• Proposal

  • OIP-120 : Abachi Flex Loans Whitelisting

Summary

Whitelist Abachi for usage of the Flex Loans facility that would allow us to bootstrap an ABI/OHM pool.

Background

Abachi is a longer term bet on the convergence of DeFi and TradFi. We are currently building the middleware and tools that real-world businesses can use to leverage DeFi. Both permissioned and permissionless.

We aim to be somewhat like what plaid (plaid.com) is for the real world. Our middleware allows our partners to connect their existing financial software (starting with accounting software) and issue risk and loan terms based on those.

We do not issue the loans, however we build the tools that allow lenders and borrowers to access these markets using bonds.

We have currently 180k USD lent out in short-term 4 month loans via our permissioned partners in a pilot program and we aim to grow this 10x each year. The permissioned bonds market is currently in testing in ropsten and will be launched on Ethereum in the next couple of weeks.

Once the first bond markets are launched for real world loans, our next milestone is to integrate a digital wallet into our partner apps to allow end to end transactions in digital assets.

With this said, we are bridging ABI to Ethereum (from polygon) and this bridge is now live on multichain app. We would like to launch an LP against the OHM we currently hold (40 gOHM).

The LP will be offered only against an OHM pair on Ethereum chain until we feel demand requires other pools to be launched. Our main LP is on polygon for ABI/DAI.

Once the initial pool is launched we would also like to work with Olympus for LP bonds and incentives to this pool.

As a project that is bullish OHM we feel this is the primary use case for OHM and hope the community will get behind it so we can make this LP launch a success.

Once the loan is approved we will consult with the Olympus team on where to launch the LP. Either Balancer or Sushiswap is under consideration at the moment.

About ABI Token

The ABI (abachi) token is a governance and utility token that rebases at an APY 1/3rd of OHM. Currently 60% but dropping to 5% soon.

ABI is used for:

  1. Fees paid for multi-chain transactions.

  2. Fees paid to KYC & Onboard lenders and borrowers to our platform.

  3. Fees paid on loan and bond transactions using our tools.

ABI has a treasury that holds USD, BTC, ETH and OHM. The aim of this treasury is to provide liquidity for ABI to trade against and currently its ~USD 1m with 296,000 outstanding circulating supply. This treasury is not used for operational expenses. As the protocol grows the digital assets will be used to shore up liquidity and provide price stability to the token.

TL;DR

Our mission is to disrupt the 8.1T credit and treasuries (bonds) markets, the 6.6T forex market, and the 29T cost of trust.

Some of the building blocks to achieve this mission are:

  • Multi-chain wallet that can be integrated by third-party app developers inside their apps via an SDK.

  • Build B2B KYC as a service. Offer the solution as a plugin to our wallet, and enable business identity on a per wallet basis.

  • Launch permissioned bond markets. Abachi can buy a 30yr bond at market, then if ever needed, sell it back after holding it for a year, or swap it for a 10yr bond.

  • Culminate all this tech to enable permissioned Buy-Now-Pay-Later solutions for businesses at scale.

Businesses can apply for the permissioned lending service. They will:

  • go through a business KYC,

  • be analyzed & assigned a risk rating based on their (and their specific market’s) financial situation,

  • Assigned a KYC’d wallet within their financial app (Quickbooks, Xero, etc.)

  • They can collateralize their future earnings to get access to liquidity today at a fixed markup.

Terms:

Flex Loans

Whitelist Abachi for usage of Olympus Flex Loans with the following initial conditions:

  • LTV: 100%.

  • Debt limit (max borrowable amount): 25k OHM.

  • Interest rate: 0%.

Polling Period:

The polling period begins now and will end at 23:59 UTC on Oct 9, 2022. Afterwards, this OIP will be added to Snapshot for a final vote.

Approve Abachi for Flex Loans facility?

This poll has ended.

    Being one of the early supporters of Ohm, being one of the top holders while itself being a micro cap 🙂 Abachi - Making waves.

    Nice read, well written 🙂

    I've been in the Abachi DAO discord server from practically the beginning and they have a great team behind them. They are also the only ones so far to gain the "Proof of Whitehat NFT" from Olympus DAO.

    They have been moving forward with their goals and making steady progress with their TradFi partners all whilst continuing to build during this bear market - notably, they did not sell their OHM with the community recently voting not to sell but to propose this OIP and launch an ABI/OHM trading pair on mainnet 🙂

    If there is a protocol worthy of being whitelisted for Olympus DAO Flex Loans Abachi is it!! So, of course, it's a yes vote from me. Good luck team - hoping this OIP passes 🙂

    I don't see a reason why not. Especially considering that its going to be the only pair offered on ETH Mainnet. If more partners commit like this, it could really boost the trading volume and adoption for OHM as the reserve currency.

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