The Agora Dispatch — Olympus Community Weekly Newsletter — Wednesday 29 September 2021
Welcome to the Agora Dispatch — an Olympus community run newsletter — made by Ohmies, for Ohmies!
- Editorial — The Beginning
- Pendle launches on Olympus Pro!
- Tokemak Reactor Race — OHM in first place!
- The Premier of Agora TV
- Olympus Pro launched at FOHMO 3
- TAP-3 and TAP-4: Put Olympus treasury to good use
- Bot Raids on the Server (again) — Olympus mods or admins will never DM you first
- Treasury upgraded to 4-of-7 multisig
- Reddit found a new home
- Twitter thread — Olympus Playground
- Ohmie of the Week — @Json (9,9)
- Numbers at a glance — $1.4 billion in annualized revenue & closing in on 20 thousand Ohmies
- Ohmie profile — (Rerun!) Memetics
- Meme of the Week — FOHMO 3 hangover (credit @WAGMIcrypto)
- State of the DAO — Weekly update
- Opportunities to contribute — join us
- Agora’s Learning ancient-Greek mythology series — Apollo & Daphne
Editorial — The Beginning
A new epoch in our history has begun — we are a billion dollar protocol — with an innovative service that is driving value to our treasury — and so much more in the works.
Our DAO must surely be the largest operating entity in DeFi — and it is now a well-oiled machine, where people want to work and contribute.
Just think about that for a second — one of, if not, the largest operating entity in DeFi — in just 6 months.
And Olympus Pro is just the start.
Pendle launches on Olympus Pro!
Pendle is the first partner to launch with Olympus Pro! Pendle enables the tokenizing and trading of future yield by leveraging on base lending layers created by prominent DeFi protocols such as Aave and Compound.
Pendle also allows future yield to be separated from its underlying asset and traded independently. It is powered by an AMM specifically designed to support tokens with depreciating time value, creating a new type of DeFi derivative.
Yesterday on the first day of Olympus Pro — the bond market sold more than $50,000 worth of bonds in one day:
Olympus takes a small percentage of each bond at 3.3% — which is deposited into its diamond-handed Treasury. This isn’t really a cost to the partners because those tokens will never be sold and will merely sit behind each OHM. They of course have a value — which, at this rate, translates to about $1,600 a day for Olympus, and this only accounts for one partner (there are four more partners to be onboarded this week).
Read more about Pendle here.
Tokemake Reactor Race — OHM in first place!
Tokemak is a liquidity absorption and direction protocol which is described as the Web3 infrastructure stack of the future:
1) Electricity: charge in laptops or power to desktops and servers
2) Network access: high bandwidth internet for data transfer
3) $ETH: enough ETH to pay for transactions
4) $TOKE: enough TOKE to access liquidity on demand
To get started in collecting liquidity they have launched their C.O.R.E event to ignite 5 initial reactors out of 42 candidate protocols. The selected reactors will receive $TOKE token staking rewards. While of course OHM is currently 1st in the race, there will be lots of horse trading as votes can be moved throughout the week before the end of the C.O.R.E event. It will no doubt come down to the wire, so if you are a Toke holder it’s all hands on deck to make sure the OHM reactor gets fired-up!
If you want to learn more about Tokemak, the good folks at our own Agora Podcast interviewed the founder @Liquiditywizard a few weeks ago.You can listen to that episode here https://rss.com/podcasts/agorapod/269375/, or see this handy twitter thread by Tom Shaughnessy .
The Premier of Agora TV
One discussion dove into how we can improve governance and voting within crypto. One idea raised was quadratic voting, which is where your vote is determined by the square root of the amount of tokens you hold.
The panel also discussed Klima DAO and their relationship with Olympus. Asfi did some math on the fly to explain how Olympus benefits from the partnership with Klima. Apollo chimed in to correct a misconception regarding vesting of pKLIMA. At which point Asfi realized he might have underestimated the fair market value of p KLIMA by 4.4x! You can listen to the exchange here.
