Background: The Treasury team has largely finished consolidating Olympus' Treasury to DAI, as mandated by TAP-28. This proposal has been created to ratify the protocol's backing, which defines the fixed Cooler loan amount and RBS target price. This proposal process is being expedited to accommodate the impending Cooler Loans launch.
Proposal:
RBS Updates
Cooler Loans with unlimited capacity essentially creates a permanent wall below backing. RBS target price logic therefore should be updated to accommodate this.
While the 30D Moving Average of price is below them, the logic for determining minimumPriceTarget should be updated to the lesser of the following:
- (Cooler Loan Amount + Backing) / (2 x (1 - RBScushionSpread))
- Backing x 0.99 / (1 - RBScushionSpread)
As voted on in OIP-125, when 30D MA increases above these two calculations, we will switch to using 30D MA as price target. Further, as voted on in TAP-28, a 10% cushion spread will be used for the calculations in the next section.
More context and comments can be found in the RFC for this point: https://forum.olympusdao.finance/d/3594-rfc-change-rbs-minimumpricetarget-logic-to-accommodate-cooler-loans
Backing
Alongside the updated RBS logic, DAO working group proposes to choose one of the two following figures to use for Cooler Loans and Range Bound Stability module. Option A is to use the assets and supply calculations found on the Olympus dashboard subgraph. Option B is to also take the Redacted swap, which will occur after Cooler launches, into account now.
The gOHM to be received from Redacted makes the difference in assets vs outstanding gOHM supply. It's a conservative, safe accounting practice to not pull this amount forward before physically receiving it. While we won't see an update in the dashboard until the swap is complete, it is reasonable to pull this forward. The final swap with Redacted should be made shortly after Cooler goes live.
Ultimately, the community should agree on the preferred accounting practice for the first round of Cooler Loans. Note that before the second round of Cooler, the working group will release a comprehensive accounting framework for ratification, which should provide a clear set of guidelines for valuing any remaining non-DAI assets in the Treasury to be used for any future clearinghouse deployments.
Finally, excluding emergencies, we propose a moratorium on additional clearinghouses with different parameters for the first 4 months after the first Cooler Loan Clearinghouse launches.
Next Steps:
- Move this OIP to Snapshot: 20 September
- Snapshot concludes: 21 September
- Cooler Loans launched and RBS price target updated: 21 September, subject to delay if this OIP is not ratified or if final audit requires contract rework
Informal vote on the following choices. If majority votes to Reject OIP we will go back to the drawing board. Otherwise we will proceed to Snapshot.
- Option A: dashboard only
- Option B: include Redacted in calculation
- Reject OIP
