What is @BeanstalkFarms creating and why does it matter?
- How to ape
- Protocol design
- Founder due diligence 1. Look I get it. You’re here to ape. But I want to be clear.

This. Is. A. Fucking. Experiment.

But there is an interesting deal in it offering a 70x return. It’s called buying “pods” when there is “soil”

Here’s what it means in plain English….

There’s a computer program that is trying to keep the value of a bean as close to $1 as possible.

These beans are not real beans but more like records in a database that everyone can see, all the time.

When the value of this bean is above $1, this program prints more beans and

https://twitter.com/virtualbacon1/status/1502723092723822596

Distributes these beans to people who give money to this computer program.

When people give money to the program they receive more bean, but this only happens when price of 1 bean is above $1.

When price of bean is less than $1, this program tries to attract buyers by…

What is @OlympusDAO creating and why does it matter?
- Money vs Currency
- Reserve Currency Traits
- 11 month Performance
- Olympus bonds
- Staking and APY
- Bank-run scenario
- Bonds deep dive
- Non-bond revenue
- Community strength
- Why $OHM matters 1. OlympusDAO is creating a decentralized reserve currency that is backed by a community governed treasury.

Money and currency are used interchangeably but are different as illustrated in this graphic made by @MessariCrypto.

Gold, $ETH, $BTC are money, the USD is a currency.

Some analysis about $OHM for you if you bought the top:

On November 23 2021:
Mcap: $4.3 bn
$OHM price: $906
Index: 37
Risk Free Value / $OHM: $37 + some $ETH, $CVX et al

> You spent $906 to get a minimum $37 claim on Olympus Treasury.

56 days later here’s where you are at. January 18 2022:
Mcap: $946 mm
$OHM price: $110
Index: 67
Risk Free Value / $OHM: $25

> You now have 1.81 $OHM (Index today / Index on purchase date) and a $45 claim (1.81*$25) on Olympus treasury

Your claim grew by 22.3% during a migration and ugly market conditions.

@KlimaDAO is primed for a mega bull run in 2022. In this thread I’m going to review $KLIMA fundamentals and speculate on what to expect next quarter.

🧵 🪡 it’s threadoooor time Klimates. 1. The undistributed claim on $KLIMA treasury stands at 82.23%.

Since Risk Free Value is 6.1 million BCT, this implies that minimum 5 million BCT worth of value remains undistributed.

What’s that worth? Depends on price of BCT.

Web3 can’t be explained, it has to be experienced.

People in developing countries like Pakistan couldn’t invest in Web2 companies even if they wanted to, but can do so in Web3 initiatives.

Why is this a big deal? Web3 aligns incentives of a global talent pool that was previously not possible.

$OHM and $KLIMA holders in different countries are actively collaborating to make these protocols succeed. Investors and customers of Tesla and Twitter aren’t doing that.

Ohmies since many of you have asked, here’s my plan on tax filing and thought process behind V2 migrations.

Recall this discussion with @TokenTax some time ago.

Gist was that you “can” argue that $OHM rebases are like stock splits.

However….

rss.com/podcasts/ohmbu… There’s no precise guidance out there and there won’t be until you file your taxes in April 2022.

My plan is to go with the stock split argument, but prep now such that if I do get audited I’ve got all the paper work ready to go.

In 2018 I came up with this mental model and termed it the NetEquity Stack.

Today I found myself applying it to $OHM. Here’s what I could see: 1. Olympus offers high cash flow predictability. As a result, it’s contracts are now bankable, meaning you can borrow against them.

Incentives are well defined. (3,3) is a meme that condenses fact from the vapor of nuance effectively.

What is @OlympusDAO creating and why does it matter? 1. A reserve currency has two traits:

- It is backed by hard assets or a powerful Govt

- Liquidity is deeeeeep!

Pre 1971, USD was backed by gold, now it’s the might of the US Govt.

No matter where you go, exchanging USD for other currencies is quite easy.

Imagine a day in history when America was getting ready to mint its first dollar.

Imagine any one anywhere in the world with gold could make a deposit somewhere and mint a $.

Imagine the dollar carried not only economic value but voting powers on monetary policy as well. In late March 2021, @OlympusDAO was ready to mint its first $OHM.

Anyone, anywhere in the world could deposit a $ coin and mint $OHM against that.

$OHM carries not only economic value but voting powers on monetary policy as well.

Great to see @romedaofinance prioritizing liquidity & slowly growing capacity.

Dropping BCV to pump treasury is tempting but it accelerates staker dilution.

This gradual approach tells me that Romies are playing the long game & are well placed to become a mega $gOHM holder. Within one week, $ROME has:
- Treasury $12.7 mm
- RFV $7 mm
- Runway 200+ days

No need to increase Reserve Bond capacity at this stage IMO.

