Wow - this looks gigabrain and exciting
Support [REDACTED] As An Olympus Branch
Definitely interested to hear more!
Will [Redacted] need to be whitelisted on Curve to be able to vote?
Bullish as [Redacted]
More such projects = more profile for Olympus and more opportunity for Ohm to firm up itself as the reserve token, provided such projects are executed properly.
0xSami looking forward to it. Collaboration is always superior than competition
Is this not competitive to our own efforts?
OIP-43: Launch CVX Bonds
great project!
- Edited
After some initial discussions, there are some concerns that I have with the project that I feel are worth sharing with the community. The key concerns revolve around competition to Olympus and the initial method of fundraising.
Competition: it's mentioned in several instances that Redacted isn't looking to compete with Olympus, but then mentions the intention to acquire 3CRV and tricrypto assets. If we're to believe that BTRFLY doesn't intend to compete with OHM as a reserve currency for monetary value… it would be a good gesture to focus on accumulating governance rights in Curve and other protocols. Otherwise, with the backing of BTRFLY including many of the same assets that Olympus holds in its treasury this is just a Curve-centric variation on Olympus proper.
Fund-raising: although holding 15% of pBTRFLY tokens is a strong gesture of cooperation, I believe that we need to have a discussion about eliminating pTokens from forks. At this point, the community perception of forks' pTokens should be that they are a transparent cash-grab. In Olympus' case, the funding mechanisms were unproven and it wasn't clear that OHM would ever trade at the premium it sees today. pBTRFLY is a massive windfall to a select group of individuals who aren't risking much by just forking Olympus with a few tweaks. There are other options on the table, including taking rev share from bond fees for core team and early investors. So far, Olympus has amassed $800m in its DAO treasury. This should be a sufficient revenue stream for any team looking to innovate on the Olympus model.
This is a high-quality project that can create a win-win situation
Building on top of tex concerns which i share, @0xSami why not 33% allocation to Olympus?
All these numbers are arbitrary. The risk/reward ratio for Olympus (has an established north star and reputation) and a new project aiming to leverage Olympus community/resources needs to be dialed appropriately to a significant commitment…to avoid the latent anxiety in the community.
33% will demonstrate [REDACTED]'s alignment with Olympus objectives.
Redacted is a win-win for both, it's well thought out and demonstrating itself as a good actor by seeking the approval of the community and providing a significant allocation to Olympus. Web 3 economics are about 'collaborative' capitalism and we shouldn't look at this from an old school 'competition' lens. It's about consistently creating new value and sharing with communities, and that's what Redacted does….would be a great precedence for Olympus moving forward.
IMO this is essentially the most obvious actual within-DeFi use-case for a subDAO of Olympus - successfully leveraging Curve to a protocol's benefit is a large undertaking with an obvious payoff, and one of the few cases where having a new utility token to pursue that end might be more beneficial than just trying to work OHM into the same equation.
Sounds like a great project to me that will benefit OHM as well
Support [REDACTED] As An Olympus Branch.
I like the idea here. Redacted x Ohm is a deadly combination, in my opinion. We need to keep in our mind, that Redacted isn't looking to compete with Olympus.
Lets do this, I am excited.
I hope we see [REDACTED] get some support from us!