The Agora Dispatch — Olympus Community Weekly Newsletter — Wednesday 8 September 2021
Welcome to the Agora Dispatch — an Olympus community run newsletter — made by Ohmies, for Ohmies!
- Editorial — The last week of the beginning
- Ohmie Appreciation Night
- KlimaDAO releases more info on its token sale
- Olympus Insights soft launch
- Exploring Abracadabra — with @Dave_GMI
- Incooom Finance Launch — what could it be?
- @LiquidityWizard, Tokemak founder on the Agora Podcast
- Wonderland Money launches on Avalanche — promises 33% reserves to be kept in OHM
- OIP-22 — New Policy framework
- Twitter thread — @Maven11Capital on crossing $500M market cap
- Ohmie of the Week — @Sirtweekalot
- Numbers at a glance — Surge in bond revenue & runway continues
- Ohmie profiles
- Meme of the Week — Cough cough (credit @Mugen (3, 3))
- State of the DAO — Weekly update
- Opportunities to contribute — join us
- Agora’s Learning ancient-Greek mythology series — The Geography of Ancient Greece (pt. 1)
Editorial — The last week of the beginning
Although the rest of crypto is dumping, OHM is steady — a nice place to be and reflect.
This is the last week of the beginning of Olympus — by next week we will be in full pre-FOHMO #3 hype and building to a crescendo.
With the launch of protocols building on OHM such as Wonderland and the rumored Incooom Finance days away — it feels like we might have already crossed the Rubicon — we expect to see such adoption only increase.
But there is a moment here to just stop and enjoy the last of the beginning — before the excitement to come — please take a second and do so…
Ohmie Appreciation Night
We can report that the OHMie Appreciation Night last Friday went great guns — with 256 unique viewers and 382 live views on Twitch! There was a great turnout of Ohmies, who tuned in for the music, the laughs and some very special Ohmie stories.
You can relive the full community night here: https://www.twitch.tv/videos/1138119341
Ohmies shared their epic stories about their professional lives, traveling the world, and life goals which you can access here:
- ASFI: https://twitch.tv/videos/1138741642
- BIKE4PEACE: https://www.twitch.tv/videos/1138741641
- Church: https://www.twitch.tv/videos/1139806248
- Triton: https://www.twitch.tv/videos/1139806249
Shout-out to the OHMies over at @Apeliens for doing a giveaway of this crazy OHM-inspired alien straight from the intergalactic teleporter during the community night.
Congrats to the OHMie @FluctusLux for winning “The Truth Seeker” and joining the genesis collectors.
Rumor has it that they’ll be doing another giveaway in the Apelien discord soon!
Ohmies over at @Mover dropped this amazing NFT during the community night and opened the doors for anyone to mint this “something” during a (3,3) inspired time frame (September 3rd for 3 hours) to span through the entire community night.
All in all, 352 “Moving with Olympus” were claimed during the free mint window despite the agonizing gas prices. The owners will receive a unique avatar on Mover along with this amazing Mount Olympus card and potential gas-saving (alpha drop!) utility!
Once Mover launches Olympus functionality in their interface, these NFT holders will see it first. This way, Mover can do some final tuning based on their feedback and a stealth launch. A day after (or so), Mover will make a public announcement and open it to everyone.
As if Community Night wasn’t enough the Ohmies were then invited to keep the party going over at the Odyssey discord. @FattyBagz, our multi-talented Strategos from the Marketing team dropped some very cool freestyle rap (explicit) to entertain the Ohmies while the host @Jman was crafting some memes featuring some of the notable figures of the Olympus team. Tigerlilly played us some tunes on his guitar and followed by Milark on the piano.
A very, very cool night!
KlimaDAO releases more info on its token sale
Olympus strategic partner Klima DAO, a protocol aiming to incentivize a carbon credit blackhole on-chain, has dished on the next phase of its token release through a liquidity bootstrapping auction or Fair Launch Auction (FLA).
The FLA aims to allow the market to determine the fair price for KLIMA while bootstrapping liquidity for KLIMA. Since KLIMA is not yet available, participants in the auction will receive aKLIMA, essentially coupons valid for a 1:1 exchange when KLIMA tokens are launched. Check out their beginners guide here.
Klima DAO is building a digital currency backed by carbon. The goal of Klima DAO is to transparently allow the appreciation of carbon credit assets to create an incentive for quicker adoption of low carbon technologies. Olympus DAO, and therefore indirectly you too Ohmies, are providing strategic advice to KlimaDAO and will receive vested Klima for this service.
OlympusDAO Insights soft launch
Transparency and investor education are two of the most important goals at Olympus. To reinforce these overarching goals, the Marketing team has decided to launch Olympus Insights — an official Olympus Newsletter that provides investors with up-to-date and accurate data and metrics surrounding the Olympus Protocol.
To tailor to the needs of users with different experience levels, Olympus Insights offers three experience tiers:
- Easy: Simple protocol metrics that are easy to understand.
Recommended for new DeFi & Crypto users
- Medium: Mid-tier protocol metrics.
Recommended for casual DeFi & Crypto users.
