Wednesday 30 June 2021
Welcome to the Agora Dispatch — an Olympus community newsletter — made by Ohmies, for Ohmies!
- Editorial — You were here when it all began
- Staking rewards runway takes off — thanks Policy team!
- sOHM as collateral — Rari Capital’s Fuse Pool goes live
- New Proposal — Deploy excess DAI in the treasury to Aave
- @Asfi (3,3) — Calculating time to risk-free OHM
- Sherpas guide the way — new onboarding experience
- Alpha-Omega — another tease?
- Project Pill Head — come join in the fun!
- FRAX our newest Ohmie — first bond purchase by a DAO
- Ohmie of the week: @Asfi (3,3)
- Numbers at a glance — OHM market cap at all time high!
- Ohmie profile — @Memetics))<>((
- Meme of the Week — God of Wall Street (credit @VirtuaL3ad3r)
- Opportunities to contribute — join us
Editorial — You were here when it all began
It’s been rough-seas this week for crypto, yet there has never been a better time to be an Ohmie. Our waters are calm, the wind is at our back and the road rises to meet our feet.
Our fellowship has just begun.. and there is still much work to do..
But just take a moment — to crystallize this place in time — and know you were here when it all began.
And — once you are done — let us take you through the news of the week!!
Staking rewards runway takes off — thanks Policy team!
We were pleased to see that Ohmies from around Greece voted on OIP-11 — which proposed to extend the staking rewards runway by reducing the reward rate.
The proposal passed with 96% in favor. It will be implemented over 3 weeks starting on 23 June 2021 (so you might see some downward movement on your apy — don’t worry it’ll still be ridiculous).
After full implementation it should add about 6 extra weeks to the rewards runway, which will sit at ~200 days (luxury!).
Speaking with a member of the Policy team — they said “this will be a great way to achieve really sustainable growth by slowing the emissions and spreading them over a longer period.”
A huge shout out from us smol brains, to all the big brains working on policy and especially @shadow who authored OIP-11.
More background and the discussions on OIP-11 can be found on the forum here. If you would like to get involved with Policy stop by the DAO discord server and say so (a helpful Ohmie will appear to direct you to where you need to go).
sOHM as collateral — Rari Capital’s Fuse pool goes live
The collab with Rari Capital to create a Fuse pool allowing sOHm to be used as collateral has been long in the making — so we were chuffed when it was released on 29 June 2021 (yesterday).
The pool — Pool 18 or better known as the Olympus Pool Party — allows Ohmies to borrow USDC, DAI, FRAX or ETH against their sOHM (very powerful).
So what should you know before you ape-in:
- You do not need to unstake your sOHM in order to deposit into the pool
- Your deposited sOHM will continue to rebase in the pool — you’ll see your balance increase there rather than within the regular Olympus dashboard
- The max borrow sits at a collateral-ratio of 33% — this means you can only borrow 33% of your deposited collateral at a given time.
- There’s a minimum deposit amount of 1 ETH due to a ‘guarded launch’ feature that Rari has in place (~6 OHM) at the time of writing.
- If you borrow close to the 33% of the value of your sOHM and the OHM token price drops you might get liquidated (this is bad you don’t want this) — calculate your risk of liquidation here
At the time of writing $10.3 million worth of sOHM has been deposited and $1.3 million of other assets have been borrowed (conservative Ohmies — well done).
For more information see this thread::
New proposal — Deploy excess DAI in the treasury to Aave
As Ohmies know, USD stablecoins like DAI are pegged to 1 USD and have their value degraded every time Uncle Sam (the USA) prints some more dollars.
If you don’t know Aave — it is a money market protocol that allows users to lend and borrow different crypto assets — paying interest to lenders and charging it to borrowers. There is always risk though so some caution is necessary.
Over 51 Ohmies have already posted in the forum discussion with most saying 10%-15% should be deployed. If you are interested you should head over and have your voice heard — so it can be taken into account in crafting the final proposal that will then go for a vote.
You might have also seen that the founder of Aave @StaniKulechovis also now an Ohmie (3,3) — welcome Stani!
@Asfi (3,3) — on calculating time to risk free OHM
We caught up with @Asfi (3,3) (who also happens to be Ohmie of the week — see below) earlier this week to talk about time to risk free OHM.
Entering his study we were careful not to bump the towering piles of manuscripts crammed with graphs and calculations — he cleared us a spot on the table and fixed us some Ironwort tea.
He started by explaining the concept of risk free value of OHM (RFV) (a concept handed down to us from @Zeus at FOHMO #2) — it is the value of the treasury if it was sold off and then divided by the total supply of OHM.
At the moment the RFV of each OHM is ~$15.3 — that means if you own 1 OHM and we sold all the assets in the treasury and gave you your 1 OHM share of value — you would get $15.3.
He continued, so since we know the RFV per OHM — we can now work out the number of days your sOHM will have to receive reward before the current market value of your sOHM is risk free.
Putting it another way — if you bought 1 OHM on Sushiswap for $345 today, you would need to stake it until you receive 22.5 OHM in staking rewards for it to meet the RFV (325 ÷ 15.3 = 22.5 (but we already have 1 OHM so it is 21.5)). So all we have to do then is just calculate the number of days we would need to receive rewards before 1 OHM staked today would earn 21.5 more OHM.
