ChefOmi

Speaking as a community member here: I think it is important for us to know more about who is behind this project so that we are better able to judge if they really are long term aligned with us. Would it make sense to have a community call to discuss this ? Do you have anything to propose ? Right now, the deal looks like we're expected to trade:

  • Our liquidity (100s of M$)
  • Our relationship with Sushi which, while not compensating us adequately, does provide support and new developments (trident etc.)

For:

  • A fork of sushi v2 with a few tweaks operated by a 1 day old account

Now, I like the idea of having more governance power over our infrastructure (sushi so far has been pretty cold feet …). But why are we expected to believe that you wont rug us the second we give you anything, and assuming that you don't just run with the money, that you will stay aligned with ohm long term instead of just using the ohmies as a boostrapping mechanism and then ditch us ?

There's a new rug happening every week, the main issue for me with this isn't code or functionalities, it's trust.

      Pretty surprised by all of the push back on this, specifically related to us "burning" our relationship with Sushi. We've never had a formal partnership with them and guest speaking on a couple Discord calls is not that, so I'm having trouble following why we owe them anything (and I don't mean that negatively, I'm a fan of Sushi). IMO, this is a rational next step. We make up a significant amount of Sushi's TVL and daily volume and have lost out on millions of dollars $of fees under the current structure. I'd argue this, if executed well, is significantly more value accretive than Olympus Pro which has gotten a ton of praise in the last month or two. While OLP has earned 300-400k in fees in a little over a month, we would be earning multiples of that amount per day just off trading fees. And this doesn't take into account a built-in leverage option whereby the protocol takes a portion of every rebase (and I'm sure I'm missing several other incremental revenue opps that I'm too smol brain to come up with).$

      On a more critical note, I do echo many others' sentiment of wanting to learn more about the team leading this project. Is the Ohmieswap team comprised of longtime DAO contributors? If not, do any DAO members have relationships with the Ohmieswap team? While it seems like many in the DAO were aware this was in the works and general consensus from known DAO contributors seems to be in support, it would be nice to get more background.

      Questions:

      1. Who is @ChefOmi? Never heard of them until a few hours ago. Is this being backed by core DAO team members as some type of stealth operation?

      2. I understand that people are feeling that Sushi gets more from OHM than it gives back. However, this proposal, as written leaves a lot to be desired, for example:

      -Where is the liquidity going to come from? How will it be incentivized?
      -Does the team have the expertise and experience to run a DEX? It's about a lot more than just forking a protocol and calling it a day
      -Why burn the bridge with Sushi? They have added OHM as a key routing pair, and seem pretty supportive. This move feels exploitative and is exactly the type of behavior I hear frowned upon when others do it to Olympus. Not a good look.
      -What does this say to others looking to partner with Olympus in the future? We'll ride you until we're done and then turn around and say "screw you, bye, bye? Not a good look or stance

      I echo others' concerns about this proposal. Who is this team? What are the guarantees? What does support look like? Isn't this just a marketing stunt to say this is connected to Olympus and then it's "bye-bye"

      With a project started under these strange circumstances, it's hard to trust that this is a legitimate proposal being put forth by people who can actually do the job. Instead it feels like a hit and run operation to bootstrap a proposal with dubious motives and intent off the Olympus brand and community.

      If they want to run a project like this, maybe lower the expectations and enter the Olympus launchpad project (if passed).

        Iceman to address these:

        1. fees are not taken in OSX. The fee model (which sushi uses) works as follows:

          a) User adds tokens for 1 OLP.

          b) 0.0005 OLP are sent to Ohmieswap. (0.05%)

          c) 0.9995 OLP are sent to user.

          d) OLP sent to Ohmieswap is removed, the OHM is converted into OSX, and the OSX is given to xOSX stakers.

          Under the current setup with sushi, the LP is removed, the OHM is converted into DAI, DAI into ETH, ETH into SUSHI, and SUSHI to xSUSHI. Under ours, everything remains OHM (since our market trades against OHM, we don't have to sell it for DAI/ETH to buy our token).

        2. Lowering the trading fee does not make sense in our opinion. The exchange takes its fee when liquidity is added. Any reduction to trading fees comes out of Olympus' pocket, not ours.

        3. We believe that the Kitchen can exponentially increase Olympus liquidity. Bonds are great but they take time to bootstrap and they are more capital intensive. Together, we think the two will be a force to be reckoned with!

