Summary:
In support for the broader Olympus strategic vision and following the success of OIP-157, this proposal requests community approval for the creation of the following:
Deployment of an OHM Bridge from Mainnet to Base, including relinquishing of contract roles following deployment, making the bridge immutable and secure
Creation of 250k of v2/Full Range OHM/ETH liquidity on Uniswap Base
Formation of this liquidity will create a foundation for third party CL Positions, as well as support for outstanding and growing participants in the OHM based ecosystem.
Motivation:
As a scaling effort, we propose the continued expansion of liquidity extended via a native, immutable bridge to Base. Completion of this effort will fund a minimum level of native liquidity ($250k), matching what was deployed on Arbitrum One. The creation of this bridge will round out planned expansion from Mainnet into two strategic, cost-effective rollups. This also allows all attention and resources to pivot to Berachain where the more substantial liquidity will form (The Bera recommendation is much more substantive than this and will be posted separately with a full scope).
At the time of writing, the following OHM synthetics exist:
pOHM (Ethereum) – 164,155 ($2m in TVL)
apOHM (Arbitrum One) – 45,155 ($541k in TVL)
Combined, this represents the largest concentration of privately held OHM supply outside of Coolers. This liquidity is largely held in v2 Pools as a counter asset to more volatile pairs, allowing it to be arbed through POL and ultimately governed by RBS boundaries. By expanding to Base, we anticipate the bpOHM Pool to be of similar size to Arbitrum One and to scale over time.
Ultimately, the opportunity cost of deploying this POL is limited when compared to the returns. YTD, strategically positioning this liquidity into POL has grossed:
$423k in DAI (Earned via Reserve Bonds and now held as sDAI earning 15%)
7.32 ETH ($25,620) in Fees against OHM/ETH from Arbitrage
2,032 ($25,115) reduction in OHM Circulating Supply earned as fees
This total gross amounts to $473k in accretive treasury growth over a three-month time horizon vs. $37,500 DAI that would have been earned in DSR. That's net $435.5k in income and climbing due to fee accrual.
Proposal:
Create a Base SAFE with 3/5 Signers identical to the Arbitrum One MS
Deploy a limited Default Framework Stack on Base as well as an Olympus Layerzero bridge contract exactly like Arbitrum One.
Relinquish Dev MS roles from the contract making the bridge immutable.
Bridge 125k of OHM liquidity through the native bridge to Base held by the SAFE MS
Bridge 125k of ETH to Base held by the SAFE MS
Using the Base MS create 250k of OHM/ETH v2 Liquidity on Uniswap
Summary of Requests:
Formation of Default Framework OHM Layer Zero Bridge to Base - Target Due Date - April 5th
Formation of 250k of OHM/ETH v2 POL on Uniswap - Target Due Date - April 10th