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  • PrimeDAO <> OlympusDAO Proposed Partnership

Would like to know how this will really help Olympus in the short/long term. Looking forward to the AMA to know more.

Nice to see the development of new primitives in the cryptosphere and defi, and in general, add its uniqueness and value to what Olympusdao has created.

How about linking to the official website and/or Discord? Otherwise people have too Google which is unsafe.

    giraffecapital Hi giraffe! Thanks for being interested in this proposal and voicing your concerns. One thing to note here is Prime Deals is trustless, it is an interface for DAOs to run their negotiations. Right now Olympus Pro applications are handled through type form, and then negotiations happen across different communication channels like Telegram, Discord, etc. Prime Deals interface allows this whole process to be run more efficiently by optimizing for communication during a negotiation process. I don't see how any policy can be pushed here to hurt Olympus, maybe you can speak more about what you have in mind there?

    For this valuation, we closed our seed months ago when we didn't have any products ready at $20 million valuation. Now as we come closer to our token launch, and we have products already getting shipped, we tried to be fair at our early supporters while still allowing for a reasonable FDV with the partnerships we want to pursue pre-launch. And the numbers are the same for all of the agreements we made with other DAOs as well.

    Hope my answers were clear enough, let me know if you have more q's!

    Tagging here @neon @111-altrektcrew as well as it might addresses your comments too.

        metaberk Thank you for the thoughtful response. Looking forward to learning more during the AMA.

          Thanks @metaberk - you'll have some tough questions from the community ser!

          For those wanting to explore what PrimeDAO is more - this is their website https://www.prime.xyz/ and this is the discord https://discord.com/invite/mG2WM73rYq

          Current proposal is only for a $250K in OHM swap for 500K PimeDAO tokens (0.05%$ 50million FDV) - same terms as Balancer and Gitcoin - with the intention of exploring more ways to collab in future.

          Three considerations I would have regard to, when deliberating about whether we should do a swap, are:

          1. Do we benefit strategically from aligning with this protocol - imo yes given their reputation and how useful what they are building will be to our vision
          2. Are we going to benefit the treasury financially - imo yes given the previous raise, what they are about to launch with and who their other DAO partners are (Gitcoin Balancer for e.g.). It is therefore likely that our share will be worth more than $250K in the short, medium and long term
          3. Is there a reputational risk from partnering with them - imo this is low given the team's and other partners' current reputation

          Unfortunately as a protocol we didn't have things like the incubator previously - which would have allowed us to enter into agreement earlier in development - rather than right before launch.

          It's important to note that this is a swap only - the OHM that would be provided would be held by PrimeDAO and not spent to cover operational expenses.

          • MrE likes this.

          I want to chime in to give the community some insight into where PrimeDAO will be able to provide value to Olympus. Currently the process for onboarding partners into Olympus Pro is a relatively opaque process given the lack of direct voting mechanisms that would scale effectively, coupled with there really being no downside for onboarding new OP partners short of reputational risk.

          We had a meeting with PrimeDAO two months ago where they demo’ed a suite of tools (Prime Deals) that would allow our team to negotiate OP deals publicly. This in itself was pretty compelling, but the PrimeDAO team committed to building out a set of tools custom for OlympusDAO to allow voting amongst a set of competing propositions. Imagine Tokemak reactor voting taken to the next level with a set of protocols competing to be listed on Olympus Pro, selected by our community. This type of DAO tooling doesn’t exist yet and the PrimeDAO team showed that they are in tune with the granular needs of our DAO.

          I assure you that the investment here will be worthwhile based on my interactions with the team. They are committed to build the next generation of DAO tooling that will enable broader community participation. I’m sure that they will be able to answer all of the relevant questions during their AMA. LFG!

            tex in, @Mark11 in. I’m in.

            Thank you team for elucidating some of the advantages. Great original proposal, but simplifying it a bit is helpful.

            +1

            • tex likes this.

              Yep. A list of pros and cons would be helpful. How does it benefit Olympus and its holders?

                Hi i-feel-so-al-ohm - so some of the future potential collabs are listed in the proposal. We don't currently have any partnerships or products which are servicing the launch mechanism or DAO tooling area. Having a partner in the launch space has potential for upside through:

                1. integrating OHM in their products and services, liquidity and/or treasury
                2. friendly referrals to our products and services including OHM as the fundraising token and use of OP and/or our upcoming liquidity products
                3. Potential economic upside for our treasury of the PrimeDAO token increasing in value

                The potential cons are:

                1. We make it more difficult to justify pivoting to service the product areas covered by PrimeDAO - afaik there is no DAO or community contributors currently intending to service these areas
                2. PrimeDAO brings our reputation into disrepute by the fact we agreed to partner with them and they have protocol failure or a malicious event - the team has a good reputation within the industry so imo this is low risk
                3. The token we receive goes down in value and we have some minor economic loss to the treasury - imo this is unlikely given the reputation of the team, the previous raise and the other partners involved

                It's up to the community in the end whether this swap occurs - imo it's important that all the questions the community has are asked and answered before it can proceed

                  This makes so much sense in terms of having a positive impact on the DAO ecosystem. As a market leader, OlympusDAO will scale into more opportunities by using the Prime tooling while on the other side, PrimeDAO will benefit from the network system of OlympusDAO. A clear win-win-win.

                  That's a cool product, and would be really useful for Olympus to use in its DAO to DAO operations.

                  I'm just concerned by the allocation, 0.5% @$50M valuation seems a bit low % wise and high valuation wise.

                  What justifies the valuation at 50mil? Would love this question to be answered in detail.

                  is this not too much tattering around Mt. Olympus through solo actions by random agents?

                  or how does this help our DAO in a concrete way? unclear despite the long intro!

                  the incentive$ for Ohmies don't look strong enough. so there sure is space for improvements.

                  11 days later
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