• General
  • Abachi + Olympus DAO - Intro & req. for comments

Edit

Dear Sers and All - After an indepth conversation with a couple of members, we have decided to pull this proposal and put forth a much smaller and concise one which we will try and put up in the next couple of days.

1. I apologise if the WL on Abachi seemed like a bribe or if there was any implied partnership with Olympus DAO. This was not the intent, they were in a closed channel where I have posted this proposal and its drafts looking for feedback before posting it here. Nonetheless, I have clarified this before our WL and auction rounds go live. The tweet is now pinned on our twitter and announced on discord both in announcements and the private channel for OHMies.

2. I was able to understand that the proposal needs to include much more pointed arguments in terms of the products abachi will launch and its revenue stream (we will base the next one on that).

3. Was also explained that the ask from Olympus DAO is probably not the best and should be amended.

I thank the OHMie that reached out and explained. I respect that. Our intent is not to malign the Olympus name but to grow it strong and break into traditional markets.

I'll be back with a much more pointed proposal and without the current asks.

Mods - pls do feel free to delete or archive thread. I'll post a new one.

Dear All,
I wanted to introduce Abachi to the wider Olympus team and the world. An ambitious experiment to bring tradfi on-chain & fund the tools and rails to do so via a DAO which uses OHM as the primary backing currency.

edit: I shall post a V2 of this with a poll. I am really looking for feedback here from the OHM community. If you think the wants are a no go, happy to hear that and edit, if you think the offer is not good, pls comment and we shall improve. More than anything I am looking for comments to improve this proposal.

tldr; Abachi wants to build the rails that will onboard TradFi to Defi. It does this via a DAO that funds those projects. The DAO is backed 50% by OHM and 50% stables. The DAO market buys OHM when/if needed to rebalance and also buys OHM when OHM RFV in risk. This is a proposal for Olympus to officially partner with Abachi and help us this experiment.

Disclaimer:
1. Abachi has been engaged with the Olympus DAO team on the partners discord and has also been in a couple of calls with the team to discuss the proposal. This *new version* builds on & mitigates some of the concerns raised.

What:
Abachi exists to help bring traditional financial institutions and real-world users on-chain using a currency and a bank backed by OHM.

Website: https://www.abachi.io
Pitch Deck (pdf): https://www.abachi.io/Abachiv1.2-fi.pdf
Pitch Deck (Hosted): Pitch Deck

Why:

  1. OHM is a currency. It should be used as such. We plan to back our entire DAO on the OHM and (3,3) theory to accelerate growth & value.

  2. We strongly believe regulation is coming a lot sooner than most anticipate and a lot of DeFi as we know it today will be under the threat of centralisation. While players like stripe, square, paypal and others will adapt and thrive to further their own business models, a collective effort to build the rails to onboard enterprises easily needs to be funded. (Read about our take on regulations)

  3. OHM is the only decentralised central bank. All other sub-branches should use the main currency even if their motivations lie elsewhere. This makes the currency in use stronger and adds stability against volatility.

  4. Helps both Abachi and OHM grow together (3²,3²). ABI rebases follow the OHM rebase model, the treasury is constantly rebasing with gOHM.

  5. Decentralises Olympus DAO further via an entity that has its own motivations to build, but is 100% vested in Olympus DAO growth, governance and the value of OHM.

  6. Abachi can extend into markets and use cases which Olympus DAO is not considering core at the moment, the growth is also doubled since both Abachi and Olympus are working towards one core goal - increase OHM value & growth.

  7. Regardless of market cycles, to be able to onboard every new tradfi user in the next 3-4 years, now is the time to build. We can see some of the infra built in 2017/18 maturing today, imagine what we will look like in 2025.

What makes it special?
1. Abachi keeps 50% of its reserves in gOHM & 50% in stables. Initially the stables offered will be USD and AUD, but we hope to add other currencies. Rebalances happen every 2 weeks or if required by market conditions.

