​​​​​​​The Agora Dispatch — Olympus Community Weekly Newsletter — Wednesday 4 August 2021

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

Summary

  • Editorial — Free hearts, free hands, free foreheads
  • Olympus featured in Bankless — WTF is Olympus DAO?
  • ETH Bond to go live today — August 4 2021
  • Olympus Fuse Pool — Community Call — More than 280 jump on the call
  • Calling all bounty hunters — have your say if the new bug bounty proposal should head to a vote!
  • Community night goes off — Games, Education, NFTs & an after-party at the Odyssey DAO
  • Twitter thread — @xh3b4sd breaks down the concept of Inverse Bonds which is on the horizon
  • New calculator for Ohmie degens — Rari Fuse calculator (9,9)
  • Ohmie of the Week — @Brian (3,3) (or @WAGMIanon on twitter)
  • Numbers at a glance — RFV surges above $23
  • Ohmie profile — @SoCrates
  • Meme of the Week — Ohmlympics (credit @WAGMIcrypto)
  • Opportunities to contribute — join us
  • Agora’s Learning ancient-Greek mythology series — Perseus, Son of Zeus

Editorial — Free hearts, free hands, free foreheads

While pump chasers fled to do their work — some newer hands crumbled at the bottom.

This is not our lot.

The promise of our endeavor is great.

We will travel beyond the sunset and the baths — among all the westerns stars — forever while the Ohmless remain.

Olympus featured in Bankless — WTF is Olympus DAO?

This week, Olympus was featured in the Bankless newsletter, a premier media outfit in the DeFi space. The feature deep dives into the protocol — from its vision to become the decentralized reserve currency to the various mechanisms which allow Olympus to achieve this ambitious goal. If you haven’t already please do give it a read.

The Bankless @BanklessHQ twitter handle with ~73K followers also briefly added (3,3) to their name and shared the thoughtful meme below:

https://twitter.com/BanklessHQ/status/1420954153669468164

Wider DeFi finally taking note.

ETH Bonds to go live today — August 4 2021

Following a landslide victory — 99% voted in favor to begin accruing ETH into the treasury — the Olympians have been hard at work to set up the contracts and front-end to bring ETH bond to the Ohmies.

https://twitter.com/OlympusDAO/status/1422748559343071233

Just in time for EIP-1559.

If you wish to partake, remember to watch out for a good discount rate available on the Olympus website. Bonds are a competitive game, the discount rate can turn unfavourable when there is too much demand.

Olympus Fuse Pool — Community Call — More than 280 jump on the call

Following the successful launch of the Olympus Pool Party Fuse pool on Rari — there has been sustained interest in adding more assets to the pool.

Our very own @glueeater, from the Olympus DAO’s partnership team, on 30 July 2021 — brought representatives from some of the best up-and-coming DeFi protocols to a community call to discuss; who they are, where they are headed and how they can work with Olympus.

We listened in and heard from the Beatles over at Float tout their floating reserve currency ‘taking the edges of ETH volatility’, @Joey from FEI who explained that they are sitting on a hoard of FEI USD stablecoin ready to be borrowed by Ohmies, and the famous @ScoopyTrooples from Alchemix who got us hot for a newly proposed, new primitive alOHM.

Expect to see some of these assets slip into the pool over the next couple of weeks.

If you missed the call, be sure to catch it on Youtube.

Calling all bounty hunters — have your say if the new bug bounty proposal should head to a vote!

We spotted a new proposal by @proofofsteve on the Olympus forum that seeks to introduce a very generous two-tier bug bounty program:

Tier 1: For bugs/exploits which would lead to a loss of bond funds, a flat reward of $333,333.

Tier 2: For bugs/exploits which would lead to a loss of treasury funds, a flat reward of $3,333,333.

What do you think about the proposal?

You can check out what other protocols are offering on Immunifi — before having your say on the forum about whether the proposal is ready to head to a snapshot vote.

