gOHM/DAI pool — Pilot project with OlympusDAO is now live!
Exploring the recently-approved pilot project with OlympusDAO for a Zero-Liquidation gOHM/DAI pool on MYSO!
Hey MYSO fam!
We’re excited to announce that based on the snapshot vote outcome from TAP-21 Pilot Clearing House Deposits, OlympusDAO has officially deposited $500,000 DAI to a v1.1 gOHM/DAI pool on MYSO!
This pilot project marks a novel method for the OlympusDAO treasury to deploy capital in an efficient manner while incentivizing OHMies to put their gOHM to work!
Let’s explore some key details below as well as an opportunity for you to earn some cash for sharing your experiences with the pool!
gOHM/DAI Pilot Project with OlympusDAO
One of MYSO’s key missions is providing support for DAOs and treasuries to put their native tokens to use — for organizations like OlympusDAO, who have strong conviction in what they are building and have formidable plans for token sustainability, this pool serves as an avenue to achieve just that!
With this pilot project, OHMies will be able to gain leveraged exposure to their gOHM tokens and participate in further gOHM upside. With a proposed LTV of ~75%, borrowers are able to pledge gOHM as collateral and take out DAI loans — DAI can then be swapped to gOHM through a DEX to gain approximately 1.75x leverage (4x leverage after looping!)— then, that gOHM can either be held or further pledged to acquire more DAI which can then be swapped to gOHM again.
This strategy thus allows OHMies to lever up on their gOHM exposure with no liquidation risk!
OHMies can further unleash the borrowing power of their idle gOHM stack to go yield farm, provide liquidity on a platform like Uniswap or Curve, and also cover short-term liquidity needs. In addition, borrowing is done at 0% APR and with only a fixed upfront fee!
For the OlympusDAO treasury on the other side, this pool serves as an opportunity to earn additional yield on DAI holdings — this is particularly attractive for OlympusDAO to productively utilize treasury stables while also propping up additional utility for the native gOHM token.
Cash for experienced DeFi users!
For users in both the MYSO and OlympusDAO communities that are looking to utilize the gOHM/DAI pool — we’d like to hear your feedback!
We are looking for some power users with a solid background in utilizing DeFi products (whether that be lending protocols, specific vault strategies, etc.) who are interested in putting their gOHM to work and providing us with feedback on the borrowing experience with MYSO!
For those interested, we’ve set up a Calendly link for you to participate in a 15 minute, 1:1 call with a MYSO team member. We’ll ask you questions about your experiences using DeFi products and your thoughts/feedback on the gOHM/DAI pool.
To register, please reserve a slot here: https://calendly.com/denis-myso/15min
Power users will be compensated with $50 USDC for participating — however, we reserve the right to withhold the reward given that a user does not have ample commentary and experience using other DeFi products. When signing up for a slot, please fill in the appropriate description of your experiences with OlympusDAO/general DeFi usage — only those that fill this small section out will be eligible for a call!
Promoting Robust Markets
We’re excited that this pilot project with OlympusDAO is officially live — OHMies can now put their gOHM to work and take out DAI loans with zero liquidation risk!
As we continue to navigate the DeFi space, we are eager to hear any and all feedback that may help us serve our community, and other web3 communities, to deliver the most value to users. If you have any additional use cases you’d like to see MYSO cover with non-liquidatable loans, please reach out to the team on Discord!
