TheThorLady

Fulano
Yup, my priority action this week is to consolidate everyone's feedback to make it easier to understand, and re-write it for voting.

Thanks for your input!

JFry4 Thanks for reading through the proposal.
In regards to 'holding', I will be very transparent to the thorchain community and recommend them to stake back in the DAO (3, 3). Many Thorchain investors I know are already 3, 3, like myself, and we were investing in OHM when it was still double digits.
That's why the xdefi wallet is important so that current 3,3 investors can stake with the same ETH address, and also purchase OHM from Thorchain with other assets such as BTC or BNB.

Dudemyguy Thanks for the feedback! It's good to see a variety of opinions and perspectives on this thread.

xh3b4sd Hi. Thanks for taking the time to review the proposal and sharing your opinion. I highly value your thoughts on this.

It seems that you're already set on your mind so I won't take further time to persuade you, however I'd like to quickly point out the benefits of XDEFI in this proposal because I feel there's a lack of understanding it its utility.

XDEFI is a multichain wallet and is necessary for THORChain when users want to swap between BTC (or BNB, LTC, etc) and ETH in their own wallet. Metamask is only for ETH therefore a user can not buy OHM with native BTC directly.

I hope that clarifies the wallet part.

JFry4
Thanks for your open mindedness!
Benefits to OHM:

• Multichain exposure. People holding assets other than ETH or ERC20 tokens will be able to purchase OHM from THORChain. DOGE, Solana, and other chains/assets will be integrated or adopted, so OHM will be in a good position to capture market share from different crypto communities now, instead of in the future.

Regarding Awareness:
Within my network (Thorchain/Cosmos, Terra, Solana), Olympus is definitely on their radar. The bottleneck for many is purchasing OHM with ETH or ERC20, which has been cumbersome.

Regarding Waiting/Partnership:
My humble opinion is to take action now. Trust Wallet, Ledger, ShapeShift, and other wallets/interfaces are integrating with THORChain. Monero, Decred, and Dash, are all working on setting up their respective bridges. THORChain's integrations and upgrades will be available to the OHMies and is optional. A savings account will be released in Q3 that can benefit OHMies who are taking profits on the way up.

Hopepope33 These are very good follow up questions. Thanks for taking the time to read through the proposal.

1. By nature of the liquidity pool, the treasury will win RUNE from tx fees.
2. Bonds (or a similar solution) are the next step, and the OHM RUNE liquidity pool will be owned by the DAO. Ninerealms and myself will not have any control. The OHMies are given a new option to buying OHM on THORChain, outside of ETH and ERC20 token (sushiswap, uni).

I can understand your PoV about OHMies not wanting to hold RUNE, and that's okay. The great thing about the pool is that you don't need RUNE to acquire OHM. You can purchase with ETH (as you normally would), ERC20 tokens that are available, BTC, LTC, BCH, BNB, and BEP2 assets. My vision is to amplify buying power and expose OHM to a variety of investors who hold other assets.

Sasp Just OHM is sufficient to activate the pool.

StarXyrus Yes!
Incentives for the pool will be outlined in another proposal.
Activating the pool is just first step to our long partnership.

Summary:
Olympus (OHM) prepares for a multichain future by activating a Liquidity Pool on THORChain with support from the THORChain community, that will allow investors to swap native L1 assets (BTC, ETH, LTC, BCH, BNB) for OHM in a permissionless and non custodial way.

Background:
Olympus has shown great success in its early stages not just with the token OHM, but as a community. A majority of our investors are well informed on how to maximize their investments with the ‘3,3’ vision, and we have >87% of token holders staking in the protocol over the last 3 months.

A large part of our early success came from Ethereum (SushiSwap). However, to capture more market share, Olympus must consider listing on THORChain. This will simultaneously expose OHM to different assets as a method of purchase, and diversify its audience from Ethereum-based users alone, to include Bitcoin, Litecoin, Binance, and Bitcoin Cash users as well. Additionally, in the near future THORChain will implement new chains such as Monero, Haven, Doge, Solana, Cosmos, and others.

Abstract:
In the case where Olympus lists its own pool on THORChain, the fees redeemed from trades will result in an increase in treasury funding. Note that users who buy OHM from THORChain, can still stake into Olympus as usual, and should be encouraged to. Additionally, once we activate a pool, any users who wish to provide liquidity into THORChain, can do so and earn fees as well.

To make this process as seamless as possible for current Olympus investors, XDEFI Wallet (a multichain address wallet extension) will work with the Olympus community to enable downloads. As a result, users can easily load their Metamask Wallet balance on XDEFI through injections, which will automatically create addresses for other chains while maintaining their existing ETH address so that (1) newly purchased OHM from THORChain can easily be staked back into Olympus, and (2) users can trade other assets easily on THORChain with their XDEFI wallet.

Finally, because THORChain is a separate protocol, we will have strong support from their community for Nine Realms to activate an OHM:RUNE pool. Nine Realms is a core contributor to the ecosystem/protocol and has already worked with several well known projects to list and deepen pools that are now live. Working with Nine Realms (1) reduces the operational overhead required to queue up/activate a pending pool during a cap raise and manage pool incentives, and (2) reduces the burden on the treasury to supply the requisite liquidity to churn in a RUNEHM pool. Nine Realms is willing to supply up to $2MM in RUNE to bootstrap the pool with our treasury.

To manage pooling activities, Nine Realms and Olympus DAO will use a 2-of-3 Gnosis multisig, where the setup will include:
Two signers from Olympus DAO
One signer from Nine Realms

This setup has the effect of giving Olympus DAO:
full control of fund movement to and from the multisig
execution capability in the event of losing a single key

The process for depositing and withdrawing from the THORChain pools are outlined below. Because of THORChain’s nature, some involvement from Olympus DAO is required to first deposit assets—but note that funds will always be in control of the multisig when not in THORChain pools.

• Depositing:
  The initial deposit into THORChain’s pool will require two transactions from our shared multisig:
• A transaction to approve the THORChain ETH router
• The actual deposit transaction

Nine Realms will create both transactions and submit them for review/approval. The deposit transaction will only deposit assets onto THORChain, and Nine Realms will not have full custody of the assets at any point.

However, this also means that someone from Olympus DAO will need to be present when it is time to deposit assets on the network. We will coordinate ahead of time on who that party will be so that we can open a communication channel when the time comes to deposit.

• Withdrawing:
  To remove assets from the pool, Nine Realms will call the withdrawal function and funds (plus any fees) will automatically be withdrawn directly to the multisig address. From this point, Olympus DAO has full control over removing the funds, etc.

Incentives:
Further, Nine Realms can manage pool incentives to attract future LPs for the pool. The process for pool queueing/activation will be outlined in a future document.

Motivation:
A multichain future is here. And Olympus existing on a multichain ecosystem and working with its community will allow us to diversify our investors, and open up new possibilities through THORChain’s multichain native liquidity, and synths.

Risks:
On the THORChain side, there is a very small risk of ‘ragnarok’. If the node operators overpower the consensus, they can shutdown the protocol.

This attack would mean they lose their bonded rewards, and also lose more than they can steal. It will not be a financially incentivized attack, but purely malicious with the intent to shut down THORChain.

The tokenomics of THORChain rewards node operators to be honest, and they are anonymous so it’s very difficult for them to collude and organize a ragnarok. There are security systems in place, such as node-churning, so node operators must re-bond to THORChain at competitive prices, and good behaviour history.