OIP-45: Proteus
Summary: We propose we rapidly bootstrap liquidity on other chains with 120k OHM (~$100m) through a cross-chain incentives program once gOHM is live next week.
Background: OHM liquidity currently exists on Arbitrum and Avalanche, among others, in a small form with unincentivized wsOHM LP. There has been no official stance or effort for these pools because gOHM (which will replace wsOHM) has been around the corner. Cross chain liquidity allows Olympus to reach new users, who are often excluded from Ethereum due to high gas fees.
Abstract: Aggressively bootstrap liquidity on other chains through incentivized gOHM pools. We propose a budget of 120,000 OHM over six months to ensure this effort is properly funded. This budget should serve as a maximum and not a target expenditure. It should be added that supply is projected to ~5x over the same term. Eligible chains would be: Avalanche, Fantom, Arbitrum, Optimism, Polygon, Harmony, Moonriver, Binance Smart Chain, Solana, and Terra.
Benefits: Quickly build a large liquidity presence on other chains. We believe that we can sustain north of a quarter billion in gOHM liquidity across these chains with the budget proposed. While the DAO should retain autonomy over how much is ultimately incentivized, where, and at what rate (given it is within the bounds of this proposal), that should be a good demonstration of the power of such a program.
Drawbacks: Unlike our efforts thus far, this bootstrapped cross chain liquidity would not be protocol owned. I can see messaging conflicts arising from that – “but ser, isn’t pool 2 bad?” My stance, and the stance of many in the DAO, is not that pool 2 rewards are bad, but rather that they are long term unsustainable. However, they serve as highly effective short-term bootstrapping mechanisms, which is exactly what this program would utilize them for. These pools would likely precede Olympus POL on these chains.
Forum post: https://forum.olympusdao.finance/d/381-oip-45-proteus
For: Fund Proteus with 120,000 OHM over six months.
For: Fund Proteus, different budget + timeline.
Against: Do Not Fund Proteus.
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0x9B94...4BE3Be | 12,049 | Fund Proteus w 120,000 OHM / 6m |
 0x69Db...5f3980 | 5,589 | Fund Proteus w 120,000 OHM / 6m |
 0x2c96...3AB602 | 4,208 | Fund Proteus w 120,000 OHM / 6m |
 0xa59f...925d1B | 4,017 | Fund Proteus w 120,000 OHM / 6m |
 0xED2A...B6E6D8 | 3,902 | Fund Proteus w 120,000 OHM / 6m |
VOTE POWER
Proposal Status
- Wed November 17 2021, 11:00 amVoting Period Starts
- Sun November 21 2021, 11:00 amEnd Voting Period
Current Results
1-Fund Proteus w 120,000 OHM / 6m
109,589.366
2-Do not fund Proteus
661.727
3-Fund w different budget/timeline
243.852