Olympus DAO

Summary

The initial core contributors to FIAT DAO are seeking the formalization of a DAO-to-DAO partnership with Olympus through a treasury token swap, as well as commitment to prioritized co-development. We are building a protocol for leveraging fixed income assets, like OlympusDAO v2 bonds, and are excited by the design space possible with OHM’s “exorbitant privilege” as a reserve-backed asset.

You can learn more about us through our Linktree and our recently published whitepaper.

Background

See the proposal section for more background information https://forum.olympusdao.finance/d/1001-oip-72-fiat-dao-x-olympus-partnership

Motivation

See the proposal section for more motivation information https://forum.olympusdao.finance/d/1001-oip-72-fiat-dao-x-olympus-partnership

Rationale

Under these terms, FIAT DAO will be providing 1% of $FDT supply to Olympus DAO at a 50% discount to prevailing market prices. OlympusDAO would be entrusted with half this amount liquid from the commencement. The vesting schedule on the other half would be faster than that of seed contributors (two years) as well as that of initial core contributors (three years). FIAT DAO is further committed to providing development resources for two key integrations which are expanded upon in the “Development Commitments” section. FIAT DAO will look to accumulate $gOHM in order to have a material say in OlympusDAO governance. FIAT-OHM bonds are our ultimate priority in the future for this partnership. Providing liquidity for $gOHM will also be considered a viable treasury strategy for the DAO. Additional context around this offer should also be considered. To date, FIAT DAO has allocated 0.5% of its token supply to the OlympusDAO community via the Jubilee event that took place throughout November. Moreover, another 1.1% of token supply is being distributed via liquidity mining rewards to providers pairing FDT against wsOHM and gOHM on Sushiswap - not to mention the further 0.5% of supply set aside for Olympus Pro. OlympusDAO will have thus received, either directly or to its community, 3.1% of FDT supply under the terms of this proposal.

Prospective Partner Integrations

FIAT DAO sees three primary integrations to be built with OlympusDAO: Short-Term: “OHMptions” Medium-Term: Olympus Treasury Bonds Long-Term: FIAT-OHM Bonds See the proposal section for more information on the proposed intergrations https://forum.olympusdao.finance/d/1001-oip-72-fiat-dao-x-olympus-partnership

Proposal

Approve the implementation and prioritization of minimal viable product for Ohmptions as described above and the exploration of the other areas of collaboration subject to further governance votes as required. Approve Treasury swap of OHM for 1% of $FDT supply at a 50% discount, with 0.5% of the FDT vested immediately to Olympus and 0.5% FDT to be vested to Olympus over 12 months. Olympus will provide 0.5% FDT supply worth of OHM vested immediately to Fiat DAO. Both Olympus and Fiat DAO commit to retain the swapped tokens. A 7 day historical TWAP from the date of announcement of this proposal will be used for conducting the swap should this proposal be approved by community governance. Polling Period The temperature check process begins now and will run for at least 24 hours. After this, a Snapshot vote will be initiated and open for at least 48 hours. Conduct a treasury swap and partner with FIAT DAO?

For: Approve the implementation and swap. Against: Do nothing