- Edited
Summary: Leveraging Olympus Give to redirect yield toward funding open source, climate and longevity research in partnership with Gitcoin
Motivation: The DAO currently holds 955k OHM. The request is 0.06% (6bps) of the current DAO holdings to create a strategic partnership alongside Gitcoin to further the ecosystem of tooling and infrastructure of decentralized systems as well as improve the society we share. The previous proposal generated some good feedback for modification and clarification. Some key points (benefits to Olympus):
This would not involve treasury assets
Ohmies will be able to utilize the infrastructure to do any yield redirection they’d like
Supporting Gitcoin in this fashion extends our marketing reach to new communities and enforces the narrative that we are the reserve currency in the ecosystem
DAO holdings for reference: https://etherscan.io/address/0x245cc372C84B3645Bf0Ffe6538620B04a217988B
This launch is designed to highlight the efficacy and power of Olympus Give by aligning ourselves with hallmark members of the crypto community
Olympus would join the ranks of Yearn, Uniswap, Synthetix and more DAOs who have helped further our industry
Original TYCHE Info
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 ```
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). We propose yield direction of 1 year after which the OHM approved here is returned to the DAO total amount.
Modified vote below:
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 in this fashion (0bps)
OTHER: Suggestions below
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.
A community call is slated for Thursday to discuss both OIP-48 and OIP-49! As the next round is quickly approaching, we hope to find a useful direction within the coming days - the poll is scheduled to end Saturday Nov 27!
OIP-49 original discussion here - https://forum.olympusdao.finance/d/443-oip-49-olympus-give-lighthouse-partnership-with-gitcoin