We rounded out the show by discussing pseudo-anonymity, how special the Olympus community is, and how essential it is for the success of Olympus and how to value the Olympus community.
Olympus has a community of highly engaged and intelligent Ohmies that do their due diligence. What is the value of that to an outside project? Check out the discussion here.
Olympus Pro launched at FOHMO 3
The much hyped FOHMO 3 was a huge success. Curious newcomers and Ohmies from all over the world assembled at the base of Mount Olympus for the three-day event (September 25–27). Olympus’ achievements were celebrated, together we have built a top 100 market cap project in six months!
The Olympus team have been hard at work as we saw a suite of new tools being unveiled during the event. We witnessed the official launch of Olympus Pro, a platform that will provide Olympus’ battle-tested bond program to partners across DeFi. Olympus benefits by accruing fees (at 3.3% of course) and by moving toward its long-term goal of being the reserve currency for DeFi.
Olympus’ partners benefit by accruing their own liquidity and relying less and less on mercenary capital over time. The first bonds will go live on Olympus Pro September 28, with Pendle as the inaugural partner. You can read in detail about Olympus Pro here. If you are interested in becoming a partner, please fill up this application form.
The Olympus website has had a major facelift. The smooth user interface hints at the powerful new products lurking beneath.
As if this wasn’t enough, we also found out about Olympus Pro X, a unified platform where participating bonds will be available to buyers. If you missed out on the content reveals and alpha leaks, you can catch up on the FOHMO 3 main events at the links below:
TAP-3 and TAP-4: Put Olympus treasury to good use
A new form of proposal, called Treasury Asset Proposal (TAP) was spotted under the Treasury category on Olympus forum.
As of 28 September, the Olympus treasury holds more than $61M in RFV (risk-free value):
With the total OHM supply of about 2.5M, about $58.5M worth of these risk-free assets are excessive, since Olympus needs only $1 of RFV to back each OHM. The goal of TAP is to identify partnership opportunities that allow Olympus to deposit these excess reserves into partner protocols to earn passive revenue.
TAP-3: Pilot Deposit into Gro Protocol
This proposal seeks to deposit $100k worth of DAI into Gro Protocol’s Powered Savings (PWRD) vault to earn passive yield. Unlike its sibling product, Leveraged Yield vault, PWRD vault is more conservative and offers deposit protection to its users. Any loss of capital due to failure of the stablecoin holding its peg, for instance, is first absorbed by the Powered Yield vault. However, it does not mean that this product is completely risk-free. Learn more about the deposit protection from Gro Protocol’s documentation.
You can participate in an informal poll and learn more about the proposal here:
TAP-4: Whitelist Compound Finance
Compound Finance should be a familiar name to most of the DeFi users. Its seminal liquidity mining program has influenced many protocols to utilize the same mechanism to offer lending products while rewarding their users with governance tokens.
TAP-4 aims to whitelist Compound Finance as another yield-generating venue into which Olympus can deposit its excess reserves. The current whitelisted protocols are AAVE, Convex Finance, and Sushiswap.
What is interesting about this proposal is the risk analysis framework presented by the author:
Using this framework, Compound Finance has a risk score of 2 out of 5, which means it is considered a low-risk protocol for Olympus to deposit its funds into.
You can read the rest of the proposal here:
Bot Raids on the Server (again) — Olympus mods or admins will never DM you first
Fellow Ohmies, the Olympus Discord experienced bot raids again this week, probably due to the surge in new members amidst the FOHMO 3 event.
Please do not open any links sent in DMs (scammers will often impersonate people) if you are unsure about a message head over to the #questions channel and ask one of the Sherpas, and always remember: the Olympus moderators and Sherpas will never DM you first.
If you do receive spam messages, please report the sender by posting their username on any of the public channels — this helps the Olympus moderators locate the spammer and ban them from the server.
Treasury upgraded to 4-of-7 multisig
The Olympus treasury just got more secure.
