​​​​​​​The Agora Dispatch — Olympus Community Weekly Newsletter — Wednesday 24 November 2021

Welcome to the Agora Dispatch — an Olympus community run newsletter — made by Ohmies, for Ohmies!

Summary

  • Editorial — Governance is hard
  • FOHMO 4 — Festival dates confirmed
  • Lobis launch — Airdrop controversy & upside for Olympus
  • OIP-47: Olympus Stopgap Budget Proposal
  • OIP-49, OIP-49A: Olympus Give
  • Klima x Olympus — Introduce wsKLIMA/gOHM bonds on Polygon
  • Olympus Incubator launches with Volt Protocol
  • Proteus Office Hours
  • Ohmie of the Week — Johnny
  • Twitter thread — Zeus’ list of Olympus friendly innovatooors (ahhh we are innovating)
  • Ohmie profile — chaosNnachos
  • Meme of the Week — DBDC (credit Juxta)
  • State of the DAO — Weekly update
  • Opportunities to contribute — join us

Editorial — Governance is hard

Just a brief one from us this week — with much to report on below.

Governance is really hard to get right, but it is key to our success. That we are able to have conversations, develop systems and have a shared experience, with real and lasting effects on the line, is important.

We are a decentralized protocol — any protocol that doesn’t have vigorous disagreements and debates in its governance process won’t ever be able to find common ground — especially when it counts later down the line.

We are building the mental model for who we are every time Ohmies come together to discuss proposals in governance — Agora is here for it!

FOHMO 4 — Festival dates confirmed

Mark your calendars Ohmies, FOHMO 4 date has just been confirmed: December 10th and 12th!

FOHMO is the great festival of Olympus and the Ohmies taking place across the metaverse (mostly in the discord). As usual there will be entertainment, DJ music and giveaways, and a more serious agenda such as round-table discussion (plus some secrets yet to be revealed). It is also a great opportunity for the DAO to showcase upcoming projects and share updates with the community. You definitely won’t want to miss it — more to come — it’s gonna be a banger!

Lobis Finance launches — Airdrop controversy & upside for Olympus

https://twitter.com/LobisHQ/status/1463459436912070657

We saw the launch of Lobis Protocol on Tuesday — a governance focussed sub-protocol of Olympus approved by the community through OIP-44. The protocol is focussed on collecting governance tokens and being a good governance actor for the protocols it holds tokens for.

Per the proposal, the launch was done by way of the Olympus DAO pairing loaned LOBI tokens with $5 million worth of OHM. That liquidity is held in the Olympus Treasury — with the original loaned LOBI to be repaid to Lobis after 8 weeks (discussed on the community call early Wednesday).

There was an announcement shortly after the launch — but those watching the Olympus Treasury contracts saw it coming and snapped up a lot of the early LOBI token.

The LP pair is now worth about $40 million from the trading fees and demand to purchase LOBI.

Olympus benefits from Lobis in the following ways:

  • Olympus receives 1.1% of all bonds as a fee — coded into the smart-contracts — pouring LOBI into the Olympus Treasury (40 LOBI or about $250K at the time of writing)
  • The trading pair for LOBI is OHM-LOBI, meaning everytime someone purchases liquidity to bond into the Lobis protocol they are putting buy pressure on OHM
  • Olympus will retain the excess LOBI tokens generated from the original liquidity above the loaned amount

Airdrop controversy: The airdrop of Lobi is announced to go active soon, with boosters in their discord & Ohmies that voted on OIP-15, OIP-18 or voted for OIP-44 as likely beneficiaries.

These criteria created controversy because the wording of the proposal says the following: “Lobis to airdrop LOBI to Ohmies via Merkle tree” (a Merkle tree contract was used to complete the famous Uniswap airdrop).

Lobis has no team allocation at the moment, but this will be decided by the community (according to one of the core contributors). They also stated on the community call — that those who voted against the OIP may be included following further community conversation.

There is now a push within the Olympus community to make a formal framework moving forward to govern how such proposals are handled.

The documents for Lobis are now available here and go into some detail about the protocol and its aims.

OIP-47: Olympus Stopgap Budget Proposal

If you contributed to OlympusDAO in October then you might have noticed that you received a pay bump on 14th of November. The reason for that, ironically, was our huge success!