        4. Your "spin" is how it works 🙂

          _mp_ the contracts are the same as uniswap or sushiswap. There is no ability to rug. We can sympathize on the "who is this guy," but the code should speak for itself regarding trust.

              davoice321

              1. Long time ohmie but yes it is a new account. I did speak with several members of the DAO prior to this proposal though. We even have a custom channel for Ohmieswap 🙂
              2. The liquidity will primarily come from the Olympus treasury and Kitchen cooks. Both are incentivized with OSX. We have experience in several projects as well as the DAO, but intend to maintain anonymity from our other anons 😅

              Appreciate the suggestion at the end, we would love to build trust and reputation in the community and perhaps a slower go-to-market would be better with that in mind. I will continue to respond to comments/concerns and it would be great to hear more thoughts in this regard.

                  ChefOmi Who is 'We'? You've provided no background as to who you are in terms of the OHM community, who it is you're working with, etc. I think that's raising a lot of red flags for people. I don't mean to sound proactive or accusatory, but the way this is being drawn out just doesn't sit right. Seems like an anon who may or may not have discussed with/had any connection to OHM prior to this proposal.

                      MGoPhish I see you clarified long time ohmie and speaking with members of the DAO, so thank you for that. I still hold a lot of reservation until we hear from OHM founders on if they think this is the right move.

                        ChefOmi:

                        "Trust by association: "we spoke to DAO members"
                        Trust the code: "trust me, this is not a rug"

                        Okay. Does not sound convincing to me, tbh.

                        Happy you're looking into some alternatives that might allow you and your team to build trust in the community. I still don't like the vampire fork idea given the established relationship with Sushi. Risk reward does not seem very good.

                            Wartull You're right, at the same time, good relationships can be unbalanced in certain places. It could be a fantastic product, relationships aside

                              You guys are absolutely killing everything you touch. You guys are fast and efficient without compromising quality. What a DAO! Thank you!

                              It appears that the voyage to the summit is going to be filled with wonderful moments… Zeus is quite a talented guide.

                              Why would this pass?

                              This wont be better than Uni or Sushi so are we actually expecting people to move to this over those two excellent platforms?

                              It's not time for an ohmieswap via a sushiswap fork, just no, ohm does not do that to partners, I'm not sure if someone just wants to start a rue or make a name for themselves and loot- either way, it's not a good look.
                              TL;DR
                              frens dont do this to their frens

                                111-altrektcrew

                                The forkees become the forkers i guess , after all the hoopla about ohm forks and now this . No honor among defi it seems more and more clear, just a bunch degens spinning up more tokens lol 👎🤮

                                  I was originally against this, but after reading @Wartull and @SateeshK reasoning, I am actually in favor.

                                  Sushi hasnt done as much for us as many of us seem to think.

                                  If the core team can confirm its legitimate and vouches for this dev, this would generate a lot of income that would go towards boosting the RFV backing per OHM token (OHM price will go up)

                                  With that said, maybe it would be a good idea to do this in addition to sushi pools with future liquidity and not remove existing liq from sushi. Maybe it doesnt make sense to do that though because ppl would just keep using sushi. Maybe someone could speak to that

                                  If the problem with Sushi partnership is that it is unbalanced, then why not have the Partnership Team discuss with them and come to a more balanced relationship. Now that Olympus is established in the DeFi space, we have more clout and leverage to push for a more "Special/Preferred Partner" status.

                                  Putting effort into that would be easier than the alternative. This will allow us to address one of the major complaints vs. Sushi and afford us time exploring a safer alternatives. If Sushi are not willing to entertain this, then sure, we can discuss the option of the DEX. We owe them at least the chance to respond. More honorable approach.

                                  Adding to this, the use of the community name "Ohmie" in the swap title, not a fan of this approach… if it is 100% operated and controlled by the DAO possibly, even then I would look for a better name.

                                  Finally, I do commend ChefOmi's attitude and friendly/calm approach in addressing the concerns and not getting defensive or agitated in their response. That is a positive.

                                  Are we forgeting Sushi is a fork of Uniswap. This is what happens in this space. There is a better way of doing things and the defi space is better for it. At the end of the day the goal is to build our treasury and we are providing way more value to Sushi than we are getting in return. This is NOT a Daniele Sesta moment. Olympus has not reneged on an arrangement nor promised anything to Sushi. We have simply outgrown them at this point. If the leadership is onboard with this, its a no foooking brainer.