ChefOmi

davoice321

1. Long time ohmie but yes it is a new account. I did speak with several members of the DAO prior to this proposal though. We even have a custom channel for Ohmieswap
2. The liquidity will primarily come from the Olympus treasury and Kitchen cooks. Both are incentivized with OSX. We have experience in several projects as well as the DAO, but intend to maintain anonymity from our other anons

Appreciate the suggestion at the end, we would love to build trust and reputation in the community and perhaps a slower go-to-market would be better with that in mind. I will continue to respond to comments/concerns and it would be great to hear more thoughts in this regard.

I'm really happy to see so much excitement around the concept here. I'd like to take this opportunity to address some of the questions regarding Sushi and explain why we believe Ohmieswap is the right next step for the Ohmies:

First, I'd like to state that we have immense respect for Sushi. Sushi has been a great supportive entity for projects trying to find their footing in the past year. Olympus is one of many examples of successful projects brought up on their exchange. Unfortunately, they simply are not structured for long term success, at least as a V2 AMM.

Almost the entire supply of the network has already been distributed, yet the network has not accrued any real long-term defensible value. The incentivized sushi LP is a mercenary -- we all know this. It seems like Olympus has already done far more for them than anyone else. If you run the numbers, Olympus is actually the closest to breakeven for them (incentive expense / fee revenue) of any project on their exchange by a large margin.

It appears that Ohmies will always be contributing more than the upside they receive. It is, at its root, a free-rider problem. One lesson we have learned from OlympusDAO's success is to remain hyper-focused on accruing value to the network from day one. Minimize free riders and maximize value adds. This is why we believe Ohmieswap is necessary.

We put in our time. We believe it is time to say a wistful goodbye.

That said, this entire project is contingent on your support. What the Ohmies say, goes. So, we can offer an alternative:

We can build the Kitchen on top of Sushiswap. The functionality will be the same. However, there are some tradeoffs. 1) Olympus will never earn a significant stake in its DEX. The most we can hope for on SUSHI is 1% if we are lucky. On Ohmieswap, we expect it to be 20-40%. 2) Liquidity fees still go to Sushi. This means that free-rider problem persists, and our ability to incentivize $OHM liquidity is reduced. 3) Given how entrenched ETH is on Sushi, OHM is unlikely to serve as a router token to any significant degree.

I believe that, no matter what happens, Sushi can thrive in new verticals like NFTs which we have little interest in. We are not looking to create a zero-sum environment, we believe this simply makes sense. The biggest questions here seem to be: how much do we value continued utilization of Sushiswap? do we owe them that utilization? how much does they value us?

Nonetheless, we look forward to continuing the conversation and proceeding as the community sees fit.

Wartull Apologies, we meant 'is Ohmieswap gmi/ngmi', not 'is the voter'

update: I am unable to edit the poll.

We are excited to announce Ohmieswap!

What is Ohmieswap?

Ohmieswap is a Sushiswap fork. We incentivize liquidity with the OSX token, and take fees on liquidity for xOSX stakers. However, there are a few key differences versus the model you know today.

Built for Olympus.

Ohmieswap places OHM at the center of the exchange. Given the massive amount of TVL that OlympusDAO represents on Sushiswap ($500m+ and counting), this seems fitting. Instead of pairing everything against ETH, everything will be paired against OHM.

We intend for OlympusDAO to own and maintain many of the crucial router pools on the exchange, including OHM-DAI and OHM-ETH. Having OlympusDAO as the primary LP for these pools provides us with a massive advantage; OlympusDAO will receive the majority of incentives on the platform, and protect our market from farm-and-dumpers as a result.

We hope that OlympusDAO will go as far as to provide OHM-OSX liquidity with the tokens that it earns. For those unfamiliar, the most pressure on SUSHI or comparable exchange tokens comes from router pools and the exchange token. With OlympusDAO as a liquidity provider on those router pools and the exchange token, our incentive burden falls and the tokenomics work a lot better. Olympus will earn lots of tokens, OSX will hold its value. (win, win).

Built Different.

We go further, leveraging the Olympus contracts themselves to create what we believe will be a behemoth in decentralized exchanges. If you are not aware, OlympusDAO has had difficulty incentivizing liquidity providers in the past. It makes a lot of sense: staking rewards are very high, so users are not willing to LP unless pool 2 rewards are very high. Ohmieswap fixes this.

We will engage the debt functions in the treasury to allow users to leverage sOHM for pooled OHM. This will be explained in more detail in a different post but in practice, you as a staker would be able to take 1 sOHM, borrow 1 OHM against it, and pool that 1 OHM with another token on Ohmieswap. You keep your rebases and new OHM liquidity is created. (win, win).

This mechanism is our superpower. Ohmieswap will take a 10% fee on the rebases of deposited sOHM collateral. We will use those fees to build protocol-owned liquidity on the exchange, first with OSX and later with many tokens. Through this revenue model and together with OlympusDAO, we will own and operate a decentralized exchange with large swaths of protocol-owned liquidity.

Built for Collaboration.

We want Ohmieswap to be a new vehicle for Olympus to build relationships with protocols in the industry. We will work in tandem to create and support partnerships with exciting protocols, new and old. Here are a few ways we see this happening:

• Incentives: We will provide incentives on OHM pairs for Olympus Pro partners. This adds an extra incentive to be in this program (though it probably does not need it).
• Incubation: We will provide extra attention to projects going through the recently proposed Incubator, so they can go from 0 to 1 even faster.
• Payments: When Ohmieswap is live, users can use sOHM to create OHM liquidity positions. We want to promote this to Olympus Pro partners and get them to use it. If they do, those partners will accumulate sOHM through Olympus Pro instead of a liquidity pool token. They then take that sOHM to us to create the OLP token. We think that having sOHM as the payment token on Olympus Pro is a good dynamic that we are happy to help usher in.

Built to be Boundless.

We intend for Ohmieswap to be a cross-chain DEX. We would like to take Olympus with us, promoting OHM and OHM liquidity throughout the cryptoverse. Though we do not want to derail existing plans, we are eager to help.

What do we need?

Your support, mostly. We want to run a trial of our leverage facility to ensure it works and is safe. You can watch out for a proposal about this. We also want Olympus to take its liquidity to us after the migration. There will be another proposal about this.

We are very excited to start this journey. We think we can speak for everyone when we say that Olympus having its own DEX is a no-brainer. We believe that, paired with our own innovations, we can create a truly powerful new tool for Olympus and DeFi.

We are the DEX of DeFi 2.0. We are Ohmieswap.

Follow us on Twitter @OhmieSwap to stay up to date.

Edit: The poll asks whether Ohmieswap is gmi, not whether you are.