• Proposal
  • OIP-29: Execute Treasury Swap with Sushiswap

Summary: Execute a token swap of sOHM and xSUSHI with Sushiswap to further diversify our treasuries and strengthen our inter-protocol relationship.

Background: Olympus is currently the largest single liquidity provider on SushiSwap, with over $92m provided to the OHM-DAI pool. OHM-DAI is the 13th largest pool, and makes up 1.5%-4% daily platform volume on average.

SUSHI is currently the 6th largest holding in the Olympus treasury, with 56,000 xSUSHI acquired over the past 6 months through the Onsen reward program.This swap would have Olympus just shy of the top 25 holders of xSUSHI.

Abstract: We view SushiSwap as a valued infrastructural partner and, as an intended power user of new Trident features, want to deepen both our relationship and our exposure through a strategic token swap. This swap will provide Olympus with additional Sushi not acquired through Onsen, and give the Sushi community exposure to OHM beyond the passive fee revenue currently being contributed. The swap carries with it a six-month vest (with the exception of providing liquidity with the assets), and an expectation that neither side trades or reduces their exposure after this term without a governance vote, which the other party can participate in through their respective holdings.

Motivation: Deepen bonds between our communities, diversify our treasuries, and provide governance power in each other’s protocols (which we intend to utilize for Onsen gauges when available).

Intended Utilization: This xSUSHI will add new assets to the treasury and extend our exposure to and governance power on the Sushiswap protocol. We intend to utilize these tokens to either 1) create an xSUSHI-OHM liquidity pool, or 2) convert to oSUSHI (if/when launched) and push greater Onsen emissions towards our liquidity pools.

Specification
Six month lockup (with approval for liquidity provisioning)
Execution at current 30-day moving average prices with no discount.
OHM 30-Day MA = $385.09
SUSHI 30-Day MA = $12.26
$3,300,000 notional value, paid in xSUSHI and sOHM.
231,166 xSUSHI <> 8570 sOHM

For: Execute treasury swap with Sushiswap

Against: Do not execute treasury swap with Sushiswap

Poll

    Do it. Having serious voting power in Sushi will be incredibly value as we continue to grow. Will help us incentivize pools that benefit our growth as well as deepen our symbiotic relationship.

    Fuck yes. Shoyu will change the game. Bet hard on Sushi. Can we stake the Sushi in our treasury to xSushi?

    Zeus Olympus is currently the largest single liquidity provider on SushiSwap, with over $92m provided to the OHM-DAI pool.

    πŸ‘πŸ‘

    All for strengthening our symbiotic relationship.

    Will this proposal make it beneficial for xSushi holders to buy ohm? Do we have any projection of what might be the possible capital via xSushi pool?

    I think in Binance there is a way for users of Binance to stake DeFi tokens. I have no idea On how much people stake defi tokens using Binance. I am just sharing what I came across. Can you please check the worth of integrating ohm with Binance and possible benefits?

    is that even (3,3) sounds more like 300,300

    Love to see this specially with the massive expansion of sushi throughout the crypto ecosystems.

    Lets do it execute the swap xSUSHI is da wei! Shoyu releasing soon OS in the dog box I don't think this is priced in yet. LFG!!

    I like this strong integration with Sushi. It give us further exposure.

    Wonderful concept -voting Approve was the easy part.

    I vote to execute in order to strengthen our sushi presence.

    Integration with sushi, cementing us in the ecosystem as a key player is a no brainer for me.

    kschan changed the title to OIP-29: Execute Treasury Swap with Sushiswap .