The Agora Dispatch — Olympus Community Weekly Newsletter — Wednesday 25 August 2021
Welcome to the Agora Dispatch — an Olympus community run newsletter — made by Ohmies, for Ohmies!
- On Joining Olympus — by @GH0ST08
- Mark your calendars — FOHMO 3 dates confirmed
- Klima DAO — Successful IDO launch
- Borrowing against your sOHM now available on Abracadabra
- Decentralized currency meets centralized exchange
- First tease of Olympus Pro — what could it be?
- OIP-19 — Is this Strategery?
- Odyssey Updates — Church of @Church — Reminder Ohmie day NFT contest
- Twitter thread — How Olympus solves the liquidity problem
- Ohmie of the Week — @DC (3,3)
- Numbers at a glance — Bond Sales Bounce Back
- Ohmie profile — @Mark’s tale
- Meme of the Week — Asfi University
- Opportunities to contribute — join us
- Agora’s Learning ancient-Greek mythology series — Leto, Mother of Apollo & Artemis
On Joining Olympus — by @GH0ST08
(3,3), ohmie cards, Odyssey, FOHMO events, and Asfi University are all incredible initiatives born of the dynamic cOHMmunity that is OlympusDAO. These are just a few of the unique and fun events our fellow Ohmies have designed and executed. A very impressive resume considering how young we are — and Ohmies, we are just getting started.
When I first joined the protocol it was solely the utility and function of OHM that impressed me — I researched it more and more — it was a favorite investment. I then stumbled across the incredible teams in the DAO who were quietly building away. I was inspired. It was no longer just an investment for me — it was the opportunity to be part of an incredible enterprise that I truly believe will be historic in this crypto revolution.
I play a very small role in this grand effort and every day I’m impressed by the talent and motivation — and not just by the jiga-brains (shout out to Z0RB) but every Ohmie.
If you are thinking of stepping up to contribute a little more, please come over to the DAO — you’ll be received with love and your world will grow (3,3)!
Mark your calendars — FOHMO 3 dates confirmed
Book it in Ohmies! FOHMO 3 dates have been officially confirmed for September 24th — 25th — 26th / Fri. Sat. Sun.
Klima DAO — Successful IDO launch
We are glad to see that Klima DAO — a strategic partner of Olympus — launched a successful Initial Discord Offering this week, raising $584,000 USD.
Klima DAO aims to become a black hole for tokenized carbon credits. If carbon markets are a new concept, we recommend you to check out their wonderful Medium blog to learn more about the topic.
Olympus is providing strategic advice to Klima on their development and will receive a certain amount of pKlima (Klima which vests as the project’s market cap grows) in return.
The next stop for Klima is its liquidity bootstrapping pool or LBP which will launch in a few weeks. This will bootstrap liquidity by selling Klima at a discount and seeding the proceeds to a liquidity pool. You can check out their discord server over here.
Borrowing against your sOHM now available on Abracadabra
We are glad to report that Abracadabra has now enabled sOHM to be used as collateral to borrow its MIM stablecoin — most of the MIM market-cap is backed by over-collateralized yield bearing assets deposited in Yearn Finance.
This provides another option for advanced users to borrow against their sOHM.
Agora recommends that Ohmies do not use leverage — it is dangerous and price volatility can lead to liquidation of your stack. A liquidation will usually mean you are forced to dispose of your asset at the bottom of the market and that when trying to make transactions to save your position will be when gas prices are their most expensive.
Unlike Rari Fuse Pool, Abracadabra requires users to wrap sOHM to wsOHM before they can start borrowing. While your wsOHM does not rebase you will receive your rebase rewards after you unwrap. The following formula allows you to calculate your current stack:
Amount of sOHM = Amount of wsOHM * Current Index
A benefit Abracadabra offers over Rari is that it provides a fixed interest rate for borrowing at 5.5%. This has the advantage of estimating your debt easily because it grows at a constant pace. It also has a collateral ratio of 75%:
We also note that @Tetranode has increased his Rari Fuse pool collateral ratio to 76%.
Decentralized currency meets centralized exchange
We spotted that middleweight centralized exchange Bitrue has announced that it will be listing OHM and its users can now deposit OHM to the platform ahead of planned trading.
We can report that this was not facilitated by Olympus — and fully expect other exchanges to also unilaterally list OHM as the protocol grows.
Remember the age-old precept in the crypto industry is: not your keys, not your crypto. When you buy OHM from a centralized exchange, you don’t really own the tokens — they are stored custodially in the exchange’s wallet — unless you send them onchain. If OHM is left on the exchange it would be unable to access the power of Olympus’ staking rewards.
First tease of Olympus Pro — what could it be?
This week we saw the first tease of a top secret flagship project that the core team and contributors have been working on called Olympus Pro.
It carries the mysterious tagline “now you own it” — we can report that we have no idea what it is, but the minute we have more information it’ll be on our frontpage!