He pointed us to his calculations on twitter — he recons 180 days to risk free for a bull case and a 300 days for a base case:
So what’s really cool is you can also apply this method, in the same way, to the market value of your own sOHM stack today!
@Asfi (3,3) wanted us to make sure to tell you that you should DYOR and not take it as financial advice. But how cool is it!
For those so inclined he also made a cool time to risk free calculator which you can access here.
Sherpas guide the way — new onboarding program
There is a new on-boarding program for fresh Ohmies when they first join the discord, in order to guide them up the mountain towards Olympus.
We are told the new onboarding is designed to create a space for new Ohmies (Grasshoppers), where their questions can be answered by the Sherpas (volunteer Ohmies) — without being lost in the wondrous chaos of the rest of the discord.
If you want to become a Sherpa please fill in this form.
@Apollo said at the launch that “…the Community team thinks this will make onboarding to Olympus something really special and help grow and retain an educated community that understands the protocol.”
A special shoutout to @Dudemyguy for really throwing himself into the role — very (3,3) Ohmie!!
We have a nice diagram of role progression below.
Diagram: On-boarding progression
Project Alpha-Omega: another tease
The Ohmies over at Project Alpha-Omega told us we would have to wait just a little longer for the details of their plans.
But, in the meantime, they wanted us to tell you the following cryptic message:
aOHM + NFT = ❤️
What could it mean?
Project Pill Head — come join the fun
For anyone unfamiliar, PILLS (https://www.pills.forsale/) it is a giant narrative universe that is currently unfolding.
They are “translating” people, protocols and projects into the universe and some of the Ohmies have begun discussing what 3,3 lore should be:
This will fit into an RPG-inspired avatar system that’s launching in 6–8 weeks. You’ll be able to mint a character that exists inside the pillsverse and earn rep with the Three faction for continually 3,3ing.
If you want to join in the fun jump on the DAO discord server and head to the #pill head channel.
FRAX our newest Ohmie — first bond purchase by a DAO
Just a quick note that we saw Frax Finance is now officially the first protocol-Ohmie.
They recently bought $33,333 worth of OHM to get things started — this is out of a slated $1 million buy to happen over the next few months.
To celebrate one of our Ohmies @jacob made this very fine NFT check it out.
At the time of writing a few more buys have been made bringing the number up to $178,513 — you can check this number on the Frax dashboard here.
You might be interested to know that the buys are being made through an Algorithmic Market Operations Controller or AMO (sounds complicated) — if you want to learn more about Frax’s AMO’s you can start here.
Welcome to the fam Frax!
Ohmie of the week: @Asfi (3,3)
It wasn’t long after we left @Asfi (3,3)’s study (see previous item) that we heard a commotion in the center of the Agora — and as quick as we saw the crowd gather it began to head in our direction. They were chanting the name of the newly announced Ohmie of the Week. We slipped away (duty calls) but the celebrations will no doubt run long into the night!
A relatively new Ohmie @Asfi (3,3) has thrown himself into the community: inhabiting the discord, asking big brain questions and contributing to monetary policy discussion. He also volunteered to become one of the first Sherpa’s — to guide new Ohmies on their path.
His twitter bio concedes that he is “Obsessed with Olympus DAO”.
We are proud to call him a fellow Ohmie and Ohmie of the week.
Numbers at a glance — OHM market cap at all time high!
- Number of Ohmies +427:
- June 22nd: 4389
- June 29th: 4816
2. Treasury risk-free-value (RFV)
- RFV in DAI has grown by $930,128:
- June 22nd: $6,511,196
- June 29th: $7,441,324
- RFV in FRAX has grown by $979,954:
- June 22nd: $369,409
- June 29th: $1,349,363
3. Bond sales statistics:
- DAI bond: 878,923 DAI has been bonded in a week
- FRAX bond: 930,387 FRAX has been bonded in a week
4. New analytics about OHM-FRAX liquidity has been released:
Since the launch of OHM-FRAX bonds about two weeks ago, the treasury has now amassed more than 50% of the OHM-FRAX liquidity.
5. The RFV (Risk-free value) of the treasury assets now takes into account FRAX as well:
6. Macro numbers from around the cryptoverse:
Ohmie profile — @Memetics))<>((
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 peoples 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 — The God Of Wall Street (credit @VirtuaL3ad3r)
We headed to the #off-topic channel to chat with @VirtuaL3ad3r about this week’s Meme of the Week — The God of Wall Street.
We didn’t find him, but we asked a native of that channel what the meaning behind the meme was and they replied only that “Zeus is so based Ohmie… like so based”
Well we think it celebrates the beautifully chaotic collection of Ohmies that have gathered around the brilliance of Zeus and this protocol!
Great work @VirtuaL3ad3r — keep em comin!
If you want to see your meme here make sure to post it on the #memes-and-design channel on the Olympus Discord.
Opportunities to contribute — join us
To get involved with what is happening atop Mount Olympus, join the DAO Discord.
Once you are in — make sure to fill in the onboarding form to signal your areas of interest so you can get assigned a role and get cracking.
If you have any questions, just ask in the #general channel and a helpful Ohmie will appear to guide you along your path.
If you want to be a Sherpa, to guide the new Ohmies, please fill out this form.
Keep it (3,3), till next week Ohmies — with love from the Agora Dispatch team.