We are seeking approval to introduce Lobis as a governance arm of OlympusDAO to acquire a basket of governance tokens via the bonding mechanism as follows:
Reserve bonds: user deposits CRV, FXS, etc. to receive LOBI in exchange.
Liquidity bonds: user deposits LOBI/OHM LP tokens and receives LOBI in exchange.
The excess reserves built through those bond sales enable minting new LOBI which are given to users staking (sLOBI owners).
In the medium term, reserve tokens will generate revenue and increase the excess reserves.
Links between Lobis DAO and Olympus DAO:
Olympus will receive a 1.1% fee on all bonds (so accumulate LOBI without emission of new OHM and will be able to participate in Lobis' governance)
Olympus continues expanding its user base
Olympus community receives an airdrop
Lobis will accumulate OHM through the accumulation of OHM/LOBI LP tokens thanks to liquidity bonds
At launch, Lobis will lend LOBI tokens to Olympus at 0% interest rate so that Olympus can pair them with reserve OHM to bootstrap liquidity
The Curve Wars are well documented, but until now, nobody has offered a solution.
Although innovative and highly efficient, protocols and mechanisms such as bribes, Flywheel locking tokenomics, and gauge voting have led us back down the path towards centralization.
When protocols use other protocols’ decentralization oriented tokenomics against them, something needs to be done.
Lobis is here to change that.
A basket of governance tokens backs the LOBI token, with the project leveraging knowledge and experience of bonding and policy mechanics from OlympusDAO. By teaming up together, we designed a form of the Olympus bonding mechanism to fight back against this wave of dangerous centralization and propagate the use of OHM as DeFi's global reserve currency.
What’s in it for the OHMies?
By supporting our proposal, you will help to:
Position OHM to become the most widely used currency in DeFi by proving the strength of pairing with OHM before the launch of Ohmieswap expected in the near future.
Generate income for the Olympus Treasury in the form of governance tokens with every bond.
Increase OHM backing by way of interest-free lending to Olympus of our governance token - LOBI. Olympus will pair this with OHM (to an upper limit of $5m) increasing the treasury and generating fees via swaps.
Trigger an Airdrop to the Olympus community in the form of LOBI.
Leverage locks and boosts to generate the best yield on Olympus’ treasury assets.
Achieve significant exposure and governance over the entire DeFi ecosystem.
Enable projects that implement a Curve style locking mechanism to become more decentralized, reducing the existential risk of decision-making bottlenecks.
Boost liquidity-as-a-service offers while maintaining governance rights.
Lobis focuses on governance and propagating OHM as a currency, while Olympus will accumulate LOBI tokens without further emission of OHM, increasing its backing.
The Olympus team has guided Lobis with their experience and expertise in design to support the project’s launch. The project team will build and maintain Lobis under the stewardship of the OHM team and plans to integrate the OHMies as well.
Thus, Lobis is inexorably linked to Olympus by code, ethos, and long-term vision. This is not possible without the support of the OHMies.
This collaboration will be mutually beneficial for Lobis and Olympus. The two protocols are complementary, with Olympus focused on building the sole decentralized reserve currency and Lobis, the decentralized governance regulator. Together, our two DAOs will provide the infrastructure of a fair decentralized financial system.
Allowing use of the Olympus Bonding mechanism to acquire governance tokens through reserve bonds. The first tokens included in this reserve are CRV and FXS, with AAVE, Sushi, and others to follow.
Lobis will allocate a portion of the initial supply at a 0% interest rate for Olympus to provide liquidity for the OHM-LOBI pair to bootstrap liquidity. This will enable Olympus to own more liquidity backing OHM as well as gain trading fees on the OHM-LOBI pair.
When Lobis enables OHM-LOBI bonding, Olympus can return the liquidity to Lobis to help maintain liquidity bond discount. By comparing the current DAO treasury (915k OHM) vs. top holders of OHM, a 1.1% rev share (~10k OHM) would put us into the top 20 holders of LOBI by default, even before considering the LOBI gained from initial allocation, liquidity provision, and bonding.
Collaborate with Lobis to airdrop to the OHMies via a merkle tree mechanism.
Receive 1.1% of bond revenue into the Olympus DAO treasury with every bond that Lobis offers.
Participate in cross-community governance between Olympus, Lobis, and the broader DeFi ecosystem via Lobis.
Snapshot link: https://snapshot.org/#/olympusdao.eth/proposal/0x0d09a4c2b4f09e9c4a818d89dfe5438dccba90048100ff7700e8e23a8b1496bc
Voting Options (snapshot now open)