• Proposal
  • OIP46 - Implement [REDACTED] as an Olympus Branch

i like this proposal, redacted have been working very hard to make this a reality and it benefits olympus more then the risk of reputation loss

REDA██████CTED 🦋

for the future of defi

LFG

I like the proposal. It is not that Olympus can't do it themselves but it's healthy when projects like $BTRFLY emerge as a subdao supporting the whole idea of strengthening Olympus. Olympus can grow on all fronts when projects like this emerge. Also, I was there in the community call and heard this "We won't proceed unless we get a go-ahead from Olympus and would drop the idea". Shows how much they care about the protocol. Hope giga brains think about the positives and negatives of this and take a decision that benefits Olympus.

0xSami So much respect for this project, can’t wait to see what the future holds. 🦋 #redacted

The team’s transparency is something I’d love to get from all projects I get involved with. I believe in OHM and Redacted provides a very unique value add.

0xSami I like this proposal. Only thing I would remove is:

- “Let Olympus focus on risk-free value while [REDACTED] branches into more strategic, volatile assets”

Olympus has to keep growing its treasury and the best way to do that is not to focus on risk-free value but instead focus on accumulating assets that will accrue value in the long term. Olympus has the chance to be the biggest incubator/VC in the space. Let’s not lose that. I understand the main mission here is to be the reserve currency of web 3.

I think this proposal moves to backing in OHM so, at least initially, 1 BTRFLY is equal to at least 1 OHM (or 1 centiOHM or 1 milliOHM). But it doesn't expressly say that so that might be worth clarifying. If it is that, then I think this is a very interesting initiative that drives demand for OHM, establishes even more OHM liquidity pairs (at no cost to Olympus), and could become a model for future projects wanting to launch. Could see this almost like a "launching-as-a-service" from Olympus that allows Olympus to act as an investment bank of sorts.

A few details that might be worth clarifying:

  1. The 5% fees - it says they're on revenue generated. Isn't it instead a 5% fee based on what's paid out to the bonder? So if the bonder gets 1 BTRFLY for their bond, Olympus gets 5% of that?
  2. For the pBTRFLY, it wasn't clear how the redemption process works. I'm assuming for both the team and for Olympus, the redeemer brings their pBTRFLY + an equivalent amount of OHM (not gOHM). OHM would make sense if the protocol is backed by OHM but it isn't immediately clear.
  3. On this point ("Let Olympus focus on risk-free value while [REDACTED] branches into more strategic, volatile assets"), I think it might be in both parties' best interests to define this very clearly up front so there's not future animus regarding what each side is bonding.

This is gonna be so dope. Let’s do this!