The Agora Dispatch — Olympus Community Weekly Newsletter — Wednesday 5 January 2022
Welcome to the Agora Dispatch — an Olympus community run newsletter — made by Ohmies, for Ohmies!
- Editorial — Bulls, Drama & Memes
- Zeus’ Outlook on 2022
- Updates on Recent OIP’s (60–66)
- Check out the treasury wallet — showing most of the assets
- Request For Comment: Protocols whitelist for Treasury Yield Farming
- December Policy Update
- Booolish halvening — Reward rate reduction kicks in
- Zapper Update — View Your gOHM Balance in sOHM
- Ohmie of the Week — dr00shie.eth
- Twitter Thread — Be Like a Grandmaster, Be Patient
- Meme of the Week — Look at the Bright Side (Credit Tritch22)
- State of the DAO — Weekly Update
- Opportunities to Contribute — Join Us
Editorial — Bulls, Drama & Memes
We saw that the Agoreans love to write even on their summer break — you can find Mark’s excellent article on the bull case for OHM here:
Olympus 2022 - Mirror
Just thought I would gather my thoughts here on why I am bullish for Olympus in 2022. Volt is a multi-collateral fork…
We also saw some drama around the grounds with someone sharing an out-of-context personal message on twitter to try and embarrass one of our DAO contributors — with the full context it was a bit of a nothingburger. We thought Asfi had some good coverage here.
As the DAO grows we’ll all have to be vigilant that there is proper community oversight and that we can get the best systems in place to incentivize good culture and deal with disputes. We checked in with Ops and they have a system in place but are iterating to improve — shout out to Ops who have one of the most difficult jobs in the DAO!
On a lighter note — Zeus has descended from his mountain to provide us a new meme:
Let’s get at it!
Zeus’ Outlook on 2022
Zeus sets out his view on what might be in store for 2022 in a new medium post. He comments on:
- Less focus on OHM the currency and more focus on OHM as the central piece of the Olympus economy
- Ohmiesea NFT marketplace
- Tyche and Olympus Give building out use cases
- Network effect driving value back to OHM
- Aim of the treasury to sustain runway — founders become more confident to build on OHM
- Who we build with and protecting the community and our culture
- Ohmies will control bonds in the first half of the year directly
- Olympus Pro V2 will launch, introducing the same new mechanism as V2 bonds in a permissionless format. It will be adopted and ultimately compared to the advent of x*y=k decentralized exchanges
- NFT bonds will be integrated with secondary markets
- Projects will launch to compete to manage Olympus’ liquidity
- There will be one or more OHM-backed stablecoins/debt tokens
- A new DEX will launch catering to protocols to own their liquidity which will integrate Olympus Pro v2
- By end of year, allocation of resources towards partners will be placed onto real-time token-based mechanisms, allowing aligned protocols to gain the favor of the Ohmies and trustlessly reap the benefits
- The DAO will accelerate the growth of Olympus’ economy. Grant and incubation programs will be leveraged to help new projects get off of the ground and find their place in the market
- Utilization of OHM as a reserve currency will continue to expand
Check out the full article here:
Updates on Recent OIP’s (60–66)
Ohmies — We missed you!! While the Agora team was recharging our batteries and enjoying the holiday break, there was plenty of action going on around the Olympus universe. See below updates on all the recent OIP’s that have gone through Snapshot voting:
OIP-60: Hire a Market Maker *Passed (GSR)*
After a ton of discourse in the forums, the Ohmies decided that GSR was the right fit for OHM as a market maker. Ohmies had the decision between hiring GSR, Wintermute, or neither.
OIP-61: Balancer Pool Implementation & LBP Funding Approval *Passed*
The passing of OIP-61 will provide authority to the DAO to seed a Balancer liquidity pool and an LBP funding loan program. This will allow protocols to fundraise in OHM.
OIP-62: Liquidity Proposal (migrate liquidity to Uniswap v3) *Passed*
Onwards to Uniswap v3! This proposal starts the process of migrating liquidity to Uniswap v3, beginning with the OHM-FRAX pair.
OIP-63: Reward Rate Reduction *Passed* MORE BELOW
Yes fren, Olympus has another bullish reward rate reduction beginning. The Ohmies voted in a staggering majority to reduce the current reward rate from 0.2975% to 0.1587% (equates to ~1,000% APY). Read more below!
OIP-64: Partnership with Umami Finance *Passed*
The Ohmies came out in strong support of a partnership between Olympus and Umami Finance, which lends positively towards accelerating gOHM liquidity on Arbitrum.
Check out their Medium post as Umami Finance provides a glimpse on their next step.
OIP-65: Partnership with DebtDao *Passed*
With the passing of OIP-65, DebtDAO will be providing Olympus with 3.3% of its governance token (18-month vesting). In return, Olympus will retain the tokens and provide support, guidance, and co-marketing.
OIP-66: Exodia x Olympus OTC deal to kickstart gOHM liquidity on Fantom
With the growing popularity of Fantom as a Layer-1 alternative, the Ohmies see liquidity on the chain as a no-brainer and Exodia as a benevolent partner.
Expect this cadence of governance proposals as we move forward!
