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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.
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 .
gmi LFG!!
zeus is alpha dropper af, whatever he says becomes reality later … wagmi frens
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.
ChefOmi when gigabrain OHMies propose something, what can I say other than that I support this innovation for sure sers! LFG!
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.
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.
WAGMI
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.
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.
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.
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
Let's build the Olympus blockchain
Heavy +1 to @MrMochi's comments. Very positive, in principle allowing OHMies to provide liquidity to OHM without losing all their rebasee seems like an excellent proposal. Cautious about the following;
(i) implications on OHM's relationship with Sushi and any partnership agreements we have
(ii) Creating further layered leverage in the OHM ecosystem. Not that price stability is an objective, but more that leverage within the ecosystem is difficult to unpick and providing visibility on this should be at the forefront of this project's design
Also, no offense here if you're a new Ohmie, but this proposal was made by someone registered 9 days ago with 1 post and no other activity. I think everyone needs to be cautious here.
Brian33 Interesting colour. Thanks
- Edited
Thank you for your reply. I've not done the math: but does it make sense to take on the overhead of starting a DEX project with how many fees we'd receive extra today? I think in time it absolutely makes sense to look at something like Ohmieswap (from a fee overhead reduction and incentive POV). I feel Ohm needs to become more of a centerpiece of DeFi first before people would use Ohmieswap above Sushiswap. So this proposal for me has two sides
a) Does it make sense do build Ohmieswap now or should we wait?
b) Who is the team that will be building it?
c) Is this not a dangerous precedent towards future partners we'd like to collaborate with? Is that worth it?