2. Abachi will initially only offer bonds in gOHM, ABI-gOHM & Stables (above ratio to be maintained). More bonds (like credit bonds, CDOs etc.) will be introduced later.

3. If OHM price goes down, and reserve is below 50% w.r.t. stables. The bonds will be discounted to encourage people to use it to lock liquidity. Abachi will also in such cases market buy OHM to rebalance using its stable reserves.

4. If the OHM reserves increase, Abachi will heavily discount stable bonds to bring in more stable coin reserves.

5. Allows Olympus DAO to lower rewards and lets OHMies enjoy rebase rewards via ABI yet they are still betting on OHM over the longer run.

6. Abachi market buys the OHM dips. We haven't closed funding rounds, but already started buying tiny amounts on dips.

50% of the entire raise will be converted to OHM.

The biggest risk to Abachi RFV is OHM and it will do whatever it can to save that. The bank of Olympus mathematically guarantees us a floor and we will front run the RFV and floor if ever needed to. This includes deploying the 50% stables. ABI derives value and backing guarantees from the OHM it holds.

What we are Offering:

  1. A means to lock up supply long term in a DAO that has deeply vested interests in value and growth. This reduces price volatility while maintaining an upwards pressure.

  2. Strong community interest 18k+ discord, 3k+ twitter dedicated and vested in the success of OHM. (and we just started) along with 20-40 businesses we can onboard per month and educate as soon as core services launched via our partner(s).

  3. Strong commitment to OHM. Our total marketing budget spend, thus far, has been 5.5 OHMs given away to 5 new OHMies. All growth has been organic. We have $20k committed to proof of concepts with an additional 10k coming up soon (learn more)

  4. 38,500 pABI tokens, vested over 3 years for Olympus DAO. 10% of total pABI issuance.

  5. Ability to acquire ABI in the seed round to be a dominant voice in Abachi.

  6. ABI-gOHM as the primary bonding mechanism with a treasury reserve consisting only of rebasing OHM.

  7. Means to onboard users from other currency pairs via partners that have Abachi powered wallets built into their apps (On-Ramp for Partners - Abachi DOCS).

  8. Strong commitment, both for the value and growth of Olympus DAO. It only works if Olympus grows as Abachi is "backed" by Olympus. We fund OHM ecosystem grants for TradFi (learn more about our current grants)

  9. Development, Legal, Compliance work via Abachi. Government Lobbying to recognise DAOs as legal entities.

  10. Real-world, front-end partners starting with LUCA Plus and more as we grow. These partners like LUCA Plus bring with them both developer partner integrations and accreditations from bodies like PEPPOL, ATO etc. LUCA Plus has a vested interest as a seed contributor.

What are we asking the Olympus DAO for:

  1. Social media and community support as an affiliate / partner for Abachi. (Abachi DAO powered by Olympus DAO).

  2. Access to buy OHM directly from Olympus DAO OHM treasury during rebalancing events or liquidity provided on Polygon so we can market buy whenever these events occur.

  3. Olympus DAO acquires a stake in Abachi by buying out 25,000 tokens at $15 for a total of $375,000 paid to Abachi 100% in OHM.

    1. Abachi will not be selling this, but keep it for the treasury backing.

    2. Olympus DAO can decide if this should be in the main treasury or ohm treasury.

    3. Our lowest conservative estimate is that we will be buying 1.5m of OHM before launch.

  4. Provide gOHM-ABI liquidity on Polygon with the 17500 tokens offered to Olympus DAO as a loan until there is enough liquidity. OlympusDAO & Abachi to split LP fees 50%.

  5. Advisory help with the core platform and newer bonds we plan to offer (some of these ideas are already in v2 Olympus, we just extend them) via a dedicated channel on both the Olympus DAO and Partners Discord. Especially the core ABI-gOHM bond.

  6. $10m+ in gOHM liquidity on Polygon for the gOHM matic and gOHM USD pairs. We will open a new proposal for this. Last we checked, this was really low.

