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OIP46 - Implement [REDACTED] as an Olympus Branch
#oneteam
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for the future of defi
LFG
First ohm fork that actually benefits Olympus community.
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.
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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.
We rdy!
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.
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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:
- 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?
- 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.
- 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.
lets goooo!
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0xSami Redacted super project
This is gonna be so dope. Let’s do this!
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Redacted team is extremely competent and their values are clearly aligned with the best interests of Olympus. It would be foolish to turn down this proposal and force innovation to go elsewhere. Collaboration should be one of the core tenets of DeFi.
This is a thoughtful proposal and very delicately handled in the face of all the 'fork' animus from certain segments of the community.
Very glad to see projects building on the vision of OlympusDAO and collaborating with stakeholders to find a common vision.
Glad to support this effort
I think this would be a great proposal to support. We aim to gain significantly from this transaction, and I think it will help expand the Olympus ecosystem. The fact that 0xSami is going above and beyond to ensure great relations with Olympus gives me confidence to support his project.
0xSami 20% of pBTRFLY supply (20 million) with a 10% supply share
Olympus receives majority of pBTRFLY supply-share where the team only has 9% supply share.
OlympusDAO will further receive a fee on all revenue post-launch, including a 5% fee on $BTRFLY and 5% fee on the revenue generated from external tokens bonded.
Expand Olympus community and liquidity reach to new markets such as Convex, Curve, Frax, and Tokemak
Increased utility to $OHM and $gOHM token through creating new bonding applications through [REDACTED]. This includes bonding for $gOHM and making the protocols base pair $BTRFLY/$OHM
Funneling a diverse community of over 5000 directly into Olympus stakeholders
Help build and bootstrap the launch of oUSD and its relevant Curve LPs through BTRFLY bonding
Let Olympus focus on risk-free value while [REDACTED] branches into more strategic, volatile assets
Help introduce more use-cases to the Olympus ecosystem including UMA KPI options and Visor Uni V3 LPs
Route 20% of bribe capital (for Tokemak, Convex, and FRAX) from external protocols directly into the Olympus treasury. Other 80% goes towards people staking $BTRFLY
Work directly with Olympus policy team and Tetranode to utilize governance power accumulated in the protocol to bolster future Olympus ecosystem building efforts
so many integrations here, I see little to no downside, if redacted achieves their goals