- Advanced: Technical protocol metrics such as liquidations, bond sales, etc.
Recommended for advanced DeFi & Crypto users
Some important things to note.
- You can update your desired tier level at any time and this change will be reflected in the next newsletter.
- If you choose the Medium tier, you will also gain access to the Easy Tier content. The same logic applies to the Advanced Tier.
We know you guys love alfa, so we are happy to report that the Marketing team has been cooking up something special for Olympus Insights subscribers….. Stay tuned! (and subscribe here).
Exploring Abracadabra — with @Dave_GMI
It provides a good starting point to understand how the Abracadabra borrowing protocol works.
As always, Agora recommends that you do not use your sOHM as collateral in order to leverage or borrow, as you can lose your hard earned stack.
Incooom Finance — what could it be?
Honestly we don’t know — but it seems like it will make use of OHM!
We have booked one of the team members to come on the Agora Podcast later this week — so hopefully will get some answers then!
@LiquidityWizard, Tokemak founder on the Agora Podcast
The lead mech from Tokemak stopped by Agora this week to discuss nuclear fusion, the singularity of OHM and TOKE and of course, liquidity.
Liquidity Wizard takes us into the reactor and explains what Tokemak is and how it is revolutionizing DeFi. Currently DeFi protocols rely on liquidity being supplied by mercenaries for the protocol’s governance token — this yield farming is inefficient and damages communities that want to invest in projects they believe in. Tokemak say they aim to solve this through directed liquidity vaults.
Liquidity Wizard likens Tokemak to Amazon Web Service (AWS) and broadband on the internet. Like how AWS removed the need for companies to maintain their own server farms, Tokemak hopes to remove the need for dozens of mercenary liquidity pools by directing liquidity through Tokemak and onto decentralized exchanges like SushiSwap.
Liquidity Wizard calls TOKE, “the black hole of liquidity”, and OHM, “the black hole of value”. Maybe we will see what happens when these two collide.
You can listen here.
Wonderland Money launches on Avalanche — promises 33% reserves to be kept in OHM
The team over at Abracadabra Money decided they weren’t just satisfied with adding sOHM to their borrowing vaults — they went ahead and launched a brand new fork of Olympus, called Wonderland Money, over on the Avalanche blockchain.
They agreed that it was fitting and just to keep 33% of Wonderland’s treasury holdings in wsOHM — as a genuflection to the king. This will provide yet another continuing source of demand for OHM.
OIP-22 — New Policy framework
The Policy team makes important decisions such as reward rate adjustment and budget matters that drive the success of Olympus. More often than not, these decisions involve long and careful internal discussions before they are implemented — an imprudent decision may cause serious financial harm to the protocol.
That said, the Policy team still values transparency and often seeks the community consensus before implementing a proposal. But this comes with a time trade-off that prolongs the whole decision-making process. OIP-22 aims to tackle this by distinguishing between decisions that should go through a community vote and those that do not.
Twitter thread — @Maven11Capital on crossing $500M market cap
Olympus just crossed $500M market cap this week to the delight of many Ohmies. One of the early investors in OHM, Maven 11 Capital, shot out a tweet about this momentous moment:
Maven 11 touches on many topics in this thread: how the (3,3) meme contributes to the protocol’s success, why the price does not really matter, the importance of risk-free value (RFV), and many more. If you are new to Olympus or just need a quick refresh on what the various protocol metrics signify, this thread is for you.
Ohmie of the Week — @Sirtweekalot
This week’s Ohmie of the week joined our ranks around June and has been a powerhouse around the discord ever since.
A daily staple on the #off-topic channel, he is always in good spirits — most recently he shared with the Ohmies that he became a father to a beautiful bub!
Congrats on being this week’s Ohmie of the Week!
Numbers at a glance — Surge in bond revenue & runway continues
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: 12274(+368)
- August 24: 11432
- August 31: 11906
- September 7: 12274
Welcome to all the new Ohmies! Keep a lookout for them in the Discord and show them the hospitality of Olympus!
2. Current Runway: 347 days
At the current reward rate of 0.297%, Olympus can continue to distribute OHM rewards for 347 days even if it stops bringing in revenue. That’s a +19 day increase over the past week!
If you need a recap on what runway is, check out this twitter thread from @xh3b4sd.
3. Bond sales (reserve bonds) statistics:
- Total Bond Sales (past week): $3,899,245
- DAI bonds: 3,286,759 DAI bonded in the past week
- Week-over-week growth of +11.8%
- FRAX bonds: 230,769 FRAX bonded in the past week
- Week-over-week growth of -5.4%
- wETH bonds: $381,717 wETH has been bonded in the past week
- Week-over-week growth of +17.5%
4. Bond sales (liquidity bonds) statistics:
- OHM-DAI LP bonds: $344,211 of RFV in a week
- Week-over-week growth of +17.6%
- OHM-FRAX LP bonds: $29,680 of RFV in a week
- Week-over-week growth of +12.5%
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. Liquidity Providing Fee Generation
- Total LP Fees Generated: $2,264,765
- $123,658 in fees generated in one week!
