The Agora Dispatch — Olympus Community Weekly Newsletter — Wednesday 4 May 2022
Welcome to the Agora Dispatch — an Olympus community-run newsletter — made by Ohmies, for Ohmies!
- Editorial — Silver linings
- The Grapevine — Around the Ohmieverse
- Inverse Bonds — Daily upped to $400K
- TribeDAO founder proposes to repay lost funds
- Hackathon — Calling all hackers
- OIP-95 passes — Fraxswap pool here we come
- Odyssey mint — mission accomplished!
- Thread of the week — Watching the OHM market (Korpi )
- Ohmie of the week: |Quercus|
- Meme of the Week — OHM on the Range
- Opportunities to Contribute — Join Us
Editorial — Silver linings
We are at an all-time low price as of writing this which, perhaps obviously, isn’t great. We saw some people who were chasing a pump from inverse bonds kicking off enter and leave within about a week. Some deleveraging out of Rari Fuse pools following the exploit over the weekend certainly didn’t help (gOHM was unaffected).
When asked why price go down? The now cliche response of more sellers than buyers still rings true. There is a silver lining though, people refusing to sell here are likely the most long-term aligned with the protocol. Additionally:
- There is also a constant bid of $400K from the Treasury thanks to OIP-94 inverse bonds
- Liquid assets are worth 8% more per a circulating gOHM — which excludes OHM pulled from LP and OHM pending burn — see: Potted Meat’s tweet below
- The liquid assets doesn’t include our locked assets e.g. $20mm in vote locked CVX, $5mm of veFXS or $9mm of pBTRFLY
- Every OHM consumed by inverse bonds will be removed from circulation
The DAO is as busy as ever with plenty upcoming like permissionless Olympus Pro, the walls, and integrations with partners galore.
It’s tough out there, this is our crucible, if it were easy everyone would do it.
Agorians are here for good — we are gonna build this decentralized reserve with Zeus, Apollo and the Ohmies or die trying!
The Grapevine: Around the Ohmieverse
- We are feeling for our friends over at Fei/Rari whose Fuse pools experienced an exploit over the last weekend (no gOHM affected). About $10mm of Olympus DAI in Olympus Pool Party was lost — but there have been strong assurances that losses will be covered by Fei’s large treasury. More below
- We saw the Mechs over at Tokemak launch a newsletter of their own — the Tokebase Dispatch (we are flattered to be sure!) which will let you get up to speed with all the happenings over at Tokemak
- Speaking of Tokemak their reactor voting event Core4 kicked off today with Redacted Cartel providing the bribing infrastructure starting with $250,000 worth of UST on the table for those who vote for a LUNA reactor — big!
- Over at Frax we hear a rumor that the launch of Frax’s borrowing and lending platform Fraxlend is imminent. We also saw that the 4pool (UST, FRAX, USDC, USDT) was just launched on Ethereum mainnet Curve — don’t expect fireworks just yet though, as the gauge rewards are likely not going to commence until next week
- Finally FiatDAO recently got approved for their veBAL gauge making their FDT-ETH pool eligible for BAL rewards. Getting straight to it they also joined the Hidden Hand but on the Balancer ecosystem market — if you are a veBAL holder perhaps you could lend them some weight for a bribe?
- Wider macro news: We saw the US Fed bring some relief across markets as they raised rates 0.5bps (as expected) and took 0.75bps rate hike off the table for the next couple of months all things being equal.
Inverse Bonds — daily upped to $400K
OIP-94 inverse bonds were ticked up to target $400K a day given the current volatility. Remember Ohmies that every OHM taken off the market via inverse bonds is removed from circulation, so it is not dilutive to holders.
An inverse bond Dune dashboard has been set up (with the caveat it is still being fully calibrated) which you can view here.
If you are in the market you can purchase Inverse OHM Bonds here.
TribeDAO founder proposes to repay lost funds
The Tribe/Rari Fuse pools were exploited over the weekend through a vulnerability in the exitmarkets function (gOHM was unaffected). The exploit meant that the attacker could borrow assets and pull its own collateral at the same time — Hacxyk has a good explanation tweet thread for those interested:
$10mm of Olympus treasury DAI was lost in the exploit from the Olympus Pool Party — but it looks like there it will be repaid — with Fei protocol founder Joey Santoro saying as much after becoming aware of the exploit.
Tribe is discussing the best way to move forward with the hack over on their forums here:
Hackathon — calling for hackers
Are you a buidler looking to build some cool stuff in web3? Olympus has partnered with ETHGlobal and sponsored $8,000 for the HackMoney event.
The event will have hackers from around the world forming teams and brainstorming ideas for the next big thing in DeFi.
Sounds like fun? Register your interest in this online form now.
OIP-95 passes — Fraxswap pool here we come
Unsurprisingly the proposal to open Fraxswap pool sailed through governance. Fraxswap is a new DEX developed by Frax which includes a tool to smoothly execute large orders over time directly on the pool. This is great news for us given it will likely be a key piece of infrastructure that will, as Zeus noted in the proposal, enable new policy tools for the protocol.
We expect that Fraxswap will play a role in the upcoming wall,wall program and would make the current inverse bonds more efficient if they were instead executed through the TWAMM.
Will let you know when it goes live!
Odyssey mint — mission accomplished!
Odyssey — the art and culture DAO of Olympus had their NFT debut over the weekend and it went off very smoothly. The mintable NFTs will provide early access and points redeemable for OHM from platform fees on the soon to be launched Ohmiesea NFT market place.
With the top level Goddess level NFT selling out soon after launch — there was continued minting up until the close of the mint window today. You can still buy on secondary if you so desire here.
Thread of the week — Watching the OHM market (Korpi )
DeFi analyst and threadoor Korpi (who in an interesting bit of trivia was the original Olympus prelaunch thread competition winner back in March 2021) -came out with some good analysis of what has been happening with the OHM price over the last couple of weeks. He concludes that some traders came in seeking a big pump on the news of inverse bonds being deployed and, at least some, have now exited at a loss.
Check it out here:
Ohmie of the week: |Quercus| (CEO)
Quercus, a fairly new Ohmie on the block has made quite an impression spreading good vibes and community spirit around the community. So much so that he was the stand out for Ohmie of the Week this week!
When we told him he sent us the following message — which we thought we’d share:
I first joined the community in the fall of last year and I’ve been a supporter ever since. I’ve mostly lurked but have emerged from the shadows as of late, engaging more with the community. Super excited for our future and what’s to come. I would love to contribute to the project more as time goes on! See you all in OT for deep discussion and good times.
A baller to be sure — congratulations Ohmie!
Meme of the Week: We rangin’ (Credit anon)
We found this gem with an unclear chain of custody (if you are the author please get in touch). It celebrates the soon to arise OHM wall,wall between which OHM will be on the range.
Community manager Dr00shie shared a short poem on the topic:
OHM, OHM on the range,
Where the walls and the cushions play,
Where seldom is heard a discouraging word,
And the skies are not cloudy all-day
Well said Dr00, well said.
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.
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.