GM to all the Innovatoooors, the crazy ones, the misfits, the rebels, the troublemakers, the round pegs in the square holes… the ones who see things differently like ZEUS & all the ohmies embracing our (⚓️,⚓️) culture. Every revolutionary and innovator looks naive before proving most wrong. You know it’s crazy early, when even people in crypto don’t get OHM yet. We shared our strong conviction in April 2021. Being called out for ponzi is no fun, but it kept us sharp and motivated to research, read, write, and document our journey. You know you're building on the frontier if you’re excited as fuck, scared shitless, no idea what the future holds, but extremely passionate & motivated all at the same time.
Mt Olympus is hard to understand and climb but once you make the summit, the view is unbelievably clear. Crazy how ohmies might end up becoming the first decentralised Venture Capital DAO because the early stage cohort partners of today are the top 100 coins that OHM has ownership in tomorrow. Soon OHM will have a stake in every protocol that matters. Probably something TBH.
From unicorn to whale to octopus
As Olympus grows to immense scale and absorbs the utility, liquidity, and culture of its entire ecosystem, it will serve as the central node of a vast network in which value efficiently, frictionlessly, and purposefully travels throughout its habitat. In the context of DeFI, a giant treasury can only do so much. There's nothing innovative about a giant whale. But add in DAO governance focused on strong monetary policy, efficient capital deployment, creatively applying composability and emphasis on the community? Now we're talking. It's clear that OlympusDAO is building an ecosystem. Using Olympus Pro to build partnerships & cohorts, and the launch of Olympus Incubator to back & build innovative projects. We're still so fricking early.
In this season zero, we examine how we can celebrate and cultivate the cultural and financial revolution. (⚓️,⚓️ )
Art is the frontend, Defi is the backend
An ERC20 token is a standard used for creating and issuing smart contracts on the Ethereum blockchain. Smart contracts can then be used to create smart property or tokenized assets that people can invest in. ERC stands for "Ethereum request for comment". Plenty of well-known digital currencies use the ERC-20 standard, including Olympus DAO. ERC 20 opened the financial system, ERC 721 opened the cultural system. Our vision is that NFTs (ERC-721) will onboard the next billion people on Defi. I bet the DAO would vote in favor of the treasury collecting NFTs. We need an OlympusDAO museum! Meet Olympus Odyssey!!! If Olympus DAO is New York City, Odyssey DAO is the MoMa. It attracts people to the world's best city and curates the finest artists who represent the quality of Olympus culture. We aim to spotlight upcoming artists and give them an incentive to want to work within our culture while spotlighting the loyalty of Olympus members so that their trust in each other be celebrated.
Why shouldn't POL also apply to NFTs?
The NFT market cap is over $7 billion and exponentially growing. Imagine an NFTX-like marketplace powered by OHM. OlympusDAO is an economic experiment using game theory principles to solve major issues in DeFi. If successful, OHM could really become the default reserve currency of the metaverse. Our vision: Cool NFT's with magic Defi mechanics. What Defi needs, to be cool, is gamification. Brands & Culture to move around in the Metaverse, so we can all enjoy off-chain assets (don't miss the IRL boat). When that happens, the sky is the limit.
The next 1M users to OHM
Imagine. Polygon Deployed Fiat on-Ramps via Alchemy Pay. Yep, it's here now. Order your MoverDAO debit card and go from cash to OHM and backward in all of Europe. We're currently brainstorming about a mobile app in @wagmilabsinc hackathon! It will drive adoption, as fiat on and off-ramps are still a huge pain point. The leading NFT platform OpenSea has around half a million users, the leading on/off ramp app, CoinBase, has around half a billion users. They are launching an NFT platform, Olympus Odyssey has been buidling one for the past 6 months, WAGMI.
It’s been called a Ponzi scheme by doubters, a liquidity black hole by analysts, and a potential future reserve asset by the team behind it. OlympusDAO, with its heavy meme culture, strong cOHMmunity, and innovative tokenOHMics, has taken the cryptocurrency industry by storm this year. This is more like Bitcoin than you probably realize. Unlimited supply does not have to mean any scarcity. (gitbook)
sOHM is staked OHM. gOHM is wrapped sOHM. You will earn rebase rewards with gOHM across different chains without having to do anything else. gOHM: The non-rebasing wrapper is used to package up staked OHM in a non-rebasing container that can be transferred between chains. gOHM is the first step to V2 migration when $OHM goes fully cross-chain. This innovative idea by ZEUS allows users to hold staked $OHM on other chains without having to pay fees or need to use the Olympus app to do anything. The only fee they would pay is to swap it on a DEX. gOHM is ready and you can start wrapping your $sOHM. If you hold wsOHM on Avax you can now convert it to gOHM on OlympusDAO. With gOHM (governance OHM) out, that means that on-chain governance is right around the corner. Proteus is the rapid bootstrapping of liquidity on other chains with 120k OHM (~$100m) through a cross-chain incentives program.
Anyone else getting discord fatigue? That shit is getting overwhelming. Definitely a great tool. But wow it’s a lot. So much going on at all times! Hard to stay on top of it all for months on end. So we will try hard to filter out the noise and only keep relevant channels unlocked ser. And, add utility to NFT's. The server has been up and running for 18 months now and we started flirting with dunbar's number.
