• Proposal

  • OIP (#66) - EXODIA x OlympusDAO OTC for Seeding gOHM on BeethovenX on Fantom

  1. OIP-66: EXODIA x OlympusDAO OTC for Seeding gOHM on BeethovenX on Fantom

    Goal: Liquidity for gOHM on Fantom is lacking and prevents Exodia from adding gOHM bonds. Exodia wants to kickstart a gOHM Beets pool by trading $300K DAI from its treasury for $300K of gOHM on Fantom. The currently suggested pool composition will be gOHM-[stable coin]-FTM-wsEXOD-EXOD. The initial liquidity of this pool will be about $1.5M. If our latest proposal passes the stable coin will be MAI otherwise it will be DAI. Beethoven X is an official fork of balancer on Fantom, which focuses on trading efficiency, unique investment pools, and ecosystem collaborations.

    We want to add more gOHM to our treasury by adding gOHM bonds and to do so bonders need to have easy access to gOHM so they can bond without having to bring the funds from another chain. Seeding a Beethoven X pool will give us the necessary liquidity to start the bonding process and we will keep adding liquidity to this pool as this will be our main liquidity pool. The trading fees will also bring a revenue stream to Exodia.

  2. Adding gOHM liquidity and gOHM bonds will help bring us closer to the Olympus community that has helped create us. This also helps us grow hand in hand with OHM and create a more symbiotic ecosystem among the large OHMie community, of which Exodia is a piece of. We will also move a majority of the liquidity from SpookySwap to Beethoven to take full advantage of this switch, the remaining liquidity on SpookySwap will simply be to help communicate price action between the Beets pool and Coinmarketcap, Coingecko or people using those APIs. We expected to reduce the liquidity to roughly $20k.

    The current liquidity available for gOHM on Fantom creates unreasonable slippage to buy from the market which would decrease the liquidity we can offer to Olympus. By doing the trade OTC we can get the maximum amount of gOHM which can go towards the liquidity.


    Vote: Sell 300k DAI worth of gOHM in order to seed the EXODIA BEETS liquidity Pool on Fantom.


    The Exodians are largely in favor of this proposal:
    https://snapshot.org/#/exodiadao.eth/proposal/0x9778f5e8b27493a57ade83022116a80c23d9324f30088cb1bbf1cb864c9205ac

    Please use Questions Channel in https://discord.gg/exodia for any questions and discussion pertaining to proposal.

    The Exodians are looking forward to help Olympus grow their presence on the Fantom blockchain.

    Seems like a win-win situation for Olympus. More gOHM liquidity on Fantom would be great, and that would cost basically nothing for the treasury. All for it.

    Fantom liquidity for gOHM is a good thing, let's do it

    Sounds reasonable. I am all for it.

    Always good to get some more liquidity for gOHM on Fantom!

    Do we have standards for the projects we partner with, or is the only goal to spread gOHM as far and wide as possible without regard for the quality of our project partners actually?

    The Exodia launch was a “stealth” launch but it appears that’s another way of saying “insider pump and dump”. The project’s market cap peaked on it’s first day and is down over 90% since that day.

    At a certain point, reputational risk to Olympus should be seriously considered when voting on partnerships. Partnering with Exodia appears to be too risky. Olympus can explore other ways to bring gOHM liquidity to Fantom.

      giraffecapital It would be wise to do your research before bringing such claims as Exodia is a community project that was taken over from the original dev who passed on the project and has not been seen since.

      If you would like to turn this thread into a whos who on the FTM ecosystem of OHM forks we are ALWAYS happy to prove that we are the most sane fork with the best understanding of OHM.

      Especially since it seems like every single other fork is quickly abandoning the OHM model in favor of make shift IDOs.

      By all means feel free to go down this road though, happy to discuss with you ALLLL day.

          ExodiaFi Ok fair enough — I was not aware of the change of control (stopped following the project a week or so after the concerning launch). Just got myself fully up to speed now on the situation. I’m comfortable with the proposal. Good luck to your project

              7 days later

              A big thank you to all the OHMies who voted on this!

              We look forward to pioneering in the 'backed by gOHM' space as Zeus suggested in his Bretton Woods tweet thread, as well as adhering to the ideal methods of managing a leading OHM fork on Fantom, without 'pivoting' to any less than ideal models as we see occurring on most OHM forks.

              We hope the OHMies will appreciate our roadmap and see it for what it is, an extension of the Olympus DAO protocol.

              We will be adding gOHM bonds and more soon.

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