Support Ohmieswap

ChefOmi

We are excited to announce Ohmieswap!

What is Ohmieswap?

Ohmieswap is a Sushiswap fork. We incentivize liquidity with the OSX token, and take fees on liquidity for xOSX stakers. However, there are a few key differences versus the model you know today.

Built for Olympus.

Ohmieswap places OHM at the center of the exchange. Given the massive amount of TVL that OlympusDAO represents on Sushiswap ($500m+ and counting), this seems fitting. Instead of pairing everything against ETH, everything will be paired against OHM.

We intend for OlympusDAO to own and maintain many of the crucial router pools on the exchange, including OHM-DAI and OHM-ETH. Having OlympusDAO as the primary LP for these pools provides us with a massive advantage; OlympusDAO will receive the majority of incentives on the platform, and protect our market from farm-and-dumpers as a result.

We hope that OlympusDAO will go as far as to provide OHM-OSX liquidity with the tokens that it earns. For those unfamiliar, the most pressure on SUSHI or comparable exchange tokens comes from router pools and the exchange token. With OlympusDAO as a liquidity provider on those router pools and the exchange token, our incentive burden falls and the tokenomics work a lot better. Olympus will earn lots of tokens, OSX will hold its value. (win, win).

Built Different.

We go further, leveraging the Olympus contracts themselves to create what we believe will be a behemoth in decentralized exchanges. If you are not aware, OlympusDAO has had difficulty incentivizing liquidity providers in the past. It makes a lot of sense: staking rewards are very high, so users are not willing to LP unless pool 2 rewards are very high. Ohmieswap fixes this.

We will engage the debt functions in the treasury to allow users to leverage sOHM for pooled OHM. This will be explained in more detail in a different post but in practice, you as a staker would be able to take 1 sOHM, borrow 1 OHM against it, and pool that 1 OHM with another token on Ohmieswap. You keep your rebases and new OHM liquidity is created. (win, win).

This mechanism is our superpower. Ohmieswap will take a 10% fee on the rebases of deposited sOHM collateral. We will use those fees to build protocol-owned liquidity on the exchange, first with OSX and later with many tokens. Through this revenue model and together with OlympusDAO, we will own and operate a decentralized exchange with large swaths of protocol-owned liquidity.

Built for Collaboration.

We want Ohmieswap to be a new vehicle for Olympus to build relationships with protocols in the industry. We will work in tandem to create and support partnerships with exciting protocols, new and old. Here are a few ways we see this happening:

Incentives: We will provide incentives on OHM pairs for Olympus Pro partners. This adds an extra incentive to be in this program (though it probably does not need it).
Incubation: We will provide extra attention to projects going through the recently proposed Incubator, so they can go from 0 to 1 even faster.
Payments: When Ohmieswap is live, users can use sOHM to create OHM liquidity positions. We want to promote this to Olympus Pro partners and get them to use it. If they do, those partners will accumulate sOHM through Olympus Pro instead of a liquidity pool token. They then take that sOHM to us to create the OLP token. We think that having sOHM as the payment token on Olympus Pro is a good dynamic that we are happy to help usher in.

Built to be Boundless.

We intend for Ohmieswap to be a cross-chain DEX. We would like to take Olympus with us, promoting OHM and OHM liquidity throughout the cryptoverse. Though we do not want to derail existing plans, we are eager to help.

What do we need?

Your support, mostly. We want to run a trial of our leverage facility to ensure it works and is safe. You can watch out for a proposal about this. We also want Olympus to take its liquidity to us after the migration. There will be another proposal about this.

We are very excited to start this journey. We think we can speak for everyone when we say that Olympus having its own DEX is a no-brainer. We believe that, paired with our own innovations, we can create a truly powerful new tool for Olympus and DeFi.

We are the DEX of DeFi 2.0. We are Ohmieswap.

Edit: The poll asks whether Ohmieswap is gmi, not whether you are.

Milark

ChefOmi this is most certainly very fetch.

Wartull

I would change the votes to Yes/No though, we are running a DAO here, not a cult where people who disagree are ' ngmi '. ChefOmi

forgottenname

ChefOmi when gigabrain OHMies propose something, what can I say other than that I support this innovation for sure sers! LFG!

papiofficial

ChefOmi ChefOmi sounds too much like Chef Nomi, which scares me in all sorts of unexpected ways.

cryptocartesius

Fully support this effort.

OHM = Cross-Chain Liquidity Rails 🧠

zaval

cryptocartesius
Is this in a sense what RomeDAO will achieve by being on the DOT/Kusama network? I'm all for multiple projects striving for cross-chain exchanges but I'm unclear if this is what it'll truly achieve. Eg; seamlessly swapping OHM between Klima, Time, Rome etc.

Jman

WAGMI fren, excited to see this!

cpt_zeke

Full support! Also, the timing of this proposal. GMI!

Kition

100%, let's build this!
Another FLYWHEEL, the opportunities are endless and could really help bootstrap some other chains liquidity!

