The Agora Dispatch — Olympus Community Weekly Newsletter — Wednesday 28 July 2021
Welcome to the Agora Dispatch — an Olympus community run newsletter — made by Ohmies, for Ohmies!
- Editorial — (3,3) is the Phalanx against volatility
- OIP-15: Adding ETH to the treasury
- Ohmie Card Painting — tale of a sale, unsold!
- Community night — Join the Ohmies for some games & prizes!
- Pool party community call coming up + monster liquidation in Fuse pool
- Add sOHM to AAVE proposal
- New tool for Ohmies — OWAD (Olympus Wallet Activity Dashboard)
- Convex proposal passes with 99% in favor
- Agora Pod — well received, thanks to Asfi and DKD
- Twitter thread — Why declining APY may not mean declining returns for new Ohmies
- Ohmie of the week: @Fluctuslux
- Numbers at a glance — we are 8,000+ Ohmies strong
- Ohmie profile — @Virtualeader
- Meme of the Week — I’ll take option b), that’s (3,3) (credit @Cartesius)
- Opportunities to contribute — join us
- Agora’s Learning ancient-Greek mythology series: Prometheus, the Thief of Fire
Editorial — (3,3) is the Phalanx against volatility
Shoulder to shoulder Ohmie hoplites stand in the Phalanx. Shields overlapped, they face the rush of arrows, spears, and rage of Ares — they know victory lies in standing firm with their fellow citizens.
A coordination failure means the wall collapses and a quick descent into the realm of Hades.
(3,3) is the most powerful meme in crypto — a symbol which represents an inspired and educated citizenship that refuses to let uncertainty and doubt steal their future away.
Mercenary whales will come and go — but each new Ohmie is another shield against that screeching daily onslaught, threatening to overpower the vision of a decentralised reserve currency.
It was just a moment ago when there were no Ohmies — now more than 8,000 carry the flame proudly — and we will not let it go out.
OIP-15: Adding ETH to the treasury
We saw that the Olympus policy team has put forward a new proposal to own the land we are building on and acquire some ETH for the treasury through selling ETH bonds.
The proposed target is 5% of the treasury risk free value — which sits at about $21,600,000 today. This means the treasury would scoop up $1,080,000 worth of ETH, which amounts to about 472 ETH at today’s prices.
The ETH bond sales will occur over a period of 45–60 days. Each ETH acquired would be assigned a risk free value of zero, though it is still being counted towards the intrinsic value of each OHM along with DAI and FRAX. In other words, each OHM would be backed by 1 FRAX or DAI and 0.00049 ETH at today’s supply should the proposal pass.
This is currently up for a vote on snapshot — so go get voting here.
Ohmie Card Painting — tale of a sale, unsold!
It was just two weeks ago that the Ohmie Account Card service launched with hundreds of immaculately designed Ohmie cards, popping up on what seemed like every causeway and track around Greece.
To commemorate this, an NFT was commissioned to collect 1000 Ohmie account cards in a (3,3) mosaic. Two copies of the mosaic were minted with one going up for auction and the other going to the treasury.
It initially looked like @Ass-Eater (we don’t make the rules) had won the auction on 27 July 2021 with a bid of 4.69 ETH — however, we are reliably informed, that an Ohmie Intern accidently ended the auction early and it should have actually continued for a few more days.
In a very (3,3) move @Ass-Eater (pardon our French again) agreed to return the NFT to finish the auction if @Jawz changed his profile pic to John McAfee swinging in a hammock. @Jawz obliged and we are now happy to report that the auction continues for another day with the highest bid now standing at 7.69 ETH. All proceeds from the auction will go to the treasury.
There is still a chance to own a piece of Olympus history — if you hurry.
Community night — Join the Ohmies for some games & prizes!
We are thrilled to report that Olympus will be organizing its first ever Community Night on 1st August!
