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 by depositing it back in FeiRari Fuse pool.

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

Approve a pilot deposit of $1.5M worth of gOHM on Tribe Turbo?

This poll has ended.

Again, in favor, have not seen any to contrary in comments, though i do see some "no" votes in the poll. For those that are against, please elaborate.

  • Roc likes this.

Agree with the proposal - continuing and deepening the partnership with FEI is advantageous to both protocols.

In favor of this. Lfg.

@JaLa @balotelli45 Will the resulting yield go to the treasury or will it help grow the DAO funds? Imo that's important to know and might be useful to be spelled out in the proposal as DAO OHM becoming gOHM will naturally dilute stakers, if the yield is going into the treasury (and eventually the FEI as well if the position is closed), then this dilution becomes more directly accretive.

Good question, the yields on the position will be transferred back to Olympus Treasury!

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