UWU👧 --> the community stands by you!

lovewiibrew

OHM building its own DEX is the logical next step for OlympusDAO!

MrMochi

Although ChefOmi is most amusing, I think it'd be a good idea to expand on who the team is going to be building out a DEX?

Through OHM-X pools we're already achieving a lot of this potential, the only thing is that we're paying some overhead on the fees to Sushi. And although I'm excited to finally see a proposal that actually uses the Olympus ecosystem instead of just another fork. I worry that starting a Sushiswap fork is a bit of a foul play after partnering with Sushiswap already? I think the Sushi team is doing interesting work, it's not that easy to build and innovate in the DEX space. Having partners like Sushi seems more of a bonus well worth the overhead fee on using their DEX in my opinion.

I think using leveraged Ohm to create liquidity is interesting if it were to happen at extremely safe LTV values. But I'm not sure many people would enjoy giving up 10% of their rebases in order to get yet another DEX token. But maybe I misunderstood this concept.

Just my opinion, happy to be corrected where I missed the mark.

Brian33

MrMochi The LTV should be pretty high, there's no chance of liquidation, as you're borrowing the same asset you're providing as collateral. Sushiswap's been an amazing partner, but with their emission schedule, it would be very hard to acquire significant governance power from the rewards. For reference, we've consistently been around 10%+ of the total volume of sushiswap, yet our rewards do not reflect that.

This sets up Olympus to be one of the largest OSX holder, which allows it to acquire revenue from non-Olympus pairs, and essentially own the exchange. The kitchen mechanic allows for some insane integrations (sOHM toke reactor?), which will drastically speed up other liquidity rails that Olympus won't need to incentivize.

TLDR: LFG

ChefOmi

Wartull Apologies, we meant 'is Ohmieswap gmi/ngmi', not 'is the voter'

update: I am unable to edit the poll.

gopeto

Yes man, do it! Let's have OHMIES AMM and building it up to the top. Just boost the Discord server, I was the first booster 😃.

Coud

gmi LFG!!

hodlmao

zeus is alpha dropper af, whatever he says becomes reality later … wagmi frens

Z00x

A sushiswap fork with ChefOmi as the lead screams rug. MrMochi covers some important points, but another important note is it sounds to me like rebases accrue not to DEX token holders but rather the treasury. In most cases PCV is fantastic, in the case of this project it sounds like a more effective route to rug.

I wouldn't oppose this so strongly normally, but it seems counterproductive to commit to this given Sushi collaboration. The twitter post and discord both seem to have been launched haphazardly to cash in on OHM ecosystem frenzy.

I'm all for a well executive OHM dex, this does not seem to fit the bill.

MGoPhish

Heavily agree with ChefOmi and Z00x. We need to know a lot more about who is behind this (not DOXX obviously), but the way this is being proposed and the fact that it's a direct fork of the one key DEX that helped bootstrap and get OHM to where it is today feels very uncomfortable and almost back-stabbing in a way.

All of the hOHMies need to take a quick step back and get out of the 'WAGMI' cult-like answer of "YES YES YES do this because it will make us better", and consider the implications of such proposals.

I don't necessarily fully disagree with this, but before agreeing, I'd really like to hear the thoughts perhaps of some of the OHM founders.

MrMochi

MGoPhish

I think I just want to add onto this that I feel like we just had a similar thing happen with one of the Ohm forks. I would just thread lightly to not follow in the footsteps of certain individuals and their tactics.

It's a fine line between missing out and overreaching in this space.

Hobbit

Ohm based DEX for sure. Timeline and team building it is the main question….and I agree w/ MrMochi on this. It's very good to have a good relationship with SushiSwap, as this sets the tone for our relations with other networks and DEXs. We should do this, but take our time, treat the SushiSwap team right, and make sure we've got the developer resources to do this carefully and properly.

vira

WAGMI

MGoPhish

MrMochi

Absolutely agree. And sorry, I meant to say agree with MrMochi in my original reply 🙂.

Too many forks/rugs/hastily thought out development occurring in and around OHM particularly, and crypto in general as everyone tries to play the run up of a bull market. Even the manner in which this proposal was introduced (forum post but followed heavily by shilling on CT), just smells wrong to me. I would love to hear some OHM founders weigh in.

Kazuya1987

Unsure about this tbh.. it feels like we're trying to fork out sushi (zero sum mentality) and ultimately just fragmenting liquidity (Now people will have to go use a fork of Sushi instead of Sushi).. I think OHM needs to consolidate and do a few things well:

Grow community + Sell bonds sustainably
Selling Bonds as a service
Treasury as a service + continue to make partnerships that increase liquidity/network effect of OHM.

Running a DEX is a whole major project in of itself.. and I believe this is stretching the value proposition of OHM too thinly. What are we? A dex? A floating currency? Let's get the first 3 points right + running well before we go and do this.. and if we do we need to thing long and hard about how this looks to any partnerships we do (in other words, will we "partner" until we can just fork them out so to speak).. not good optics. I am not convinced, and I say this as an OHM holder who has zero Sushi.