Community Night is an initiative organized by Ohmie extraordinaire @FattyBagz — to promote camaraderie and community among Ohmies. It will be a bi-weekly event with the first edition featuring a raft of community games and prizes (no ohmies shall be left behind!). In future he hopes it will expand to include activities like coding livestream, Q&A with some of the big brains, and even an AMA with some of the Olympus VCs!
We sat down with @FattyBagz to discuss his vision for Community Night:
The idea behind Olympus Community Night delves much deeper into the realm of utility than it might seem at first glance. This first event is a Game Night. A light-hearted, high octane party, where the community can enjoy one another’s company and antics, engage in audience participatory gaming, and welcome new members to the family.
Behind this vale of slurred speech (for those drinking), button mashing, and free coins falling from the sky, lies a surgically tuned and polished machine, just waiting to fire up its engine.
This first event is designed to put as many eyes on the protocol as possible and let people know we’ve got this new platform where we host a myriad of themed events, all with the intention of benefiting the event agenda. After Games Night is over, we clean up and we get the house ready for when mom and dad get home.
This clean house is now available to rent out as a platform and be utilized by the protocol and our friends. This was the idea behind Community Night from the start. A platform directly created to support and host educational events, presentations, group learning, think-tanks, financial strategies, crypto, the list goes on.
The ingenuity of these events is limited only by the presenter’s creative capacity. “But Fatty, isn’t this a bait n’ switch?” No. We will still have Game Nights thrown in the mix. Who knows, it could even be a regular gig. That’s the beauty of Community Night and how it’s intended to be utilized. It will evolve, we will learn what we like and don’t like and we will leverage the ideas that bring the most value to the greater Olympus community and our friends. Simply put, come for the laughs, stay for the incredible community.
Just a little alpha for our readers — on the night there will be a special quiz relating to items covered in the newsletter. So be sure to pay attention to the topics we have covered in this week’s edition (or have one ready by your side) — and you’ll have a good shot at some of the prizes!
Pool party community call coming up + Monster liquidation in Fuse pool
Last week, we mentioned a forum post about diversifying the assets for both borrowing and lending in the Olympus Pool Party. This week, we can report that Olympus DAO has organized a grand community call with the various protocols mentioned.
We are told the shindig will kick off this Thursday (July 29) at 10 PM UTC (6 PM ET, 3 PM PT) featuring speakers from Rari Capital, Fei Labs, Reflexer, Alchemix and Float Protocol!
Be sure to drop by the main Discord to learn about these assets, how they could add value to the Fuse pool and ask any other questions you might have to these DeFi powerhouses!
With the introduction of the Olympus Pool Party — Ohmies now have the option of borrowing against their sOHM to buy more OHM or make other investments. This of course comes with the risk of liquidation of your collateral.
Ohmies would have watched with horror at what appeared to be a whale offloading a large stack of OHM last week — we are sad to report, however, it was in fact a whale drowning in the Rari Fuse pool.
On 26th July, OHM price saw a 20% drawdown in the span of 11 hours which caused several liquidations in the Olympus Pool Party. The whale was the biggest victim having about $1MM worth of sOHM liquidated during this event:
Remember Ohmies, leverage is very dangerous! If you get liquidated it will usually be at the bottom of a dip and you will have to pay liquidation fees on top. If you aren’t confident that you understand all the risks of leveraging we recommend that you just don’t do it.
Add sOHM to AAVE proposal
We spotted some further moves to bind us closer to the Finnish ghosts when @Tex from the partnerships team posted a proposal on the AAVE forums to add OHM to AAVE for borrowing and lending.
This would provide a much larger market for Ohmies to access borrowing and lending with over $5 billion in stable coins and borrowing rates as low as 3.26% apy.
Some spooky characters (AAVE team members) dropped by with some helpful thoughts…
If you are an AAVE holder head over to their forum and voice your support to get OHM added to AAVE.
