
Summary:
Olympus has a vested interest in the success of Berachain, being both a pre-pre investor and having aligned communities with similar interest and direction. To further this engagement, we propose the following plan to solidify OHM as powerful infrastructure in the Bera ecosystem.
Background:
On March 18, 2022, OIP-87-Berachain Investment + Strategic Partnership requested the OlympusDAO community to approve an investment and strategic partnership in Berachain, a project led by DevBear and Smokey. The OIP was approved by snapshot on March 25th and seed funds transferred in three installments from 4/21/2022, 5/9/2022 and 6/2/2022.
While this investment secures Olympus an interest in the BERA supply, we recommend putting that supply to work as a catalyst for more meaningful and long term engagement with the chain.
Proposal:
BERA Vesting and Staking:
Vesting BERA Supply will be held by one of a few custodians that have been whitelisted by the Berachain Foundation. Once this supply is in their possession, it will qualify to be turned into an LST. It is our recommendation that the supply is divided in the following ways:
90% of our interest will be committed to Infrared and turned into their iBERA LST. iBERA will earn block fees, MEV, priority fees and boost from BGT delegation, all of which will auto compound back into iBERA.
10% of our interest will be committed to The Honey Jar (THJ) and turned into their fatBERA LST. Under the hood, the BERA in this LST will be split between the THJ Validator and the Beradrome/APDAO Validator.
In order to stay agile as these markets emerge, we recommend using Olympus Governance to steer ratios and amounts as needed but, the above should give us a starting place. It should also be known that all of our vesting supply backing the creation of these LST’s is beholding to the same vesting terms set by the foundation.
Specifically:
- Staked tokens remain locked for the same duration as the vesting terms specified by the Berachain Foundation.
- Only the yield portion can be removed from this lock.
- Staked tokens cannot be moved from the wallet as long as they are bound by vesting.
Earnings from these efforts will flow back to the Olympus Treasury and be used to fund YRF, or whatever active strategy has been defined by governance.
Infrastructure:
- Deploy a full cross chain Olympus stack including, but not limited to:
- A Multisig on Berachain
- A Kernel deployed allowing the activation of the other core modules and policies (Bridge, Minter, Treasury, etc.)
- Deploy Olympus TRSRY (Treasury) Module on Berachain
- Deploy an Olympus Bridge on Berachain
This infrastructure will permit the flow of OHM to and from Berachain as well as the required contracts to establish more advanced structures within the ecosystem. The intent should be to utilize Berachain as our primary hohm away from mainnet, with efforts to expand OHM functionality, utility and automation to debut here; cross-chain governance efforts for example, from both voting and contract management standpoints
Liquidity:
Our goal at launch will be to establish OHM/Stable POL on Kodiak in a range from LB to Infinity. We recommend this pool be seeded with 250,000 OHM and enough stables in LP to hit the 12 - Infinity Range. This represents 25% of current liquidity, and should provide an adequate baseline of sticky liquidity for activity on the chain.
Past launch, we should make efforts to secure Proof-of-Liquidity Reward Vaults for (in order of priority):
- hOHM-BERA
- OHM-hOHM
- hOHM-HONEY
- OHM-BERA
- OHM-HONEY
Once one or more of these gauges are secured, BGT voting power should be utilized to push emissions onto these vaults. Our goal is to have POL at least matched 1:1, ideally outnumbered >2:1 by user-owned BEX liquidity.
BGT / Governance:
Olympus will not directly participate in Berachain Governance via BGT but instead, align with partners who will be assembling BGT (Specifically Infrared, THJ, Etc.) and feeding that value back into their LST. If rewards are collected, they can be used to bribe existing liquidity markets (Like OHM/HONEY) but largely, we will opt for LST exposure for our stake such that we can collect block rewards, priority fees, mev capture, etc.
Post Launch Targets:
These efforts will not be ready at launch, but will plan goals for the future once we have this base infrastructure completed.
- Launch native Funny Ooga Money Coolers (FOMC) aka Cooler V2
- Launch native Liquid Coolers, supporting borrows using OHM-HONEY liquidity positions
- Launch native Convertible Deposits and build out a liquid OHM options-chain using tokenized conversion terms
Genesis Partnerships (In No Order):
THJ
- Stake with THJ Validator via fatBERA LST
- Support THJ with HENLO (Future Discussions on Liquidity, Etc.)
- Explore strategic engagements
Infrared
- Stake with Infrared Validator via iBGT LST
- Core Proof of Liquidity Partner
Origami
- Support and coordinate on bringing it hOHM
Peapod Finance
- Support and coordinate on Berabased Pods
Kodiak
- Core Concentrated Liquidity Partner/DEX
Beradrome
- Broker partnership (New Veal) with Beradrome to deposit LP and enable it for incentives.
- Define the amount of OHM Based Bribes Olympus will contribute to our LP
- Beradrome will match with an oBERO NFT burned into the MS with voting power for emissions.
BeraLand
- Coordinate Olympus socially through BeraLand
Dolomite
- Integrate Cooler V2 for subsidized-interest borrows for OHM collateral users
Bend
- Integrate Cooler V2 for subsidized-interest borrows for OHM collateral users
Gummi
Motivation:
At launch, contingent with BOYCO TVL, we expect Berachain to see a substantial inflow of capital, which creates an opportunity for OHM to extend its value layer into this nascent, exciting new market.