Check out the treasury wallet — showing most of the assets
The Treasury wardens have collected the latest Zapper wallet viewer bundle to show you what the assets in the treasury look like — it doesn’t display some of treasury assets like TOKE and LOBI, so the actual amount is larger than what is being displayed.
Zapper - Dashboard for DeFi
A simple dashboard for DeFi. Easily track and visualize all your DeFi assets and liabilities in one simple interface.
A fun activity you might like is watching the amount of CRV, CVX, BTRFLY and OHM-BTRFLY LP continue to stack up everyday from Olympus’ bond revenue share from our friends [REDACTED].
Request For Comment: Protocols whitelist for Treasury Yield Farming
With OIP-54 going out and about, the new request is coming with the idea of allowing asset deposit into any Defi protocol that meets the criteria of $500M TVL across all chains, with at least 6 months of existence and < 20 combined risk score.
Read more detail about the risk assessment and share your view on the Olympus forum.
The December Policy report is out!
The December Policy report is out!
Some notable achievements include:
- Accumulated 1% of CVX’s current supply through CVX bonds
- Opened up FRAX and OHM-FRAX LP bonds during V2 migration
To reduce the reliance on bond revenues, the Treasury team will be focusing on strategies that utilize the treasury assets to generate passive income. Ohmies can also expect more metrics to be developed — crucial information like protocol health and yield farming revenues should just be a keystroke away.
Booolish halvening — Reward-rate reduction kicks in
With more than 95% of the Ohmies signalling their support for OIP-63, the Policy team has flipped the switch on reward rate reduction two days ago:
The reward rate will be reduced to 0.1587% in the span of four weeks. When it is completed, Ohmies can expect the staking APY to hover around 1000% (it sits at north of 5000% at the time of writing). The Dune wizard in Olympus, sh4dow, has updated his dashboard so you can monitor the reward rate in real time.
Zapper Update — View Your gOHM Balance in sOHM
One of the pet peeves shared by many Ohmies is that they no longer see their gOHM balance go up every rebase. It still earns you rebase rewards all the same, but the psychological delight associated with growing balance cannot be underestimated.
Well, Zapper now allows you to view your gOHM balance in terms of sOHM, so that you can see your staked balance increase on very rebase:
It should be noted that the Olympus front-end already supports this feature. Simply connect your wallet to the Olympus app, and the UI will show you how much sOHM your gOHM is worth:
**Always ensure you are on app.olympusdao.finance before interacting**
Note: This feature is only available on the Ethereum network.
Ohmie of the Week — dr00shie.eth (wen, pamp)
This week’s Ohmie of the week is dr00shie.eth — he describes himself as a Sherpa for @OlympusDAO, Father of 5, Crypto Enthusiast & NFT Lover and (9,9) degen. We think of him as the steady straight talking voice keeping nerves calm in the storm and spreading good vibes throughout the community.
You can catch him guiding Ohmies up Mount Olympus in the discord or kicking it in one of his hilarious videos on twitter
We love you ser!
Twitter Thread — Be Like a Grandmaster, Be Patient
A double whammy of bad macro conditions and some confusion around the ongoing migration have worn out a lot of Ohmies. It’s hard to keep your faith when Olympus lost one-third of its market cap in the span of two weeks. Some sadly tapped out, but for those who take a long view, (-1, -1) is not an option.
We chanced upon a Twitter thread that captures the essence of the patience of the true Ohmie beautifully. It’s only in times of uncertainty and turbulence that a Grandmaster is able to prove their worth — through patience and finesse in advancing forward.
Meme of the Week — Look at the Bright Side (Credit Tritch22)
Reward rate reduction started two days ago, and if you are a passive Incooomer, it sure sounds like a bad news. But it is actually boolish!
The inflation rate will plummet, which in turn drives up the RFV (risk-free value) per OHM. The runway will shoot out to about 700 days, and Ohmies can sleep tight at night knowing that OHM is becoming inevitable.
State of the DAO — Weekly Update
We highlight some of the updates that happened in the DAO over the past week:
Community and Content
Are you (3, 3) or unsure about what this means? The Whitepaper team has prepared an essay on (3, 3) and argued that (3, 3) is more than just a meme. You can read this interesting piece on Substack.
Marketing and Design
The V2 migration has been coming along nicely, but we understand that many Ohmies are still baffled by the whole process. The Video team has prepared some videos, including an explainer on the gOHM token, to help simplify things for the Ohmies. They are in review now, so stay tuned for more updates!
The DAO members received a belated New Year suprise yesterday when the December allocation was successfully sent out to their wallet — the quickest yet!
Are you ready for V2 bonds? To recap, V2 bonds has automated the rewards staking process to help save gas for the bonders, among a host of other innovations. The Engineering team has been working hard despite the festive season to ensure a successful roll-out and a seamless user experience. Ohmies can expect the daily revenue of Olympus to start picking up once they are launched.
We are excited to see the partnership between Rome and Olympus. Rome plans to introduce gOHM bonds and start accumulating gOHM in their treasury, which would drive up the demand for OHM and improve gOHM liquidity. This reinforces Olympus’ vision of creating a reserve currency (in OHM) that would become the de facto medium-of-exchange in the DeFi ecosystem. We’ll have more on this later!
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.