• Proposal
  • OIP-49: Olympus Give Lighthouse Partnership with Gitcoin

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 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

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

Launching Olympus Give with Gitcoin as a lighthouse partner

This poll has ended.

    I think this is a great cause, and has my full support. Gitcoin provides the funding for many projects that impact the Ethereum ecosystem today. Giving back to the community is truly 3,3!

    Awesome project reveal! Fully support this cause! Send it!

    Don_G_Lover Love it. Been waiting to support an initiative like this from Olympus for a long while.

    Olympus Give is the future. If we can establish ourselves with the likes of Vitalik and others, and launch Give out the gate with a great cause, we should do it.

    Fully support this proposal. Olympus is built for the community by using public good infrastructure and it's time to support public good fund with little bit for the great cause.

    Love it great proposal.

    I don't feel it's appropriate to set a precedent of using a Decentralized Reserve Currency DAO's treasury as a piggybank for personally favored charitable causes, regardless of the perceived intangible goodwill it may (or may not) engender. We have Tyche available for individuals inclined…

    That said, I'd like the marketing department to have some budget for brand-positive investments into the public infrastructure arena, which shouldn't require an OIP, but just their own consensus. However, that wouldn't extend to completely unrelated areas like longevity research, etc.

    Finally, I also feel like there's a lot of work to be done related to existing budget / compensation concerns within the DAO (hopefully OIP-47 should begin to address this) and that any non-critical use of funds should first and foremost be directed internally toward DAO contributors (e.g. Devs, other key non-Strategos).

    I am personally against this OIP, and here I am going to detail why.

    First, as the Olympus treasury grows, we as a DAO must be increasingly on guard against selfish individuals who would seek to siphon funds from it for either their own gain or the gain of causes they support. To be clear I am NOT saying that is what is going on here. What I am saying is that the best way to prevent this kind of treasury abuse is to set a strong precedent that any treasury allocation must have a chance of generating a positive return for the treasury, even if that chance is a long shot.

    Second, to be blunt, Olympus is not a charity. Olympus is a DAO formed with the goal of creating the reserve currency for DeFi. This mission does not include supporting efforts against climate change, or longevity research, or even open source building in the ETH ecosystem. None of the planned donations have anything to do with Olympus’ core mission, and accordingly donating to them set a dangerous precedent that money can be siphoned from the treasury to assist with causes that are outside of OHM’s purview.

    Third, while the Gitcoin Grants program is absolutely a legitimate program, donating to them so they can develop open source technology brings up a good question: Why are we not instead providing grants to engineers/devs who want to develop for Olympus itself? That would seem an obvious way that we could use this money to generate far more value for Olympus.

    IMO what Olympus is doing with Tyche (providing OHM stakers an easy way to redirect their staking proceeds to charitable causes of their choice) is a better way to let Ohmies give to charity. If Ohmies want to support charitable causes, they should do so with their own funds and not the funds of the treasury.

    So in conclusion, I am voting against OIP-49 because:
    - I believe it’s important to set precedent that the treasury should not be used for things with no chance of generating a return.
    - None of the mentioned causes are within OHM’s purview.
    - The money could be better use to fund the efforts of OHM devs themselves.

    Proposal looks okay but it's missing some information for the individuals that do not understand what Tyche will be.

    Please correct me if I am wrong, this is based on my basic understanding of Tyche:
    You are not doing a one time $500k donation, you are taking $500k in OHM (~555 OHM at today's price of $900) and then you will stake and direct those rebase rewards to Gitcoin multisig.

    Could you make the above a bit more clear because if that is the case we are actually donating more than $500k (~555 OHM) and I would love to see an estimate of how much the actual number will be in 1 year.

    This is so far removed from the core purview of the protocol that I have to vote against it. Charitable contributions are personal decisions and IMO shouldn't be decided though a consensus mechanism like DAO voting. if someone wants to donate, they should do so directly to ensure it is fully aligned with their values.

    Its good to know that we are planning to contribute to the climate and longevity research. However, can we identify a revenue stream for this purpose and use a higher percentage of that yield for this

    • One or more yield investment and use the yield for this purpose so that the capital is not lost. May be set a target and if the yield is more than the target then may be give more to the climate and longevity proposals.
    • Ask the community for their contribution for climate and longevity initiatives. Who ever is contributing will get the GAS fee's refunded or no gas fee. May be the GAS refund can be given from the DAO.
    • Ask the community for their contribution for climate and longevity initiatives. If GAS refund is a concern then a percentage of their rebase goes to this purpose.
    • Ask the 33 together winners for a percentage and see if that can be possible.

    basically i am proposing a solution where we use the excess or the yield and not use the treasury

      puthinakattu What about creating specialty bonds with a % going to such an initiative? That way, the purchaser is proactively making the choice. this would also drive demand for bonds. more win-win and aligned incentives.

      Voting against. Sorry but as others have said, donations to causes should be made with personal funds, not treasury funds. Please use tychee product for these purposes instead. Also, I think 1 day for a snapshot does not give people enough time to see this and vote.

      Not a core mission. Climate “science” is another scare tactic to give control/money/power to central authorities.

      Don’t divide the community. Let each give out of their own bag, don’t ransack the treasury. Very bad precedent.

      Sorry I would vote against. Yes it’s for a good cause but people could do this with their own funds/rebases. Not going to go over the reasons why because they've already been stated above.

      I will be voting against this proposal. I believe that showcasing Tyche for the intended purpose of this proposal makes more sense / is better aligned with protocol and DAO incentives. In even shorter words, put Tyche to use rather than treasury allocation proposals.