Using Olympus Pro to gain DAO treasury owned liquidity
We propose BeethovenX to participate in Olympus Pro to gain DAO Treasury owned liquidity. Through Olympus Pro, users can exchange A Late Quartet liquidity token (FTM-USDC-ETH-BTC weighted pool) for BEETS using bonding.
In Vienna in 1806 we diversified our meek assets into a chest in the basement of the Archduke Maxi. He then took the responsibility of growing these assets by creating a sort of bond for us and over time we became decently wealthy in the context of our time and profession. Yes, composers did earn some money, however we were all in it for the art.
In this case, and in this time, the BEETS used in the bonding will be taken from farm emissions, and hence this will further build up the DAO treasury (in addition to the 50% protocol fee and 10% BEETS max supply). Owning major asset liquidity such as ftm-usdc-eth-btc would increase the diversity of the DAO treasury and ensure long term prosperity. This will benefit BEETS holders as treasury owners and also the protocol.
- The initial trial will last for a month with maximum bonding capacity of $250k worth of BEETS. Note that the amount of BEETS used is quite small compared to our current monthly farming emission.
- Users will be able to acquire BEETS at a discount by vesting their A Late Quartet liquidity tokens over a 5-days vesting period. Bond discount is determined by the market.
- At the end of the vesting period, the DAO treasury would own the liquidity tokens.
- Olympus Pro takes 3.3% fee on the liquidity token used for bonding.
- We would launch another vote prior to the trial ending to see if the community decides to extend and / or modify.
The vote will take place here https://snapshot.org/#/beets.eth/proposal/0x0501d19f8c9fb6e67ab6293b6b164c57aee124b8923e3bbfa3b30ffe61429a6f
Snapshot at block 24480000 https://ftmscan.com/block/countdown/24480000.
About Olympus Pro:
Olympus Pro is the new industry-standard platform to help protocols acquire their own liquidity. Protocols no longer need to pay out high incentives to rent liquidity, while also guaranteeing the permanence of liquidity to facilitate transactions.
Olympus Pro solves these liquidity problems by providing bonds-as-a-service for a small fee.
Instead of staking their LP (liquidity provider) tokens for farming rewards, users can exchange their LP tokens for the protocol’s governance tokens at a discounted rate. This is done through a process called Bonding.
You can learn more about it here :