The Olympus Post, Vol. XVI
August 14, 2022: Protect Ya’ Self
I am here, delivering more news and updates for the Olympians of Avalanche. This week, work being done behind the scenes is what has been driving our protocol forward. Through the constant communication and transparency that we provide to our community, we have been able to establish one of the most trustworthy and reliable protocols that run on the Avalanche Network. With this foundation, we have established a means for not only us, but for every DeFi protocol on Avalanche (and in Web3) to establish this same foundation. Gone are the days of rugs that catch the average investor off-guard. Arrived are the days where there is a symbol of approval, recognizable immediately, ensuring safety and quality.
Zeus Finance is serious when we declare that we are here to change the game. Decentralized Finance is here to stay, and it needs to be reconciled with trust, safety, and profitability before truly moving forward and being seen as a serious investment tool. Avalanche, for those who have been transacting on it since last year, has been filled with rugs. Enough so, that it has actually deterred some investors on bridging over, claiming that it’s only a place for absolute degenerates. As time progressed, we here at Zeus Finance were even see as a possible rug, and it was only a battle in proving otherwise. But, as we established specific elements into our protocol, we became known as one of the most transparent protocols around, Olympians rejoicing at the constant communication. Now, we on Mt.Olympus believe that the time has come for more people to start bridging over to Avalanche to see what we have to offer and we believe that a big opportunity exists in providing quality assurance to the community that surrounds us. But, before moving forward in talking about Aegis, allow me to move through my post as planned.
Where We Have Been:
I’ve already mentioned this in previous articles, but we have been having talks with a lot of teams of other protocols. So, something that we focused on this last week was communicating with these teams and planning on how we move forward together (or not). We will not clarify who exactly that we have been in talks with and how far along we are in our partnership talks, but know, we have been in discussions with teams and we are making progress. What we will be offering as a protocol, in the future, is very beneficial to other protocols and can be a great source of revenue for us. As you all know, more revenue for us means more sharing, and more sharing means more money in your pockets. So, let’s see what we worked on this last week and how we are working to help you all ascend wealth.
1st, I’d like to say that we have officially closed our lottery that rewarded $ZEUS and are no longer holding The Olympus Lottery in $ZEUS anymore. Moving forward, The Olympus Lottery will be held in $USDC, where both tickets and rewards are based in $USDC. Tickets are 5 $USDC with the drawings being held biweekly. Profits attained from the lottery will be used for the Stability Fund, meaning more profit sharing. Good luck!
2nd, after evaluating our revenue and current operating costs, we have decided to increase daily emissions from our Stability Fund to 2,250 $USDC.
With the increase in profit, comes the increase in sharing. We have been holding fairly steady over this ongoing bear market, and we want to reward our valued Olympians with an increase in their staking rewards. You have helped us stabilize during this rough market, so we only saw it fit to increase emissions from our Stability Fund.
3rd, the new dApp design is being worked on and I will likely have an update for the estimated time of arrival (ETA) this week. I saw some samples the new design last week, myself. So, please be on the lookout for the ETA in next weeks Olympus Post, maybe you’ll see a little alpha beforehand!
Where We Are:
Between the dev team and the executive/operations team, we are building and designing. The work is being completed behind the scenes and we want to ensure our faithful Olympians that we are on schedule for all of our dates that we have set forth. Simply put, our $ZEUS v2 token is still set for a late August/Early September release. Our bonding mechanism will release with our new token contract. The DEX is on target to be completed towards the end of September with a technical audit coming after. Based on the current observation of how long an audit for a DEX is, we are projecting 3–4 months and therefore would place us at the end of December or early January for our DEX release. Let’s take a look at how these are going.
Design: We have hired a developer to redesign the dApp that we have coming. I have given the details of how I would like the design to look and he will be running free with the information provided. The dApp is being prepared as we speak and it will feature a much more sleek, yet informative design than the current one in place. First impressions make or break it, and people arriving at our dApp and being impressed based on our image is not only a want, but it’s a requirement. As said, there’s no ETA as of now, but there should be one in the next update.