Why Us?
1. Strong partnerships with Luca+ giving us access to onboard at least 20-40 businesses per month, this gives the means to onboard and educate them. (learn more)

  • Advisors include ex GM Microsoft for developer partnerships, Chairman of the top 5 fastest growing accountancy firm in Australia and a member of Chartered Accountants Australia.

  • Amongst many awards and incubator programs LUCA Plus was a finalist for digital wallets / digital currencies in 2020.

  • LUCA Plus has a strong commitment to digital currencies & digital wallets with a proven track record working with government and regulatory authorities & ties with lawmakers.

2. Core team includes expertise in prediction, ai and forecasting, private smart contracts, developer integrations. We have one founder that has plenty of enterprise & startup experience and another founder that has vocally fought against internet censorship since he was in high school. The right mix of degen and real world.

3. Core contributors include an actuarial scientist working for a top EU central bank, Information Security specialist working for the department of state, a marketing/OTC expert, and an ex Exchange CEO & BlackRock, EY Banker.

4. There are no crazy VC allocations. Less than 1m will be raised via pABI to bootstrap and not be a burden on the treasury. Everything else raised goes back to the DAO.**

What is it?

There are two major pieces to Abachi. The core middleware services or rails to onboard enterprise and user facing apps and the DAO that funds those initiatives.

Abachi Core

Fund and build the middleware and infrastructure required to bring traditional finance on-chain using a fully backed digital currency which is OHM. This is the longer vision and goal, these are not services we will launch over day, but a plan for the next 3-5 years.

Some aspects may change, be tweaked or rewritten as we implement them.
Abachi is not rebuilding the entire stack below, it leverages on tech already built and funds to bring it to the real-world via inclusion into our core stack of offerings. This will be offered as DeFi as a service (hosted & via licensed SDKs) and fees will go back to our treasury (and eventually end up buying more OHM).

  1. Fund / Build a multi-chain wallet which can be used via an SDK for real-world users and partners that are using the SDK to provide these services. (learn more)

  2. Launch (accredited & non-accredited) stable pools incentivized by ABI with the highest yields possible in the market. (learn more)

  3. Provide the middleware services to partners that can onboard real world users. e.g. Luca Plus, which has already completed the KYC & AML for them, and can tap into a shared pool of accredited lenders and borrowers. This again increases as more partners onboard as all of them can share the same pool. (learn more)

  4. Tokenize these pools and offer more complex markets with various yields from TradFi. E.g. Junk Bonds, Junk Credit pools, asset backed loans. These would then become CDOs offered on-chain to an accredited market of buyers and sellers.

  5. Tokenize accreditation, entity risks (credit scores) and KYC requirements so they can carry across when using shared pools. (learn more)

  6. Launch markets for rated credit instruments (e.g. CDOs), launch markets for on-chain currency swaps, launch markets for physical asset based lending.

  7. Facilitate bank on-ramps via partner apps (learn more)

  8. Research & Development  into pricing and bond mechanics for credit & assets with the help core contributors who do this for central banks.

Abachi DAO

  1. Abachi will leverage OHM (the tech) and launch on Polygon (POS). EVM compatibility and strong commitment to zk are the core reasons. This has also been a recommendation to us directly from a Top 4 Accounting/Audit firm.

  2. The abachi team will do the heavy lifting in deploying but will rely on the Olympus team for advice especially around the ABI-gOHM bonds & total emissions.

  3. After some of the core services to onboard accredited lenders are completed, the DAO will also offer bonding for tokenized credit as a source of income. (learn More)

  4. The DAO will acquire real-world companies if it needs to do so. (We will work to make the regulations happen). This is already something under discussion in Australia.

  5. The total raise for pABI is less than 1m and the emissions are locked. Total treasury initial raise is estimated for 3m which Abachi will conduct.

  6. The total emissions possible of ABI have been kept low (subject to discussion with the OHM team).

    Learn more about how Abachi DAO raises & uses the funds and allocations in our pitch deck linked above.

