Introducing O2DAO: OlympusDAO²

O2 DAO
4 min readNov 3, 2021

We know there have been a lot of Olympus forks emerging recently. The problem is they bring direct competitions to Olympus. Inspired by a Zeus’ tweet, O2DAO wants to be the first transparent Olympus fork that works together with OHM instead of fighting over the same reserves/markets.

Network of choice

The protocol will be deployed on Avalanche considering its low gas fee. wsOHM on Avalanche will also provide a convenient way for the protocol to automatically enjoy compounding of staked OHM without overhead engineering on the smart contracts.

Introducing OTWO, or O² if you will

OTWO will be the token for O2DAO. Although we wanted to have 1 OTWO backed by 1 OHM, unfortunately OHM cannot be used cross-chain. Instead, wsOHM (wrapped sOHM) will be our choice of reserve. As of writing, 1 wsOHM ~= 28.9 OHM. In O2DAO, each OTWO will be backed by a treasury which initially comprises of wsOHM and OTWO-wsOHM LP.

Every 100 OTWO is backed by 1 wsOHM, or 1 OTWO = 0.01 wsOHM.

Staking (O², O²)

One of the reasons people participate in (3, 3) is the sky high APY of staking rewards. We understand newcomers may be intimidated by OHM’s price and its volatility. In O2DAO, OHM in the treasury is used for staking in Olympus. Hence, not only is staking OTWO risk free, but it’s also incentivized by the same (3, 3) model on its own:

  • The wsOHM in our treasury is already used to participate in staking(3, 3) of Olympus. OTWO owners are essentially getting the same skyhigh APY
  • On top of that, OTWO employs the same (3, 3) mechanism which further amplifies the overall APY for an exponential magnitude

To put simply, if (3, 3)'s APY is 10,000% and (O², O²)'s APY is also 10,000%, their combined APY will be 100,000,000%.

This creates a circular relationship between OHM and OTWO. To summarize, ohmies are stronger together.

Initial Discord Offering

The OG members of our Discord channel will be eligible to participate in our IDO, which has already happened. However there will be events and campaigns where you can earn a presale spots. We want the launch to be as fair as possible, aka without VC and whales scooping up all the supplies.

Rules

  • Only non-US persons who are whitelisted can participate in the IDO
  • 699 aOTWO will be offered for sale
  • aOTWO will be linearly vested for 7 days following protocol launch
  • 1 aOTWO can redeem 1 sOTWO (sOTWO = staked OTWO)
  • The offering price will be 0.02 wsOHM per 1 aOTWO. You will need to purchase exactly 1 aOTWO
  • aOTWO that are not purchased will be burned
  • The initial supply of OTWO will be 1,000 minus the burned aOTWO
  • 20% of the total OTWO supply will be added as initial liquidity
  • OTWO-wsOHM pool will open at 1 OTWO = 0.03 wsOHM
  • 10% of the total OTWO supply will be used for development and protocol growth

The above information is subject to change and is not finalized. Feedbacks are welcome.
Stayed tuned when further IDO information becomes available.

In the meantime, you can check out how to obtain wsOHM here
https://o2dao.gitbook.io/o2-dao-documentation/how-to-guide/how-to-get-wsohm-to-avalanche

WAGMI.

Disclaimer

The information provided in this Medium Post pertaining to O2DAO (“O2DAO”), its crypto-assets, business assets, strategy, and operations, is for general informational purposes only and is not a formal offer to sell or a solicitation of an offer to buy any securities, options, futures, or other derivatives related to securities in any jurisdiction and its content is not prescribed by securities laws. Information contained in this Medium Post should not be relied upon as advice to buy or sell or hold such securities or as an offer to sell such securities. This Medium Post does not take into account nor does it provide any tax, legal or investment advice or opinion regarding the specific investment objectives or financial situation of any person. O2DAO and its agents, advisors, directors, officers, employees and shareholders make no representation or warranties, expressed or implied, as to the accuracy of such information and O2DAO expressly disclaims any and all liability that may be based on such information or errors or omissions thereof. O2DAO reserves the right to amend or replace the information contained herein, in part or entirely, at any time, and undertakes no obligation to provide the recipient with access to the amended information or to notify the recipient thereof. The information contained in this Medium Post supersedes any prior Medium Post or conversation concerning the same, similar or related information. Any information, representations or statements not contained herein shall not be relied upon for any purpose. Neither O2DAO nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this Medium Post by you or any of your representatives or for omissions from the information in this Medium Post. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed in this Medium Post.

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O2 DAO

A decentralized treasury-backed currency protocol that is backed by OHM. $OTWO is backed by $OHM