The Agora Dispatch — Olympus Community Weekly Newsletter — Wednesday 8 December 2021
Welcome to the Agora Dispatch — an Olympus community run newsletter — made by Ohmies, for Ohmies!
- Editorial — Hold on tight!
- FOHMO #4 — This weekend!
- OIP-50 — DAO’s Handling of Charitable Contributions
- OIP-55 — Olympus Grants Program
- OIP-56 — Policy Framework V2
- OIP-57 — PrimeDAO Token Swap
- Olympus Pro — Cohort 4 launches
- Join the Greek community
- November Policy Report
- GSR Market-making Proposal and AMA
- Rocket Pool — Request for Comments
- Ohmie Smash Brothers
- Phantom DAO — Alignment Proposal
- CVX bonds Switched off
- Umami — Request for Feedback
- Twitter thread — A Revisit of Olympus
- Ohmie of the Week — IRC
- Ohmie profile — Shreddy (3,3)
- Meme of the Week — That damned smile (credit Doc Rainbows)
- State of the DAO — Weekly update
- Opportunities to contribute — join us
Editorial — Hold on tight
This next week will be a packed one with FOHMO coming up this weekend and [REDACTED] launch any day now.
Everyday there seems to be a new protocol that wants to do a major partnership, posting on the forum.
What seems like a rising crescendo now — will be the ordinary cadence as we move forward.
Hold on tight!
FOHMO # 4 — This weekend!
FOHMO #4 will be taking place this weekend:
December 10th — from 5:30pm UTC (9:30am PST) Poker tournament with the famous Pap Fisk! — music — DJs — prizes — community discussions and thanks!
December 12th — from 9pm UTC (1pm PST) Speaker panel — v2 migration info sessions — alpha leaks about the shape of things to come! (also we hear the WAGMI Hackathon winners announced)
The event will take place in the Olympus Discord and be live streamed on twitch.
Keep up to date at the FOHMO #4 landing page here.
OIP-50: DAO’s Handling of Charitable Contributions
Recently with OIP-49 and OIP-49A, it was proposed that some treasury funds be used to contribute to a Gitcoin round. The community signalled at the forum stage that they were broadly against use of the treasury for activities outside the protocol.
In response to OIP-49 a member of the community put forward OIP-50 imposing a moratorium on use of treasury funds for what could be described as funding charitable causes. The OIP-50 was voted down at snapshot 65%-35%.
As we pointed out in a twitter thread over the weekend — the passing or failing to pass of OIP-50 would leave us in the same position moving forward — in that all spending has to pass through community governance.
OIP-55: Olympus Grants Program
The Olympus Grants Program (OIP-55) was passed at snapshot last Monday. The program will provide $1.5 million of DAO OHM for a pilot period of 3.3 months. The grants program will focus on projects that educate about Olympus, improve upon the infrastructure of the ecosystem, and/or increase the utility of OHM.
We saw some of our favourite community members are on the committee overseeing the program:
- Appleseed (Engineering)
- Brian (Sherpa, Community & Content)
- Church (Product & Marketing for Odyssey)
- DropKickDarren (Community & Content, Agora)
- Json (Operations, Partnerships & Treasury)
- WollemiPine (Partnerships, Community & Content, Engineering)
- Apollo (Olympus Initiator)
OIP-56: Policy Framework V2
OIP-56 is an update (v2) to the original OIP-22 proposal — that sought to differentiate between key policy decisions that require community consensus and decisions that could be taken with relative autonomy by the policy team.
The policy team proposes to be able to launch and deprecate bonds as required to efficiently manage the policy levers of the bonding function. They set out what would require a community vote and what would not under the system if passed:
Check out a more detailed version here.
OIP-57: PrimeDAO Token Swap
OIP-57 proposes a token swap between Olympus and PrimeDAO: $250k in OHM (30 day Time-weighted Average Price) in return for 500k PrimeDAO tokens (0.5% of supply).
PrimeDAO is “a collective of DeFi builders and DAOists dedicated to researching and building next-generation coordination tools for the Web3 ecosystem”. The group attended an AMA on our discord to discuss their project and the proposal. They are building DAO2DAO tooling and launch infrastructure:
- Prime Launch: A decentralized token offering platform powered by Balancer V 2.0
- Prime Rating: A permissionless framework for quantifying DeFi protocol risk
- Prime Pools: An interface that facilitates the creation of DAO-governed liquidity pools.
- Prime Deals: a DAO to DAO (D2D) platform where DAO’s can propose, negotiate and execute deals together.
The primary motivation for the Prime team to seek out Olympus is their belief that a symbiotic relationship could exist between Prime DAO and Olympus — around our growing ecosystem and especially our Olympus Incubator.
