Breaking the Silence — An update on what’s coming
It’s been heads-down work since we shared the concept intro post for Olympus. During the last two weeks we’ve been grinding out smart contracts, networking with investors and projects, and working to position Olympus for success from day one. However, I don’t feel I’ve shared enough to get you all as excited as you should be. I feel that OLY can be truly revolutionary. My concerns over front-running and forks led me to try and build a moat by withholding information, but this is wrong. At the end of the day our deepest moat, and our greatest asset, will be you, the community.
So, let’s get you up to speed.
Development
There are five main components to V1 of the Olympus protocol:
- Treasury Contract
- Sales Contract
- Staking Contract
- Bonding (LP) Contract
- TWAP Oracle Contract
We have now finished sales and TWAP, plus some additional helper functions that allow us to more easily tackle the rest. Treasury and staking are in development right now, and we hope to have everything ready for audit by the end of the month.
I am preparing a technical explainer that will be released when we go into audit, along with our codebase.
Design
Not much has changed in terms of design since the intro post, with one exception. I have revamped our LP incentives to create a system that should increasingly incentivize liquidity the higher the premium becomes, as well as provide the treasury with more control over the pool. This system will operate independent of protocol rewards; therefore, we will actually launch with a 90–10 split on profits (stakers-dao) rather than the 45–45–10 system laid out in my previous post. I’ll put out another article soon that explains how that system (bonding) will work.
Strategic Partnerships
We are pleased to be partnering with Rari Capital as our initial yield aggregator for the treasury. I am confident that we will be in good hands with them. Moving forward, I hope to see OLY integrated into Fuse pools and eventually have its own yield pool on their platform.
We have also completed a private round with some key strategic investors including Zee Prime, Nascent, and few others. The goal of the round was primarily to provide upside to people who can help Olympus, not to simply raise capital. We want to align our incentives with smart and influential players in the industry to help make this a success. I will lay out the details of that sale in the near future: it’s no secret, its just not relevant right now.
Along with that we will also announce an equal public sale to provide everyone with the same opportunity. Though I believe the true fair launch model is impossible (even yearn had to mint), I want to preserve as much of those dynamics and that ethos as possible. That’s why I’m happy to say that the community will always own >85% of OLY supply. This protocol will belong to the community; not the team or private investors or anyone else.
Community Building
I held our first community call this past Thursday. I think it went great (you can find the recording in #announcements on our discord). However, I don’t feel I am doing enough in this regard. Luckily we haven’t even launched yet, so it doesn’t matter too much, but I want to get you all as excited as I am! That is why I will be making a much more active effort to share information through posts like this, answer questions on community calls, remain active on discord and twitter, and more!
On that note, if you have experience with community building/management and want to get involved with Olympus, please reach out to me @olyzeus on twitter, telegram, and discord. I would love to find a place for you :)
A (Loose) Article Roadmap
- Bond explainer
- Long term vision and goals
- More technical protocol overview
- Musings on potential behavior (what this thing might do once we launch) along with a model
- Launch event details
- Private sale details
- Full on technical whitepaper
Conclusion
Big things are coming. Though alpha leaks are fun, it’s important that you know what we are trying to build. So, get ready for a lot more posts. Sharing these things feels like a leap of faith, and I hope to be repaid with your support, participation, and enthusiasm!
Zeus
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