Community night goes off — Games, Education, NFTs & an after-party at the Odyssey DAO

The inaugural Community Night concluded successfully on August 1 with more than 273 Ohmies participating in the event.

Having “Game Night” as the main theme, it featured popular arcade titles from jackboxgames such as Drawful and Fibbage (see images below). We saw several community members compete for glory and fame while the rest were equally engaged providing their answers as the audience.

Which is the real answer?
The participants have to guess the meaning behind each drawing in Drawful 2

During the event, the generous @Dudemyguy occasionally airdropped some OHM (you read that right) to the ever-attentive participants who were quick to claim any airdrop they stumbled upon. There was also a 1-of-1 NFT giveaway which was randomly drawn to @Wartull, the community manager of Olympus. But that wouldn’t do! In an excellent display of Ohmie spirit, it was returned and — after a re-roll — the NFT was awarded to @Alex.t(3,3).

Congratulations Alex.t (3,3)

It was not all about fun and games! During a break, @0xRusowsky took the stage to explain to Ohmies how to use the OWAD dashboard to track their OHM transaction history, as well as explaining the different metrics used in the Dune dashboard.

And the afterparty was held long into the night at the Odyssey DAO discord server.

Twitter thread — @xh3b4sd breaks down the concept of Inverse Bonds which is on the horizon

We spotted a spicy thread on Twitter from the one and only @xh3b4sd who breaks down the novel concept of Inverse Bonds which is on the list for further exploration by the Policy team.

The general idea is that some of the bond sales goes into a pool which creates a buy wall set at certain price levels for OHM:

The DAO votes on a resistance level, say 400 $DAI. Then we divert a fraction of bond sales to the resistance level. If the market hits resistance, it can sell into its capacities until these particular excess reserves dried up or the market switches again.

Imagine a 10m buy wall at 400 $DAI waiting for the market to test it. Imagine Mr Whale dumping 5000 $OHM in a single transaction and instead of bringing the market down by 12% all it hits is protocol resistance. Letting the market catch up again.

A very interesting approach for further exploration — Ohmies built different.

https://twitter.com/xh3b4sd/status/1422540866003030022

New calculator for Ohmie degens — Rari Fuse calculator (9,9)

@Brian (3,3), a seasoned tinkerer, made a new spreadsheet calculator that allows the more degenerate Ohmies to plan a safer approach to leverage.

3 out of 5 calculators featured on the Discord are made by Brian

Titled “Rari Fuse Calc (9,9)”, it allows you to track your leverage ratio and the liquidation price to help you avoid over-leveraging. Other features of the calculator include:

  • Choose between different pools
  • Option to use borrowed sOHM as collateral
  • View your maximum borrow limit
  • Take into account OHM price change

While leveraging can be used to accelerate profits, it is also a dangerous game when you over-leverage.

Editorially Agora recommends that you avoid leverage entirely — because you can’t win the game if you aren’t in it!

Ohmie of the Week — @Brian (3,3) (or @WAGMIanon on twitter)

Thanks to @Fluctuslux for being such a great Ohmie of the week last week!

This week’s Ohmie of the Week has been a stand-out character — from making the finest calculators, always being there to answer Ohmie questions on the discord, to shutting down nonsense FUD on twitter — @Brian (3,3) has established himself as a valued member of the Olympus Community.

A well-earned title for such a deserving Ohmie of the Week — congratulations @Brian (3,3)!

Numbers at a glance — RFV surges above $23

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: 9630 (+1264)

  • July 20th: 7196
  • July 27th: 8366
  • August 3rd: 9630

Last week we reported that the number of Ohmies surpassed 8000 and guess what, Olympus just onboarded more than 1200 new Ohmies this week alone!

2. RFV per OHM: $23.15

The RFV per OHM just broke the $23 mark on the 3rd of August! The revenue from bond sales has contributed tremendously to the growth of the treasury, and now there is more than $23 in treasury assets behind every OHM in circulation.