Token curated channels
True multi-chain support for creating channels in Discord is now a reality thanks to guildXYZ. Ethereum, Polygon, Avalanche, xDai, Fantom, Arbitrum, and Harmony are all supported on GuildXYZ!!! Projects like Good Vibes Ohmly, yep that's all of us, aka GVO, can now create token curated channels where users can hold NFTs on Polygon while their tokens are in their Ethereum wallet. Now all we need is marketing?
Open IP is such an interesting concept.
For years, companies have spent probably billions of dollars to protect their IP. What if we flip the script and see people making derivatives of IP as an opportunity for free advertising? Why would you ever sell your Ape when you can earn BAYC tokens passively AND probably license out the IP? If you invest in stocks and think NFT’s are stupid, think of it like this. Imagine a company like BoredApeYC that made half a billion dollars in profit in its initial 6 months of going public, we would call that a unicorn in the biz world. $1.3 billion in combined secondary trading volume across all collections since launching in April. Instead of a stock tho, you own art. Your art is in a superstate where it constantly fluctuates between art, proof of ownership, access keys, items (physical and digital), and perceived values. It’s ok to collect NFTs for different reasons, whether it’s the art, the money, the tech, or the membership.
Ok, ok, I can't take this anymore
Elites print money from themselves first. Brrrrrrrr... They buy assets with free money. Then dump on retail. Welcome to inflation? The perfect currency holds the same purchasing power today as in 50 years. You, are welcohm ser. OHM is a currency where the protocol captures all the value, from providing liquidity, and minting new coins, and returns it to stakers. It consists of a protocol-managed treasury, yield generation, liquidity generating bonds, and high staking rewards that are designed to control supply expansion. And managing the treasury to stabilize the value of an OHM token against the basket of assets.
Bonds are a secondary strategy used by Olympus to provide more liquidity to the protocol while also providing a more conservative and reliable return. The bonding function allows you to trade OHM at a discount for the price at the time of the trade (similar to a futures contract). Bonding provides locked liquidity in the Sushiswap pools that facilitate market operations and protect token holders.
When you stake your OHM it gets locked in the protocol which means less OHM on the market - creating value for the protocol. You can unstake whenever you want. The rewards are tweaked by the protocol in response to the eventual stabilization of OHM value. These rewards, which are a part of the current growth phase of the protocol, are used to drive users to grow the total amount of OHM they hold. This is counter to what usually occurs in the space, where buyers purchase tokens hoping they appreciate in value. Olympus wants to encourage the accumulation of more OHM, not just less OHM that appreciates in USD-based value. The community and developers expect that these APYs will compensate for the potentially lower price that OHM will stabilize at in the future (which is a function of the treasury, yield, and market forces).
The technology is cool as F, and there is more transparency than any publicly traded company. The smart contracts that power Olympus are public and can be verified by anyone. The yields and treasury balances are updated in real-time in any ETH block explorer or through the dashboard on the website.
Best Adventure is Shared Adventure
(3,3) is the idea that, if everyone cooperated in Olympus, it would generate the greatest gain for everyone (game-theory). Let's quote papa Fisk: “I believe blockchains, DeFi, DAOs, even NFTs are on their meta-level primarily tools for scaling coordination - not only of capital but also minds. The biggest reason we humans rule the Earth and send rockets to Mars is that we are super-coordinating creatures, with advanced coordination tools such as language, memes, social conventions (gm), finance, law...and now crypto. I believe, at least for you anon, that peak coordination is to have a tribe you are genuinely part of and a close-knit group of frens you have been through thick and thin, share the same values, and can 100% rely both on their honesty and skills.”
Don't miss the boat.
For the past 6 months, we have been living the dream of doing exactly what we want: finding ways to back projects we love with our most valuable asset, time. Right now, we're sailing towards our dream island; where we will try to balance DAO's, NFT's and Defi. We are supporting our planet earth and mother ocean with Klima & Diatom, launching the Olympus Odyssey Genesis Collection & NFT Platform, featuring Dimitri Daniloff, and starting to shape a safe haven for the 99 people that become frens along the way of exploring the Good Vibes Ohmly project. WAGMI, have fun, run a sustainable fund, lease a solar-powered catamaran, and we will probably end up buying a couple of surf view co-working places to live the life and feel no need to skip our Discord meetings at Olympus and Bankless DAO. We will now drop the anchor and create a place that will feel like HOHM! (⚓️,⚓️ )
OHM is the next OHM. Few.
The fact that there are tons of OlympusDAO forks spinning up across Ethereum and other chains too is hugely bullish for OHM. It reminds me of when BTC had tons of forks off it in 2015-2018. Forks are the best expression of legitimacy. I anticipate that OHM on Ethereum will emerge as a settlement layer for OHM iterations on Layer 2. Notice I didn't say OHM forks. That's because OHM's growth will happen on Layer 2. However, we have seen a lot of ohmies being distracted with the 333 forks, some maybe even chasing their own tail to get on the WL.
