• General

  • Alchemix x OlympusDAO Partnership: alUSD-3crv Bonds

All for this. More of these strong
partnerships = better for Olympus

Amazing collaboration with Alchemix crew! Thank you to all who made this possible! So happy to see Olympus working together with the best in the business and opening doors to new opportunities. Exciting times ahead for Ohmies!

This is an awesome idea. I think both protocols are going places.

This is a great proposal. But should be capped as the treasury should limit exposure on centralised stable coins (FRAX is 90%+ USDC) alUSD is 100% backed by DAI (which is 40%+ backed by USDC deposits)

if possible a partnership with Synthetic for sUSD is more of a decentralised option

    been looking forward to this for a long time

    Very good proposal Jala , im all for it , two great projects , essential for the whole industry , great achievement

    In agreement!

    Alchemix gives us future opportunity to have an alOHM vault which I would appreciate.

    Great proposal! The Alchemix community seems aligned to ours and is one of the most promising in DeFi atm. I think both would benefit from more composability and both a strengthened treasury for OHM and buy pressure for Alchemix is beneficial.

    homme Fair point, however Alchemix is going to introduce other collateral types like USDC and ETH. I suspect they'll cap debt of each collateral type, however there aren't any liquidations in their system in the conventional sense. I'm not that worried as long as there's diversification - the reason why MKR introduced USDC is to have a stable that wouldn't depeg as quickly in case of a major sell-off (like '20 March Black Thursday). While some people got burned because of the cheap CDP liquidations, I also think the crypto industry showed their resilience with their backstop initiative etc.

    sUSD would be another great collateral type to bond against. We should organize a proposal for adding it. Note that it isn't very capital effecient because of the high C-Ratio, however many DeFi users will already have synths or staked SNX because of the rewards, so I'm sure it'd attract capital.

    • tex replied to this.

        I think this is a great idea and it has my support.

        On first discussions with alUSD, I was a bit skeptical about OHM-alUSD bonds if we pursued a Sushiswap pool... but accumulating Curve pool tokens seems to be a really good idea. This is much more natural of a fit for the Treasury-as-a-service idea. The downsides as mentioned are incorporating exposure to centralized stablecoins like USDC/USDT. But it can also be viewed as getting exposure to Curve, since most of its value is in stablecoins.

        sisyphus1337 Agreed on sUSD. I think after reviewing this proposal we should explore the liquidity source that Synthetix most values for sUSD. For my previous proposal I had been thinking along the lines of OHM-DAI bonds for OHM-sUSD SLP tokens. But this proposal makes me think it could be more useful if we accumulated the sUSD-DAI/USDC/USDT pool tokens on Curve. These tokens also accrue 1.9% SNX rewards btw

          fantastic synergy move. Love both projects and it makes sense

          as a delegate of the Titanium Reinforced Graphene Nanotube Composite ADAMANTIUM hands, I am all FOR this proposal. LETS DO IT

          I love this idea. I think it's a great synergy between two awesome protocols. If Olympus is able to bond enough LP and create a strong floor of liquidity, that would be super valuable for Alchemix. On the flip side, Olympus gets trading fees, a diverse set of stables, and a diverse set of governance tokens to add to its treasury. If this is successful, it could be done with future curve pools like alETH/ETH and alBTC/BTC which would increase the diversity, fees, and rewards of Olympus' DAO and lock up a lot of liquidity for Alchemix. Another great win-win.

          Great proposal Ja.

          heck yeah for it. Good to get some ALCX(future rev. stream)