The DAO discord is growing day by day; the problem, however, is that we have a static pay at this point. It led to a functional underpayment of contributions where the same work was being paid less. The pay bump was to mitigate the same problem.

OIP-47 proposal discusses a shift to a max-per-month style compensation distribution for contributors. Contributors can take up as many roles in the DAO as they want but they can only be paid up to a certain limit for each role; note that there is no minimum compensation per month in discussion yet.

Proposed max allocations per contributor

It is important to note that the weekly budget would increase by 88%, so question away in the comment section of the proposal and be sure to vote.

OIP-49, OIP-49A: Olympus Give

In the spirit of giving, the Partnership team has proposed a collaboration with Gitcoin where Olympus will pledge $500k of DAO OHM for the upcoming Gitcoin Grants program. Codenamed Tyche, the funds will be utilized as follows:

  • $100k to fund climate-related initiatives
  • $100k to fund longevity research
  • $300k to be set aside for lossless crowdfunding, where the rebase yield from the staked OHM will be redirected to the Gitcoin multi-sig for 1 year

UPDATE: The original proposal has been amended and revised as OIP-49A

OIP-49A presents several funding options for the lossless crowdfunding initiative. The community can now vote for different DAO OHM amounts ($100k, $250k, $500k, $1M) or oppose the program entirely. After 1 year of yield redirection, the original OHM allocation would be returned to the DAO.

You can join in the discussion on the Olympus forum.

Note: Olympus Give has no bearing on the backing of OHM because no treasury fund is appropriated.

One of our contributors made a thread on the proposals here.

Klima x Olympus — Introduce wsKLIMA/gOHM bonds on Polygon

Shortly after Zeus proposed the Proteus program, KlimaDAO signalled its interest in getting onboard by introducing wsKLIMA/gOHM bonds on Polygon — bringing OHM liquidity to Polygon.

In order to bootstrap the initial liquidity, Klima will supply $5M worth of wsKLIMA, and proposes to borrow $5M of gOHM from Olympus — subject to a governance process commenced here. They are also proposing to build a quick swap contract mechanism to allow users to go straight from USDC to wsOHM through that pair on Polygon.

Olympus Incubator launches with Volt Protocol

https://twitter.com/Olympusincubate/status/1462381179164790785

Exciting times ahead! Olympus Incubator, an incubation program that provides liquidity and domain expertise to promising new protocols, just welcomed its first partner — Volt Protocol.

Volt Protocol is a debt-backed stablecoin project with a floating price. Like MakerDAO, it uses a two-token system to power its credit infrastructure — VCON, the governance token that manages different collateral types and VOLT, the non-pegged stablecoin. You can learn more about the project by joining their Discord server.

If you have a great product idea and need help to get it going, fill up the application form below:

Olympus Incubator Application Form:

https://notionforms.io/forms/olympus-incubator-application-form

Proteus Office Hours

Let’s talk about OIP-45 (aka Proteus). What is it about? Well, how does 120,000 OHM over a course of six months facilitating multi-chain liquidity sound? OIP-45 plans to create incentivized gOHM pools to bootstrap liquidity over chains such as Moonriver, Binance Smart Chain, Solana, and many others.

Proteus is facilitating Olympus’ presence on other chains which have proven popular with users who avoided Ethereum Mainnet because of the high gas fees. It is noteworthy that the bootstrapped liquidity will not be owned by the protocol, but Zeus believes that it is a good short-term strategy for bootstrapping.

In the office hours held regarding Proteus, Zeus explained the importance of first-principles thinking. Consistently worsening gas prices and increasing OHM demand on other chains is the leading motivation behind the Proteus program. Olympus has been exploring different chain structures and Proteus provides the minimum viable liquidity required. Olympus won’t have the complete structure on those chains, with only gOHM, but this gives new Ohmies a direct ticket to Olympus — being fully staked.

This will allow protocols on other chains to use gOHM as a trading pair — keep it in their treasuries and build on top of it. We are pumped for it!

Ohmie of the Week — Johnny

This week’s Ohmie of the week is Johnny!

Johnny joined us way back in April and has been an outstanding member of our community ever since.

