• Proposal

  • OIP-49: Olympus Give Lighthouse Partnership with Gitcoin

ptp1600 fundamentally this is the architecture of Olympus Give. This activity is to highlight its power and our strength in the ecosystem.

Again, this proposal does not affect the backing of OHM or allow users access to the treasury.

      helkem0 FrenDAO is another part of the Olympus ecosystem and will likely use the Olympus Give infrastructure.

      Olympus Give is intentionally extensible in this way. OlympusDAO seeks to highlight and bootstrap the calibration and framing of this open ended tool through a partnership with Gitcoin.

        Responding about "do this yourself" - that's exactly what Olympus Give will enable.

        From our original Tyche project spec:

        Background: Tyche is a system for lossless crowdfunding and yield redirection built on top of Olympus Tyche directs rebases from deposited sOHM to recipient addresses Can be used for various crowdfunding purposes without donors losing their principal

        Proposal: Tyche contract will allow Ohmies to deposit sOHM to donate rebase yields to anyone without losing their principal Donation recipients will be issued vault shares, akin to Yearn vault shares you may be familiar with sOHM inside this contract will accumulate rebases Recipients must redeem their shares for the deposited sOHM Donors will be able to withdraw their principal deposited sOHM at any time

        This proposal seeks to highlight and calibrate our community around a great use case and cause.

          Don_G_Lover To be clear I'm 100% in favor of Tyche, so long as Ohmies are donating their own yield. It's when yields from the DAO, or the treasury, or any source other than an individual's own bags, are used that I have an issue.

          Tyche is awesome, but it's awesome precisely because it enables individuals to opt-in of their own volition and with their own yield/funds.

            Against this. Why go this route when the same or similar objectives can by accomplished using Tyche?

            Don_G_Lover Hmm sounds like I need to read things more closely, thank you. Though, I do think the $500k match from OlympusDAO is better done later if at all.

              Maybe this should be reposted with clarification bolded and option to not have $500k match specifically

              As someone who has been here since the start, I don’t understand why we’re turning the DAO of the decentralized reserve currency into a charity giveaway. Feels like the DAO should focus on compensating and retaining DAO talent before turning into a charity where everyone wants to get their hands on treasury funds. I do not support this.

              Hello friends. I am in support of this proposal but I see the backlash its getting, so let me explain my reasoning and potential ways forward.

              I see why the community might be against the DAO setting a precedent for supporting certain causes. I can see why this might ruffle some feathers, as some of these issues can be "political". If that is the case, then we should have the community decide what causes we should match and for how much.

              But is the community against funding Gitcoin, period? I think this would be a worse precedent than just doing the donation. This ecosystem does not run by complete self-interest. So much of the infrastructure and tooling that lets us devs actually learn and develop was funded by generous donors via Gitcoin. To think that we owe nothing back is ridiculous. Even from the most cynical view, donating to Gitcoin is a huge marketing boost for us, and would hopefully encourage other DAOs to do the same. If you agree, then AT THE VERY LEAST you should support donating to tooling, education and infrastructure. Cultivating the ground you tread is not a political stance.

              To add on, the creation of Tyche was so that we could allow the community to donate or raise funds for causes they care about. If the community would allow it, I hope we can find some amount that the DAO would match to qualifying causes that the community votes for.

              Gonna need to echo the sentiment of most people above in that I am completely against this proposal.

              We aren't a charity and this has nothing to do with our mission statement. It's a terrible precedent to set IMO, and the only thing we should incorporate is a way for individuals to allocate their own rewards.

              If we want to get involved in something it needs to be directly and mutually beneficial--something like KLIMA bonds where our treasury grows while we show our support. Even then I'm not crazy about it due to their somewhat inflated current valuation, but it's at least something that would deliver returns for ohmies down the road.

              Voting against the proposal, OlympusDAO isn't a charity and I think donation and stuff should be done on a personal basis

              A request to all ohmies who have noted concerns / against the proposal. Could you please confirm if you factored the below into your reasoning? Thank you!

              ((incase you prefer shitposts and memes, here is thread version))

              I just wanted to take a moment to check in that everyone's on the same page with where funding is coming from.

              When funding new programs the DAO has a few options:

              • Use risk free value

                • Pro: available and sizeable
                  Con: decreases value for buyer of last resort

              • Use bond revenue

                • At time of writing the 7-day moving average of revenue was $8.9M. This proposal would use 0.33 days of revenue.

                • Pro: program would be funded not in OHM which would mean don’t factor in sell pressure.