New tool for Ohmies — OWAD (Olympus Wallet Activity Dashboard)
As an active member in the Olympus Discord, we often hear Ohmies asking for a way to track their OHM portfolio:
One of our community members, @0xRusowsky, heard that cry and developed a personalized dashboard to assist. Besides tracking your transaction history involving OHM tokens, it also presents a plethora of useful analytics. Here are some of our favorites:
- Max Wallet Index field displays the amount of OHM you would have had if you staked 1 OHM since the beginning of your first transaction with Olympus
- OHM Balance dashboard shows you the amount of OHM earned from rebasing
- Portfolio Value dashboard compares your portfolio value against your investment capital
So try the Dune dashboard for yourself!
Make sure to thank @0xRusowsky and let him know if there are any extra features you might like or drop a message in the DAO discord general channel.
Tip: After applying your wallet address to the dashboard, you can bookmark the page for future reference so you don’t have to log in again to view the analytics.
Convex proposal passes with 99% in favor
With a great turnout of about 15% of token holders — the vote to add the memeable amount of 333,333 FRAX to Convex Finance and earn some juicy rewards passed with flying colours. You can check out the results here.
Our deposited FRAX will earn us 15.2% APR as we go to press.
The treasury team will now draft up the contracts and once safety checks are done the FRAX will be deposited — we’ll let you know when it does.
Agora Pod — well received thanks to Asfi and DKD
We are happy to report that the launch of Agora Podcast on 23 July 2021 was a rollicking success. We have already had 91 unique listeners drop in on Spotify.
Co-hosts @Mark11 and @dropkickdarren discuss the latest news and some hilarious stories from Olympus. Followed by an interview with resident big-brain @Asfi where he talks about how he became fascinated by the protocol and why becoming an Ohmie was a no-brainer. He reflects on his career, the addressable market of Olympus and the 9 stages of OHM ownership.
Make sure to catch up on episode 1 and watch out for episode 2 coming this Friday with special guest @Memetics who will fill us in on the history of the Odyssey DAO and where they are headed.
Twitter thread — Why declining APY may not mean declining returns for new Ohmies
Ohmies who check the dashboard every once in a while might be worried about this graph:
The graph shows that there has been an exponential decrease of staking APY since the middle of June.
Fear not fair Ohmies, @Asfi is here (yet again) to set the record straight on why decreasing APY might not be the whole picture when considering your future OHM holdings.
Ohmie of the Week: @Fluctuslux
Thanks to @Memetics for being such a great Ohmie of the week!
We are very excited to let you know that the new Ohmie of the week is none other than @Fluctuslux. A stalwart of the main Discord, he is an OG Sherpa who is always there to lend a helping hand to onboard new Ohmies or help out a familiar face.
You can tell a contributor that goes above and beyond when they have to add “not a mod” to their handle (just a matter of time we imagine).
The people of Greece are well pleased and there is no one more deserving of the honor of being Ohmie of the Week — well done and congratulations @Fluctuslux!
Numbers at a glance — we are 8000+ Ohmies strong
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:
- Number of Ohmies +1170:
- July 13th: 6043
- July 20th: 7196
- July 27th: 8366
Last week we reported that the number of Ohmies surpassed 7000 and guess what, Olympus just onboarded more than 1100 new Ohmies this week alone!
2. The RFV per OHM just broke the $22 mark on the 25th of July! The revenue from bond sales has contributed tremendously to the growth of the treasury, and now there is more than $22 in treasury assets behind every OHM in circulation.
3. Last month, Ohmies voted for the protocol to reduce reward rate in favor of sustainable growth. By reducing the number of OHM emitted per epoch, the protocol is able to distribute these rewards for a longer period (we call this runway). Since then, the protocol has seen a steady increase of runway. As of the 27th of July, the protocol has a runway of 234 days at the targeted APY of 20,000% (current APY ~15700%).
