• Proposal

  • OIP-30: Execute OTC deal w Incooom Finance

Summary

Execute an OTC deal between the DAO funds of OlympusDAO and Incooom Finance. This would result in OlympusDAO receiving 111 ETH and Incooom Finance acquiring 815 OHM in return.

Proposal

The Olympus DAO treasury currently holds $185m in OHM. These funds are used to compensate contributors in the DAO and pay for expenses that are incurred.
More and more we run into the issue where we must pay for services in either stables, major crypto assets or even fiat. Because the DAO only holds OHM, this would mean that we would have to sell this OHM to acquire these assets which is both not ideal and adds a lot of overhead.

A prime example is the upcoming audit with Runtime Verification for which we need 105,000 USD in stablecoins or ETH to pay for their services. Up until now, some DAO members have fronted these expenses and have gotten compensated in OHM afterwards but again, this is not a sustainable solution.

Incooom Finance is a protocol that aims to merge NFT culture and decentralized finance in a symbiotic asset that strengthens community and creates win-win-win strategies.  As part of their genesis offering, INCOOOM will be utilizing OHM to execute a staked vaulted strategy.  Check them out at https://opensea.io/collection/incooom

They have recently launched and are looking to acquire OHM with the ETH they have raised. We believe this could be an excellent situation where we would acquire 111 ETH which can be for services mentioned above and can be seen as a responsible way to diversify the DAO treasury.

Terms

OlympusDAO will acquire 111 ETH in exchange for 815 OHM going to Incooom Finance. The exchange rate has been derived from the 24h MA on the 16th of September, 22 UTC.

Due to the relatively ‘low‘ amounts ( 0.2% of total DAO treasury) we will hold an informal vote on the forum. A majority vote of >80% will suffice to execute the swap after this informal vote. In case this is not reached, we will move to snapshot voting.

Vote:

Yes: Execute OTC deal at set terms

No: Don’t execute OTC deal

Execute OTC deal w Incoom Finance

    no brainer to do an OTC deal with the ohmies

    GO FOR IT!!!!! diversify is the key doesnt hurt to have some ETH thank you for the transparency

    absolutely, positively, yes please. INCOOOHMIES

    What is Incooom Finance??? Can you please link to a website for more information on who/what this potential partner is?

    There doesn’t seem to be anything wrong with the concept of trading OHM for ETH…but it would be nice to find out more about who we are associating ourselves with.

      All for this, no brainer.

      INCOOOOOOOOOOOOOOOM!

      #ohmiessupportohmies

      hippopotamus incooom.finance

      It’s a side project started up by some OHMies: Monk, Keisha, Jeff, Mycell, dudemyguy, brian. I might be missing someone. It is an NFT project that provides passive incooom to holders through (9,9) and some other strategies

          Any restrictions on how long they have to hold the Ohm from this deal?

            plutus NVM. Just saw SMARF's reply to hippo.. That's good nuff for me! I'm in. 🙂

              As a holder of both OHM (500+) & INCOOOM (Psychedelic Royal Flush)

              I approve this message. I approve this angel number as well, I can only ask to continue executing OTC deals & potentially think about raising this amount to 333 ETH in exchange. (111 * 3 = 333 | 3 * 815 = 2445)

              Adjusted. Price = 2420, to make terms more favorably for all parties involved.

              The reason why I suggest this increase in the OTC deal is because simply, it pumps both my bags.

              Thank you.

              INCOOOOOM long and strong ohm and incooom lesssgo this is bullish for both parties, ohm gets more eth in the tank and incooom gets ohm win-win-win as mentioned.

              Excellent decision considering the future potential of Incooom. Most of the giga brains at incooom are Ohmies. They are merging the two hot cakes in the market Defi and NFT to generate passive income in a fun way. Having said that, this deal doesn't constitute of any significant portion but merely .2% in ETH. Less risk more reward imo.