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.
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.
- 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
- Website: https://otwodao.com
- Discord: https://discord.gg/NmTARbbM
- Twitter: https://twitter.com/0xO2DAO
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