O2 DAO Launch Details and Tokenomics Change

“wen launch?” is a question we’ve answered 69,420 times. We’d like to first answer why there’s such a long wait for the protocol launch, then announce some changes to the tokenomics, and finally the launch details.

Recap of the IDO

• We sold a total of 472 aOTWO (~95%)
• 5.97 wsOHM were acquired
• 40,700 USDT were acquired

Why so long?

• Olympus V2 will replace wsOHM with gOHM. We have been waiting for migration details and wanted to see if we could go public right after the migration happened (which didn’t)
• The 1 OTWO = 0.01 wsOHM backing has technical challenges in modifying OHM’s contracts. The original OHM V1 contract was designed on the premise that 1 token(OHM) = 1 token(DAI). Anyone who has worked with Solidity knows decimals are a pain. We cannot just change the decimals of the core logic and assume everything will work just fine. We spent a lot of time debugging and making sure the decimal change would work flawlessly. Ultimately we’ve concluded this would bring uncertainties to the security of the protocol

What’s changed?

• The most important change is 1 OTWO backed by 1 wsOHM. Our total initial supply will be reduced to a whopping ~8 OTWO
• This will allow us to better align with the fact that OTWO is backed by wsOHM
• The exchange rate of aOTWO to OTWO will be 1 aOTWO = 0.01 OTWO
• The team has decided to burn 90–100% OTWO allocated to the team. This is to eliminate concerns that the team may dump their tokens. Instead, we will ask the DAO to allocate resources to the team in the future.
• USDT and OTWO-USDT LP will be removed from the treasury. We will once again move to the direction that OTWO is fully backed by (ws)OHM. The reasons are wsOHM’s liquidity on Avalanche has improved and we raised little USDT in the IDO. We will buy (ws)OHM with the USDT.
• To conclude, we are doing a 1/100 contraction and cancel USDT backing.

And finally…

Launch Date: 🎉November 21, 2021 2:00AM GMT+0🎉

We would like to thank IDO participants for their support, and we look forward to the synergy between O2 and OHM.

O2ers 🤝 OHMies