3. 20k APY Runway: 237 days

APY Runway has continued a steady upward trend as the protocol revenue growth remains strong. In a bit less than two months, the runway for 20k APY staking rewards has increased from 198 days to 237 days! If you need a recap on what is runway, check out this thread by @xh3b4sd.

4. 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.

5. Bond sales (reserve bonds) statistics:

  • DAI bonds: 2,614,311 DAI has been bonded in a week
  • Week-over-week growth of +21.91%
  • FRAX bonds: 591,129 FRAX has been bonded in a week
  • Week-over-week growth of -44.06%*
  • *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.

6. Bond sales (liquidity bonds) statistics:

  • OHM-DAI LP bonds: 315,952 of RFV in a week
  • Week-over-week growth of +54.59%
  • OHM-FRAX LP bonds: 92,344 of RFV in a week
  • Week-over-week growth of -32.39%

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.

7. Macro numbers from around the cryptoverse:

8. Liquidity Providing Fee Generation

Via: Croco.Finance (0x31f8cc382c9898b273eff4e0b7626a6987c846e8)

Olympus has now generated $985,128 in revenue from trading fees across OHM-DAI and OHM-FRAX pairs. A 9.56% 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 0.25% per trade on Sushiswap and 0.30% on Uniswap.

Ohmie profile — @SoCrates

We visited SoCrates at his terracotta workshop on a small estate which supplies Thebes fresh millet and drinking vessels. He was forming an attractive vase when we stepped through the door — he met us with the firm grip and genuine embrace that one reserves for good friends — after a wine or two we got into the interview.

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

My life story up until this point would put most people to sleep and cause some cringe, undoubtedly. That being said, I have a bit of experience that I’m personally proud of. I managed to run a bike shop in a city of 300,000+ people nearly single-handedly; from answering the phone to bleeding the brakes. I can literally build a road bike from scratch, blind-folded with one hand. My girlfriend and I own and operate our own little pottery studio and have seen amazing success over the past four years. We sell to customers all over the world and have pieces in more countries than I can keep track of. She’s one of the most talented artists I have ever had the pleasure of working with and learning from. A true Golden Goose by any standard. Aside from business and art, I have at least two dozen different interests or hobbies, but am a master of none, naturally. I like to consider myself a sort of pseudo-polymath in that regard. Right now my main focus is in all things that grow and sustain yield. Agriculture, both primitive and advanced, good old compound interest, and sustainable living. Homesteading in the truest sense. None of that FAKE-ASS Instagram Homesteading bullshit. We are down here in the DIRT and mud chopping trees and riding tractors into ditches.

How did you get into crypto?

I first entered the crypto space as a humble miner sometime between 2013–2014. I couldn’t tell you what first got me into it because I honestly don’t remember. It was most likely out of sheer boredom, as anyone with an old graphics card lying around would have had something extra to kill time with while POSSIBLY breaking-even on their electric bill. The GPU I started out with was an old Nvidia GeForce 6600 which would have already been nearly a decade old at the time. It wasn’t much, but it worked beautifully and helped teach me everything I wanted to know about mining and blockchains. Litecoins and Litecoin forks were all I pointed that badboy at. I can’t recall why I stayed away from mining BTC. Maybe I thought it was boring dinosaur tech. I was happier relegating myself to mining the BITCOIN KILLERS of the early days. And no, I never managed to hang on to my early stacks long enough to become wealthy. Many such cases, sad.

When and how did you join Olympus?

I ended up being invited to the Discord by a near complete stranger about one day after the snapshot for the Initial Discord Offering. He said nothing more than the magic words “might be an airdrop” and the rest is history. You can read about how I discovered Olympus along with many other stories over in the #ohmie-stories channel inside the Odyssey Discord.

What are you excited about for Olympus?