Not sure what BCV is and how it relates to bonds?

Read this excellent thread by @wagmianon to understand mechanics.

https://twitter.com/wagmianon/status/1422431892029116416

Here's what I meant by standard deviation of multiple going down over time.

218 day Price / Backing trend. 60 day Price / Backing trend

Adding fire power to Proteus: a thread exploring a bonding & staking implementation on every chain that creates a chain-specific token backed by $gOHM-X, where X is the native asset of that chain.

The twist? 51% governance power given to $OHM holders. 1. There’s a clear demand for $OHM forks. Something about high APYs and market cap pops that makes degens swoon.

We’ve seen forks backed by all kinds of assets. So why not a fork on every chain backed by LP tokens of $gOHM-X?

Will @ConcaveFi create more incentives for liquidity providers on other chains where $gOHM will be sent?

Eg make $gOHM-$SOL LP token. Sell this token to Concave and get $caveOHM.

$caveOHM is liquid because Concave created $caveOHM-Stable liquidity pool + bonds as well. $caveOHM can be staked for an APY paid in $caveOHM.

Each $caveOHM is backed by a basket of $gOHM, $SOL and Stable.

The $gOHM-SOL LP is now locked in a contract but secondary liquidity representing claim on this token is present.

Concave attracts fork hungry capital.

Klimates wondering about bank run, a note:

Ultimately (3,3) is a trade off between
1) Fear of there being not enough exit liquidity because $58 million of liquidity is supporting a $579 market cap.

2) Greed of growing claim on a $80 million treasury with at least 1.6 mm BCT. Risk Free Value of BCTs in KLIMA treasury is has 1.6 million tons of BCT, and $5/BCT is a fair conservative assumption for BCT price.

So KLIMA treasury worth $80 million worst case scenario.

Coming Monday, November 1 at 1:30 pm Pacific Time, @kalsoom82 and I are going to host an @OlympusDAO 101.

Kalsoom Founder & CEO of @i2i_ventures and someone I call a “soul sister”.

Difference is she’s not in crypto and not an Ohmie.

twitter.com/i/spaces/1YqJD… There is a lot of jargon that makes it hard for the unacquainted to understand $OHM. With this conversation I want to change that.

Kalsoom is one of the most intelligent and brilliant people I’ve worked with. She also asks tough questions and goes to the heart of an issue.

$OHM market cap grows when
1) Supply Grows, and
2) Price Grows

If price is unchanged, all market cap growth is from supply growth. On avg 70% of emissions (i.e. OHM issued) go to stakers.

If no price change then 70% of mcap is accruing to stakers on avg. Let's say you bought 250 $OHM for $500. If your OHM balance reaches 1,000 and $OHM price is $1,000 then:

Initial value = $125k
Final value = $1 million

How much of the $875k gain is from Price Growth vs Supply Growth?

ELI5 for @KlimaDAO dashboard made by @cujowolf_klima:

a thread reviewing the 10 day performance of $KLIMA and explaining the significance of each metric on dashboard.

dune.xyz/Cujowolf/Klima… Hard to believe that @KlimaDAO launched barely 10 days ago. Since then it has hit a billion in market cap and accumulated ~7 million tons of carbon credits in its treasury!

Each $KLIMA trades for $3,286 and 24,766 unique wallets currently hold $KLIMA.

Hi Ohmies, I am starting a document that will explain $OHM to someone who has never purchased a crypto asset.

Step 1 is compiling a list of concepts that are needed to get $OHM.

Including some of these in this thread, please add concepts or topics you consider important. 1. Currency vs money
2. Ethereum and Bitcoin differences
3. Proof of Work vs Proof of Reserve
4. Automated Market Makers vs Order Books
5. Impermanent Loss
6. Liquidity mining and Pool 2
7. Protocol Owned Liquidity
8. Liquidity Bonds & Reserve Bonds
9. Seigniorage
10. Runway

What are the first principles of $OHM and why do they matter?

A thread for new Ohmies who experienced emotional turmoil yesterday:

- Skill of naming emotions
- What is a first principle?
- What are the first principles of $OHM?
- How to ground conviction in first principles? 1. Market crashes suck because they trigger insecurities and amplify imposter syndrome. Ignoring or denying emotional turmoil is a recipe for aggravating stress.

Consider naming and observing emotions. Here's a list for you to pick from. What do you feel?

Name it. Observe it.

How to perform due diligence on anonymous founders: a thread about the preparation I did before investing in @OlympusDAO. Background: When I bought $OHM on June 11 2021, the Risk Free Value of @OlympusDAO was $5.3 million, market cap $64 mm.

Leading up to this decision was 3 weeks of diligence lasting 10 hours per day on average. Here’s the sequence I went in