Risks:

  1. Abachi will need to sell OHM to maintain its minimum backing. This is a risk only if OHM does not grow in value. If OHM is doing well, the value of ABI will increase with it. The OHM in our treasury can only grow over time with the rebase and we acquire more as we grow. Since Abachis floor guarantees stem from OHM, it will sell OHM always as a last resort.

  2. Regulatory and Compliance issues. As part of our commitment, we will raise some funding via pABI tokens to put in place legal and compliance frameworks on day 1. Our advisors are very strong in this area and our partnership with LUCA Plus gives us a lot of experience navigating through these issues. Onboarding of Tradfi *does not* happen on Abachi (maybe in future it would). We offer the middleware to allow our partners to complete the onboarding. We also offer third party services via the SDK for partners to leverage. (learn more)

  3. Not enough ABI is held by the treasury for incentives. This is a risk because our pABI emission is very low. This however will then be left to the DAO to decide if more pABI should be minted. New mints of pABI have upwards pressure on OHM price (if redeemed) which in turn pushes up ABI. OHM will be a major part of that decision since they hold pABI and ABI at launch.

  4. Centralised stables are a risk, and we at Abachi will need to figure out a way to ensure this is not a risk to the platforms treasury. Mitigation options include using DAI or other stables and encouraging the developers of those platforms to add more fiat pairs for us e.g. AUD. We will fund development towards this. Both using a decentralised alternative like DAI or an interest bearing pair like Aave USDC carry the same risks in terms of smart contract vulnerabilities. We feel currently launching with USDC and TAUD is not a risk as they are widely used and do not pose a risk, but in the future we will need to definitely ensure we reduce this dependence. We are working to get TAUD liquidity on Polygon.

  5. The banks or TradFi will not take us seriously. This is absolutely something we have considered, which is why partners like luca plus are essential. Luca Plus onboards 20-40 businesses of all sizes each month. While we launch, this onboarding process will give us a lot of time to perfect the execution. We also have tradfi people with major central bank experience on the core team and we plan to add more. As the services grow, the partners list will grow, because we will fund the integrations into their systems. (learn more)

    The notion that banks are not interested is wrong in our experience working with them under LUCA Plus. The problem we see is an absence of a core stack of services they can use to integrate into their own stacks.

    For reference: Biggest Bank in Australia working with Gemini and Chainalysis to bring crypto in-app.

    Lastly, we don't have all the answers today, we do have unwavering conviction. Some of our theories may seem crazy, impossible and just downright impossible (but you all have heard those things before with OHM also). We have worked with the top 4, we have worked with the biggest financial software powering banks and we have worked with regulators. We are extremely optimistic that if we build, they will not only come, but embrace. We hope to fund the research and development to find those answers and make OHM a dominant currency inside and outside DeFi.

    We thank the Olympus DAO community for the time and consideration. We also invite them to have a look in our discord. Look at the grants channels, engage with the community. We hope to open an OIP officially and look forward to community comments.

Apologies for any formatting issues.

Fully support this. Abachi is what I've waited for and it will emphasize and make more active the role of $OHM as a DeFi reserve currency and OlympusDAO as a decentralized central bank.

Thanks for the well written proposal

Abachi aiming to get more buyers into ohm (not just the crypto market) should help us spread our influence across more markets and bring back more value to ohm and the ohmies. You cannot have a reserve currency without having more people join us in adopting it

The way i see abachi is that it could be a source of continual buy pressure for ohm, providing ohm keeps on growing (which im sure we all think we will) then abachi will keep on accumulating ohm

It looks like there is a downside to this if ohm was to decline as abachi would as a last resort need to sell some ohm? please correct me if im wrong abachi

In which case this isnt very different then the 9,9 strategy we ohmies use and i hope/have confidence in the team to manage risk and avoid liquidating any ohm as a last resort.