This week, three additional signers have been added to the treasury’s Gnosis Safe smart contract. The contract is now guarded by a 4-of-7 multi-sig, rather than a less secure 2-of-4 configuration in use previously.
Now, any transaction that involves the treasury, such as transferring funds to another address, would need to be approved by at least four signers.
This greatly reduces the risk of fund loss caused by dishonest actors.
You can view the signers’ addresses on the Olympus documentation.
Twitter thread — Olympus Playground
One of the highlights of FOHMO 3 is the product showcase from the Data and Metrics (D&M) team. The D&M team specializes in curating and analyzing various protocol metrics to provide useful insights such as revenue growth and bond performance. Other than protocol metrics, some members have also created analytics that track users’ behavior, such as the OWAD dashboard.
@CryptoMugen1, one of the design wizards at OlympusDAO, gave us some insights about another cool project from the D&M team, the Olympus Playground:
Unveiled during FOHMO 3, Olympus Playground allows Ohmies to visualize the growth of their OHM holding by providing various inputs such as the rebase rate and purchas price. Ohmies can also specify their investment goals like the desired weekly income, and the Playground will provide them with the strategy to achieve that.
There is plenty more the Playground can do so give the Twitter thread a read and get a heads up on what to expect it is finally rolled out.
Ohmie of the Week — @Json (9,9)
We are very proud to announce that @json (9,9) is this week’s Ohmie of the Week.
Dedicated to Ohmie life and culture you will usually find him first in and last out of any community event — whether it be the daily ritual of #off-topic, helping @Jman during his mememing session over at Odyssey or being around to guide new Ohmies in the #questions channel of the main discord.
This panda is a credit to Mount Olympus and, we are glad to say, this week’s Ohmie of the Week — congrats @json (9,9)
Numbers at a glance — $1.4 billion in annualized revenue & closing in on 20 thousand Ohmies
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: 18,828 (+3,290)
- September 14: 13,549
- September 21: 15,538
- September 28: 18,828
Welcome to all the new Ohmies! Keep a lookout for them in the Discord and show them the hospitality of Olympus!
2. Protocol Revenue:
- Protocol Revenue (past week): $28,199,199
- Week-over-week growth of +17.1%
- Month-over-month growth of +177.6%
- Annualized rate (using 7-day MA): $1,470,385,805
3. Bond sales (reserve bonds) statistics:
- Total Bond Sales (past week): $5,203,605
- *NEW* LUSD bonds: 664,588 LUSD bonded in the past week
- DAI bonds: 3,300,906 DAI bonded in the past week
- Week-over-week growth of -46.4%
- FRAX bonds: 295,939 FRAX bonded in the past week
- Week-over-week growth of -22.7%
- wETH bonds: $942,172 wETH has been bonded in the past week
- Week-over-week growth of +7.3%
4. Bond sales (liquidity bonds) statistics:
- OHM-DAI LP bonds: $799,953 of RFV in a week
- Week-over-week growth of +23.2%
- OHM-FRAX LP bonds: $38,724 of RFV in a week
- Week-over-week growth of -21.4%
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.
5. Protocol Owned Liquidity (DAI & FRAX): $165,337,872
Protocol Owned Liquidity shows the amount of LP tokens owned by the Treasury. For Olympus, this figure is now over $165 million and greater than 99% for both OHM-DAI LP Tokens and OHM-FRAX LP tokens.
6. Current Runway: 356 days
At the current reward rate of 0.297%, Olympus can continue to distribute OHM rewards for 356 days even if it stops bringing in revenue. That’s a +2 day increase over the past week!
If you need a recap on what runway is, check out this twitter thread from @xh3b4sd.
7. Liquidity Provider Fees
- Total LP Fees Generated: $3,614,267
- $470,859 in fees generated in one week!
- Week-over-week growth of +14.9%
Via: Dune Dashboard
Olympus has taken in over $3.61M 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.
