Thread by @zeetientien

A summary thread for all OIPs put to a formal vote (snapshot.org/#/olympusdao.e…) so far at @OlympusDAO, $OHM. I will start with OIP-2, since the first one is somewhat irrelevant now. I will try to keep this updated whenever a new proposal goes to vote:

OIP-2: Add DAI Bonds. Absolutely critical addition to the mechanism. Provided an efficient way to build our risk free value. I wasn't around for this so surprising to find out that LP Bonds came before DAI bonds!

OIP-3: Loosen Policy. Another surprising find for me! Seems like back in the day a BCV change required a vote! Good thing we have moved past that and now the policy team can change bond related variables and respond to market conditions a lot more quickly!

OIP-4: Deposit SLP. The DAO fund held some of the initial liquidity tokens (SLPs). This proposal transferred those to the treasury and allowed for a more accurate reflection of one of the most critical pillars of Olympus i.e. Protocol Owned Liquidity (POL).

OIP-5: Lower LP Staking Rewards. This is the point we started getting rid of rewards to (slightly parasitic) liquidity providers. At that point we owned >80% of our own liquidity. We now own almost all of it! and with starting to help other protocols do the same e.g. @AlchemixFi

OIP-6: New Staking System. My understanding of this one is fairly rudimentary. But it seems like this was a proposal to add extra friction by adding a separate claim tx at unstake to discourage people from unstaking. Turns out this wasn't needed, the power of 3,3 is enough!

OIP-7: Version 1.1. This was the beginning of the move to an improved Mt. Olympus. Allowing for adding different reserve assets. And minting on a as needed basis, rather than pre-minting. If you staked before this point, please migrate!

OIP-8, 9: FRAX-OHM. Why stick with DAI, when you can diversify the stables that back your OHM! OHM ultimately wants to be backed by a diverse basket of risk-on and risk-off assets. These OIPs introduced the first non-DAI backing asset in partnership with @fraxfinance

OIP-11: Reducing Reward Rate. The first true test of the 3,3 community. Would you willingly agree to reduce your own short term rewards for the sake of protocol longevity? The community agree. The RR was slashed from 0.44% down to 0.35% (a drop from 100k%+ APYs to 20k% APYs).

OIP-12: Divert 30,000 DAI/Week in OHM. If you wanna keep the best talent, you gotta pay the best talent. This OIP approved diverting 30k worth of ohm from the DAO funds to be assigned to the amazing teams that keep this machine running and growing!

OIP-13. Deposit $1M of excess reserves into Aave. aka put that shit to work (safely)!

OIP-14 - Deploy 333,333 excess treasury FRAX to Convex Finance. aka put that shit to work (safely) part 2. OIP-13 & 14 are a template for how excess treasury reserves are very conservatively put to work. Growing the treasury without putting funds at too much risk.

OIP-15: Add ETH to the Treasury. If goal is to be backed by a basket of reserve assets, why stop at stables like Frax and DAI? Why not add a share of the very network this protocol runs on! This OIP launched wETH bonds. Doesn't add to rfv, does add to market value backing!

OIP-16: Add BTC to the Treasury. This was someone's idea of a joke and a very poor pasta of OIP-15. If you put poorly researched proposals directly on snapshot, you're just wasting gas. There's a process, anon! BTC bonding might come eventually, but for now doesn't appear so.

OIP 17: Creation & Funding of Bug Bounty Program. aka keeping y'all safe! This OIP incentivizes white hat hackers to find and report exploits for bug bounty rewards of up to $3.33 million! You read that right. Report that bug, anon!

OIP-18: Reward rate framework and reduction. One of the most contentious OIPs. This time proposing another RR reduction but also setting up a framework for future adjustments so we don't have to go to war every time a reduction is needed...(1/3)

this brought the APY down to current levels of around 8k% from around 20k%. Some ohmies who bought the recent top at around $600 were understandably frazzled as price at the time had dropped to $300... (2/3)

policy did a great job explaining every single facet of this proposal and ultimately ohmies came along and voted for longevity once again! Result is there for all to see, a healthier protocol, runway at 300+ days! Price up, index adjusted price at ATH! WAGMI! (3/3)

OIP-19: Approve DAO to pursue strategic swaps with holdings. This allows DAO funds to be used to swap with other protocol tokens for "strategic" reasons. The first result of this is an ongoing proposal to swap 9k+ OHM for xSUSHI. details here: forum.sushi.com/t/conduct-toke…

OIP-20: Framework for Excess Reserve Allocation. This gave the DAO to efficiently allocate 33% of treasury reserves into pre-approved protocols (like aave, convex, and sushi). Put that shit to work part 3, this time safely AND efficiently!

OIP-21: DAO Budget Increase + Milestone Framework. This proposal once again makes sure that we retain the extraordinary team we have by paying them decently! Moreover it establishes clear goals that the DAO needs to achieve for future pay increases. Ohmies voted, HELL YES!

OIP 22: Policy Framework. Streamlines policy decisions. Everyone knows what decisions policy can make without a vote, and what needs to be put to vote.

OIP-23 - Audit for critical contracts. Keeping y'all safe, once again. This OIP seeks approval for paying for audits for two new products that interact with the contract. wsOHM (already used by our friends borrowing at @MIM_Spell) and Olympus Pro.