OIP-28: Amend OIP-15 to use MA for wETH price

Summary

Amend OIP-15 to use a 45 day moving average of the price for wETH when calculating the 5% of Treasury risk free value (RFV).

Motivation

OIP-15 began the accumulation of wETH in the Olympus Treasury. “OIP-25: Deploy Olympus to Arbitrum” will make use of this wETH and reset the clock to continue our accumulation. This has given us the opportunity to reconsider how we calculate the 5% of Treasury RFV target.

ETH's price can have large price swings within days or even hours. These swings can easily make it appear that we’ve under or over shot our target. Using a moving average for calculating the wETH market value will allow Policy to be less reactive to short term market conditions.

Olympus is here for the long term, so let’s use a longer time horizon when accumulating our first volatile asset.

Since this is just a small amendment to an already existing proposal, it has gone straight to Snapshot.

Sources

You can read more about the two proposals mentioned here:

OIP-15: https://snapshot.org/#/olympusdao.eth/proposal/QmdC27BhNKvTqyvtYbR1XyXx4hN9M1hqNRwKhL4U49KGBt

OIP-25: https://snapshot.org/#/olympusdao.eth/proposal/Qmcnq67NR9mXU6wnzRB4tLntonBc9qH5gj4HkGF4upTpas

Vote

For: Amend OIP-15 to use a 45 day moving average price for wETH. Against: Do nothing.