I'm really happy to see so much excitement around the concept here. I'd like to take this opportunity to address some of the questions regarding Sushi and explain why we believe Ohmieswap is the right next step for the Ohmies:
First, I'd like to state that we have immense respect for Sushi. Sushi has been a great supportive entity for projects trying to find their footing in the past year. Olympus is one of many examples of successful projects brought up on their exchange. Unfortunately, they simply are not structured for long term success, at least as a V2 AMM.
Almost the entire supply of the network has already been distributed, yet the network has not accrued any real long-term defensible value. The incentivized sushi LP is a mercenary -- we all know this. It seems like Olympus has already done far more for them than anyone else. If you run the numbers, Olympus is actually the closest to breakeven for them (incentive expense / fee revenue) of any project on their exchange by a large margin.
It appears that Ohmies will always be contributing more than the upside they receive. It is, at its root, a free-rider problem. One lesson we have learned from OlympusDAO's success is to remain hyper-focused on accruing value to the network from day one. Minimize free riders and maximize value adds. This is why we believe Ohmieswap is necessary.
We put in our time. We believe it is time to say a wistful goodbye.
That said, this entire project is contingent on your support. What the Ohmies say, goes. So, we can offer an alternative:
We can build the Kitchen on top of Sushiswap. The functionality will be the same. However, there are some tradeoffs. 1) Olympus will never earn a significant stake in its DEX. The most we can hope for on SUSHI is 1% if we are lucky. On Ohmieswap, we expect it to be 20-40%. 2) Liquidity fees still go to Sushi. This means that free-rider problem persists, and our ability to incentivize $OHM liquidity is reduced. 3) Given how entrenched ETH is on Sushi, OHM is unlikely to serve as a router token to any significant degree.
I believe that, no matter what happens, Sushi can thrive in new verticals like NFTs which we have little interest in. We are not looking to create a zero-sum environment, we believe this simply makes sense. The biggest questions here seem to be: how much do we value continued utilization of Sushiswap? do we owe them that utilization? how much does they value us?
Nonetheless, we look forward to continuing the conversation and proceeding as the community sees fit.