Olympus & Vesta Partnership Formalization

Summary

This proposal aims to outline the relationship between Olympus DAO and Vesta and a potential token swap to formalize the partnership.

Olympus aims to be the future Decentralized Reserve Currency, a community-owned, decentralized, and censorship-resistant reserve currency that is asset-backed, deeply liquid, and widely used across Web3. Vesta sees a bright future in this vision and believes that our current alignment could be expanded to continue to enable utility and efficiency on gOHM and the ecosystem.

Motivation

OlympusDAO has supported Vesta since the beginning of the protocol, with gOHM remaining the major backing token of $VST at the time of this proposal. In the initial tokenomics proposal for Vesta, a total 6% ownership of OlympusDAO was outlined. Given the market development and level of support provided, both Vesta and the OlympusDAO team propose to the community an adjustment of these terms.

Proposal for Partnership

To formalize the partnership, Vesta and Olympus propose $250,000 USD worth of $gOHM at a 30-day TWAP at the time of transfer for 1,000,000 $VSTA at $0.25 USD, which was the price for the angel round—resulting in Olympus owning a total of 1% of $VSTA’s total supply.

To support Vesta’s ongoing governance initiatives, Olympus will participate in Vesta’s governance program. Furthermore, Vesta will also actively participate in governance and collaborate with Olympus on deploying more productive positions for both parties when such an opportunity arises on Arbitrum and elsewhere.

Voting Structure

Voting period is three days and will go from August 4, 2022 20:00 to August 7 2022 20:00 (UCT).

A quorum of 5% of circulating supply is needed to make this proposal valid. As of August 4, 2022, this is roughly equivalent to 250k tokens. A majority vote is needed to pass this proposal.