Olympus V1.1

Surprise mothafucka

Version 1.1

There are a few pain points in the original implementation of Olympus that we’d like to improve on with a new round of contracts. These will serve as a foundation for V2; these migrations need to happen anyways, and now they will be in place for new functionality. Check out what we’ve got.

Treasury

There’s a few new things in the treasury. First and foremost, we have the ability to add new reserve and liquidity assets. That means we can start taking in new USD tokens, not just DAI, and new liquidity pairs, not just OHM-DAI. This whole cycle we’ve been doing with DAI? Run it back, turbo.

Second, we have the Reserve Manager. A manager can withdraw reserves (like DAI) and deploy them into yield strategies. Now the treasury gets to earn too, not just you.

Third, we’ve offloaded staking reward distribution from its own contract to the treasury. The treasury will now mint OHM when it sends it to stakers, not before. This means that huge difference between circulating and total supply (which many misconstrue to mean future dilution when it is actually the opposite) will be behind us.

Note: The reserve manager would be a multi-sig. The charter of that multi-sig would be to deploy capital based on community decided allocations, and return those funds to the treasury.

Staking

We’ve enabled Hades with staking! On-chain obscurity will encompasses all Olympus features. This implementation also prevents rebase-hopping (staking right before a rebase and unstaking right after), one of the most frequent demands from the community. Here’s how it works:

1. You stake an amount of OHM. The staking contract takes your OHM and records what you gave it. At this point you can also give it a new address through Hades.
2. When the next epoch starts (and the rebase has occurred), you can go back and claim your sOHM. You’ve missed out on one rebase, but that’s it.
3. Before the next epoch starts, you can always reclaim your OHM.
4. You can unstake whenever and immediately, just as you can now.

Note: Ohmies will decide whether we go with that system laid out, or stick with what we have now through a vote . In our opinion it comes down to if Hades + rebase manipulation prevention are worth the extra friction of a claim transaction.

Bonds

We’ve added the option to automatically stake your bond payout as you claim it. 1, 1 -> 3, 3 has never been easier. Bonds will also store the price you paid, allowing you to reference your cost when tracking positions.

Since we can add new reserve and liquidity assets, we also now have the ability to spin up bonds with new assets. More on this soon.

Conclusion

That’s about it. This is very much an update; they are strong improvements on the previous contracts, but there’s nothing too new. We’re currently going through an audit on this round of contracts, and we hope to deploy them soon after that is complete. The really cool stuff comes with V2 though. Stay tuned for more on that. Until then, keep chilling Ohmies.

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