CRE8R Olympus (need new name LOL) idea that @Ceazor @0xkowloon and I have been working on.
As far as I am concerned we have a better usecase for an OHM fork than anyone else in the industry. Olympus is designed to be a reserve currency and we as a DAO hold tokens we have earned via client work in reserve and pay out tokens to our creators for the work they do. This sounds very basic but we have a real use case here.
Currently we need to pay out stablecoins to creators who work on client campaigns. This limits the amount of client tokens (governance tokens for example) we can take as payment we can hold in treasury 50/50 stable/gov token is about max we can do and even this is not ideal. It makes our treasury growth slow. But it gives creators assurance that they will be paid in a token that holds its value.
Under the CRE8R OHM system creators and other DAO roles would be paid in $CRE8ROHM which would have deep liquidity (protocol owned liquidity via bonding is one of the key features of the Olympus system). The token price does fluctuate quite wildly but the DAO can set the rate in a USD equivalent ensuring a known price for work done (still using coordinape for payouts but we have already established a pretty good idea of what people are earning). During times where we want to reduce sell pressure we could also switch to stables from treasury obtained via bonding.
Above shows that we would be able to make payments to creators in a token that they can either cash out or 3,3 or a mix of both. This is one critical aspect of how our DAO works. Now lets look at whats in it for the client aka what is the value prop we can offer to a client if we switch to CRE8R OHM…
Using clients tokens as bonds.
A client that wants to work with CRE8R DAO would normally pay 20K USDC for one months campaign. And may offer some amount of governance tokens wether that be based on KPIs or as a payment mix ie 10kUSDC 10kGOVTOKEN
Clients generally have GOV tokens and if they can pay with them they probably prefer it. Especially if we are not planning on selling them. Under our new system we have a way to take on larger amounts of GOV tokens and NOT SELL them. Holding a tokens gives a vested interest in the success of a protocol this would switch us from 1 month campaigns to life long partnerships. Clients decide how much they want to bond and in return we offer our services. We are also able to open up bonding to the public and set bonding rates this gives our clients an extra use case for their token which can soak up supply and in turn increase price we have seen this happen again and again in DeFi with protocol integrations.
CRE8R DAO could set the minimum bonding amount to kick of a campaign alongside the deliverables subsequent bonds can be made by clients based on our performance & relationship over time. We will be able to set single token bonding (for new protocols that cant afford the other half of the pair in these cases we can become large stakeholders in these protocols!).
Note on risk* Will some of these protocols fail and will some of our reserves go to zero? YES! Inevitably. Will that leave us rekt and our currency not backed? It could if we are not careful with our policies and holding a balanced treasury. But we currently have 12 plus clients and are on target to grow that to 20 within the next couple of months. Its very unlikely that all of these will go to zero at once. Also we will be taking on native network tokens (ETH, MATIC, FTM, ETC) AND stablecoins bonds as well.
Bonds fuel the growth of the protocol by increasing runway for APY aka backing the inflationary token (CRE8R OHM).
Why would a protocol want to have their token added to our bonding program?
At CRE8R DAO we have always looked to find ways to utilise the tokens we hold in treasury.
This is something that we would like to expand upon and formalise. Running strategies with our treasury in the same way that Olympus does with allocators would be the ideal way to manage this.
This would open up new or expand on existing use cases for our clients tokens. The synergy created by a CRE8R DAO content marketing campaign running alongside smart DeFi strategies would be powerful. Lets take a closer look at the synergies involved here…
-To get to the point where we turn on bonds for a potential client our DAO would need to have a deep understanding of protocol and make a decision that we want partner with them. This is exactly how a solid lasting partnership should be formed. There would be a minimum bonding amount to kick of the deal set, and then subsequent bonds can be made by the protocol as deliverables are completed.
-When bonds are turned on enabling a client to make payment the next step of opening up bonding to the public is already built, it’s just a matter of setting the discount rate.
-Similarly CRE8R DAO will be well placed to be able to write a strategy for our own use of the bonded token potentially in collaboration with the protocols team. As time goes on we will be in the loop with developing use cases for the token.
-Generally speaking many of our campaigns have a component of explaining current token use cases. Example BPROTOCOL campaign gives details about $BPRO KPI options farming . We could deploy our own treasury ETH to this strategy and of course create content around this as well. This kind of content is very authentic as we are actually putting our money where our mouth is.
& Hundred Finance Campaign details $HND farming opportunities on DODO & Bethovan X.we could take a bond payment in $HND/FTM and provide liquidity to earn more $HND & participate in Hundred Finance governance decisions as a group that is well versed in the protocol - having worked closely with their community to understand the protocol and create content around how it works, its vision etc.
-Since we will run our protocol on multiple chains we will be able to take advantages of the opportunites available on those chains in a safe and organised manner (policy team, strategy team, allocator contracts to execute the code). Bonding discounts will ensure that we pull in enough capital to leverage these opportunities at scale.
-Integrations with new protocols: As time progresses we always have a constant stream of new DeFi protocols building products that we may be able to find synergy with in a variety of ways.
Note we are talking about CRE8R DAO owning liquidity in our clients token plus paired token. But also note we could offer an OHM PRO type service where clients can use our bonding system to grow their own liquidity. We could also offer extra APY paid in client token.
Having two bonding programs running would soak up even more supply of clients token and help with price.
This package of DeFi integration/partnership at the token level PLUS at the agency level will act as a powerful negotiating tool enabling us gradually to be able to set our minimum bonding amount much higher than our existing 20k packages. Which will in turn enable us to onboard more creators and skilled people to make our campaigns even better.
Multi chain instances
Client tokens as bonds will give us way more leverage to negotiate bigger deals clients bond but dont get a token (they get our service) and will enable us to hold massive amounts of client tokens as anyone can bond to get cre8rOHM meaning we are heavily aligned with our clients - while having the inflationary token with high apy etc to do payouts to creators.
Plus we get the bonding fees
The idea we have atm is to make $CRE8R the governance token over all the chains that we have our OHM fork on. And basically the whitelist token for initial CRE8ROHM (or whatever we call it).
This would mean that all of the F100 guys and gals and the future F100 that are still to come would all own a share of everything to come. Pretty good deal right?
Prior to launch of the Olympus code and bootstrapping of the initial CRE8ROHM/(ETH/MATIC/FTM) pool we would probably need to run an LBP for $CRE8R
We currently have around $400k USD value in our treasury and while this would probably be enough to start a pool it would make sense to start with a much larger pool and get the CRE8R token into more peoples hands. We can launch for example with 10% of supply of $CRE8R on each chain. 10% is already set aside for F100 & multisig so in total this would make up 40% of total supply. To futher bootstrap liquidity we could offer incentives on pools up till the or beyond point where bonding is turned on. First bonds to be turned on would likley be $CRE8R/ETH/MATIC/FTM
Ideally we start with one chain and then move to a new chain once we have the system running stable (probably around 4-6 weeks).
How will we manage this plus all of our client work? We will need to pull in more creators, admins, PMs, devs, advisors, etc etc. We can also look at pausing taking on new clients while we work on these launches.
Sounds like a LOT. Is it really worth it?
IMO yes it is. We get to:
capture the hype & of this bullmarket and become very well known across the space
Secure deep liquidity for our payment system so that we can payout more, attract more creators and skilled DAO members so that we can improve our campaigns and internal systems
Grow a warchest of network native tokens, client gov tokens and stables AND CRE8ROHM tokens that will mean CRE8R DAO exists and is strong for years to come
Become a serious and well known player within the DeFi space with considerable negotiating power
Hold large amounts of governance tokens and influence the direction of our clients/partners projects