Forum Post:
Hello Ohmies, my name is Chef Soba and I am one of the contributors for SoupDAO. Our DAO’s goal is to operate as a decentralized investment fund. We will be hosted on Polygon and will be building on top of the existing staking and bonding mechanics that Olympus pioneered. Just like with any other Olympus-based project, bonding will increase our treasury while staking will distribute rewards and allow for users to share in the DAO’s profit. Because we are indeed an investment fund, this means users will be directly able to share in the gains for the investments we make.
As a DAO, we intend to invest in nascent protocols and projects across the crypto ecosystem. In the process, we intend to offer a better alternative to traditional crypto venture capital by democratizing access and allowing for any staker to take part and share in the outsized gains generally reserved for VCs. We firmly believe that our value proposition is much greater than that of a traditional VC. With the culture of (3,3) in our DNA, those who receive investment, immediately absorb our community forging a shared vested interest and aligned incentives. Imagine the power of a community in the thousands supporting and backing you instead of a VC firm with <10 employees. Need users for a testnet? The Ramens are there. Need new ideas and suggestions? The Ramens are there. Need help with marketing and memes? The Ramens are there. Who would you rather have on the cap table?
With this model, everyone wins. Aligned incentives.
Bretton Woods 2.0:
Being Ohmies ourselves, we are extreme believers in Olympus. We believe Olympus will only continue to grow and expand its reach to be one of the most valuable projects in the space. With (3,3) and a culture of innovation, Olympus has already changed the game and will only continue to do so. It is only a matter of time until we are at the top.
With this said, our goal at SoupDAO is not to compete with Olympus as many forks have already done. As stated earlier, our goal is to operate as an investment fund using Olympus-based mechanics to change the investment game. We do not intend to operate as a reserve currency and our goals are not the same. This is why we will be using $gOHM(Polygon) as our reserve asset. The inspiration for this is of course from Zeus. For those unfamiliar :
https://twitter.com/ohmzeus/status/1453436412250951683?s=20
For SoupDAO this means $SOUP will be backed and be minted with $gOHM. The current plan is to have each $SOUP be backed by 1/25000 $gOHM.
We believe this will pose synergistic benefits to both protocols.
As laid out by Zeus, in his tweet thread, an ecosystem in which Olympus forks use $OHM as their reserve asset benefits everyone. In the same way Klima intends to operate as a blackhole for carbon, SoupDAO would in a way operate as a black hole for $gOHM, bringing Olympus’s presence outside of Ethereum main net by expanding reach to Polygon whilst also increasing market demand. From the very beginning, $gOHM will be a necessity in order to interact with SoupDAO. Our protocol raise to bootstrap our initial liquidity pools and have initial backing for our treasury will be in $gOHM. This means for our presale, instead of purchasing $aFORK with $DAI, early investors will instead purchase $aSOUP with $gOHM. In order to do any of this, users will first need to purchase $OHM directly on Ethereum mainnet, stake, wrap and then bridge these assets to Polygon. This is beneficial in two ways. First, a large amount of this $OHM will be acquired through bonding, which means in the process Olympus increases its treasury with the assets it wants. Secondly, it potentially means millions of dollars worth of $OHM tokens will be brought to Polygon, which as part of Proteus is a direct objective for the DAO.
By holding the vast majority of our treasury in $gOHM, we benefit most when Olympus succeeds. As Olympus continues to grow, $gOHM will continue to increase in value which will naturally increase our treasury. We are thus directly incentivized to act in the best interest of Olympus. Our growth also benefits Olympus as it increases usage of $OHM and kickstarts an entire flywheel of synergistic incentive alignment with our successes being intertwined.
Synergism.
Treasury Composition:
Through our protocol raise and by using $gOHM as our reserve asset, this means at the very beginning, our treasury will be comprised 100% by $gOHM. Over time, composition will shift to be 85% gOHM and 15% funds reserved for investments. To be clear, we will never be selling our $gOHM. Rather, through bonding we will raise the funds needed to invest in a project. Meaning if our allocation in a project is 100 ETH, we will raise 100 ETH through bonding, to then make the investment.
Team:
We will be following the same structure as $pOHM. So in this case it will be $pSOUP. To be clear, we have not raised any outside capital nor do we intend to. We aim to be funded entirely by the community. In order to redeem $pSOUP an investor would have to provide 1/25000 $gOHM.
The current allocation:
Core Team: 10%
Olympus DAO: 3% ( Contigent on Hodl).
Community: 87%.
Launch?
Our team has been heads down grinding these last few months. We are extremely excited to showcase what we are building in the very near future. Our current estimate for launch is February.
What are we asking for?
The truth is, all we ask for is just advice and for our communities to support one another. We are Ohmies ourselves and value the community that has been cultivated thus far and sincerely hope that the Ohmies will accept SoupDAO and the two can foster a healthy and mutually beneficial relationship.
We would also like to open discussions with any Olympus team members. We want to build the best project possible and would appreciate collaboration. Moreover, we are open in finding other ways to benefit Olympus.
We would appreciate any feedback and suggestions that the Ohmies may have. Thank you.
(🍜,🍜).
Further Information:
Future goal of operating as a DAO of DAOs and incorporating multiple funds:
https://twitter.com/SoupDAO/status/1471332742868709376?s=20
Treasury Composition:
https://twitter.com/SoupDAO/status/1474163967694184448
Medium Post : Bretton Woods 2.0
https://medium.com/@soupdao1/olympus-as-reserve-bretton-woods-2-0-892aff04739c
Website: soupdao.org
Twitter: https://twitter.com/SoupDAO
Discord: discord.gg/soupDAO
Medium: https://medium.com/@soupdao1
