Olympus Fundamentals: Encouraging Usability Through The Utility Pillar
Welcome back to the final part of the Olympus Fundamental Series. If you’re new or need a refresher, you can read the first Olympus Foundations article, where we provide an overview of OlympusDAO and who we are, what we’re building, and why we’re doing it.
Olympus is being built with three supporting structures:
- Reserve Pillar to establish Purchasing Power
- Liquidity Pillar to foster Universal Acceptance
- Utility Pillar to encourage High Usability
In the last article, we dove deep into the Liquidity Pillar, which is responsible for OHM’s tradeability and universal acceptance as a deeply liquid asset. Prior to that, we explained the Reserve Pillar and its responsibility for OHM’s growth, stability, and positioning as a decentralized digital asset.
With a solid reserve and robust liquidity pillar, the third and final supporting piece is the Utility Pillar.
The Utility Pillar
The Utility Pillar is responsible for how OHM is utilized throughout the digital economy. The ultimate purpose of having a trusted, backed, and deeply-liquid reserve asset is being able to use it with confidence. Whether that’s in the realm of decentralized finance, NFTs, or exploring the metaverse, we want to encourage anyone and everyone to use OHM across Web3. The concept of building utility can be categorized into two layers.
The EconOHMy is the first layer of this pillar. For a thriving ecosystem, there must be protocols and DAOs who build products and services that utilize OHM. The work here is to find, develop, and support integrations and partnerships that promote OHM as a utility. We’ve already launched a way to kickstart this.
Olympus Incubator & Grants:
As mentioned in the last article, Olympus Incubator and Olympus Grants are our funding programs to bootstrap Olympus’ wider ecosystem. The incubator surpasses traditional “launchpads” by providing community support, mentorship, and effective strategies. Likewise, all of our grants will be directed to projects & contributors that directly advance Olympus in ways that synchronize with emergent priorities of the DAO. It will grow the econOHMy by finding ways to connect with markets and communities currently underserved by Web3. There are three key focuses to the Grants program:
- Education — projects that educate about Olympus
- Infrastructure — projects that improve/expand upon the infrastructure of Olympus
- Utility — projects that increase utility of OHM
Olympus has welcomed over 40 partners and counting in the econOHMy. Below are some of the partners we’ve had the privilege of working with:
Frax, Klima DAO, Redacted Cartel, Lobis, Rome, Alchemix, Dopex, Inverse, Tokemak, Umami Finance, Debt DAO, Vesta, Volt, Exodia, Liquity, Phantom DAO, Prime DAO, Spirit Swap & Fiat DAO.
These aren’t just partnerships announcements for marketing’s sake. There are useful collaborations where Ohmies can use their OHM on many of these platforms. Here are some examples:
- BeethovenX — A leading DEX and Balancer fork on the Fantom network that allows for weighted investment pools with up to 8 Tokens, including gOHM.
- Dopex — a decentralized options protocol which allows you to participate in Single Sided Options Vaults (SSOV). These vaults can earn you yield in USD or you can buy call & put options for a more in depth DeFi experience with your gOHM.
- JonesDAO — a managed yield, strategy, and liquidity protocol built atop of Dopex options.
- Market — Lending and Borrowing Pools for gOHM on Avalanche & Polygon.
- Rari Fuse- Lending and Borrowing Pools on Ethereum & Arbitrum.
- Synapse — a universal cross-chain liquidity network, use Synapse to bridge your gOHM to explore the multichain world!
- Tokemak — an innovative multichain liquidity layer, deposit to their gOHM reactor to earn yield in the form of $TOKE.
- Vesta — an Arbitrum-based collateralized debt platform to deposit and borrow with gOHM.
We’re excited to continue expanding utility in the econOHMy through these partners and many more to come. Just remember with any leverage products, please use your OHM responsibly.
OlympusDAO will continue to explore this area and support solutions that utilize OHM for:
- Collateral — Protocols that accept gOHM as collateral to deposit and borrow against.
- Marketplaces — Apps and integrations that share our vision in furthering OHM as reserve currency.
Mass-Adoption forms the second layer. The endgame has always been to bring mainstream audiences into Web3, DeFi, and the econOHMy. The DAO will incentivize initiatives that will bring OHM to the mainstream. These are things like:
- Real-World Utility — Through partnerships like MoverDAO, we aim to make the use of gOHM as seamless as possible. Their platform makes it simple to top up a Visa debit card using gOHM, enabling you to buy groceries, pay your bills, and much more.
- Metaverse — As Web3 begins to explore and shape the metaverse, it’s our goal to ensure that Olympus has made its place in it. We are looking to integrate with GameFi and other metaverse initiatives that will onboard 100s of millions of users into crypto in innovative and interactive ways.
Odyssey is a sub-DAO of OlympusDAO aiming to build a liquid secondary market for NFTs as part of the Olympus ecosystem. An OHM-driven NFT marketplace started by and made for Ohmies. Soft launch and public launch dates will be announced in the spring of 2022.
We are also spearheading a new innovation in the crypto space that we believe will motivate anyone to join DeFi for beneficial causes.
Olympus Give is a revolutionary new way for Ohmies and the DeFi community at large to reverse any negative views the blockchain industry’s environmental impact or about DeFi being purely for profit. Olympus Give allows users to redirect their rebases to pre-selected Olympus Give causes or simply to any verified wallet of their choosing. This includes friends, family members, or community projects. Olympus does not take any fees whatsoever from this process because we are committed to empowering users to utilize the protocol as a seamless tool for public good. With every rebase, you are effortlessly donating to crypto ESG (environmental, social and governance) projects that are creating a real positive impact in the world.
We launched Olympus Give with 5 partners; Angel Protocol’s — Restore Earth, Gitcoin, ImpactMarket, Kolektivo and Popcorn. In V2 of Olympus Give, we added support for gOHM deposits and an option to redirect yield to any of our approved Olympus Grants recipients. Our plan for 2022 is to add many new partners and ways that the crypto community can utilize Olympus Give to support meaningful projects. Giving back to the global community is at the heart of what we do at Olympus and we couldn’t be more proud to lead the innovation in the field of DeFi for good.
Welcome to Olympus
That’s all the basics! You should now have a deep understanding of who we are at OlympusDAO, why our mission is important, what we’re doing about it, and how we’re delivering.
If you made it this far, then you are a true Ohmie and we’d love for you to join us creating a better financial system. Head on over to our Discord and join our thriving community.
Onward & upwards!
Olympus is a decentralized financial reserve protocol that provides sustainable compounding interest through its community-owned and protected treasury.