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.

      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.

          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:

          1. Grow community + Sell bonds sustainably
          2. Selling Bonds as a service
          3. 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.

          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.

            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

                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?

                    I agree with the concerns that others have posted of this introducing a new vector for systemic risk around partitioning liquidity. There may be a need for an OHM specific AMM, but it feels like a big ask to hand such an important part of the equation to a new team without a discussion around all of the implications

                    we need more wagmi synergies - this is awesome

                    Olympus DEX sure, but another sushi fork, no please.

                    I posted this in the ideas channel in the Discord server but reposting here for visibility:

                    I'm hoping the underlying liquidity pools will stay on SUSHI/UNI and that Ohmieswap just builds on top of that, enabling and incentivizing OHM-based LP pairs to be created and staked on Ohmieswap. I think if you are actually trying to establish your own liquidity pools, Ohmieswap becomes its own AMM DEX which is just adding onto an already diluted landscape of DEXes in DeFi. Even if the innovation is OHM-pairs in this case, with OSX rewards, and xOSX revenue share. I would love to see integration with existing Dexes over domination / competition. Thats what the DeFi 2.0 narrative is all about. Building on top of the ecosystem rather than forking and tweaking.