Olympus DAO

Summary

Deploy the new system of Permissionless Olympus Pro contracts as an independent entity rebranded to Bond Protocol. By releasing Olympus Pro as its own protocol, OlympusDAO can focus on making OHM the decentralized reserve currency for Web3 and benefit from supporting the econOHMy. Bond Protocol will remain tightly aligned with OlympusDAO and include the same Olympus Pro contributing team.

Proposal

If approved, the Permissionless OP contracts will be deployed as an independent entity and rebranded to Bond Protocol. Functionally this involves deploying the contracts with a different multisig authority, to be managed by 2 Olympus Core members, 2 OP members, and 1 external public figure.

Off-chain, Bond Protocol will look and feel like a Web3 tech startup. On formation, Olympus will own a majority of shares (at least 60%). Olympus will also have a seat on the company’s board of directors. With a majority share and board seat, fundraising terms will require sign-off from Olympus prior to diluting its equity.

For the purpose of this proposal, the Olympus board seat will be filled by a member of the Council and represent the collective voice of the DAO.

Olympus will use the newly formed Bond Protocol contracts for its bonds. This set of contracts are effectively Bonds v3, which have been developed with Olympus in mind as the largest customer. Importantly, there will be no fees charged for Olympus bonds deployed from Bond Protocol.

The initial deployment of Bond Protocol will include two types of bond markets:

• Fixed-term bonds tokenized as ERC1155 NFTs (most similar to previous bonds)
• Fixed-expiry bonds tokenized as ERC20, same expiry date makes bonds fungible

Amendments

OP Contracts & Revenue

• Tokens accrued via OP to-date will remain with the Olympus Treasury
• Existing OP contracts will continue to be owned by Olympus and revenue generated will accrue to the Olympus Treasury

Structure

• Any proposed share allocation at formation will be provided to Council for consideration and, if considered contentious, require further consultation with community governance
• Following formation, the board will provide the Olympus board representative with at least 10 days’ notice prior to consideration of a resolution for distribution of unallocated shares