Olympus Initial State

The alphaOHM migration will occur via a smart contract that takes your alphaOHM and returns an equal amount of OHM. You can interact with this contract on our website starting at 9:30 PM EST tonight. Your alphaOHM will be held in the contract until 100,000 blocks have passed from the beginning of the migration. This is approximately 2 weeks. After that point, alphaOHM can no longer be migrated, and those who already migrated can reclaim their alphaOHM.

We are launching with reduced functionality. Our audit started today and so it really didn’t make much sense for us to push full functionality when we can just wait 2 or so weeks and feel much more comfortable that they are safe.

However, the last thing any of us wants is another delay. So, we are deploying with what I would consider a chassis; the endpoints are there to link up with bonds and sales, they just aren’t being used yet.

The treasury contract contains functions that allow approved addresses to deposit and mint against DAI and OHM-DAI SLP. Approving new addresses can be done by a team controlled wallet. The only use of these functions for the time being will be to:

1. Deposit 68,260 DAI to mint the initial supply.
2. Deposit the initial LP share to produce new OHM, which will be used for staking rewards.

Staking will be live and rebasing after epoch 10 as planned. You can read up on how the staking is going to work here. This should provide a taste of how the system works while allowing us to maintain control over the minting process until we have completed our audit and have absolute confidence that the bonding contract cannot be used to exploit the mint.

To compensate for the lack of bonds, we will deploy a simple OHM-DAI SLP staking contract soon after launch. This will allow LPs to earn OHM without a time lock or by selling their LP share. To start out, LPs will share 0.02 OHM per block; if this does not prove to be enough incentive.

We plan to roll out bonds shortly after the audit completes. You can read more about how bonding works here. This will kick off our liquidity bootstrap phase, during which the primary value accrual mechanism of the network will be the accumulation of LP tokens.

This transition may be preceded by a treasury migration, should they find any issues with the treasury during the audit. A few days after launch, the treasury will be set with a 10,000 block time lock. This is approximately 36 hours. It should give ample notice in addition to verbal notice that the treasury funds are being migrated.

The good thing is the treasury will not take in any more funds for now than we currently hold. These funds, after minting and providing liquidity, will mint approximately 146,000 OHM while conforming to the reserve constraints of the system.

As always, if anything about this makes you uncomfortable, you are encouraged to sit out and wait. While you do that, you can learn more about Olympus here. You can also join the conversation on our Discord to learn from the community.

We will get these things sorted out. As much as we’d like to, we can’t turn autopilot on until the plane is in the air. We’re currently hitting the thrusters before taking off with bonds, ascending with sales, and reaching cruising speed. There of course may be some turbulence, so be sure to strap in.

Follow us on Twitter: @OlympusDAO
Follow us on Medium: OlympusDAO
Join the discussion on Discord

Legal Disclaimers

The information provided in this Medium Post pertaining to OlympusDAO,
Inc. (“OlympusDAO” or the “Company”), its crypto-assets, business assets,
strategy, and operations, is for general informational purposes only and is not
a formal offer to sell or a solicitation of an offer to buy any securities,
options, futures, or other derivatives related to securities in any
jurisdiction and its content is not prescribed by securities laws. Information
contained in this Medium Post should not be relied upon as advice to buy or
sell or hold such securities or as an offer to sell such securities. This
Medium Post does not take into account nor does it provide any tax, legal or
investment advice or opinion regarding the specific investment objectives or
financial situation of any person. OlympusDAO and its agents, advisors,
directors, officers, employees and shareholders make no representation or
warranties, expressed or implied, as to the accuracy of such information and OlympusDAO expressly disclaims any and all liability that may be based on such information or errors or omissions thereof. OlympusDAO reserves the right to amend or replace the information contained herein, in part or entirely, at any time, and undertakes no obligation to provide the recipient with access to the amended information or to notify the recipient thereof. The information contained in this Medium Post supersedes any prior Medium Post or conversation concerning the same, similar or related information. Any information, representations or statements not contained herein shall not be relied upon for any purpose. Neither OlympusDAO nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person
resulting from the use of the information in this Medium Post by you or any of
your representatives or for omissions from the information in this Medium Post.
Additionally, the Company undertakes no obligation to comment on the
expectations of, or statements made by, third parties in respect of the matters
discussed in this Medium Post.