Luca plus looks like a strong and legit run business, perhaps an AMA could be arrange to ease and highlight the strength of your company to ohmies

Lastly on the buying of abachi for the ohm dao treasury i think its a small amount and its worth the R:R for ohmies

could you also please expand on Provide gOHM-ABI liquidity on Polygon with the 17500 tokens offered to Olympus DAO as a loan until there is enough liquidity. OlympusDAO & Abachi to split LP fees 50%. How long do you think this will be?

Hopefully other ohmies can see the value add in this team and project <3

    Coud

    If OHM falls massively, two things should happen.

    1. Stables go into a large discount

    2. Stables buy OHM

    Our floor is guaranteed by OHM so it makes sense to front-run the ohm floor. So e.g. it would be in abachis interest to buy everything right above $1 (assuming floor). At that point all stables are buying OHM and ABI is at a deep discount against stables to buy those.

    The only black swan risk is if OHM goes to 0.

    Will KYC be required to invest into Abachi?

    First and foremost: very exciting to see people have the guts to enter this space. Kudos to you.

    Whenever I look at a project I try to look at what macro vision is and how that correlates to the team behind it. In my humble opinion, the goals of Abachi are extremely diverse and ambitious in a space that is becoming ever more crowded. I have to wonder how realistic some of these goals are. Bridging crypto and the non-crypto world has been tried many times before with lots of failures and successes in between. I fear the goals stated are far too ambitious to be achievable in a 3-5 year time-frame. This makes me doubt whether the team has enough background to lead this kind of large operation.

    1. A multi-chain wallet is a business on its own. And I think that ultimately most large TradFi companies will employ custom solutions. Centralised echanges like Coinbase and Gemini will offer custodial services and act as the clearance houses between these worlds. How does Abachi aim to compete with these giants?
    2. If Abachi will launch stable pools that are ABI incentived, won't these rapidly dilute Olympus' ABI tokens? How does Abachi aim to compete with Curve?
    3. KYC/AML services are without a doubt hot right now. I feel Abachi can be well suited to explore this space given your background. How do you feel you can overcome competition in this sector?
    4. I feel this is a completely different project than all the others. Given how complex yield futures, option vaults and others have been to develop, what makes Abachi suites to tap into this market?
    5. I think this ties into the competition with CEX entities. If Abachi can carve out a chunk of KYC/AML services then perhaps it will have some of the infrastructure and trust built to also look into this space next.
    6. Bridging physical assets into crypto is very hard. I'm brought back to thinking of projects like Digix and how they failed to make this work in a timely matter. I'm very curious towards how Abachi looks at this space and how it sees itself best suited to tackle these challenges.
    7. How will Abachi compete with larger CEX players like Coinbase, Binance, Gemini and FTX?

    At this moment in time I feel this project may be a bit too ambitious. There's so much competition in these spaces and the talent required takes considerable capital. I think for some projects a DAO is the best way forward. But I feel some of the goals in this projects would work better from the point of view of a centralized entity. I have doubt that a DAO can compete in some spaces with large centralized companies that can keep raising money to throw at issues.

    Finally, as many people here will have noticed. There seems to have been a rising tendency to bribe Ohm holders to vote for their proposal. Like Lobis, some other forks are now trying to do the same. Abachi has also decided to take this route.

    We as Ohm holders have to question whether we really want to encourage this behavior. I think Olympus should try to encourage innovation but we have to be wary of who we invite into the Eco-system. We might invite another wolf named Danny otherwise. If we spread our Olympus troops too far and wide, we run the risk of fracturing into multiple Greek states if you will. It will hurt the brand and trust into the project long term. My biggest bag is Ohm, my incentives are aligned with its long term success. But the bribes may not always bring us closer to our long term goals.

    Thanks for the reply MrMochi. I appreciate the kind words, it did take a lot to enter this space and write up this proposal.

