Request for Comment: CVX Bonds

Chance

Without a doubt in support!

MrMochi

CRV (and CVX) are going to be a very valuable asset in the long term. Definitely something we'd like for our treasury. Absolutely in favor. Great write-up Json and Brian.

Brian33

MrMochi Thank you! I'd just like to say that the policy team also did a lot of work in data collection and analyzing the token risks, they should also be commended!

Saitamasama

json

json I don’t even need to read this to know this is a yes. Convex was going to be my play before I found Ohm.

Brian33

I'll leave this here as my own personal opinions on why I think acquiring CVX is imperative towards our success: https://twitter.com/wagmianon/status/1457424183923724293

helkem0

json I agree, CVX is a crucial defi asset and needs to be added

NBS

As Brain's number one simp I tend to agree with everything written in this before even reading it😂

But to be real this is a no-brainer!

and kudos to Json and Brian for this well-written proposal ❣

Brian33

NBS Thank you 🙂 , but to be clear, multiple policy members worked on this; I don't think its fair to them to say it was only us, its a collective effort.

NorthCap

Vehemently yes. Staking a claim in Curve governance through Convex is the natural progression for Olympus' long-term goals. Incredibly limited downside and infinite upside. This is one of the most strategic assets we could add to the treasury. Awesome job Brian and Json.

SateeshK

Fully support. The sooner we start acquiring CVX, the better given multiple other protocols have begun discussions to do the same. Votium payouts have been mooning and this is only expected to continue given the efficiency of protocol's bribing vs. LM incentives with the additional tailwind of Curve v2 which will add a theoretically unlimited amount of additional pools to bribe.

SMARF

This is the most obvious move the protocol could have taken, and I'm just curious why this wasn't proposed weeks ago? Feels like a pretty big oversight to wait until every other protocols wants to start acquiring CVX before we start to talk about putting out bonds. Is there some form of bureaucracy standing in the way? How can we make this process more efficient moving forward?

In case it's not obvious, I vote "yes".

MrLoop

SMARF This is the most obvious move the protocol could have taken, and I'm just curious why this wasn't proposed weeks ago? Feels like a pretty big oversight to wait until every other protocols wants to start acquiring CVX before we start to talk about putting out bonds. Is there some form of bureaucracy standing in the way? How can we make this process more efficient moving forward?

In case it's not obvious, I vote "yes".

I agree. Why did this proposal take forever? Instead of leading the pack, OHM is now just a "+1" in the race for CVX, which has considerably appreciated since.

Is the DAO becoming too bloated / complacent?

GavinElster33

Its a very good direction for us and Im all in favor. Long live Olympus.

LeTube

This proposal is really interesting but I don't think it makes sense for Olympus. As a reserve currency, we should acquire in priority assets with a risk free value, and OHM has not been designed to be simply dumped against any other governance token. This sends a bad sign to the market, that we are short OHM and long CVX.

Furthermore, aquiring governance power over Curve is not interesting in the medium term for the DAO as OHM is a currency that is not bond by a peg, so there will never be any OHM/USD stable pool on Curve that we can incentivise.

Probably interesting for a separate project, but do not think it makes sense for OHM.

Brian33

LeTube

In the future, when we eventually reach stabilization phase, and OHM can be utilized truly like a currency. Suddenly, Ohmies can now LP and utilize their OHM other than staking. Once this occurs, we can create stable pairs on curve, with their bi or tri-crypto pools in the future. This means we can do OHM-X pairs on there, where X is any stable asset, and get little IL from them.

By the time we reach there, I fear that we won't own a significant amount of governance power to divert CRV rewards with our gauges, meaning we'd have to incentivize it via our bonds, and not with external actors doing so.

sirrus13

This was a brilliantly crafted proposal!!! This makes total sense and will drive value for the protocol over time. Wholehearted yes from me!

LeTube

Brian33
Ok, didn't get that initially. However, I feel it's a bit risky to bet on Convex. They are doing really well right now, but they are putting Curve at risk as what they did is basically a hostile takeover of Curve. I think Curve needs to be decentralised. It's one of the most important protocols of DeFi, and what is happening today is very concerning.
I would be extremely surprised that nothing happens to counter their power in the next months. Probably new protocols, our new architectures of the other whitelisted protocols (Yearn and Stake DAO) to counter their attack.

Therefore, if we do a long term bet on Convex while we can't really know what will happen in the future around Curve wars, we put ourselves at risk of accumulating a token at a very high price but then degrading our backing per OHM.

If we want to accumulate future power on Curve, I think it would be wiser to acquire CRV directly…

Brian33

LeTube
I agree with your points, perhaps both would be best, acquiring both CVX and CRV as a hedge. looking at it at a capital efficiency standpoint, CVX has a higher governance power per dollar invested compared to CRV. I also believe that by acquiring CVX, it would prevent that takeover you mentioned by being the biggest CVX whale out there.

RagingBull

Absolutely yes. Another solid project and asset to add to the treasury. Starting to look like an index of the leading projects and assets in crypto.

JFry4

Brian33 @json How much is required to gain us a seat at the table? Has an analysis been done to determine a realistic % required? Something like x% governance holders vote on average so Olympus should aim to accrue y amount?

khyezr

json definitely a yes for me!

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