The proposal is currently in the temperature check phase on the forum here, with lots of Ohmies in favour it seems.
Olympus Pro — Cohort 4 launches
Last week, OlympusDAO onboarded six more partners as part of its Cohort 4 program:
This will be the biggest launch to date in terms of token value. You can learn more about each partner from the Olympus Medium blog.
Join the Greek community
Members of the DAO have translated several Medium posts into Greek and started a few social channels for the Greek community. Give them a follow below:
- Medium: https://olympusdao-gr.medium.com/
- Twitter: https://twitter.com/OlympusDAO_GR
- Telegram: https://t.me/olympusdaog
November Policy Report
The policy report for November 2021 has been released. The treasury acquired an additional $266 million through its bonding program; the policy department is working closely with the treasury team to increase non-bond revenues in the future. Additional goals include continuous acquisition of strategic assets and maintenance of decentralized assets to back OHM.
GSR Market-making Proposal & AMA
One decision that has frequently been a point of contention is whether or not the community should assist in OHM being listed on centralized exchanges. GSR, a market maker, made a request for comment on the forum to support this end on our forum recently. GSR is a centralized trading operator that trades over $5bn a day across the cryptocurrency ecosystem. The proposal aims to work with GSR to establish OHM liquidity in GSR supported centralized exchanges to reach a wider audience and increase further adoption for investors.
The Proposal would authorize the transfer of 25,000 OHM from the community treasury to GSR for market-making purposes in the form of a loan. GSR agrees to return the full amount of the loan at the end of the 1 year contract period or allowing GSR to purchase the OHM token amounts specified under these two options at the expiry date.
- 12,500 OHM at a value of $1250 per OHM in the 6th month.
- 12,500 OHM at a value of $1500 per OHM in the 12th month.
Should these two options be chosen, the loan balance will be returned to the treasury in ETH or DAI. GSR promises to provide liquidity for any listings on supported centralized exchanges and only use the loan to provide liquidity to OHM markets. None of the loaned OHM will be used for staking.
Read more and join the discussion here.
Rocket Pool — Request for Comment
Rocket Pool is a decentralised and non-custodial Eth2 staking service. They seek to make staking accessible to everyone and currently have a TVL of over $140 million in ETH.
Rocket Pool (and a few Ohmies) are seeking comment from the community on deploying 5% of the treasury ETH (currently 340 ETH) to receive staking rewards and rETH tokens. The exchange rate of rETH is expected to increase over time. Currently, 1 Eth = 0.99 rETH
Ohmie Smash Brothers
Pas, an Ohmie, is developing a metaverse game — the ‘Super Smash Brothers’ of Crypto — and proposes to hand over ownership rights of the Olympus stage in exchange for 33 OHM.
Pas is famous on crypto-twitter for his design work including some excellent pieces for the Ohmies. He is self-funding this project and working on it with a development team that has previously worked on God of War and Age of Empires. Olympus will receive an NFT which will hold the ownership rights to the stage. Other protocols, such as Alchemix, have been offered a similar proposition.
Phantom DAO — Alignment Proposal
PhantomDAO seeks to become a friendly fork of OHM on the Fantom blockchain and has posted a request-for-feedback on the Olympus forum.
PhantomDAO seeks to become a treasury-backed accelerator on the Fantom chain. Phantom will be focussed on building infrastructure, services and protocols to support the successful growth of the Fantom blockchain.
PhantomDAO proposes to provide 3.33% of its initial token supply to Olympus so it can stake and take part in PhantomDAO’s governance. They also intend to keep 10% of their treasury in gOHM — with plans to increase that over time.
There is an AMA scheduled in the Olympus discord on Wednesday December 8th at 12pm (midday) PST (8pm UTC).
CVX Bonds Switched Off
The policy team at Olympus was pleased to announce that the community has acquired the goal allocation of 1% of the current CVX supply. As a result, the CVX bonds are being temporarily shut off. The policy team intends to keep up with CVX inflation and may resume the bonds when appropriate.
UMAMI — Request for Feedback
Umami has posted a request-for-feedback on the forum exploring the possibility of accelerating OHM’s liquidity on the Arbitrum network. Previously known as ZeroTwOhm, a fork of Olympus on Arbitrum.
Umami wish to take $1 million equivalent of UMAMI tokens from its treasury and provide that to the OHM treasury. In turn, OHM would need to devote $1 million equivalent in gOHM to pair with the UMAMI to build an UMAMI-gOHM LP on Arbitrum.
The Umami team also asks that OHM devote 15% of its Proteus Arbitrum incentives to supporting the UMAMI-gOHM trading pair.
Join the discussion here.
Ohmie of the Week — IRC
This week’s Ohmie of the week is irc — one of the tireless Ohmies who inhabit the DAO. irc straddles the Treasury, Policy and Partnerships teams.
