We’re discussing adjusting timescales and asks for future proposals, as the average price of $OP over the course of our emission schedule would probably be much lower than current market rate (thus the 925k we’re asking for now seems like a much higher amount than we’re projecting).
I think being able to engage with the OP community has been really valuable and will shape our B2DAO efforts going forward. I’m still hopeful our proposal passes but you’ll see more of us no matter what I hope you give Reaper and Reliquary a try once they’re live.
Based on feedback we’ve received so far we are making the following changes to the proposal:
Incentive distribution timeline: Reduce from 18 months to 9 months
$OP Request: Reduce from 925,000 to 490,000
465,000 $OP to be used as incentives:
65% - Reliquary (300,000)
35% - Granary.Finance (165,000)
25,000 $OP to be used as compensation to Optimism community contributors to Lrn.fi
We hope that our plan to match incentives 1:1 (dollar per dollar) with $OATH emissions demonstrates our strong commitment to deploying and building on Optimism. Additionally, $GRAIN rewards will be added to incentivize borrowing / lending on Granary.Finance once $GRAIN launches.
The team is currently exploring top DEXs in the Optimism ecosystem. Initially $OATH liquidity will be split between BeethovenX and Velodrome to allow for low slippage trades. We will continue to explore other DEXs to add protocol owned liquidity in the upcoming months.
Please let us know what you think of the proposal update, feedback is welcome!
in proposal you have mentioned “The distribution of incentives is to take place over the next 18-24 months and will be regulated based on TVL flow and competing interest rates.”
which one is true ?
and where do we stand on this
We’re doing production testing and will be moving to closed beta within the next 2 weeks.
After discussing our proposal with other delegates, it was decided our timescales are too long, and that we should adjust our ask accordingly. Not sure what you mean by “which one is true.”
We’ve been live with Reliquary for about a week now poking and prodding at it internally, and everything is running smoothly. Most of the testing is on the front end since it’s heavily gamified to ensure graphics and state changes are all working properly.
Since our multi-strategies are up and running as well (see below) there’s not much to inhibit us from deploying Reliquary relatively soon. Granary’s multi-incentive controller is also on chain currently and we can flip that on when needed.
I should have chimed in here earlier so it was clearer that this proposal does indeed have buy in from a delegate. Unfortunately it was marked “not approved” on snapshot but this was my fault. I’ve been working with the Byte Masons on this and gave them a few rounds of feedback before they ultimately landed at what I think is a solid proposal (and I fully support it).
Balancer & BeethovenX plan to work closely with the Byte Masons to roll out Granary & Reaper boosted pools (liquidity pools where most of the tokens are deposited elsewhere to earn a yield, in addition to swap fees). Aave can be a bit slow to add new tokens - meanwhile Granary already supports OP and they can move quickly to add other tokens like MAI that we can then leverage on the LP side. Reaper also recently rolled out multi-strategy single asset crypts which can be used in a similar way.
The expertise the Byte Masons bring to the table cannot be overstated. The brain power Optimism stands to gain here is massive and when you combine that with Balancer’s technology it’s going to unlock a ton of cool integrations.
I would like to see a lot more details regarding the distribution of OP before voting. How will it be distributed?
Additionally, I disagree with the recent edit of shortening the time frame of distribution as the goal is promote Optimism, not distribute OP to mercenary farmers in a short time frame. I would suggest keeping the distribution period to the original proposal of 18 months.
Finally, the Byte Masons have a phenomenal track record of strong security. However, with the recent departure of Andre Cronje and Andre directly attributed one of the reasons was due to Reaper’s greedy actions in abusing Solidly. What would prevent another similar situation?
Are there any dashboards the Byte Mason team monitors or some shareable usage metrics?
It’s not 100% clear to me which of the protocols are already live on Optimism vs which will launch soon, trying to understand the current lay of the land. For example, I don’t think I see any activity in the last 30 days on Top Optimism Dapps | DappRadar for any of the protocols in question…correct?
I hope you give Reaper and Reliquary a try once they’re live.