At this point I’m more excited to watch the community and the protocol’s treasury grow and reach all across DeFi. Just as OHM is backed by assets, the community is backed by OHMIES. In the time since launch I have met some truly amazing people from all across the spherical globe, each bringing something unique and genuine to the table. On any given night whether in voice chat or text, you will find yourself exposed to a mind-boggling array of people and expertise. From professional shitposting to economic theory, from high-level math to mycology, from venture capitalist to endurance cyclists, from total noob to crypto OG. Everyone is there and everyone gets along. Where else can you find anything like that?

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

I’m excited to see how far the devs can push the boundaries of what’s possible on our side of the fence. I’m speaking of DeFi and Crypto in general. As a romantic thinker and rebel at heart — I want to see projects and devs continue working together with the eventual outcome being the birth of a new financial ecosystem — instead of tearing down the old one, we simply make it obsolete. People say they want freedom and choice. Let’s see how much we are willing to fight and work together to make that happen.

Meme of the Week — Ohmlympics (credit @WAGMIcrypto)

Ohmie @WAGMIcrypto made the Ohmlympics meme to celebrate the seasonal event that began in Greece all those years ago.

We think it captures the moment and deserves to be 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.

Agora’s Learning ancient-Greek mythology series — Perseus, Son of Zeus

Perseus was the son of Zeus and Danaë, the daughter of Acrisius, King of Argos.

Disappointed by his lack of luck in having a son, Acrisius consulted the oracle at Delphi, who warned him that he would one day be killed by his daughter’s son. In order to keep Danaë childless, Acrisius imprisoned her in a bronze chamber, open to the sky, in the courtyard of his palace.

Zeus came to her in the form of a shower of gold, and fathered her son Perseus. Soon after, their child was born; Perseus.

Fearful for his future, but unwilling to provoke the wrath of the gods by killing the offspring of Zeus and his daughter, Acrisius cast the two into the sea in a wooden chest.

Danaë’s fearful prayer, made while afloat in the darkness, has been expressed by the poet Simonides of Ceos. The mother and child were washed ashore on the island of Seriphos, where they were taken in by the fisherman Dictys, who raised the boy to manhood. The brother of Dictys was Polydectes, the king of the island.

When Perseus was grown, Polydectes came to fall in love with the beautiful Danaë. Perseus believed Polydectes was less than honourable, and protected his mother from him; then Polydectes plotted to send Perseus away in disgrace. He held a large banquet where each guest was expected to bring a gift. Polydectes requested that the guests bring horses, under the pretense that he was collecting contributions for the hand of Hippodamia, daughter of Oinomaos.

Perseus had no horse to give, so he asked Polydectes to name the gift; he would not refuse it. Polydectes held Perseus to his rash promise and demanded the head of the only mortal Gorgon, Medusa, whose gaze turned people to stone.

Athena instructed Perseus to find the Hesperides, who were entrusted with weapons needed to defeat the Gorgon.

The Graeae were three perpetually old women, who shared a single eye. As the women passed the eye from one to another, Perseus snatched it from them, holding it for ransom in return for the location of the nymphs. When the sisters led him to the Hesperides, he returned what he had taken.

From the Hesperides he received a knapsack to safely contain Medusa’s head. Zeus gave him an adamantine sword and Hades’s helm of darkness to hide. Hermes lent Perseus winged sandals to fly, and Athena gave him a polished shield. Perseus then proceeded to the Gorgons’ cave.

In the cave he came upon the sleeping Medusa. By viewing Medusa’s reflection in his polished shield, he safely approached and cut off her head. From her neck sprang Pegasus and Chrysaor a sword of gold, the result of Poseidon and Medusa’s mating. The other two Gorgons pursued Perseus, but, wearing his helm of darkness, he escaped. From here he proceeded to visit King Atlas who had refused him hospitality; in revenge Perseus turned him to stone (by showing Atlas the severed head).

OlympusDAO community run media — by Ohmies, for Ohmies