8. Risk Free Value of Treasury Assets: $61,186,042
- 7-day change: +6,880,929(+12.6%)
- 30-day change: +24,842,984 (+73.0%)
- RFV Per OHM: $29.29
- Based on current circulating supply of 2,080,668
As a reminder, when the supply growth of OHM outpaces the revenue inflow, RFV per OHM will drop — this is part of the motivation behind OIP-18 as covered in the August 18th edition of the newsletter.
9. Current Index: 19.380 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 15 June was about $204.28. If you staked one OHM since then, you would have more than quadrupled your stack now to 4.212 OHM! OHM’s price today is around $651.16. Let’s find out what is your ROI:
- Principal: $204.28
- Return on 28 September: 4.212 * $651.16 = $2742.686
- Principal gain = $2742.686 — $204.28 = $2538.406
- ROI = ($2538.406 / $204.28)*100% = 1242.611%
That is a 12x return in less than four months! Don’t underestimate the power of compounding.
10. Macro numbers from around the cryptoverse:
Ohmie profile — (Rerun!) Memetics
Unfortunately in the hustle and bustle of FOHMO 3 we didn’t manage to secure an Ohmie to profile this week — so went digging in our archives to bring you one of our favourite previous profiles.
We met up with @Memetics))<>(( at his studio — granite and marble blocks spread across the space (one had Odyssey carved into it?) — “don’t mind the mess” he said, leaning over a bench with a wry smile. Seeing he was obviously busy — we quickly took a seat on an inviting stool and got straight into it:
Can you give us a little background of your life before crypto?
My background is in snowboarding, marketing, community management, esports, and venture capital. I also think radical collectivism without much regard to background is the future.
How did you get into crypto?
In 2017 I started binge watching Vitalik Buterin interviews and mining Ethereum. I haven’t looked back since.
When and how did you join Olympus?
Sometimes I randomly network on impulse and without much direction. I was lurking in the Zapper discord and viewing people’s profiles randomly when I came across a user with a profile linking to Olympus, which sparked my curiosity enough to look at it. I had also received an airdrop from Forth (Ampleforth governance token) and wanted a place to put it since the community over there seemed inactive and their forum was flooded with pharmaceutical ads. I had heard about the project from interviews with Tetranode but did not get involved until this moment of impulse.
What are you excited about for Olympus?
Building a cultural renaissance that will eat the world.
What else are you into/excited about in the crypto space?
I am looking forward to the transformation of NFT’s from over washed pump and dump vehicles to cultural vehicles with real impact in the metaverse
Meme of the Week — FOHMO 3 Hangover (credit @WAGMIcrypto)
After a hectic three-day FOHMO 3 event, the Marketing and Design team is beat. Their relentless effort and a keen eye for design made FOHMO 3 the most successful to date — over 20,000 Ohmies have joined the Olympus Discord and more than 1,250 of them took part in the Main Event.
The logistics of managing this large crowd so that everyone could enjoy the best FOHMO experience was a tall order — but, we think the team nailed it. A big shout-out to the marketing team and we hope you can recover from the FOHMO 3 hangover soon…
But also.. wen FOHMO 4?
State of the DAO — Weekly update
We highlight some of the updates that happened in the DAO over the past week:
Community and Content
Do you know how to purchase a bond from Olympus? The Content team heard a lot of Ohmies asking the same question — so they made a bond tutorial video — which now has close to 1.5k views.
Marketing and Design
The Marketing and Design team deserves a special mention here as they brought the Ohmies an unforgettable FOHMO 3 experience. From planning the event, revamping the Olympus landing page, to making this sleek introductory video (shoutout Triton) and managing the logistics of the Ledger giveaways, the team had been working around the clock to ensure all operations proceeded smoothly.
And they can’t even catch a break with the launch of Olympus Pro coming hard on the heels.
Distributing payouts to DAO members can be a pain. OlympusDAO has been using tip.cc for the past few months and encountered several issues like unable to locate a member’s ID. What is more, the distribution needs to be done manually and is thus subject to human errors. The Operations team has been studying an alternative, parcel.money to automate and simplify this process. So stay tuned, we hope to see a more streamlined process of distributing payouts going forward.