And we’ve gotta say, that golden OHM on the shimmering water is stunning!
OIP-19 — Is this Strategery?
The original Ohmie Zeus has dropped down to give us a look into the next stage of strategic Olympus. In his words:
“We propose a clear mandate allowing the DAO to pursue strategic swaps. Swaps may occur at par, a discount, or a premium, depending on additional factors involved with each deal. Strategies may include commitments to bond the partners’ token, especially within OHM-X pools.”
Given the positive forum response, the proposal has already moved to a Snapshot vote. With a little under a week to go it’s looking like the community is in support of this new initiative.
Is this Strategery? we can’t be sure, but could it be that Zeus was providing a little alpha when he said:
Odyssey Updates — Church of @Church — Reminder Ohmie Day NFT contest
Each week we bring you a little peek into the happenings around the Olympus art and culture DAO called Odyssey.
Church of @Church
On 24 August 2021 over 140 Ohmies turned out to discuss Olympus culture and memetic expression moderated by Ohmie @Church (he is just getting his twitter going, so give him a follow). It was a lively discussion touching on motivations, sense of place and the folly of tit-for-tat culture. Ohmies who attended and posted in the claim channel will receive this unique POAP. Keep an eye out for the next one in the #announcements channel — probably in a week or two.
Ohmie Day NFT contest
Just a reminder that the Ohmie Day NFT Art contest is now live and will close on 3 October
2021 — head to the #contest-rules channel in the Odyssey DAO discord for more information.
Odyssey welcomes art, music, memes, and all forms of creativity for the contest.
All Ohmies who submit an entry will receive a link to claim a special art contest POAP commemorating their participation (redeemable for mystery prize in the future).
Twitter thread — How Olympus solves the liquidity problem
Ohmies will probably know that liquidity bootstrapping is a besetting sin in DeFi — most projects solve it by paying out high rewards to LP providers:
While this allows projects to bootstrap liquidity during the early phase, it also tends to attract mercenary capital. Once the farming token price decreases (which also causes the APY to drop) or the rewards run out, the capital can flow out along with it.
We saw a thread from @WAGMI (3,3) which posits that Olympus’ bonding mechanism could be the panacea for the liquidity problem. This would make Olympus well-positioned to help out other protocols as well. It is well worth the read!
Ohmie of the Week — @DC (3,3)
Thanks to last week’s Ohmie of the week @Z0RB (3,3) for carrying the mantle with honor!
You might recognize this week’s Ohmie of the Week from his adopted Parallel Ohmie card NFT profile picture — he has been an absolute hawk answering every question that new Ohmies could throw at him in the #questions and #welcome-chat.
In fact he did such an amazing job of helping out around the discord he was invited, and accepted, to become a Sherpa.
Of course we are talking about none other than @DC (3,3) — congratulations on being Ohmie of the Week, Ohmie — you earned it!
Numbers at a glance — DAI Bond Sales Bounce Back
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: 11432 (+511)
- August 10: 10580
- August 17: 10921
- August 24: 11432
Despite the recent volatility, Olympus added 511 new Ohmies over the past week!!
2. Bond sales (reserve bonds) statistics:
- DAI bonds: 2,813,629 DAI has been bonded in the past week
- Week-over-week growth of +74.13%
- FRAX bonds: 238,497 FRAX has been bonded in the past week
- Week-over-week growth of -44.70%
- *Important Note: The Policy team recently voted to decrease the FRAX and OHM-FRAX bond capacities to keep aligned with the treasury target of 5% of total FRAX supply which is protocol-owned.
3. Bond sales (liquidity bonds) statistics:
- OHM-DAI LP bonds: 314,279 of RFV in a week
- Week-over-week growth of +46.06%
- OHM-FRAX LP bonds: 28,224 of RFV in a week
- Week-over-week growth of +35.71%
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.
4. Liquidity Providing Fee Generation
- Total LP Fees Generated: $2,030,410
- $98,674 in fees generated in one week!
Via: Dune Dashboard
Olympus has taken in over $2.03M 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.
5. RFV per OHM: $27.75
- 7-day change: -$0.27 (-0.09%)
- 30-day change: +$3.01 (+12.17%)
The RFV per OHM experiences a slight drop this week. When the supply of OHM outpaces the revenue inflow, RFV per OHM will drop — this is part of the motivation behind OIP-18 as covered in last week’s newsletter.
6. Current Runway: 304 days
At the current reward rate of 0.339%, Olympus can continue to distribute OHM rewards for 304 days even if it stops bringing in revenue. If you need a recap on what runway is, check out this thread by @xh3b4sd.
