Zeus
Somebody in the Discord called me Captain No-FUSE (s/o G_MON3Y). While hilarious, it is untrue. I've had more than my say on this issue so however the vote goes, I'll support what the community decides. But if I have to be Captain Cassandra so be it.
The fundamental issue here is not FUSE or even wOhm. The issue is the vision of Olympus. What are we? Zeus has been an amazing leader but I feel that the vision needs to be better articulated and not scattered in bits and pieces during random ZAD sessions and months-old Medium posts. It's not that Zeus knows best (although I think he does) but without that clear vision, everyone will push Olympus in the direction that they want to go and hence we have this divide.
I believe that the heart of Olympus is (3,3). This meme perfectly encapsulates what actually separates Ohm from other hyperinflationary shitcoins. Game Theory and community spirit is what binds us, not the 100K APY and not autocompounding. (3,3) MUST remain the dominant strategy which means HODLers receive the best RISK-ADJUSTED gains. Anything that could undermine (3,3) needs to be scrutinized.
The thoughtful Ohmies makes various arguments about how (3,3) won't change. However their very words belie that very thesis.
"Let's tax wrapping" - A tax separates those who can pay the tax and those who can't afford it; the Privileged from the Plebs. Progressive income tax, Wealth tax, Carbon tax. Need I go on?
"Normal Ohmies don't need to wOhm. It's only for Pros" - Dividing the community into Pro(3,3) and SD(3,3) is a good thing? How is this not splitting (3,3) community? What do you tell new Ohmies who come into the Discord? If you're a Pro you do this. If you're a Pleb, you do that. Let's start selling Pro(3,3) hats in the merchandise store. It'll be a smash hit.
"We can mitigate risk by playing with CF ratios and liquidation levers and anyway liquidations should be embraced" - Translation: SD (3,3) should know their place and sit tight and watch the Pro (3,3) brag about their yuuge gainz during bull cycles (aka Genius szn) and tighten their seat belts during 20% market drops because volatility is awesome for a coin that aspires to be a fully-backed crypto stable currency. Surely no one will discount VOLATILITY into Ohm price when they make their purchase decisions. Need I remind everyone that our runway and treasury value comes from Premium and that Premium comes from high Prices?
"Volatility is okay we don't need to be scared of it" - I must have missed the Medium article where Zeus talked about Ohm as a degen leverage coin that also gave you 100K APY. All the Medium articles I read were about controlling our own destiny, RISK-FREE value, boring discount bonds, and defending a price peg. Does Olympus want to be HIGH beta or LOW beta vs the DeFi market? Being LOW beta has worked out well so far but the Pros tell us that increasing our beta will take us to new heights. Nobody knows if that's true or not. It's disingenuous to present that notion as DeFi gospel.
"New integrations are good" - New integrations are good if they ADD value and are not moving Olympus further away from what it is or aspires to be. DeFi is full of shitholes. Piling shit on top of more shit doesn't make things less shitty. I concede that Whales will do what they want so let them use Ohm if they want to take on more risk.
"wOhm is a better collateral than Ohm because Ohm decreases value" - This is a feature not a bug. At some point sOhm will not emit 6-digit APY inflation gains and so you're just left with vanilla Ohm. Should we build deep integrations around this temporary and artificial construct? Should we incentivize MORE degen behavior by giving them huge IV leverage PLUS huge rebase APY?
"You're still staked it's just a representation of sOhm" - If you have a Certificate of Deposit (CD)-which is a decent analogy to sOhm-that's an asset and you can add it to your net worth. If you could somehow take this CD to the casino where the game is totally rigged in your favor (99% chance of winning) and put it up as collateral. Is it still an asset? No by definition it's now a collateral. You have conceded a degree of control and ownership to the casino. What people actually do is PULL THE CASH OUT and then go to the casino. And in the case of wOhm you have not only risked your own stake, but the stake of others by exposing them to price risk that they have no control over and reaping the gains for yourself.
"Whales who want to degen would otherwise unstake their sOhm and sell if we don't wOhm" - By allowing wOhm to be used, the best RISK-ADJUSTED return belongs to Pro(3,3) not the SD(3,3). If we have all these Ohm whales are just itching to sell their huge stack WHAT ARE THEY WAITING FOR? Maybe it's because they'd be giving up the 100K APY and they would be unable to get back to their original entry price. Maybe they want to have their cake and eat it too.
New use cases are good. Integrations that are in alignment with the Olympus vision are good. I don't understand why I need to keep reiterating this point but I am FOR wOhm and FOR FUSE pools (and other pools) that are integrated with regular Ohm. But more importantly I am for keeping boring (3,3) as the UNIFYING DOMINANT STRATEGY with the BEST RISK-ADJUSTED RETURNS.