Gamification of banking at @OlympusDAO. A thread.
A game has 5 traits:
1. Goals: what to achieve?
2. Rules: constraints on how to achieve goal
3. Feedback: a way to track progress
4. Voluntary participation: players know the goal, rules & feedback
5. Obstacles: difficulty rises
A game has 5 traits:
1. Goals: what to achieve?
2. Rules: constraints on how to achieve goal
3. Feedback: a way to track progress
4. Voluntary participation: players know the goal, rules & feedback
5. Obstacles: difficulty rises
1. Goal: OlympusDAO is multiplayer game in which the goal is to grow deposits in order to create an interest-bearing safe haven currency with built in assurances of deep liquidity and intrinsic value.
It’s off to a great start.
It’s off to a great start.
2. Rules:
- 1 $OHM has to be backed by 1 USD equivalent
- If 1 $OHM > 1 USD then issue $OHMs and earn a profit
- If 1 $OHM < 1 USD then buy back $OHMs and earn a profit
- 90% of rewards are issued in the form $OHMs to stakers every 8 hours based on a known rewards rate.
- 1 $OHM has to be backed by 1 USD equivalent
- If 1 $OHM > 1 USD then issue $OHMs and earn a profit
- If 1 $OHM < 1 USD then buy back $OHMs and earn a profit
- 90% of rewards are issued in the form $OHMs to stakers every 8 hours based on a known rewards rate.
3. Feedback:
Progress of this game can be tracked on a dashboard.
This feedback allows the players to implement multiple strategies to achieve their goal.
Protocol Owned Liquidity and Bonds issued at a discount are two such strategies.
duneanalytics.com/shadow/Olympus…
Progress of this game can be tracked on a dashboard.
This feedback allows the players to implement multiple strategies to achieve their goal.
Protocol Owned Liquidity and Bonds issued at a discount are two such strategies.
duneanalytics.com/shadow/Olympus…
4. Voluntary participation:
Over 8,700 members are playing this game and at any given time at least 1,000 players are active in discussions.
The goal is clear, rules are known, feedback is real time and as a result the players are highly engaged 24/7. discord.com/invite/olympus…
Over 8,700 members are playing this game and at any given time at least 1,000 players are active in discussions.
The goal is clear, rules are known, feedback is real time and as a result the players are highly engaged 24/7. discord.com/invite/olympus…
5. Obstacles
Creating a decentralized reserve currency is challenging and as the number of players grows, difficulty type also changes.
What’s working well is that the players have a shared mental model of the game.
forbes.com/sites/jamiemad…
Creating a decentralized reserve currency is challenging and as the number of players grows, difficulty type also changes.
What’s working well is that the players have a shared mental model of the game.
forbes.com/sites/jamiemad…
When I first saw $OHM I thought it was a pyramid scheme, using one person’s money to pay another.
On closer inspection I saw the pyramid inverts if there’s a mass exit (eg when everyone sells and I’m the only staker left).
I’m beginning to see $OHM as a multi player game now.
On closer inspection I saw the pyramid inverts if there’s a mass exit (eg when everyone sells and I’m the only staker left).
I’m beginning to see $OHM as a multi player game now.
Fractional reserve banking is a type of pyramid scheme glued together by regulations and armies.
$OHM is glued together by a transparent incentive structure, rules of the game and incredible memes.
Seriously go check the #meme-reserve channel on their discord.
$OHM is glued together by a transparent incentive structure, rules of the game and incredible memes.
Seriously go check the #meme-reserve channel on their discord.
6. Community
I’ve been involved 23 days but I already feel part of the community. I even “bought drinks” for someone’s birthday. Another member shared the news of his son’s birth.
Friendships are getting formed despite most folks (maybe all except me) being pseudonymous.
I’ve been involved 23 days but I already feel part of the community. I even “bought drinks” for someone’s birthday. Another member shared the news of his son’s birth.
Friendships are getting formed despite most folks (maybe all except me) being pseudonymous.
$OHM will most certainly face set backs and have a few near death experiences.
Whatever happens the Treasury will remain (unless there’s a hack).
Sitting around this treasury are some of the smartest finance brains I’ve ever encountered and a highly engaged community.
Whatever happens the Treasury will remain (unless there’s a hack).
Sitting around this treasury are some of the smartest finance brains I’ve ever encountered and a highly engaged community.
If the treasury remains (it will unless there’s some hack) and the minds stay engaged (they should because the game of $OHMs rocks) then under a wide range of scenarios, $OHM becomes a decentralized reserve currency of Defi with a monetary policy independent of any country.
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