Lily R.
Lily R.
Nov 16, 2021

Olympus V2: Improvements On OlympusDAO!

tl;drOlympusDAO announced in mid-Oct that Olympus V2 is being worked on, bringing new features and improvements to the ecosystem. Stakers now have complete control of the protocol's contracts by implementing Compund's Governer Bravo, which will occur in a phased roll-out. It will begin with a guardian multisign followed by an on-chain governed Treasury, also followed by on-chain bonds. Olympus V2 will audit all new contracts, and the launch of Olympus V2 will require the platform to use a new set of smart contracts. This "migration" process will replace all existing contracts in the network, including the OHM token itself.
Olympus V2: Improvements On OlympusDAO!
Olympus V2: Improvements On OlympusDAO!
How do you rate this post?
Good
Average

Introduction

OlympusDAO announced in mid-Oct that Olympus V2 is being worked on, bringing new features and improvements to the ecosystem. Olympus has been live for almost eight months, but it doesn’t mean there still isn’t room for improvement. Olympus V2 prioritizes decentralization and immutability. If you're new to OlympusDAO's system, we recommend checking Beginner's Investment Guide to OlympusDAO before proceeding to read this article.

Complete Control Over the Contract

Stakers now have complete control of the protocol's contracts by implementing Compund's Governer Bravo, which will occur in a phased roll-out. It will begin with a guardian multisign followed by an on-chain governed Treasury, also followed by on-chain bonds. 

On-chain governance will now occur through the gOHM token, and users can directly stake in and out of gOHM, resulting in less time and gas waste.Bonds have notably been remodelled. 


  • Bond payouts are staked at the time of purchase

They are now earned by default rather than requiring bonders to factor in missed rewards when considering a discount. It means that any >0% discount will outperform staking, and as a result, discounts should not deviate far above 0%. It minimizes market pressure and maximizes protocol efficiency.

  • Bonds no longer vest linearly

Bonders must wait until their term is finished to redeem. By staking bond payouts, illiquidity is formed, and it creates locked staking that will save shareholders money by removing the incentive to incur gas transactions via frequent redemption.

  • New bond types are created as isolated offerings

Each bond has a maximum number of OHMs that can be paid and a maximum amount of principal that can be bought. Once it exceeds the bond, the bond would be retired. The parameters of the bonds are set after initialization, further improving both budgeting and immutability. 

  • Bonds can be held as NFTs

It provides liquid secondary bond markets.

  • Bonds can be fixed-term or fixed-expiration

Fixed-term bonds are currently available on the network; if the term for a bond is one week, your maturation date will be in one week. However, with the fixed-expiration feature, the maturation date becomes the same for all bond buyers. For example, if a bond has fixed-expiration on day eight and you buy on day one, your term would be seven days. Fixed-expiration bonds can be wrapped into an FT and traded like other ERC-20 tokens.

  • Bonds offer a front-end reward

It incentivizes third parties to run front-ends for Olympus, which results in reducing single-point-of-failure risk.


Audit

Olympus V2 will audit all new contracts. The team is working to enter an audit with Runtime Verification for the smart contracts. Hopefully, this will conclude within four weeks. 

Migration

The launch of Olympus V2 will require the platform to use a new set of smart contracts. This "migration" process will replace all existing contracts in the network, including the OHM token itself. The team has stated that users will have around two months to migrate without missing rewards when it begins. Migration is still possible after this period; however, some rewards will be forfeited. Migrating is a single transaction and would not cost much more than staking, and liquidity will remain partially for OHMv1. During this, migration is in the process of facilitating the movement of borrowers. 

Final Remarks

V2 is a massive step for Olympus. Through these upgrades, we will operate in a fully trustless, governance-minimized environment in the coming months. Overall, this is a pretty big update and a massive step towards OlympusDAO's primary goal to become a crypto-native stable currency.

Stay tuned for more updates on this project and many more on Cryptologi.st!

How do you rate this post?
Good
Average

Any advice contained in this website is general advice only and has been prepared without considering your objectives, financial situation, or needs. You should not rely on any advice and/or information contained in this website and before making any investment decision we recommend that you consider whether it is appropriate for your situation and seek appropriate financial, taxation, and legal advice.

© 2022 - Created by Cryptologi.st