    There were a few concerns, I'll try to address best I can. I feel like you are assuming Abachi is building all this tech in-house. This is not the case. Abachi is funding grants and projects for tech that is already built to bring it into a core coherent, single offering that abstracts all these complexities away.

    A developer will have access to libraries that they can include in their project. Call a function to spin up a new wallet which may be powered by composable finance or Gnosis on the back end. Call a function to spin up an ondemand liquidity pool powered by Aave, Composable etc.

    The work is going into creating a core stack of tech that is end user and enterprise friendly which developers can readily use. Today e.g. if they want to achieve a seamless experience, they need to undertake each of those integrations seperately. e.g. Gnosis. the only projects building on it are dapps. When its actually quite possible to integrate the wallet completely client-side into a web front-end.

    1. Multi-chain wallet is absolutely a business on its own. We did try to show that in the user flow. Abachi is not building its own wallet, its offering an SDK that has those capabilities built into it all abstracted and consumable into a core licensable offering. Due to the modules included (composable, gnosis, openbanking etc.) the development for end-user apps is rapidly accelerated.

    2. Yes they will dilute, this is mentioned as a risk and will be up to the DAO to vote on, both emissions and incentives. The emissions do not need to be that high to get a higher yield, there is a link in there to try and use rebase rewards to do this. There are two distinct projects that I know of that are tackling this space. Abachi would fund them to try and make this a reality.

    3. Abachi is not trying to overcome or get into the KYC space. It will work with existing tech to offer these as modular pieces inside a core offering. KYC can be tokenized and shared. e.g. If you KYC with BlockPass you do not need to do it again. This can be extended further so that as you go from Partner A to Partner B - the tokenized credentialing do not need to be done again. The tokens themselves can inherit a lot of properties e.g. expiration, jurisdiction, issuing authority etc.

    4. A debt obligation, a credit pool and asset backed loans etc. are indeed a complex area. In the proposal Abachi funds the research and development into these bonds. V2 Olympus builds on this idea with fungible and non fungible bonds, which very closely resemble real world bonds. There are two things to tackle here. A credit pool and Individual bonds. A credit pool is a pool of obligations where the yield is calculated based on the default rates and risk offset with maturities of those obligations. We have a central banker on board who does this for a living, and we aim to fund more research into this. The second part is an individual bond e.g. a $ dollar bond issued by a sovereign nation. These are easier as the bond at issue as the maturity defined, terms defined. The work that needs to be done is to provide the end users a front-end to be able to issue these with the terms they need. Those once tokenized are no different to a real-world bond. We plan to bring more inhouse expertise for this, but we have 2 people right now who work in this space for a major central bank.

    5. Some information on this replied above. in #3.

    6. This is already being done quite successfully without using the blockchain. www.brickx.com is an example that comes to mind. If you just tokenize those and bring them on-chain, those bricks they sell are essentially tokens, each with a value. The issue to tackle here would be how do you lend against it or use it as collateral (which is an interesting problem to solve because it then goes into securitizing not just the complete asset, but pieces of the asset). Abachi will fund such research work and give out grants for MVPs and teams to provide proof of concepts.

    7. FTX, Coinbase, Binance, Gemini are just another module in the core Abachi Stack that developers can chose to use. I expect them to help us build these "modules" or "plugins". I included a section on partner onboarding on how I envision it works.

    I hope these answer some of your concerns, and I welcome the feedback. Absolutely this is an ambitious project but I do want to mention. Using OHM as a backing treasury is not a bribe. I'll give an example.

    While I was not born there, my parents are from Pakistan. Every few years, when the entire country is on the brink of collapse, it issues dollar bonds (amongst other bonds). These are issued because the biggest politicial and economical threat to Pakistan is the devaluation of its currency when its dollar reserve goes down.