- Week-over-week growth of +5.8%
Via: Dune Dashboard
Olympus has taken in over $2.26M 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.
6. Risk Free Value of Treasury Assets: $41,384,751
- 7-day change: +3,898,117 (+10.4%)
- 30-day change: +13,880,639 (+50.5%)
- RFV Per OHM: $27.25
- Based on current circulating supply of 1,518,706
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.
7. Current Index: 15.174 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 tripled your stack now to 3.298 OHM! OHM’s price today is around $347. Let’s find out what is your ROI:
- Principal: $204.28
- Return on 7 September: 3.298 * $347 = $1144.406
- Principal gain = $1144.406 — $204.28 = $940.126
- ROI = ($940.126 / $204.28)*100% = 460.214%
This is the power of compounding. The growth in your OHM balance coupled with price increase can mean a massive return on your investment- provided that you (3,3) and have a long enough time frame.
8. Protocol Owned Liquidity: >99% (OHM-DAI & OHM-FRAX)
Protocol Owned Liquidity shows the amount of LP tokens owned by the Treasury. For Olympus, this figure is currently greater than 99% for both OHM-DAI LP Tokens and OHM-FRAX LP tokens.
9. Macro numbers from around the cryptoverse:
We have a couple of Ohmie profiles from last week’s Community Night that we thought we should share with you instead of the usual written profile — they are epic stories about professional lives, traveling the world, and life goals which you can access here:
Meme of the Week — Cough cough (credit @Mugen (3, 3))
Our editor got a little sick earlier in the week. Despite that, he still marches on, carefully going through each line and leaves no stone unturned. All this to preserve our tradition of bringing the newsletter to you, our loyal readers, every Wednesday. This is the level of commitment we hold ourselves to at Agora.
Get well soon, @Mark11!
State of the DAO — Weekly update
We highlight some of the updates that happened in the DAO over the past week:
Community and Content
- A new podcast just dropped! This time we interviewed Tokemak founder, @LiquidityWizard to learn more about the project and what problem it aims to solve.
- The OWAD dashboard has got a new section! Investment Insights allows you to view your average OHM purchase price and any realized profit.
Marketing and Design
- Ohmie Appreciation Night launched on 3 September to great success. More than 300 Ohmies joined in the fun and had the pleasure to get a limited NFT from Mover. We covered the event extensively in the “Ohmie Appreciation Night” section of this newsletter.
- OIP-21, which seeks to increase the DAO budget went live on Snapshot and passed with overwhelming support. Thank you Ohmies for your recognition of the effort of the DAO members.
- A nice dashboard has been built which allows you to track the DAO allocation information in a visual-friendly way. Stay tuned for more updates!
- Refactored bond code to make adding bonds easy. Do you know that the Olympus code is public? Check out their GitHub page to get up to speed with the engineering progress.
- Improved Provider code — less UI issues should be expected now. Shout out to the engineers who have been working silently and tirelessly to fix bugs in order to bring the best user experience to the Ohmies.
- Role discussion for the upcoming restructuring.
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 — The Geography of Ancient Greece (pt. 1)
Preface: Ancient Greece was a collection of many different city-states known as Poleis (plural of Polis). While these city-states were self-sovereign and had their own governing bodies and rulers, most understood the importance of nationalism for maintaining their strong grip on the country as a whole. Every polis had a central town that included a citadel on raised ground called an Acropolis and a central marketplace called an Agora (name drop!)
Below we outline some of the most important Poleis in Ancient Greece.
An obvious choice for this list, ancient Athens was the largest and most influential of all of the Poleis in Ancient Greece. Home of Democracy and the Parthenon (a large marble temple dedicated to Athena), the city of Athens has a history that can fill volumes and volumes of history books.
Famous rivals of the Athenians, Sparta, located on the peninsula Peoponneus, was the preeminent land force in all of Greece due to their commitment to military dominance. Children were indoctrinated into the culture from birth, as their mothers would bathe them in wine to test if they had the strength to survive. While there are not many myths centered in Sparta, the city-state’s role in the Peloponnesian War and the Greco-Persian wars is vital to Greece’s history.
Thebes, located about 50 miles away from Athens, is arguably the most important Polis from a Greek Mythology perspective. Among the many myths that took place in Thebes are the stories of Cadmus, Oedipus, Dionysus (god of wine) and Hercules.
Located about halfway between Athens & Sparta is Corinth, a smaller Polis that rivaled the wealth of Athens and Thebes based on the prime location on the Isthmus of Corinth (a narrow land bridge that connected mainland Greece and Peloponnesus, the large Peninsula that contained Sparta & Mycenae). The Polis also housed the Temple of Apollo.
Nearby to Corinth within the Peloponnesus peninsula was Mycenae, another important Polis in Greek Mythology that was said to be founded by Perseus. The sloping hills of Mycenae formed a beautiful Acropolis and the land was fertile and perfect for farming. Mycenae was also known as the city of Agamemnon, as it was the home of King Agamemnon who led the expedition against Troy in the Trojan War (recounted by Homer in the Iliad).
As there are plenty of other Poleis and important landmarks in Ancient Greece, this section will be continued next week in part 2!