OIP-187 - Convert ETH and wETH Treasury Balance to Ether.fi weETH

Summary:

Olympus currently holds 129.3 ETH in the Treasury across native ETH and wETH. This RFC proposes converting these assets into Ether.fi WEETH, allowing Olympus to earn a sustainable yield and continuing to add to the ETH it holds on its balance sheet.

Motivation:

Olympus seeks to ensure that the blend and balance of its Treasury is both diverse and accretive over time. This growth in backing, will directly inform the speed at which this value is made available to holders via the Cooler v2 Drip. ETH and wETH held idle in the Treasury currently generate no yield. By migrating these balances into Ether.fi’s weETH. Olympus can capture an estimated 3% staking yield. The yield introduces low operational risk, as WEETH maintains a conservative liquid staking design. Treasury assets remain liquid and ETH-correlated, preserving Olympus’ reserve profile This move aligns with the broader strategy of ensuring that Treasury reserves are productive, while risk-aware.

Specification:

Initial Conversion: Convert up to the current 129.3 ETH/wETH into weETH.

Ongoing Allocation:

Future ETH returns from the OHM/wETH Pool may be converted into weETH as well.

Custody:

weETH to be held directly in Treasury reserves under existing custody arrangements.

Rationale:

Ether.fi WEETH is chosen due to its:

• Competitive yield relative to other LSDs (3%).
• Proven adoption and liquidity across DeFi.
• Non-custodial, decentralized architecture.
• This balances yield generation with Olympus’ core principle of maintaining robust, low-risk reserves.