The Engineering team has been firing on all cylinders as we expect to see five partners (Abracadabra, Alchemix, Float Protocol, Pendle, and StakeDAO) getting on-boarded to Olympus Pro this week. They have set up the necessary contracts that enable the bond mechanism, fixed front-end issues on the Olympus Pro application page, and ensured the parameters for each of the partners (e.g. token address, bond vesting period) are set up correctly to ensure a smooth sailing during launch day.
The Policy team moved OIP-26 to Snapshot after the informal poll on the forum showed that the majority of the community are in favor of moving OHM-FRAX pool to Uniswap v3.
With the passing of OIP-25, the team has also started discussion on cross-chain policy and the initial state of Arbitrum.
With the launch of Olympus Pro this week, the Partnership team has been in touch with several partners to go over the launch details and perform preparatory works such as confirming the launch schedule and finalizing the emission program.
They are always seeking out opportunities to put the Olympus Treasury to good use too. TAP-3 and TAP-4 have been put up recently to seek the consensus from the Olympus community to deposit excess Treasury reserve to Gro Protocol and Compound Finance respectively.
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 — Apollo & Daphne
Preface: The myth of Apollo and Daphne is a short, but classic, Greek story portraying the consequences of arrogance and the relationship between lust & chastity. The story takes place after the Olympian God Apollo slayed the Python, a mythical beast that had tortured mankind for several years. Apollo had unleashed 1,000 arrows to kill the beast and was brimming with arrogance following his victory.
Fresh off the high of defeating a powerful enemy, Apollo returned to Mount Olympus with his head held high and his patented arrogance on full display. He came across Eros (also known as Cupid), who was the son of Aphrodite and was visualized as a small and chubby boy with a petite bow & arrow to match his infantile frame. Eros was arranging his own bow & arrows when Apollo approached him with a smug look on his face.
“Impudent boy, what are you doing with a man’s weapons?”
Apollo saw Eros’ use of the bow and arrow as an attempt to steal away fame from him as the greatest archer in the world. He continued:
“I can hit wild beasts with certainty, and wound my enemies, and not long ago destroyed with countless arrows the swollen Python that covered many acres with its plague-ridden belly. You should be intent on stirring the concealed fires of love with your burning brand, not laying claim to my glories!”
Apollo did not deem Eros’ duties as worthy of the bow & arrow, which Eros took great offense to. As a retaliation for Apollo’s transgressions, Eros prepared two arrows and unleashed them: One sharp and gold-tipped and another blunt and lead-tipped. The sharp, gold-tipped arrow pierced the heart of Apollo inflaming his love for Daphne, a beautiful nymph, daughter of the river god Peneus. Meanwhile, the blunt, lead-tipped arrow struck the nymph, creating an intense aversion for love in her heart for both Apollo and all mortal men.
Apollo, blinded by his lust for Daphne, pursued her incessantly attempting to court her love. Despite his status as a God of Olympus, Eros’ arrows were too powerful, and Daphne could not stand the sight of her new fanboy/stalker. Apollo begged and pleaded his love to the beautiful Nymph, but she continued her denial and fled from him. Apollo was given no choice but to give chase, running to catch up to the woman he was enchanted by.
As Apollo caught up, Daphne realized she was running out of options. She was relieved to see waters of her father Peneus’ river, and just as Apollo grabbed Daphne, she screamed to her father to transform her and destroy her beauty.
Peneus granted his daughter’s plea and Daphne began to transform into a tree. Her hair became leaves, her arms branches, and her legs roots. Before Apollo could have a look at her face, she was gone. The only thing standing where Daphne stood was a beautiful laurel tree.
Even after Daphne’s transformation, Apollo’s love did not wither away. The laurel became the sacred tree of Apollo. In Delphi, the oracle would chew laurel leaves before receiving divine wisdom. Also, the prize of the Pythian Games, the second most important Games in antiquity after the Olympics, was a crown of laurel.