OIP-82: Tender Offer for Spartacus Finance

Are we in contact or does the team have a direct line to the team of Spartacus? Recently some fud went through twitter with the main dev gone and not responding at all.

Would like some clarification on the 500k $ for Spa dev team

Has anyone reviewed the claims that SPA is a hard/soft rug?

Gladly delete if this is FUD

After weeks of largely ghosting the project and its mods, it seemed clear that latent concerns of funds being rugged were not merely FUD. Is a rug possible? What about the multi-sig? Well

https://twitter.com/tikka_masalas/status/1494990415576977409

Shreddy How was the tender price calculated? Right now the Spartacus website is showing a backing per SPA of 47.16. Looks like we are buying at/above market price of the underlying assets.

What's the justification of acquiring these assets through a tender offer rather than just purchasing them on the open market?

Bearded_Wotanist agreed. If the developers get $500k in gOHM “once the conditions of the tender have been met”, and the devs are presumably some of the largest holders in the protocol, then they are essentially getting paid a 500k fee to push this offer through…

Isn’t a standing offer of a position at OlympusDao enough of a reward for the devs on top of the above market buyout of their failing protocol’s assets?

Doesn’t feel completely above board to me tbh

資産の会社に公開買付けをするのは理にかされて。

で、その価値が団に比例してことは、このかか？

We would see a lot of arbitrators taking advantage of buying SPA sub $50 and then dumping gOHM at their first opportunity.

Olympus has been authorized to take action to absorb any sell pressure that might occur after the Tender Price is paid, including by establishing a new V3 liquidity position which could capture 100% of the gOHM paid as part of the deal.

Given we are supplying gOHM at a premium to the treasury that we are acquiring, absorbing sell pressure is not in our favor.

We need token vesting, (14-30 days)

No payout for the devs above $50k

And a lower offer price (equivalent to the amount of assets in the treasury Olympus would recieve, Ex: $60 mil for $60 mil in gOHM, which would still provide a higher price than the market value per SPA token, and more profit to Olympus, as we could acquire assets without a bond discount.

Stoked that the gears are already turning around OIP-80.

That said: are we sure we feel comfortable with a $500k grant vested over 90 days in light of recent concerns around their "development team"? This proposal sets a precedent for use of OIP-80 going forward, so we should be careful not to incentivize behavior that doesn't align with Olympus. Even if it means an increase in treasury assets.

uliner 17m in rfv profit for our treasury. Bumps our rfv by like 1.5 dollars per ohm

No bueno, over paying for a dying asset. Why in Gods name would we overpay none the less think they would stay once being over compensated?

Shreddy

Spartacus treasury should be minimum of $60mm.

Same way, please also inform how much $gOhm are we paying out for it?

This will make us everyday user understand “how much ee are paying and how much we are getting ”

Intangible benefits of acquiring community, good faith gesture etc will be like a bonus for us!

spoysP A) there’s risk in being an arbitrageur and depositing into the tender offer contract that dissuades this (albeit only somewhat). There is the possibility that the devs won’t transfer the treasury, in which case the deposits are returned (and price likely tanks), and no gOHM is paid out, causing someone who is purely in it for the arb to lose money.

For your other question, we’re offering gOHM at a premium to current SPA token prices but at a discount to the treasury, not a premium to the treasury, so it is still beneficial to absorb selling pressure as long as it doesn’t result in a nuke greater than the profit we stand to make from the discount

joe1 because the treasury is worth more than what we’d pay. It’d be 8 figures of profit if the tender offer goes through

UncommonSense a $17m profit for the treasury will be beneficial for holders of OHM too, it’s not a bailout as much as it is a trade. Increases our rfv by about 1.5 dollars per ohm if everything goes smoothly

Shreddy By integrating Spartacus' treasury, development team, and community with those of Olympus, we will strengthen our RFV while welcoming potentially valuable team members

First & foremost, we shouldn’t be dishing out a grant to a non-communicative development team.

Although the treasury and the SPA community could ultimately benefit Olympus, it doesn’t make sense to dish out a 500k grant for a dev team who have ghosted the project for over a month…

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Shreddy gOHM equal to US$50 (the “Tender Price”), reflecting a premium to the SPA market price of approximately US$34.25

What was the due diligence process here? The rationale that Olympus should absorb sell pressure at an all-time low doesn’t exactly scream a sign of confidence for existing Ohm holders? I’d imagine a lot of Ohmies who are already in the red would view this as an illogical next step… Ohmies need a better explanation to why this would benefit them, even though the treasury ultimately benefits -> which ends up benefiting ohm holders. We also need to consider the weird precedent this sets for other forks who ultimately diluted Olympus as a core infra piece in DeFi. The discount to MV needs to be re-evaluated given how -EV projects like this were for Olympus as a whole…

I can see a lot of Ohmies viewing this as; ‘Why give fork chasers a chance to exit via the very project they were extracting value from’. Again, this isn’t necessarily my view but I’m attempting to see this from the perspective of another Ohmie.

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Shreddy an additional period of 365 days will begin after the Tender Period (the “Straggler Period”) in which Olympus will pay, in gOHM, 90% of the USD-equivalent of the Tender Price

The ‘Straggler Period’ should be significantly shorter (ie. 90 days). In the scenario we execute other tender offers, Olympus should be cognizant of timelines and be looking to consolidate action instead of letting getting lazy and leaving things open for an *almost indefinite period of time…

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This is ultimately a no from me until we;

• get more communication from the SPA team.
• re-evaluate grant sum
• reconsider discount to MV

I think the fact you guys are using your treasury to stop progress is disgusting. You get no value from buying spa treasury. You just stop competition. If you guys have no revenue focus on that. You cant buy you way out of this whole you guys in. You cant make the money to bring apy up so yall doing these grandstanding moves is silly. Yall not even buying best part of ecoyssytem. Spartacadabra worth more than spa and only part of ecosysytme that makes money. I dont know what game yall playing but its unethical to long term spa holders. We not in distress. Dev protected our treasury for long term. WE have new tokenomics comin etc. Shameful on yall ohm. By the way as huge spa owner i do not want to be ohm holder so dumpooooor of gohm this pass. Ty.