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  • Alchemix x OlympusDAO Partnership: alUSD-3crv Bonds

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)

100% support alchemix is awesome

I'm strongly against this at this point in time.

The more popular ALCX gets, the longer its loans will take to pay off. A product in crypto shouldn't get worse as it grows in popularity. Everyone using it is fighting over the same yield.

alUSD is not equal to $1 over long time frames. When the transmuter makes you wait to get dai, that means your alUSD was not actually worth $1. That could be a problem for OHM given certain market conditions.

    bone Everyone using it is fighting over the same boosted yield*.
    The yields approach that of the underlying yield aggregator over time. This boosted yield should just be viewed as a bonus IMO.

      bone Notwithstanding the first point about the yield, your concerns are well-founded - the alusd peg risk is real, as outlined in the proposal. Can you elaborate why the peg is not equal to $1 "over long time frames"?

        7 days later

        bone 👀 What @JaLa said, what you mean?

        I'm for this proposal. Great work Ja!

          8 days later

          bone I'm not certain that the 1:1 won't hold in the long run.

          It's true that the alUSD redemptions via the transmuter depend on not everyone doing it at once, since the time to redemption depends on what % of the alUSD staked in the transmuter you have and what % of the transmuter's yield you can be redeemed with. However the alUSD3CRV pool is sufficiently liquid - particularly while rewards last - to ensure people exchange alUSD <> stables in the open market, instead of rushing to the transmuter. Alternatively people can repay their loans with alUSD or Dai, or liquidate a portion of their collateral. Only in a true bank rush, where everyone rushes to the transmuter, will it not maintain the peg, in my assessment.

          I think this is a great proposal @JaLa and believe it would do good for both $OHM and $ALCX since both are vibrant communities of upstart protocols that both need broader ecosystem adoption of their tokens / stables.

            Following the release & light tragedy of alETH, I am really enthused by the Alchemix community.

            However, I think they need a bit of breathing room to adjust for what happened & keep the system going.

            I am still a fan of alUSD-3crv pools in Olympus, but we may want to ice this for a little while to give their team some time.

            a month later
            kschan changed the title to Alchemix x OlympusDAO Partnership: alUSD-3crv Bonds .
            4 months later

            This is a GREAT ideal/ We have a large community of people who want to make a difference in this world. Stand by this project and let the WORLD show you what is possible when people from around the world come together for a cause this strong! All we need is a chance to prove ourselves and for someone to believe and us and give us that opportunity.

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