    If you are basing your currency on another currency, its not a bribe, but a necessity to acquire as much of it as you can to increase the value of your own. This increases the value of your own currency. e.g. It is not important for Abachi to save the price of ABI. It is however imperative that it save OHM. We use OHM as a treasury asset because we believe it is a currency and should be used as such. All other currencies should do essentially the same as we are proposing. OHM as a bank guarantees us the minimum floor.

    e.g. if currencies were based on gold, the highest value would be to the one with the largest amount of gold. Had Abachi been backed by Gold, it would be in its interest to acquire gold instead of trying to buy back ABI in the market. The gold reserves would lend that backing.

    Interesting, but flawed plan.

    Hey ser - I am sure there are good answers but I have a cpl of questions concerning the tokenomics:

    1. Olympus DAO acquires a stake in Abachi by buying out 25,000 tokens at $15 for a total of $375,000 paid to Abachi 100% in OHM.

      1. Abachi will not be selling this, but keep it for the treasury backing.
      2. Olympus DAO can decide if this should be in the main treasury or ohm treasury.
      3. Our lowest conservative estimate is that we will be buying 1.5m of OHM before launch.
    2. Provide gOHM-ABI liquidity on Polygon with the 17500 tokens offered to Olympus DAO as a loan until there is enough liquidity. OlympusDAO & Abachi to split LP fees 50%.

    If Olympus is only receiving 10% of pABI where is the rest going? What are the other allocations of pABI and aABI?

    What seed fundraising is occurring, who are the people who have committed to the raises and at what rates funded at?

    Why does Abachi require Olympus to provide $375,00 OHM for an allocation if it is already committing its name, reputation and DAO talent?

    At what price will the 17500 tokens offered to Olympus DAO, be paired at for the liquidity Abachi is seeking Olympus to provide? Won't this put more of our treasury OHM at risk if the price decreases?

    Why does it need this liquidity to be provided by Olympus if it is already doing a public fundraising?

      The concept and plan are intriguing and should be considered and studied by the Olympus DAO and Ohmies in-depth. The onboarding of TradFi and using Ohm as the basis is something we should work on as a priority in my opinion. First mover advantage is always important and the health of the Protocol requires demand that is not fickle and runs after the first sign of "higher APY". Stable Ohm holders will guarantee growth.

      I understand more details need to be worked out and discussed especially the priorities of the execution considering the ambitious and varying scope mentioned.

      One question to the Abachi team regarding Luca Plus as they were mentioned a few times as a main source of onboarding Businesses, can you clarify more the process for Luca and the types of businesses they onboard.

        Mark11

        Hello ser

        1. pABI allocations below (also in the deck)
        - 50% to early investors for a total raise of $962,500.
        - 30% to the team.
        - 10% to Olympus DAO
        - 10% to contributors & advisors.

        2. Rounds for aABI:
        - SEED Raise @ 15 per token for 25,000 tokens. Total raised = 375,000
        - Olympus DAO @15 per token for 25,000 tokens = 375,000 (proposed)
        - Whitelist @ 20 per token for 50,000 tokens = 1m
        - Auction @ 20 per token for 75,000 tokens =~ 1.5m
        - 17500 tokens are not sold and will be returned back to the DAO, the intend is to bootstrap liquidity for aABI markets against gOHM after the auction concludes.

        Seed (375,000) was funded by early investors, advisors and the team.

        3. I shall remove the provision for the liquidity loan if this is a concern. The idea was that the DAO would be paid back in LP fees as part of compensation. These would have been lent at the selling price of $20 with a guarantee from Abachi to compensate OlympusDAO

        The request for 375,000 comes to acquire a stake in Abachi and help bootstrap the project treasury. If contentious this can be removed.

        The entire raise (less 375,000) from aABI goes back into the main treasury as a backing price and will be used to buy 50% gOHM. You are correct that OlympusDao is lending its name and reputation, but both incubation and grants program aim to do the same to further the OlympusDAO ecosystem, and Abachi is deeply vested in this.

        When the project was initially proposed, we had only 375,000 raised internally to bootstrap it and were looking for OlympusDAO to help raise.

        Promising project

        Write a Reply...