO and clarifying that both the asset itself and as an LP can be acquired (for e.g. OHM-FDT). Remember also Ohmies that the cost of strategic assets in the treasury is limited to 33% of the treasury RFV.
Check out the proposal here.
Frax Finance Whitelist: Request for Comment
Just dotting the i’s and crossing the t’s on this one — to make sure we strictly follow our processes before moving or staking treasury assets — as every DAO should.
This request for comment will allow us to stake our OHM-FRAX Univ3 liquidity so we can get some tasty FXS rewards — once our liquidity is moved over.
Head to Olympus forum and share your thoughts there.
Twitter Thread — Asfi return to Olympus
If you ever need to explain the Olympus ecosystem to a friend or you just want to refresh your understanding, Asfi has got you covered with his talk on What is Olympus DAO creating and why does it matter. An iteration of his talk at HarmonyOne, Asfi’s delivery in EthDenver was very well-received as he explained the mechanics behind Olympus DAO. We’re happy to have a giga-brain like him with us!
Ohmie of the week — Kschan
This week’s Ohmie of the Week is Kschan. Recently taking a step back from running the community and content side of the DAO as the responsible Stratego — Ks (as we call him) is a rock upon which Agora was built.
A calm and measured approach and a warm inviting manner — Ks captures the spirit of the Olympus in all he does.
Congratulations to Ks — Ohmie of the Week!
Meme of the Week (credit @dr00shie)
Last week we covered OIP-80, which allows Olympus to assimilate the treasury from various forks by offering them gOHM. Now that the snapshot vote has passed, we are happy to see these forks finally come hohm to their roots.
Dr00shie captures the invitation playfully in this Meme of the Week!
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.