He is a rare Ohmie that one minute can be talking numbers at a policy meeting, the next head to #off-topic to kick it with the memesters, and head back to the fray to answer any number of wild questions on the public policy chat.
His first message in the discord was asking if Morgan Freeman could do the Olympus documentary in ten years:
We could be done in 5!
Ever a polite manner and an ear for an Ohmie in need — congrats to irc — the Ohmie of the Week!
Twitter thread — A Revisit of Olympus
From a humble beginning of a few hundred users to more than 80k Ohmies now, Olympus has transformed the way DeFi protocols think about liquidity. It’s about time that we revisit what Olympus is and what it sets out to achieve. Luckily, we have Asfi on our side to break it all down:
Asfi touches on many aspects of Olympus — its bond mechanism, runway, RFV, etc., but perhaps the most interesting one is the fear vs. greed index. He argues that albeit OHM’s market cap is more than 5 times greater than the available liquidity, a bank run scenario is highly improbable due to user’s greed. Not sure what we are talking about? Give the thread a read.
Ohmie profile — Shreddy (3,3)
We met Shreddy in a small alcove dipping some warm chunks of freshly baked bread in oil — he offered us a loaf as we sat down and told us his story:
Can you give us a little background of your life before crypto?
My life before crypto was on a totally different path than it is now. I always played guitar on my own and in bands, I even studied music at University. My plan was always to get a degree and work at some big, bad music label. Once I got out of school I bounced around a few jobs that didn’t live up to that dream: one as a talent manager for a MLM, one as a social media manager for a company run entirely on Facebook (very boomer I know, but they did comp me a trip to Nashville). I even worked at a Pharmacy delivering prescriptions for a while, but finally found myself at an indie record label where I built a lot of my chops in the biz.
How did you get into crypto?
Like many, it all began while travelling the silk road… Enough said. Some buddies and I acquired 5 BTC in 2015 for whatever the going rate was back then, and spent it all on something not equal in value to what those 5 BTC are worth today, we’ve all been there. It was our Bitcoin pizza moment. I took a break off and then came back into the space in around 2018 as an amateur investoooor.
When and how did you join Olympus?
I joined Olympus after one of my closest friends, involved in our aforementioned Silk Road endeavour, had continued the track into finance and had discovered Olympus while doing market research on DeFi protocols breaking out onto the scene. He joined at $1200 right before the dip to $200 and still recommended it to me so I knew it had to be special. I had picked up a keen interest in crypto and DeFi throughout the 2020 pandemic and shifted my path to lead toward Olympus. I am grateful for it and wouldn’t have it any other way! (edited)
What are you excited about for Olympus?
I am most excited for Olympus Give and FOHMO4. Olympus is moving into such a beautiful new cadence in the new year, I think we will see incredible change come out of the financial tools we create and enable.
What else are you into/excited about in the crypto space?
Certainly excited to see organizations like Theopetra and Klima take a different approach to how real world problems are solved. Theopetra is aiming to alleviate the rising cost of home ownership and mortgage lending which is a huge issue in the United States and I believe Klima has now locked up enough Carbon Credits to offset multiple country’s Co2. Very bullish. I am also really intrigued by metaverse gaming — just ordered my valve index — oh and zk rollups.
Meme of the Week — That damned smile (credit Doc Rainbows)
This week’s meme of the week is the classic four part smile panel — with a OHM chart twist. Very playful.
State of the DAO — Weekly update
We highlight some of the updates that happened in the DAO over the past week:
Community and Content
The V2 migration has been live for about one week now. To help clear the confusion behind the migration process, the Content team has prepared a list of FAQs. Not only that, a few translations are also available to cut down the language barrier.
Marketing and Design
Have you tried out OlyZaps on Olympus? It’s a convenient way for users to swap any asset into sOHM in a single transaction. The Design team crafted a condensed one-minute tutorial to show you how to use it. Check it out now on the Olympus YouTube page.
OlympusDAO is growing like an early-stage startup, and it has to — a lot is at stake when the DAO needs to manage a large treasury (about $800M) and keep ahead of the competition. To facilitate the day-to-day operations across multiple teams, the Operations team has assigned a dedicated Grammateus to each team to help planning meetings and improving the onboarding experience.
The Engineering made several improvements to the Olympus UI last week. If you ever experienced issues with token approval when unwrapping wsOHM, a fix has been put in place.
It’s another hectic week for the Partnership team. From the launch of OP Cohort 4, insurance coverage for Olympus smart contracts with Unslashed Finance, to a token swap proposal with PrimeDAO, the Partnership team is always seeking out profitable partnership opportunities. When it comes to DeFi, no protocol is too big to take on everything on its own. Thriving together with partners is often the key to success.
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.