Big fan of Opyn, squeeth, and option strategies here.
However, crab is a short volatility strategy.
I do not think that Olympus should play vol (short or long) strategies with its treasury. Olympus is not a hedge fund, it should not partake in directional strategies, including volatility strategies.
Short volatility is especially vulnerable to black swan events. If Olympus had deposits in a short vol strategy during the UST collapse or the 3AC liquidation in June (if we may call these events black swan events), it would have lost a big chunk of its deposits there. And I am pretty sure everybody agree that Olympus strength is to be especially resistant to black swan events, not the other way around.
Also, depositing in option strategies has already been discussed here for TAP-11 Ribbon Finance Whitelist : https://forum.olympusdao.finance/d/1165-tap-11-ribbon-finance-whitelist
Which was a heavily contested snapshot vote : https://snapshot.org/#/olympusdao.eth/proposal/0xe52a4af6307bea40a34f2eaf9a93f11c8abf382020cca2d370ffaa0337620b6b
At the very least, I think that this proposal should highlight very clearly the possibility of loss of fund if a large volatility event happens, which is only highlighted through a little sentence that doesn't say much.
