Olympus DAO, as one of the largest DAI holders, is honored to submit the following application for the DAO to consider wsOHM as a collateral to be onboarded.
1. Who is the interested party for this collateral application?
2. Provide a brief high-level overview of the project, with a focus on the applying collateral token.
Olympus is a Decentralized Reserve Currency protocol based on the OHM token. Each OHM token is backed by a basket of assets (e.g. DAI, FRAX) in the Olympus treasury, giving it an intrinsic value that it cannot fall below. Olympus also introduces unique economic and game-theoretic dynamics into the market through staking and bonding.
At a high level Olympus DAO features a single token, OHM, which is both the system’s stable asset and its governance token. OHM primarily draws its value from its underlying basket of collateral, which at launch consisted solely of DAI and was then extended to hold FRAX and ETH. OHM can be staked in return for sOHM which allows OHM holders to accrue protocol profits as well as participate in Olympus DAO governance. When the Olympus DAO treasury distributes profits to the staking contract, stakers’ sOHM balances rebase up to match the new amount of OHM in the contract so 1 sOHM always equals 1 OHM. In this way stakers receive compounding yield without them manually harvesting and reinvesting their profits.
Users interacting with Olympus can i) buy OHM from Sushiswap with DAI, ii) buy OHM from Uniswap with FRAX iii) Bond DAI or FRAX for OHM at a market regulated discount.
Olympus pioneered the bonding concept for two main purposes.
Bond offered to users that increases Olympus Reserves to back the intrinsic value of the token.
A bonding mechanism that allowed the protocol to own 100% of its liquidity pools. LPs holders bond their shares, in exchange for OHM at discount.
Olympus Pro is the new industry-standard platform to help protocols acquire their own liquidity. Protocols no longer need to pay out high incentives to rent liquidity, while also guaranteeing the permanence of liquidity to facilitate transactions.
Olympus Pro solves for liquidity problems by providing bonds-as-a-service for a small fee. Instead of staking their LP (liquidity provider) tokens for farming rewards in a pool 2, users can exchange their LP tokens for the partners protocol’s governance tokens at a discounted rate.
Within a week of launching Olympus pro, has been able to secure 750K for its first 6 partners.
(More details will be provided in the Olympus Pro proposal)
Since launch in March 23, 2021, the protocol has accumulated 301 MM in net worth, distributed among treasury holdings and protocol owned liquidity of which as of August 31, 2021, 36.1MM DAI are in the [treasury]
and 99.5MM DAI in the OHM-DAI v2 pool in sushiswap making Olympus hold 136MM DAI, a top 8 holder. !
We strongly believe that there is a natural synergy between Olympus and Maker. Adding wsOHM (the wrapped Staked OHM) will allow DAI to extend reserves to one of their largest holders and promoters.
Our current OHM-DAI pool is Sushi has been top volume and liquidity for several weeks.
3. Provide a brief history of the project.
Olympus DAO was announced on February 1, 2021 and launched on March 23, 2021. The project was launched with an IDO (Initial DAO Offering) to all Discord active members that joined the community before March 3. An initial 360 members (Ohmies) participated of the IDO, investing 200,000 DAI.
Today our community is the most vibrant of all DeFI with 22K Members. In its short life Olympus growth has been explosive being the protocol with the highest revenue in the industry, with an annualized revenue of approximately 3.5B.
Even though at launch backing per OHM was 1:1 the growth in treasury and mainly DAI holdings increased backing almost 34 times.
More information can be found at
4. Link the whitepaper, documentation portals, and source code for the system(s) that interact with the proposed collateral, and all relevant Ethereum addresses. If the system is complex, schematic(s) are especially appreciated.
Olympus DAO Main Links
Relevant ETH Address
Dai Bond: 0x575409F8d77c12B05feD8B455815f0e547973
SLP Bond: 0x956c43998316b6a2F21f89a1539f73fB5B78c1
FRAX/OHM Bond: 0xc20CffF07076858a7e642E396180EC390E5A0
Frax Bond: 0x8510c8c2B6891E04864fa196693D44E6B6ec2
wETH Bond: 0xE6295201CD1ff13CeD5f063a5421c39A1D236
ETH Bond Deposits: 0x2B0Fbb411D355979005ab4F003d99D4AAdF33639
Staking WarmUp: 0x2882A5CD82AC49e06620382660f5ed932607c5f1
Staking Helper: 0xC8C436271f9A6F10a5B80c8b8eD7D0E8f37a612d
DAO and Treasury
5. Link any available audits of the project. Both procedural and smart contract focused audits.
6. Link to any active communities relating to your project.
7. How is the applying collateral type currently used?
Currently the applying collateral is used to participate in Olympus and in the growing ecosystem of partnerships.
- The token allows user to be exposed to auto compounding APY in the DAO.
- User can participate in all DAO Decisions.
- User can post sOHM as collateral in Rari and take DAI loans.
- DAO is actively working with 33 potential partners.
- OHM is a fraction of Olympus DAO Treasury that allows user to participate in the protocol revenues by staking their OHM.
8. Does one organization bear legal responsibility for the collateral? What jurisdiction does that organization reside in?
Olympus is fully Decentralized.
9. Where does exchange for the asset occur?
Exchange occurs in Sushiswap, Uniswap, OlympusDAO.finance, Rarifuse Pool #18 and Pool6 (as collaterals)
10. (Optional) Describe whether there are any regulatory registrations for the token and provide related documentation (including an explanation of any past or existing interactions with any regulatory authorities, regardless of jurisdiction), if applicable.
The are no regulatory registration or interaction with regulatory authorities.
11. (Optional) List any possible oracle data sources for the proposed Collateral type.
Olympus is currently listed in chainlink as the pair OHM/ETH and OHM/USD in Matic.