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.