Chiming in from OlympusDAO on the Olympus Pro team here. I wanted to address two of the raised concerns (PoolTogether and Olympus Pro Fees) as they lack context in how they were presented.
Launching a successful bond program requires community engagement and co-marketing efforts to drive awareness to the bond program and conversion to bonding activity. After initial discussions, the governance proposal to launch POOL bonds passed in the last week of October. Unfortunately, the timing could not have been worse and a lawsuit against PoolTogether in the Eastern District Court of New York caused a general token price decline after the bond launch. OlympusDAO suggested measures to increase subscription, but periods of sustained sell pressure are not optimal for a bond program. Essentially, community members were unwilling to bond given the price uncertainty during that period of time.
In retrospect, OlympusDAO should have recognized that the PoolTogether bond program needed to be halted. Instead, we attempted to increase awareness by suggesting implementation of a “bond bot” in Discord or a link to our Bond Marketplace on their front-end. Given the issues going on at the time, however, the PoolTogether team did not adopt our suggestions. A lack of onboarding efforts and low community awareness, combined with a price decline, produced an unfortunate, albeit predictable, result that is outlined in their forum.
Olympus Pro has since implemented changes to our partner qualification approach in 2022 to emphasize Partner Success & Retention:
In addition to screening potential partners with a low likelihood of bond program success, we provide:
- Partner analytics services (alerts, bond bots, queries)
- Tokenomics consulting (beyond just OP)
- Assigned Onboarding & Success Manager
- Custom bond contract development
We do not flag ParaSwap as being at risk of adverse effects and are confident that our teams will work together to properly implement a Bond Program. Extrapolating PoolTogether’s story into a broader issue with Olympus Pro, which currently sits at 50 Partners with a 93% logo net-retention rate, is an unfair generalization.
Olympus Pro Fees
Yes, Olympus Pro charges a 3.3% fee for Partners participating in our bonding program. As with any “as-a-service” model, this is justified to cover operating cost and the value provided by our service. Rather than apply engineering resources to building an internal solution (labor cost, re-allocation of resources from other initiatives), OlympusDAO provides bond and treasury contracts, configured to ParaSwap’s emissions targets, “out-of-the-box”, which ParaSwap would fully own.
We will work closely with ParaSwap to benchmark Bond Program performance against peers and provide recommendations for continued success. We want Olympus Pro to be part of a holistic “Liquidity Solution” for ParaSwap, where we can help taper current PSP LM incentives to reduce token inflation and ensure sustainable treasury growth.
If you don’t believe us, we can provide testimonials from our current Partners such as Alchemix, Keep3r Network, Angle, mStable, TreasureDAO… among many of our other 50+ and growing Partners who continue to work with Olympus Pro. We welcome all feedback from prospective and current Partner communities on how we can make our product offering better! Also looking forward to engaging the ParaSwap community to build a Partnership beyond Olympus Pro.