Always a kind voice in the discord and a Sherpa to boot — he is one to help new Ohmies find their feet — while also sharing a laugh with the good folks who inhabit Off-topic (a boisterous channel).

We think he embodies the spirit of (3,3) — and we are proud to call him Ohmie of the Week!

Twitter thread — Zeus’ list of Olympus friendly innovatooors (ahhh we are innovating)

Zeus shot out a tweet with a list of friendly protocols and projects that are going to shape Olympus over the next couple of months.

As we slowly tick them off over this next period, things will start to accelerate. Strap in…

https://twitter.com/ohmzeus/status/1461072391879102467

Ohmie profile — ChaosNnachos

We stopped by ChaosNnachos putting the finishing touches on his run sheet for the upcoming Olympus celebration (FOHMO #4). He didn’t forget our meeting and had a cup of wine ready for us (but we couldn’t get a good look at the sheet to report on it for you) — he told us his story.

Can you give us a little background of your life before crypto?

My background is in Finance but I’ve spent over a decade working in Brand Marketing at various Fortune 100 firms. Although I’ve spent my meatspace in the corporate world, I’ve dabbled with various side-hustles spanning e-commerce, pre-IPO investing, the food industry, and branded merch.

How did you get into crypto?

I’ve always been looking for ways to increase flexibility and financial independence in my life such that I don’t need to be a corporate slave anymore. This led me to finding crypto back in 2017, although I mostly jumped on the bandwagon knowing very little about the space. Made a bit of money, lost lots of money, but really learned the benefit of investing with a thesis-driven mindset, staying patient, and prioritizing ‘learning’ over ‘APY’.

When and how did you join Olympus?

I joined Olympus this past summer, after it was recommended to me by multiple friends that have much more experience in this space than I do. I invested a bit of money and simultaneously went down the discord, twitter, and YouTube rabbit-hole. Had even more conviction after doing this and decided to become an active member of the DAO — haven’t looked back since!

What are you excited about for Olympus?

Wow, so many things I don’t know where to begin. I’m definitely the most excited about 1) the people I get to work with every day in the DAO; 2) the utility upside that still exists for the protocol (cross-chain, partner integrations, B2B, B2C, etc); and 3) helping change the DeFi narrative and bring in newbies that weren’t previously considering investing in this space… As I’ve heard many times, you may be able to fork Olympus, but you can’t fork the Ohmie community.

What else are you into/excited about in the crypto space?

There isn’t one specific project I’m the most excited about, but overall I am energized by the fact that crypto and DeFi are just scratching the surface at illustrating real-world utility. There are so many problems that still exist in our world which DeFi will be able to solve or make a meaningful impact in, and I have strong conviction that DeFi will help create a more inclusive and accessible world for all.

Meme of the Week — DBDC (credit Juxta)

This week’s Meme of the Week is a playful take on Zeus’ concept of Decentralized Backed Digital Currencies — which he discussed on the DeFi 2.0 summit last week (we covered this in our previous edition).

Credit Juxta

State of the DAO — Weekly update

Yep — it’s a soaring eagle!

We highlight some of the updates that happened in the DAO over the past week:

Community and Content

The Content team made good progress in the whitepaper about economic productivity. It is published on the Olympus GitBook page and is still being actively worked on.

Marketing and Design

According to CoinGecko, close to $150B worth of assets are locked in various DeFi (decentralized finance) protocols. But what is DeFi? Why do people entrust so much money to these protocols? To answer these questions, the creative minds at the Design team have made a DeFi explainer video. You can now view it on YouTube.

Operations

There were 121 active DAO contributors last month, which represents a 47% increase from the previous month. As the DAO grows larger, so does the amount of information that flows across various departments. The Operations team has been revamping the DAO notion to make task tracking more efficient.

Engineering

The Engineering team might have a pleasant surprise for the Ohmies tomorrow. Buying and staking OHM will become easier than ever, and gone are the days when newcomers had to worry about where to acquire OHM legitimately.

Partnership

The Partnership team put together a proposal to work with Gitcoin to support open-source Ethereum projects, especially those that are involved in climate and longevity research. We have covered this in the earlier part of the newsletter (see “OIP-49, OIP-49A: Olympus Give” section).

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.

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