                • Con: depending on uptake might increase the portion of DAO funds which are sat idle and underutilized.

              • Use DAO reserved OHM

                • When someone buys a bond protocol mints and distributes to three parties bonders, stakers and towards DAO reserved OHM. At time of writing there are currently 955k *unstaked* OHM in this fund so this proposal would use 0.06% (6bps) per day (only 2bps non-recoverable)

                • Pro: DAO reserved OHM are currently getting diluted at about 1.2%. Assuming steady market valuation of OHM this means program would be paid for by 3.3% of a day of lost purchasing power of OHM sat idle.

                • Con: Distributions in OHM may cause some downward sell pressure on OHM

              With the above in mind, the real question we should be asking ourselves is - is skipping out on value generating activity worth the opportunity cost and the dilution cost of inaction. To be clear all value in OHM is generated by value creating activities. At the moment non-utelization of DAO owned OHM is costing us (through diluted purchasing power) > $10M per day.

              Sooooooo….

              Ignoring the conflict around the "values" of the suggested projects what is the value this proposal pushes forward

              1. utelizing DAO own funds instead of loss of value through dilution
              2. marketing + publicity / ecosystem cred
              3. setup for future partnerships

              The flywheel this contributes towards is

              Bringing more attention to Olympus brings more attention to Olympus Pro and the incubator program, which brings more devs from the ecosystem towards the DAO, which brings more dealflow for incubator and OP which brings in more value to Olympus, which brings more juicey payouts to ohmies.

              Doing nothing costs $10M is lost opportunity per day. Is that opportunity cost higher than the risks which you are trying to stop from happening?

              Only Gitcoin is deserving of DAO money, imo

              Don_G_Lover strongly with agree with the comments @Stefano and @indigo left. I think the biggest issue with the complaints against this proposal are that they're coming from a zero-sum, short-term view. Aside from doing something good, the ROI on attracting attention through two donations that amount to something like 0.02% of DAO funds to a new DeFi primitive we have built out will be massive. The notion that this "has no chance of bringing value back to the DAO" makes no sense. Popularity + Credibility = More Ohmies and a larger protocol, which should always be the long-term goal. Furthermore, 3/5ths of the proposal is literally a proof-of-concept to show the power of Tyche. We get the 375 OHM back after 1 year, and we've shown the kind of value Tyche can bring to projects, thus attracting more partners and more users. Which, yet again, adds value into the Olympus ecosystem. Also, the fervor against this relatively tame proposal kind of invalidates the slippery slope argument. We're looking like we're going to deny a proposal that's mostly a proof-of-concept of our own product and being directed into the Web3 ecosystem, there's no argument for the idea someone's going to get a malicious proposal passed tomorrow.

                In light of the recent posts, a few action items: 

                We will discuss this on an upcoming Community Call in combination with OIP-48 (which addresses the compensation concerns also in here). The selection will be modified to reflect ONLY Tyche-based DAO OHM funds where the OHM is reclaimed at the end of the period (PLEASE NOTE THIS IS NOT TREASURY OHM OR TREASURY FUNDS). 

                The following choices will be available (single selection vote) on Snapshot

                • FOR: Support Gitcoin up to $500k in DAO OHM Tyche yield redirected funds (6bps of treasury OHM)

                • FOR: Support Gitcoin up to $250k in DAO OHM Tyche yield redirected funds (3bps of treasury OHM)

                • FOR: Support Gitcoin up to $100k in DAO OHM Tyche yield redirected funds (1bps of treasury OHM)

                • FOR: Support Gitcoin up to $1M in DAO OHM Tyche yield redirected funds (12bps of treasury OHM)

                • AGAINST: Do not support Gitcoin (0bps) 

                The community will additionally have many options to redirect yield toward various causes including the current activity by bike4peace or other active efforts. The system as designed can point yield toward any wallet - we strongly believe that a deeper partnership with Gitcoin and the open-source community is mutually beneficial to all parties and the ecosystem. We're a product of their efforts - without them, there would be no liquidity to own. We are builders and must support current and incoming builders as well as supporting efforts that impact the society we share.

                The intent of this proposal is to not only launch Olympus Give with maximum coverage and impact, but also "eat our own dog food" by utilizing our products. Looking forward to continually improving this one!

                  Don_G_Lover Gotta ask what was the point of holding an OIP on the forum if after more than sixty percent vote "do nothing" you just head to snapshot anyways? How is that not a huge middle finger to all of us?

                  By "tyche based dao funds" do you mean funds which were allocated to the build budget for tyche?