Summary

Seek authority from the community to conduct a pilot deposit into Tribe Turbo using $1.5M worth of gOHM.

Motivation  

As Olympus continues strengthening its partnership with Fei Protocol, our DAO has been selected to be part of Tribe Turbo’s first cohort of users. As we aim to provide as much value as possible to all of our close partners, Treasury believes conducting a pilot deposit into Fei Protocol’s new dAPP aligns well with this goal. 

Specifications

Tribe Turbo uses a novel architecture on top of a Fuse pool called the “Turbo Pool”. Supported collateral types can borrow (issue) FEI (USD stablecoin) at 0% interest through “Turbo Safes”. The Turbo Safe ensures that the borrowed FEI is subsequently (atomically) deposited into a yield strategy of the user’s choosing. For Olympus, this means we would use gOHM as collateral to borrow FEI and earn a yield on our position. 

Risks: 

Tribe Turbo being a new protocol, depositing funds into it, especially as a first cohort participant, has its fair share of risks. However, considering that Turbo is built on top of Fuse, most of its mechanics have already been battle-tested for a while now. Nevertheless, Treasury recommends starting with a pilot deposit of $1.5M to account for the unknowns.  

Proposal

  • Stake $1.5M worth of DAO OHM

  • Deposit into Tribe Turbo and borrow at a maximum of 20% LTV ($300K FEI) 

  • Any further deposit increase would need to go through another community approval 

Links:

https://medium.com/fei-protocol/the-tribe-dao-strongly-believes-that-a-healthy-and-thriving-defi-ecosystem-needs-a-robust-platform-b1faea700dfa

https://snapshot.org/#/olympusdao.eth/proposal/0x00fd601fd700678a9d6b7e484e742ccbbcf2f7f27c6d8f2814e9ba547d0a0f1b

https://snapshot.org/#/fei.eth/proposal/0x8fc10a0d66829e7e78b41a72d542adf7720f92b747a083400d77656744169907

Deposit $1.5M worth of gOHM in Tribe Turbo?

This poll has ended.

In favor of supporting a keyt partner and testing new revenue stream for the DAO. This is a very conservative allocation and we can call the loan back at any time if things are looking dicey.

Very much in favor of experiments. Tribe Turbo is a very exciting project.

I also think it makes sense to partner and grow in postive-sum ways with other mega-DAOs. The more we grow and enmesh together the more resilient we become. Long term vision with short term attention to protocol and innovation risk.

  • Roc likes this.

So excited! This is SICK. LFG

All for it - we need to use Turbo to grow some of our unproductive treasury assets and this is a great way to do so. More backing for the Ohmies!

Write a Reply...