4. Bond sales (reserve bonds) statistics:
- DAI bonds: 2,144,394 DAI has been bonded in a week
- Week-over-week growth of +16.98%
- FRAX bonds: 1,059,492FRAX has been bonded in a week
- Week-over-week growth of -9.85%
5. Bond sales (liquidity bonds) statistics:
- OHM-DAI LP bonds: 204,379 of RFV in a week
- Week-over-week growth of +2.55%
- OHM-FRAX LP bonds: 136,584 of RFV in a week
- Week-over-week growth of +18.61%
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.
6. Macro numbers from around the cryptoverse:
7. Liquidity Providing Fee Generation
Via: Croco.Finance (0x31f8cc382c9898b273eff4e0b7626a6987c846e8)
Olympus has now generated $899,202 in revenue from trading fees across OHM-DAI and OHM-FRAX pairs. A 30% growth of fees week over week! It is worth noting that these LP fees are collected in both OHM and the stable asset (either DAI or FRAX) at 0.3% per trade (on Sushiswap and Uniswap, respectively).
Ohmie profile — @Virtualeader
We met @Virtualeader at his private section of the Olympia Baths, steam penetrating our pores, we gazed at impossible murals across the walls as we joined him for a nice long soak. Lowering into the warmth of the bath — he flashed a smile, no doubt settling on how this very visit would be translated into a layered meme — and just as quickly as we sank into the water we began the interview.
Can you give us a little background of your life before crypto?
Before I started with crypto, I was a student. At that time, I gambled a lot — eventually ending up at a technical college where I studied software engineering… for one semester. You can probably imagine how it ended. Mostly I spent my time creating memes from my lecturers.
How did you get into crypto?
Autumn 2017, in high school through a friend (yep I bought Btc for 18k and sold the bottom). We would pull all-nighters watching it course up and down on Coinmarketcap.com and from that initial gambling we slowly developed a love for the crypto world. After a long break, I started again at the end of 2020.
When and how did you join Olympus?
A couple days after the launch, through Jeff’s NFT project. I somehow ended up on the Discord, can’t escape (help). I mostly didn’t understand what the Gigabrains were talking about, but luckily I read up on it and am still here (3,3).
What are you excited about for Olympus?
In which direction our path will lead us, especially what will happen after the growth phase. Because I spend so much time with the community, I am also excited to see how we will all develop as a family.
What else are you into/excited about in the crypto space?
DeFi in general and besides that NFT’s — I love video games, so I am interested in the development of NFT’s as they are adapted into the video game industry.
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 #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: Prometheus, the Thief of Fire
Preface: Prometheus, meaning “foresight” was an apt name for the cunning and intelligent son of a Titan. Contrarily, Prometheus’ brother Epimetheus (hindsight), was depicted as foolish and clumsy. We will cover Epimetheus in a future edition of the Dispatch, as he is responsible for the opening of Pandora’s box.
Prometheus, son of the Titan Lapetus, played a vital role in the development of humankind in ancient Greek Mythology. He is portrayed as a champion of humans and is credited with many advancements of human society including fire, civilization and technology. Some accounts even credit Prometheus with the creation of Man entirely.
Prometheus’ love for humans led him to steal fire from the gods, who had previously hidden fire away from humans as punishment for improper sacrifices. Removing the ability to use fire suffocated human civilization as it had become the backbone of early society.
Upon learning of Prometheus’ transgression against the divines, Zeus (the chief god of Olympus) was outraged and decided to punish both Prometheus and humankind severely. Zeus instructed Hephaestus to create the first woman (Pandora) and have her sent to Epimetheus (Prometheus’ brother) with a box containing all the evils of the world. Zeus knew the box would be opened and the evils would be unleashed on humankind.
Prometheus’ punishment was also abhorrent. Zeus had the trickster bound to a rock where an eagle would eat his liver every single day for eternity. The liver would grow back every night, ensuring an endless cycle of torture. Zeus framed the punishment as a warning to anyone who crosses him.
Moral of the story: Don’t mess with the chief God!