The Agora Dispatch — Olympus Community Weekly Newsletter — Wednesday 26 January 2022
Welcome to the Agora Dispatch — an Olympus community run newsletter — made by Ohmies, for Ohmies!
Summary
- Editorial — Impossible souls
- Introducing Olympus12 Framework & Strategic Plan
- OIP-76 Inverse Bonds — ready to protect!
- OIP-74: Partnership with JonesDAO
- OIP-75: Olympus Compensation Process
- Partner Spotlight: [REDACTED]
- Ohmies of the Year special publication (later this week)
- Twitter Thread — Stoic Asfi
- Meme of the Week — WAGMI (credit Super Saiyan Carl)
- State of the DAO — Weekly Update
- Opportunities to Contribute — Join Us
Editorial — Impossible souls
We’ve seen 90% drawdowns before and probably again (hopefully far in the future).
This is our lot — to stare down the darkness.
The dream is so big — to become a unique asset — a decentralized reserve currency.
It was never going to be easy — the bigger we get, the more those who want to see us fail take delight, each time we fall.
We stand up again — and keep running the race.
We will not yield (3,3)!
Introducing Olympus12
It’s been a remarkable journey for Olympus in 2021 — but there is no time to rest!
The DAO has been hard at work and has shared a plan to reach the next milestones in Web(3,3) — Olympus12: An Action Plan for Olympus’ Next 12 Months.
It is an ambitious plan which synthesize a vision and framework for where we are and how we get to where we need to go.
OIP-76 Inverse Bonds — ready to protect!
With OHM price hovering above the market value of its treasury assets, the Policy team has proposed a mechanism that would allow the policy team to deploy a limited program of targeted bonds — should the price of OHM consistently trade below its backing — in order to remove OHM from the market.
Coined inverse bonds, they would work as follows:
Say OHM price is at $100, backing is at $120. You see that the inverse bond price has ticked up to a 5% premium. That means you will be able to sell your OHM at $105 to the treasury, instead of $100 to the market. The inverse bond price would not be able to exceed $120, because at that point it’s a net drain on the treasury.
The proposal seeks to authorize:
- The creation of inverse bonds as a market lever
- Launch inverse bonds if OHM begins to trade below its backing. Note that it is not a tool to peg OHM to that value. The lever brings OHM out of circulation and burns it, which increases the backing per OHM on every inverse bond executed.
The Forum discussion is ongoing here: https://forum.olympusdao.finance/d/1020-oip-76-create-inverse-bond-policy-lever
By the time of publication — this will likely have passed given the strong support from the community at the Snapshot vote.
OIP-74: Partnership with JonesDAO
A new protocol is again reaching out to Olympus and seeking for partnership, here comes JonesDAO!
JonesDAO is a yield, strategy, and liquidity protocol for options, it’s developing actively managed and fully-hedged option vaults for yield-bearing options-backed asset tokens. By interacting with these Jones Vaults, users will be able to access the best yields with 1 click.
JonesDAO proposes to provide Olympus 3.3% of its governance token at launch (targeting Jan 29th-30th), and asks Olympus to commit to not reduce its exposure to their governance token and give advice and assistance to JonesDAO.
You can read more about the proposal and share your view on Olympus forum and also vote in the snap snapshot here!
OIP-75: Olympus Compensation Process
Shout out to all the contributors who bring great value to the protocol, and this amazing cohmmunity!
The DAO has proposed a compensation and transparency framework to further professionalize the DAO operations.
The compensation will be based on two factors: Role and Level. By doing so, Olympus can pay contributors competitive salaries, be fair to contributors with similar roles and levels, and present more efficiency in the compensation process for contributors.
Read more details on Olympus forum and leave your thoughts there.
We hear that — further plans to encourage longer term alignment of DAO contributors are in the works — so stay tuned!
Twitter Thread
Ohmies, it’s been a tough past few days. We have seen people kicking us and calling us a ponzu when the price was going down. Luckily, we’re in a relatively stable position now — fingers crossed.
At such a crucial juncture, Asfi points out that it’s important to stay considerate for other protocols that are having a bad day. He encourages us to not get distracted or bathe in the schadenfreude.
Let’s focus and build out Olympus!
We will be releasing a special publication for Ohmies of the Year 2021 — later this week — so will return with Ohmie of the Week starting again next week!
Meme of the Week — WAGMI (credit Super Saiyan Carl)
With price and market cap down — the outlook can seem grim — and Twitter is teeming with FUDs (as is the norm during a bear market).
When faced with adversities, some Ohmies have displayed their mettle and extraordinarily sense of humor — their ability to make light of the whole situation and spread optimism is what makes our community unique.
Thank you Super Saiyan Carl for making this playful comic. It is a tough time for Olympus, but we are all going to make it.
Partner Spotlight: [REDACTED]
[REDACTED] is a subDAO of Olympus that allows its users to bond governance tokens and receive discounted $BTRFLY tokens. These governance tokens are then utilized in various yield generating strategies by the treasury of [REDACTED], ensuring an upward spiral for the value of $BTRFLY.
Promoting cross-chain influence of Olympus, [REDACTED] reduces the supply of Curve ecosystem tokens in secondary markets at the issuance of $BTRFLY. This leads to an increase in the value of these ecosystem tokens alongside $BTRFLY.
Olympus receives 5% of bonded tokens and BTRFLY paid to bonders, and also owns 20% of the pBTRFLY supply.
Read more about their constitution and future plans here.
State of the DAO — Weekly update
Continued with the weekly tradition, Olympus held a DAO-wide sync yesterday and we got to hear first-hand updates from the various departments’ leads:
Engineering
The Engineering team has been working on the V2 versions of recently launched features such as Olympus Give. Also, it was hinted that permissionless Olympus Pro is well under way and should be out soon — any protocol would be able to spin up their own bonds and start accumulating their own liquidity in a few clicks.
Operations
Veggie from the Operations team presented the DAO contributors survey result and it was heartening to see the majority of the contributors are satisfied with their allocation, which properly reflects their contribution level. Another cool insight we got from the survey is that many cited the positive culture within Olympus as the main driver for their contribution.
Incubator
The Incubator team briefly introduced Vesta Finance which is a fork of Liquity and allows users to borrow against their collateral at 0% interest rate. The team also pointed out that although the partnership with FiatDAO and JonesDAO was facilitated by them, they are not strictly incubatees but pre-launch partners of Olympus.
Community & Content
The C&C team has been working with the Operations team to come up with OKRs for the different subteams such as glOHMal and Sherpa Library. These OKRs are a crucial part of DAO v2 and therefore need to be planned properly. The team also announced that the Portuguese translation for the Olympus Pro documentation was recently completed by the glOHMal team.
Marketing
The Marketing team was happy to share that their Discord restructuring has finally completed. The new structure allows the team to organize themselves and work more efficiently, which suits their agile working style.
Grants
It was announced that 14th February will be the public launch date of Olympus Grants — a new initiative for teams to apply grants from the DAO to work on projects that benefit the Olympus ecosystem. For now, the team is drafting the OKRs and gearing things up, and there will be a DAO-wide presentation one week before the launch.
Products
The Olympus Give team is working on documentation and finalizing the gOHM integration, while the Odyssey team is working on a feature roadmap. We are happy to hear that the Odyssey product is in staging now, and will be ready on testnet soon.
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.
