Designate the “Cross-chain Native OHM” as a pillar project to be included in the bonus program as described in OIP-128.
OIP-45 (Proteus) demonstrated demand for cross-chain gOHM. Since then, the DAO embarked (and successfully) shipped a major refactoring to the codebase (Olympus V3). In addition, new developments in bridging technology (LayerZero) have opened the opportunity for native OHM on other chains. The DAO is now ready to take advantage of these developments to launch cross-chain native OHM.
Cross-chain native OHM benefits Ohmies. Many Ohmies are priced out of participating in the burgeoning Olympus economy on mainnet. By going cross-chain, we give them the ability to participate in the econohmy at the fraction of mainnet costs.
Cross-chain native OHM benefits the protocol. It is well-known that liquidity is thinner on L2s. Olympus is in a unique position to expand its liquidity infrastructure services to L2s both by minting OHM and offering incentives to key partners. In addition, the protocol will satisfy demand for OHM liquidity from partners.
The project makes use of LayerZero technology to mint/burn native OHM. The technology has been audited multiple times and is generally trusted by the broader crypto industry. It is not without risks, however, and we encourage everyone to do their own due diligence before bridging. Our contracts have been reviewed by LayerZero Integration Team and we’ll be doing an official audit with OtterSec (a trusted partner of LayerZero).
Initial rollout will be on Arbitrum and Optimism L2. The chains were selected based on data from Proteus, community feedback and partnership demand. We intend to expand to other chains in the near future and will be evaluating new chains according to demand from the community, strategic importance, partnership demand and security.
The timeline for development and go-to market is as follows:
Smart contract development (Arbitrum and Optimism contracts to mint/burn OHM) - completed
Audit - went into audit last week
Frontend (updating existing bridge UI) - todo
Audit Remediation - todo
QA - todo
Go-to Market - in progress
Launch - ETA May 1st
Post-launch - ongoing partnerships and GTM campaigns to drive cross-chain engagement
As part of GTM, our partnerships team is reaching out to existing cross-chain partners to discuss gOHM. We will NOT be deprecating gOHM on other chains in the near term; you do not have to do anything at this moment. Any major changes to gOHM liquidity or existing partnerships will be communicated ahead of time and with plenty of time. Our goal is transition all holders to OHM without sacrificing trust of the community.
The bonus allocated for the successful and timely completion of this project is 20% of the total bonus pool.