dio Appreciate the concerns. To be clear our intentions are good and aligned with the goal of making OHM the next reserve currency of Defi. So couple things, when we wrote this proposal, we were above backing. We think its fair to not be able to purchase a reserve bond below backing and can make this the floor in the final proposal that goes to snapshot. As of today, a 1M buy would make us the 29th largest OHM holder. We would hardly have enough voting power to have any more control than any other DAO or individual involved in the project. This is also an option to bond, we have to go close the capital and we wanted the DAOs support before we did so. The reality is having the DAO vote on this gives us the credibility to bring in outside capital during a bear market. The 2.5m in engineering and product is to build applications and utilities that unlocks value for all OHMIES. Once we close capital and before we execute the bond, we will ensure we are doxxed. The DAO can not turn on the bond if we don't do that. This is not a trojan horse, there is no ill will. We are super bulls when it comes to OHM and what the potential of the project is. We want to enable it. We are looking at this OIP as an alignment exercise.

      This proposal would be a lot stronger if you guys had finished fundraising, was fully doxxed etc…but you probably need this OIP cleared as part of your marketing to VC's. I get it.

      Unmask first (I swear, if this is you Dani..)

        EconohmicLabs Appreciate the concerns. To be clear our intentions are good and aligned with the goal of making OHM the next reserve currency of Defi. So couple things, when we wrote this proposal, we were above backing. We think its fair to not be able to purchase a reserve bond below backing and can make this the floor in the final proposal that goes to snapshot. As of today, a 1M buy would make us the 29th largest OHM holder. We would hardly have enough voting power to have any more control than any other DAO or individual involved in the project. This is also an option to bond, we have to go close the capital and we wanted the DAOs support before we did so. The reality is having the DAO vote on this gives us the credibility to bring in outside capital during a bear market. The 2.5m in engineering and product is to build applications and utilities that unlocks value for all OHMIES. Once we close capital and before we execute the bond, we will ensure we are doxxed. The DAO can not turn on the bond if we don't do that. This is not a trojan horse, there is no ill will. We are super bulls when it comes to OHM and what the potential of the project is. We want to enable it. We are looking at this OIP as an alignment exercise.

          shadow changed the title to (RFC) OIP 113: EconohmicLabs .
          1. reserve bond below backing makes little sense for either parties, but I see you mention this was written when we were above backing
          2. this is too ambiguous to be an ask

          This proposal was never a request for comment (RFC) and because of that I moved it to the general section. You can't proceed to Snapshot vote before first being in the RFC section to gather feedback, OIP and then Snapshot.

          This statement is also confusing me:

          By focusing solely on the Olympus Econohmy, Econohmic Labs is asking the community for matching funds dollar for dollar based on our outside capital raised. By the Olympus community betting on Econohmic Labs, outside capital will be more comfortable making the bet themselves.

          Can you clarify this request? It sounds like you're asking for Olympus to match the funding you raised, but it is not mentioned under the "Asks."

            EconohmicLabs can you elaborate on applications and utilities and/or the business plan here? All of this sounds like a great idea but I'd also like to see the numbers behind it, what happens if things don't go according to plan, if Olympus will ever hold a %share or guaranteed return type of a thing. Right now since there could be a market buy of the OHM are the asks essentially for first look/named partnership?

                hOHMwardbound There is no formal financial relationship here other than Econohmic Labs being a holder. We want to build applications, services, and utilities that enable OHM to get to it's end goal. Our goal, is to acquire more OHM through operations. An example offering Econohmic labs is working on is econohmic on-boarding a fiat on-ramp enabling easy DCA of OHM to simplify on-boarding new ohmies. We think this a critical gap we can fill while the DAO focuses on core objectives and roadmap. If things do not go to plan we will be a large holder of OHM which we intend to find other use-cases for. In addition, an open dialog with the dao and council will aid us in growing our vision: applying utility to ohm. The conversation will be what does OHM need that it doesn't have the bandwidth for now and maybe we can fill those gaps. If you believe in OHM, the possibilities of what we may build on top of it are endless. We are focusing on the things we think will work best out of the gate before getting broader in experimentation.

                  just plain no, it "sounds good" but we've heard good sounding proposals before(lobis), still have a bad taste from that… not now and definitely no "matching" funds from OHM… either buy OHM outright and proceed or forgetaboutit

                    111-altrektcrew This is from a prior version after discussion with the DAO it was removed as it wasn't the right approach for what we are going for. Well remove before OIP

                      spoys_P This is from a prior version after discussion with the DAO it was removed as it wasn't the right approach for what we are going for. We'll remove before OIP

                        111-altrektcrew as mentioned we aren't asking for a grant or matching funds (we worked through this with DAO members and realized this wasn't the right approach) and we plan to buy 1m in OHM with net new money. We are also planning on raising 2.5m to invest in building utility for ohm. We aren't launching a token. We aren't forking ohm. I'm unsure what is turning you off so much? We are ohmies looking to help the protocol succeed. Having the communities support is critical in doing that.

                          If I understand correctly the aim here is to get a vote of confidence from the Olympus community and DAO as this will help econohmic labs raise its seed round. If that's correct it might be good to treat this introduction to the community like you would treat your first reach out to an investor:

                          - Show us a pitch deck detailing traction, problem/solution, roadmap etc
                          - Tell us who you are (just discord username would suffice)
                          - Tell us why you are the team for doing this

                          I understand you arnt asking for an investment of money but you are asking for public alignment so I personally think you need to show a bit more to get folks excited and backing your vision.

                          Folks.

                          1. They are not asking any funding from OlympusDAO.

                          2. As Ohm is trading below backing, issue of Reserve bonds does not make any sense. And they understand it. They will have to buy ohm in market(ohm is trading at a discount anyways on market).

                          3. Fear of them controlling the ohm governance, that is unwarranted. Anyone can buy in open market and get governance power, we cant stop anyone.

                            So lets give it a yes.

                          Sounds great that OHM is about to get a new holder and active ecosystem participant. However, I don't see the need for an OIP. The DAO should not hand out official endorsements, especially not in the form of OIPs (Olympus Improvement Proposals) either to formed or unformed companies or projects.

                          To get first looks at new products and features, the best way is to participate in the discord, forum and community calls. This is where initiatives are shared and discussed. It will be impossible to have a list of OIPd first access partners that the dev teams have to run new features by - it would slow down development of the protocol which is bad for everyone. There is already an established way for organisations building on or around OHM to get extra benefits - Olympus Grants.

                          Olympus should not set precedent by issuing reserve bonds via OIPs to unknown parties. The goal of Olympus is to create a decentralized reserve currency and monetary policy. That implies it's programmatic and smart contract based. The OIP tool should not be used arbitrarily.

                          Finally, it's great to have enthusiastic builders thinking about how to build on OHM. But as for all new ideas, the challenge is not coming up with a vision. It's delivering results. I think you will have better success if you focus on presenting what you have done, build relationships in the OHM community by focusing on the problems you are solving, pay attention to formalia (it would help if you had read the guidelines before posting an OIP, e.g. always post RFC first), don't publish "an old version" of the post (looks very sloppy).

                          Best of luck

                            Why are my comments are awaiting for approval for ever. ??