Before I give this feedback, I want to make a caveat. I must admit that I am not a longtime Ohmie. I came across OHM for the first time a few weeks back. I’ve been following (and investing in) crypto since 2017, but I am also the founder/CEO of a fast growing consumer company and so my attention isn’t always put towards the latest crypto projects. I found out about OHM from a Bankless podcast with Zeuss and I was intrigued. I then spent the next 72 hours in more rabbit holes than I had ever been in for any other crypt project outside of Bitcoin and Etherium. I was truly fascinated by the protocol, team, and community and I have since invested a not immaterial portion of my crypto portfolio and hope to continue to increase my position. So I must make it clear that I am only a few weeks into my OHM journey
With that being said, I did want to share some feedback from the perspective of a former worldwide ad agency copywriter turned successful affiliate marketer turned successful consumer founder/CEO running a $100m+, 100+ employee company. While I recognize that DAOs must function differently than companies, I also think they can learn from them as well.
What I have seen so far from Olympus is that the people working on the project have a very diverse set of talents. They are best in class at innovation, tech, community, etc. However, one thing I have seen over the V2 launch is that the communication is lacking. At the time of launch Olympus was a $3b market cap organization. If OHM has the hopes of becoming a trillion dollar organization, it can’t just rely on product innovation and tech, but it needs to have world-class communication, product, and marketing.
It’s hard to imagine a $3b organization of any kind going into a very major migration without any clear warning and information on its site in advance. The communication around the migration was poor. Aside from a few tweets and discord posts, there was no information on the homepage or in the app warning users about the migration in advance. The site was full of bugs showing the wrong APY (which happened to get picked up by congress!) and the help docs on the migration were inaccurate (said users had 2 months to merge) and lacking. The number of different tokens and their purpose was not clearly outlined. In short, there seemed to be very little up-front planning and communication that OHMs tens of thousands of holders could easily access. This no doubt has left a major impact on the price and adoption of OHM in the near-mid term.
To make matters worse, the Discord was full of confusion from the moment the migration started. Hundreds (if not thousands?) of people asked the same questions over and over again, frustrating and overwhelming mods. I personally tried to jump in to help explain things as much as I could, and at some point I called out both in the main discord and DAO discord that something about the communication had to change. I even shared some suggested edits to the site docs as well as changes to the UI to help make things more clear and reduce confusion, none of which were adopted or responded to.
The changes that were made have not been that helpful. The alert placed in the app is almost invisible, as it is in the footer and blends in with the they background.
Nearly a week has passed since this started and the site is still confusing and there is still no central place people can go to understand the migration that is clearly called out from all pages on the site.
My proposal is that going forward, Olympus has a much stronger communication plan relating to technical changes that is lead by marketing & communication experts vs developers. I propose that major changes are not just posted on Twitter and Discord but clearly called out on the website and that the content of the messaging is tested on users (especially normies) prior to any launch or change to ensure that confusion is eliminated. This is especially the case if changes will cause errors or bugs relating to things like APY, rebase periods, treasury assets, etc.
OHM is, in many ways, a world-class organization. But not in all ways (yet). Please do not underestimate the power and necessity of incredible communication as we march towards our goals and think about the possibilities of what we can become 10 years from now.
Thanks for listening OHMies,