7. Current Index: 12.746 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 1 July was about $446. If you staked one OHM since then, you would have more than doubled your stack now to 2.1155 OHM. OHM’s price today is around $303. Are you at a loss? Let’s find out:
Return on 24 August: 2.1155 * $303 = $640.9965
Principal gain = $640.9965 — $446 = $194.9965
This is the power of compounding and (3,3). Despite the drop in OHM price, the growth in your OHM balance is able to offset the price decrease provided you have a long enough time frame.
8. Protocol Owned Liquidity: >99% (OHM-DAI & OHM-FRAX)
Protocol Owned Liquidity shows the amount of LP tokens owned by the Treasury. For Olympus, this figure is currently greater than 99% for both OHM-DAI LP Tokens and OHM-FRAX LP tokens.
9. Macro numbers from around the cryptoverse:
Ohmie profile — @Mark’s tale
We had the opportunity to visit @Mark11 in his study overlooking the Agora — a tall gangly Greek with wild hair and playful smile — he poured us some tea.
How did you get into crypto?
I originally got into crypto through buying BAT the native token of the Brave Browser. I had used a bunch of privacy browsers before but they would just break so many websites that they were unusable — Brave was the first one that valued usability alongside privacy. I then proceeded to buy the top in early 2018 and bag held throughout the bear. I got back in toward the end of 2019 and early 2020 but not in a big way until Compound v2 launched. I food tokened through DeFi summer and then was looking for interesting projects in 2021.
How did you discover Olympus?
I stumbled on PapaFisk’s 10,000th follower tweet in early March 2021 which pointed me to Olympus — I was days late to the Olympus presale. I originally thought OHM was a stablecoin that could be bought and sold algorithmically when it was above or below $1 USD — I thought the yield would come from management of the underlying stablecoins. I had zero understanding of what bonds were or how they would operate. I wrote a terrible article for the original explainer competition which you can read here (warning it is really dumb).
What are you excited about for Olympus?
I am really excited about the culture of OHM — specifically the emphasis on cooperation and kindness. If you haven’t checked out this little explainer game on the evolution of trust I really encourage you to do so — it is very (3,3). We are all seeking belonging and meaning and I think the protocol provides a really powerful mechanism to build that culture through the transparency of the mechanics and long-term (3,3)ing being the most effective strategy.
What else are you into/excited about in crypto?
As a former regulatory lawyer — I used to spend a lot of time trying to work out how we, as a regulator, could change incentives so that company directors would stop breaching their duties. It was a fool’s errand — enforcement is costly and often fails, education and guidance is mostly ignored. The more I see crypto ideate and develop, the more I am convinced that we can build transparent systems with proper incentives which will make my old job redundant — that makes me very glad indeed. Other than that I like what they are doing over at FRAX (governance could be more decentralized though) — and I am also deep down the Illuvium rabbit hole, NFT gaming is going to be huge I reckon.
Meme of the Week — Asfi University (credit @WAGMIcrypto)
Give a man a fish, he will eat it at once; teach him (3,3), he is settled for life. That is the motivation behind Asfi University — to educate Ohmies on how Olympus works and dissect the underlying (and sometimes obscure) financial concepts that make it tick.
We think the Asfi University meme captures this spirit perfectly — a group of apes sitting in the classroom while the jigabrain (Asfi) remains unfazed and shows them the way of (3,3).
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 -
Leto, Mother of Apollo & Artemis
Preface: Leto is regarded as the Greek representation of Motherhood. Her name is rumored to mean “unseen”, for her beauty was hidden from everyone… except for Zeus.
Among Zeus’ countless mistresses was Leto, the daughter of the Titans Coeus and Phoebe, whom the Olympians had defeated in the Great War. Leto’s hidden beauty caught Zeus’ wandering eye, and soon enough, she was pregnant by the Chief God of Olympus.
Hera, Zeus’ oft tortured wife, became aware of her husband’s affair with Leto and went into a frenzy of anger, just as she did every time she caught Zeus in the act of infidelity. Hera knew Leto was pregnant and punished her with a curse that would prevent Leto from giving birth on any solid ground in the world, including any islands.
While undergoing the pain of labor, Leto wandered Greece in desperation to find somewhere to give birth. Fearing the wrath of Hera, every mortal Leto encountered turned her away. Fortunately, Poseidon pitied Leto enough to pull a large rock from the sea to create an island not anchored to the seafloor (and therefore did not violate Hera’s curse).
Leto finally gave birth to the twins Artemis and Apollo, two future Olympians, on the island that would later be named Delos (near modern-day Mykonos). The birth of the two young Gods was celebrated by everyone on Mount Olympus, except for Hera (to no one’s surprise).
Despite finally giving birth, Leto’s troubles with the Queen Goddess were not over. Foul creatures sent by Hera constantly harassed Leto for the remainder of her life, including the Giant Tityus, whom Apollo slew with a bow and arrows to protect his mother.
It is also believed that Leto eventually settled down in Thebes, where she had a run-in with the Arrogant Queen Niobe, but that is a different story for a different day ;).