OIP-82 Addendum
Hello Ohmies!
I want to thank everyone for the incredible feedback, it is great to see deliberate and sensible discourse around this topic. We are carefully reading all messages and are taking them into account.
Since the poll has been voted on I am not able go back and make edits that some of the community were asking for to get clarity on some of the deal points. However, I will outline them in this message instead. Let this message act as a analogous source of information for this proposal.
To start, I have added a third option to the poll which will allow people to vote for an amendment to this proposal to be put up. This will allow new voters to voice their mixed opinion by voting for a new proposal to be created. This was not a way to change the narrative, we are indifferent as to whether it passes or not. This is a community vote through and through.
To be clear, if this proposal were to pass, we will make available a smart contract via an Olympus front end to execute the tender offer. SPA holders will be able to show their support for the process by depositing their tokens into the contract. Their tokens will be wrapped and staked so they do not miss any rebases, and will be available for withdrawal if the proposal fails. Although this is not technically a “vote” by SPA holders, it is an equivalent way to show support for the tender offer. This is the best way we saw to include the Spartacus community in the process.
On the dev grant: The goal of the grant is certainly not to reward inactive devs or act as a vehicle for devs to spin up projects and then abandon them in hopes of gaining a grant. The intention is to open up a line of communication with Spartacus devs and incentivize them to cooperate through the entire process and set SPA holders free. Since Spartacus has no direct community -> developer feedback pipeline, this was our process to aid that. We are open to reworking this point if it is not appealing to the community.
On some of the deal points that need further explanation:
- There was a bit of confusion around why this deal is +EV, but there are winning scenarios all around. For Olympus, we will be making a swap for the treasury, which will net us around US$16.17M at the time of writing this addendum. This, in turn, compensates for the supply increase of OHM we will mint for this deal. It is also much more cost effective than if we directly market bought the assets. For SPA holders, we are giving them an opportunity to exit their position in Spartacus at a more than 3x premium to their current price. If we were to offer them a lower price, the tender offer may not be attractive enough to move upon. For Developers, the deal will pay out a competitive (perhaps too competitive) exit sum that helps to curate a graceful exit, protected by a condition against rugging in which the multi-sig must be handed over prior to the trade occurring. The developer is also welcome to collaborate with Olympus further if they so choose to do so. Some may believe we shouldn't make this a positive outcome deal for the Developer and I can't blame them for thinking this.
- The increase of backing / OHM if the deal were to go through at our proposed price with current market numbers would be approx. US$1.35 per OHM. We came to this conclusion based on the expected gain of treasury assets divided by the OHM supply. So that would be US$16.18M $divided by$ 12M. We are actually strengthening the value of $OHM tokens through this trade.
- Our new V3 liquidity position is well equipped to handle and absorb the sell pressure of a sell-off were that to happen. Of course, we want every SPA holder to become new Ohmies from this deal if they weren't already, but we do expect many traders to sell and have hedged against that outcome as best as possible. There would be minimal to no impact on price if our liquidity wall were put into place.
Please continue to leave questions and comments - we will continue to field them and give as many answers as possible.