On May 7, 2021, the team proposed OIP-7: Version 1.1 to upgrade Olympus contracts to enable new functionality and facilitate V2 features. 99.97% of the Ohmies were for rolling out V1.1 contracts! This is a big step we are excited to take. A lot more functionality is opened up with this upgrade.
What do I need to do?
- Nothing! Maybe grab some bonds when they open if you want to.
What should I expect?
- DAI and SLP reserves will be removed from the current treasury and deposited into the new one
- New bonds will be halted on the current contracts and launched on the new ones
- Non-circulating OHM will be burned
Should I panic if? (hint: no)
- I see reserves moving
- I see OHM getting burned
- Analytics go down briefly
More on bonds:
The contracts need to be migrated to point to the new treasury. We are going to launch these with higher capacities than the current bonds. We have been waiting for this migration to occur before allowing more bonds in (right now capacity is very low)
More on burning:
The new treasury is set up to mint rewards when they need to be distributed. This means we do not need to have all excess supply (~3.9m OHM) minted already. You can expect to see FDV fall from ~1b to ~70m. Fear not, we still have that supply! It will just get minted as we go.
- FRAX-OHM pool
- FRAX-OHM bonds
- FRAX bonds
- Staking migration
- Fuse pool deployment
- Lots more!
We will aim to launch the new bonds at ~5 pm EST tomorrow (May 29, 2021). You are, as always, encouraged to participate, but you do not have to.