Preface

Proposal

Enter Olympus Pro’s Bond Program on a trial-basis to strengthen MaidCoin’s liquidity pool and reduce supply-driven sell-pressure. This would be run in parallel to the already available MAID-ETH LP “Maid Corporation” farm, with this farm eventually being phased out and emissions removed (potential to re-allocated emissions to nurse LP staking farms instead).

Background

Despite continued fundamental strengthening within the MaidCoin ecosystem (including the early emission cut), the $MAID token has faced tough price action that leaves it undervalued. This has been exacerbated by a lack of token liquidity. Olympus Pro offers an appealing resolution to this.

Analysis

Olympus Pro bonds offer $MAID tokens at a discount in exchange for liquidity (MAID-ETH LP). Implementing MAID-ETH LP bonds would provide a sustained source of protocol-owned liquidity. (MAID-ETH LP tokens on Sushi). Ultimately, owning productive liquidity within the protocol is a scalable, multi-beneficial adjustment.

Benefits

• Minimizes volatility • Permanent liquidity floor supports investors and minimizes down side risk • APY from trading fees, which can be distributed back to $OMU holders, further creating value for $OMU holders, or simply used to buy-back $MAID and burn it.

Downsides & Risks

• Discounted $MAID tokens open some surface area for arbitrage. The thesis is the bond period, with anticipated appreciation, would make it non-trivial to execute on the arbitrage. Bond vesting periods are configurable; the default is 7 days.

Why do this instead of putting up LP ourselves

• Opportunity to distribute $MAID tokens to a wider group of committed users • Discounted price for new $MAID token players looking to start raiding (after bond vesting) • Bond vesting period briefly locks up $MAID • Relationship with Olympus DAO, which has a strong community and potential for future synergies.

Status

Hiatus (MaidCoin CM) has had preliminary informal conversation with an OlympusDAO team member and they are interested in onboarding an NFT project like MaidCoin to their program. The DAO needs to converge (via rough consensus) on a few decisions:

1. A binary decision if we pursue this arrangement (suggestion: yes);
2. Re-allocation of emissions, if MaidCorp LP farm is phased out;
3. Use of LP fees generated from the protocol-owned LP.
4. Duration of trial (suggestion: 15 weeks);
5. Bond vesting period (suggestion: 5 days)

Olympus Pro Resources

• Olympus Pro Docs • Olympus Pro Announcement • Olympus Pro Site • Olympus Pro Marketplace

Specification

1. Enter Olympus Pro’s bond program to last 15 weeks. This will yield us MAID-ETH LP liquidity to support long term price stability and health on Sushi.