Allowed to float
Unfortunately only a few are focusing on building on top of OHM. Friendly forks, let's call them spoons, they do exist. That's why we feel the Olympus Incubator can lead the way by offering a HOHM office to develop on top of Olympus without feeling like a vampire attack. Also, collaboration should be encouraged, not hated. Imagine a hard-coded revenue share ranging between 3.3 - 9.9%. Our project will be accumulating gOHM in the treasury and offer 51% gov rights by Olympus. gOHM will be used as collateral for 10% LUSD to offer compensations and pay for running expenses, including the lease of the ECO 90 EX Alva Yacht as Mobile Hohm Office.
Token incentives for users. Web3 monetizes passion
Later on, we will also develop beachfront co-working spaces , curate and manage NFTs Vaults, relaunch the travel dapp, add Surf View Real Estate in the treasury, set up quarterly events, and collab with other projects that are aligned with the 3-3 culture code. Communities with tokens will drive value through belonging and investing. Everybody always getting caught up in APY. Treasury is where the party is at. Ohm won. (3, 3) won. Bonds/stake as a model won. Olympus has created several business models. Treasury as a service. Community as a service. Bonds as a service. Bootstrapping/Incubating new projects. What happens when treasuries start writing seed cheques? Wouldn't you rather raise from a DAO that will give you a real community and never sell... Ohm offers things few VCs can:
- huge ready-made community to support and meme your project
- inbuilt crypto native marketing through agora and fohmo
- POL services through Olympus Pro
- elite operational support available through the DAO
The bonds made from being an ohmie
So, the machine works like this: bonds get assets into the treasury, the mechanism incentivizes holding the GVO token through new GVO issuance, and the protocol uses the treasury, its liquidity, and Olympus Pro to generate ongoing revenue to continue to power the machine. Plus bonding is good fun! Gamified token purchasing. Who can snipe the best discount? Which asset to bond? When to claim and restake? Each GVO owns a portion of the underlying protocol. GVO is minted when people buy bonds or NFTs, they voluntarily send money to the treasury in exchange for GVO. What that means is that you own:
1. A portion of the treasury assets
2. A portion of all new GVO created
3. Governance rights
4. A portion of the revenue generated by the treasury
The next big thing after social media
DAOs are communities. They are the next big thing after social media. Web1 allowed everyone to share ideas. Web2 allowed communities to form and discuss those ideas. Web3 will enable those communities to leverage financial capital and go from discussions to action. A token-permissioned DAO is a type of restricted access online community that requires the holding of a certain amount of DAO tokens in order to be part of it, or else they will be booted from the community by a bot on Discord. (links<likes<tokens)
A bunch of gigabrain frens
Vibes. Really Good Vibes. The main reason to live the web3 life is feeling surrounded with a talent pool buidling the future backed by a community-owned compounding treasury sometimes seeded by a bunch of gigabrain frens. Rather than companies competing for our time to make them money, DAOs should compete for our time to make contributing a positive and lucrative experience. Corporations are a collection of contracts. DAOs aren’t companies. They’re networks. Networks are more valuable than companies. DAOs are a collection of connections, capital, and communications. Being in crypto means you get to talk about - macroeconomics - game theory - art - governance - user experience design - philosophy - financial strategies ... All in one conversation. Joining a DAO is probably the best education in web3 that you can get. You'll learn firsthand the power of community, the future of work, and why web3 will change the world. Sometimes DAO’s are just a bunch of frens with a treasury deciding to do the most impactful thing possible. DAOs are the future of work. But there are some bosses to beat: Compensation, Coordination, and Compliance.
In any case, we are very thankful that we can count ourselves among the ohmies, and that we found ways to become part of the cultural revolution. Beyond grateful to OlympusDAO. Thank you Ohmies. Without you, there would be no OHM. Without OHM we wouldn’t have been able to sustain this conversation. Thank you for the chats and the laughs. GM to everyone seeing a vision come to life. Beyond grateful for what we've accomplished up until this point and excited for what the future holds. Oh and one more thing, add Fohmo 4 to your calendar; Dec 10th and 12th!! Ohmies are a different breed, can't wait to see where we are in 2022 ... The builders are also doing what they did from start, head down, impervious to fud, building, educating, fostering, and growing. LFG. 33 billion is hardcoded. Ω
Life is not complicated. WAGMI ser
Write down a few things that you want and take massive action to get it. Let's rock the boat. (⚓️,⚓️ ) style. Imagine web3 with good UX, a compounding treasury to reward the talent pool with skin in the game. Minting a Good Vibes Ohmly NFT automagically stakes GVO tokens and the NFT comes with IRL membership benefits. If you want the best product, make it WAGMI-native. If you want the best community, make it WAGMI-native. It isn’t just hardcore DeFi degens. It’s also creatives. Artists. Builders. Academics. Professionals. It’s for everyone. Like Web3. To run a successful web3 community you need to master: DeFi (liquidity and secondary markets), NFTs (access and community engagement), and DAOs (governance and operations). This combo takes a project from an experiment to a core foundation for growth. LFG
Season Zero will be the launch of the GVO MINT PASS!