Fully in support of this. Olympus Incubator will allow us to build relationships with protocols from an early stage, and work on mutually beneficial partnerships right from the get-go. I see these partnerships adding tremendous value to the Olympus ecosystem.
OIP-41 - Launch Olympus Incubator program
Many protocols are already excited about the idea of working with Olympus, who are seen as an industry innovator and emergent blue chip diamond hand org. Give the apes what they want!
Nice work team.
OLYMPUS the godfather
Full support! +EV for everyone. For projects, seed funding and the immense benefit of a fasttrack into the Olympus ecosystem (and usage by Olympus protocol itself). For Olympus, developing trust and participation in forming the products and services from an early stage will be highly valuable.
Does DAO vote before allowing each new protocol into the incubator?
I love the general idea of an Olympus incubator program, but there is no mention of risks in this proposal, and the breakdown of costs to the DAO is very high level. At minimum we need an estimate of how much total it will cost the DAO to incubate each project. So far you've mentioned $250k but this doesn't account for DAO time which is a specified service we would be offering.
What are the criteria for incubating a project? Which ohmies are deciding whether a project gets accepted or rejected? How long is an incubation period going to be? How many projects will the DAO take on at once? Who will have visibility of the work? Do we have an expected ROI and how will this be measured? Or do we have another measure of success? Or do we have a max cost we are willing to reach before we cut a project? I agree with the benefits mentioned but they are broad and fairly intangible.
The idea itself is great and I very much want to vote yes. But there is a lot of detail missing from this proposal.
Fully support this proposal, huge opportunity for OlympusDAO and ohm to make a difference in the industry.
Voting in favor of this as I think one of the best ways to make OHM a reserve currency is to help launch useful platforms and protocols which treat it as one. However, before I would vote in favor at the Snapshot level I would need to know what the process would be for how the protocols are decided on. Does each potential one get its own OIP, or will there be a discord channel/forum for it, or something else entirely? A step by step explanation would be good.
kleb Thanks Kleb - because each incubated project will be unique and have differing negotiated agreements I don't think putting to many strictures in place at outset is desirable.
As a DAO all the agreements will be public and I am sure receive rightful scrutiny - the DAO will track any payments and assistance provided to projects and report back to the community. Over time processes and policies for dealing with the program will be developed - but we have to have room to see what works to begin with.
As the level of assistance required and size of grants will vary from project to project so will the amount of governance token the Olympus Treasury will receive - this will all be by negotiation.
We are probably not going to get it right every time and some will think we got a good deal and others not - each agreement will be negotiated by the partnerships contributors and approved by Strategos.
If after allowing the program to run for a few months the community wishes to put certain strictures in place or decommission the program - they can of course do so by OIP vote.
In response to your specific questions:
So far you've mentioned $250k but this doesn't account for DAO time which is a specified service we would be offering.
Advice and assistance carries with it certain inferences about the amount of time required and, as it would be remunerated in comparison to the ordinary compensation, it would be minimal if the assistance is a small part of their overall roll in a given week. I imagine it would only amount to a few hours a week from several DAO members depending on the advice or assistance required - it would of course vary from time to time, maybe less at the start but more in the week before they launch.
What are the criteria for incubating a project?
The criteria is maximizing the benefit to Ohmies - this will depend on the estimation of the value of return to the DAO Treasury from the project governance token received or other strategic benefits it may provide for example building on top of OHM or increased utility for OHM.
Which ohmies are deciding whether a project gets accepted or rejected?
The partnerships contributors will negotiate the agreements and they will be approved or rejected by Strategos. Any one is free to join the DAO and get involved in the partnerships team.
How long is an incubation period going to be?
This will vary from project to project - it may be 1 month or 6 months - it will be by negotiation and, I imagine, affect the size of the share of governance token received by Olympus.
How many projects will the DAO take on at once?
This will no doubt vary from time to time - but I would say we wouldn't accept new projects if we don't think we can deliver value to them or that we can't maintain our reputation because we have taken on too many.
Who will have visibility of the work?
Given the sensitive nature of new projects the current thinking is we will limit it to the person managing the incubation, Strategos & Core, and whoever is required to assist. We will be transparent with the community on the amount of assistance we are providing to projects.
Do we have an expected ROI and how will this be measured? Or do we have another measure of success?
The ROI will be in the value of deposits of governance tokens to the Olympus Treasury, any fees from our products (this are likely to be low or waived given our interest in an incubated projects success) and other intangibles like utility from OHM and use of OHM as a liquidity pair or holdings in the project's Treasury. It probably won't be useful to measure until sometime after the first few projects go live and have had time to mature.
Or do we have a max cost we are willing to reach before we cut a project?
Yes $250K or where, after a period of time, the DAO judges that the project is not likely to be viable without unreasonable further expenditure of contributors time and energies.
There is a little bit of trust required from the community for the DAO in approving the program - but the incentives are aligned for the DAO to maximize the value for the community. Being given the bandwidth to conduct the program nimbly as we get it up and running is very valuable - so we can find what works without having to regularly come back through governance which is very time consuming and diverts a lot of resources.
- Edited
Thanks Steve - the project onboarding will be negotiated by the partnerships contributors and approved by the Strategos - given incubations may be occurring quite frequently I don't think it is desirable for it to come through an OIP process or similar. Additionally, going through an OIP process or similar would likely require the disclosure of confidential information, for the community to be able to usefully reason about whether to agree to a potential project joining the program and any terms of agreement. The diversion of resources and contributors time to come through governance would be quite an additional cost to the DAO in a very competitive landscape. You, having run the gauntlet more than once, know the unseen hours it takes.
The incentives of the DAO are aligned to maximize value to Ohmies - and Strategos are best placed to reason about the value and value-add given they have most visibility to see the road ahead. Having said this of course the DAO will not always get it right and some will think we got a good deal or a bad deal depending on each agreement. The DAO members will have to wear that in the proposed process of negotiation by partnerships team and approval by Strategos.
The DAO will be transparent about the agreements, the assistance, and financial disbursements - if the community would like further oversight or strictures in place over the program - an OIP can be made at any time. I think this will be a matter taking a chance trusting that the DAO will get it right and of it building up trust with the community in relation to the program - or not getting it right and rightfully getting reigned in. I think it's worth the risk.
Hi siansin - the process will be for the negotiations to be done by the Partnerships team and approved by Strategos - the DAO will be transparent in the agreements, the assistance it provides and the financial cost of the program. The community have ultimate oversight of the program through the OIP process.
Amazing, fully support
Full support.
- Edited
Mark11 That's all totally valid and reasonable. But I'd like to suggest that in the Snapshot vote, you include an example of how exactly the intake process works. We did this for the bug bounty OIP recently. A literal 1, 2, 3 detailing how a request is received, how it is approved, and who approves it.
As the DAO scales and grows, this is an exciting time to also support new entrants into DeFi.
I am of heavy support!
oooh yeah - big move
i really like this proposal and i think we can hold a ohmers hackthon
Extremely exciting! The first steps into becoming the bank of DeFi. You love to see it.
Smol brain here: would this have avoided situations like the retreat of TIME regarding the 33% ohm buy? txh