Olympus Pro - Protocol Owned Liquidity Proposal - Discussion

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yAxis is exploring the possibility of replacing the existing UNISWAP LP staking rewards over time with a strategic Olympus Pro partnership, allowing yAxis to acquire its own liquidity. As part of any potential partnership, yAxis would be required to allocate YAXIS tokens to launch the Protocol Owned Liquidity (POL) bond programme.

Incentivised Uniswap and Sushiswap LPs require significant tokens to maintain. With a limited total supply, at some point in the future LP emissions would slow down or stop and impact the ability to trade YAXIS. Olympus Pro is a future-looking programme providing the ability to maintain a Uniswap LP forever, as the protocol would own a critical mass of LP tokens.

:handshake: A potential partnership with Olympus DAO would: :handshake:

:white_check_mark: Help with YAXIS price stability. It would prevent mercenary capital from farming YAXIS, dumping YAXIS, and then leaving the project as they see fit.

:white_check_mark: yAxis would own its liquidity in Uniswap.

:white_check_mark: Bring in new revenue streams (Earning Uniswap fees via the owned LP tokens .)

:white_check_mark: Increase market exposure through the partnership (co-marketing).

:white_check_mark: Represents a savings of roughly 1M YAXIS tokens over the course of a calendar year. Ultimately, yAxis would no longer incentivise the Uniswap YAXIS-WETH LP. (For reference, yAxis currently incentivises Uniswap YAXIS-WETH liquidity providers with 250K tokens every three months.)

:white_check_mark: Access to Olympus’ experienced policy and engineering teams

A first step in any potential protocol optimization requires community discussion, and ultimately a DAO vote to allocate YAXIS tokens to the programme. This would potentially be YIP-13 (yAxis Improvement Proposal).

With that in mind the team is looking for input and feedback. Feel free to have your say below! :loudspeaker:

More information on Olympus Pro can be found here: Introduction - Olympus Pro

4 Likes

Hello, I’m completely in favor for this YIP. Olympus in my mind is a really interesting and good Defi protocol. And I really like yaxis I would love to see our own POL.
3,3

1 Like

I am in support as well. I believe you hit all the key merits above. I thought it would be interesting to see token performance for early Olympus Pro Partners since they started a bonding program, see below. Launch dates should be close but may be off by a day give or take.

There are certainly other factors at play for each token’s performance but think it is promising to see mostly good returns for those partnering with Olympus Pro in a short amount of time.

2 Likes

I support the Protocol owning its own LP. I think I would be go to allow the existing LP providers to convert their existing LP tokens at the premium discount (bond rate Snapshot ). Prior to opening bonding to public that would reward the current LP providers for their loyalty to YAXIS.

1 Like

Great analysis! This is certainly just one piece of the puzzle but as you laid out, it’s quite compelling. One common thread here may be the collective focus on a post-emissions world.

Thanks for contributing to the discussion!

Providing early access is an interesting thought but not sure that can be done. Regardless, it’s good to keep talking this out.

I really dig OHM and there is no arguing with their success and innovation in the space. I’d love to piggy back on that, its this kind of thinking that will keep yAxis a strong value proposition and current within the DEFI space.

I would like to better understand how it will impact services and what the changes will be to investors.

I think this would be very good move for the project. Its nice to have relationships, I really like that it would give us access to their technical team, that I feel would be a tremendous benefit. the exposure it would give would really draw interest to the project.

This could be interesting, but as the current LP emissions contract expires Nov 26, timing is too tight. It is best to extend another 3 months. During this period we can iron out any OHM details.

Focus on a successful and sustained V3 rollout first. Then we can address an OHM POL bond programme.

As an LP who recognizes that current best course of action for YAXIS LPs is to sell their farmed tokens at the going rate, I want LP emissions to end ASAP. Mercenary capital is hardly doing yAxis any favors, but with the way that LPing is structured both with yAxis and with a lot of other projects, mercenary capital is just playing the same game that everyone else is playing, and doing it more logically. If you want them to stop taking advantage of your belief in the project, you change the rules to better accommodate to the project’s believers.
Needless to say, I like the look of what this could do for yAxis; for any YAXIS bulls, mercenaries lacking the ability to enter and exit liquidity at will could be a godsend.

Personally, I don’t see any reason why this shouldn’t be priority #2, between launching v3 at #1 and branching out to other chains in order of ease-of-deployment at a very close #3 (whole other discussion, but I hope v3 was designed with ease-of-deployment in mind). I don’t want to see emissions get renewed.
If anyone’s got any contentions with this prop, I’d like to read them.

I think your thoughts are extremely well laid out and I am inclined to agree. From a prioritization perspective, the three you listed make good sense.

I wonder if its worth spinning off a separate dialogue on prioritizing these, and I am also curious to hear what the Project and Development teams think.

  • V3 Launch
  • Layer 2 Integration (or Release ETH 2.0 :rofl:)
  • OHM Integration
1 Like

I support and vote yes. Far more Pros than Cons. And we also broaden our partnership network.