- Edited
Authors: Glue, Unbanksy, Stefano
Providing $500k Match from OlympusDAO for Olympus Give Launch funding open source, climate and longevity research
We are pleased to share OlympusDAO’s latest project built in-house called Olympus Give (codenamed Tyche). Olympus Give allows ohmies to redirect yield toward any wallet for any amount of time. During our initial launch, we will focus primarily on social good and improving the society we all share.
Partnerships proposes to make OlympusDAO one of the premier matching supporters of the upcoming Gitcoin Grant’s Round with $500k, funding open-source Ethereum infrastructure (matching with $300k), climate initiatives picked by All for Climate and KlimaDAO (matching with $100k), and longevity initiatives picked by VitaDAO (matching with $100k). In this structure, OHM from the DAO will be issued for the Climate and Longevity initiatives at $100k equivalent (approximately 125 OHM for each at time of writing) and $300k equivalent (approximately 375 OHM) will be allocated to the Olympus Give infrastructure redirecting its yield toward the Gitcoin multisig for 1 year.
This would make Olympus follow in the footsteps of Ethereum Foundation, Vitalik and other acclaimed crypto organizations supporting open-source infrastructure through Gitcoin and spearheading this mechanism to fund climate and longevity research for the first time.
KlimaDAO and VitaDAO have been actively onboarding impactful climate and longevity initiatives to this quadratic donation round with gitcoin.
Olympus would incentivize more donations to these important areas by matching donations quadratically up to the granted amount, alongside Gitcoin, VitaDAO, KlimaDAO, and others matching as well.
When?: Going live around 1st Dec 2021 on https://gitcoin.co/grants
In return, OlympusDAO would become even more legendary for spearheading ways for crypto to have a positive impact! Olympus would be prominently featured in related communications, as well as at the top of the page as a key matching funder!
As a point of clarification, the request is to initiate utilization of the Olympus Give infrastructure for DAO OHM. This does not relate to the treasury as these are funds used for contributors or marketing efforts and strategic partnerships.
The DAO currently holds 955k OHM. The aforementioned request is 0.06% (6bps) of the current DAO holdings. Only 2bps would be “non-recoverable.”
https://etherscan.io/address/0x245cc372C84B3645Bf0Ffe6538620B04a217988B
Additionally, the $300k notional is a no-loss, non-custodial redirection of yield. The DAO will recoup the requested OHM and Gitcoin will only receive rebases.
Original Tyche Design
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 principalProposal:
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
Links:
Potential Projects for Gitcoin Round:
Gitcoin: https://gitcoin.co/
KlimaDAO: https://www.klimadao.finance/
VitaDAO: https://www.vitadao.com
FOR: Proceed as discussed above
FOR WITH AMENDMENTS: Please propose changes below - to be modified in Snapshot
AGAINST: Do nothing