Utility: Utility is specifically about use cases for our native token, $ZEUS. We are currently working on our new token contract and paired with that, we have the arrival of our bonding mechanism. Through bonding, users will have the ability to sell us their tokens in exchange for discounted $ZEUS, which will allow us to increase our current extremely limited token supply, while also gathering liquidity in different tokens.
Where is the utility for $ZEUS?
Well mainly, $ZEUS will need to be purchased for the ability to sell $ZEUS-$AVAX LP tokens to Zeus Finance through bonding. We will also be purchasing $ZEUS-$USDC LP tokens which will increase buying pressure for $ZEUS.
For example, users will buy $ZEUS to place $ZEUS and $AVAX into the $ZEUS-$AVAX LP and receive LP tokens. Those tokens will be sold to Zeus Finance — we are buying and owning our liquidity, something extremely important and valuable as a DeFi protocol moving forward.
With the $ZEUS tokens that are emitted at a discount over the vested period of time, we foresee that many of our Olympians will actually use that $ZEUS for purchasing nodes (essentially, at a discount) and/or for discounted staking. Essentially, through bonding, we are offering discounts on the services we currently provide for those that are able to receive them on the first come first serve basis. We actually see bonding as a win-win scenario for both Zeus Finance and our Olympians.
We grow. You receive benefits.
The main utility for $ZEUS is actually accessing the profits of our company. I want that to be another reminder. As our profits increase, your profits increase. So, even though we may be focusing more on products and less so on exclusive “utility” for our native token, the current utility that we provide — profit sharing through $ZEUS — actually becomes more valuable and beneficial as we release revenue increasing products. This is “real yield,” a term being thrown around these days. We have always said, our earliest, most sincere, strategic investors will benefit the most. Those that were draining our protocol are gone. The real ones are left.
You grow with us, you climb Mt.Olympus with us, you ascend wealth with us.
Where We Are Going:
We are ascending Mt.Olympus. We are ascending wealth. We are ascending what it means to be a business, opening up the idea of “real yield” and profit sharing.
We want the idea of businesses not sharing profit to become a thing of the past — a thing to frown upon, to stop supporting — and the only way to make the change is to BE that change. If we have to be the protocol that sacrifices its profit to help change the concept of ‘ethical business,’ then we will. Our team is founded on ethics and we plan on sticking true to ethical behavior. We should always push its boundaries, transcending ethics until we don’t have to speak about it, until it is a way of life. This is only the beginning for Zeus Finance, and our foundation is what is helping us innovate.
Utility: As I’ve said, utility is specifically about the ability to ‘utilize’ our $ZEUS token. Releasing revenue producing products that don’t utilize $ZEUS isn’t technically utility, but it does increase the value in $ZEUS because it increases the access to the profit we share. So, new products do not equal new utility, though, new products do equal increased revenue and therefore, potentially increased profit.
Regarding the utility that we plan on releasing for $ZEUS, the next utility that we have releasing, not currently in development yet, is memberships through staking. Essentially, Olympians will have the opportunity to lock their $ZEUS, leveraging it, for a specified amount of time, opening up access to benefits and services that would otherwise be locked off. The first product that the membership will open up will be access to our xUSDC pool, our $USDC-$USDC single sided staking.
For those curious about what other benefits we will offer, I will keep that on the sideline for now. The elements fall under things that typical centralized financial services offer, nothing groundbreaking (for now). The initial benefit here is that we will be offering high earning potential for your $USDC, becoming a better place to store your capital while simultaneously increasing the value of $ZEUS.
**Alpha: Allow me to dive right into the alpha. As a reminder, I will not be releasing too much information here. I will talk about the intention, how we are going about it, and what it may look like, ever so slightly. We have talked a bit about Aegis. The entire product is finished, hence, the reason I can speak about it now.
Through our upcoming product, ‘Aegis,’ we are introducing a Quality Assurance Management System, a new standard for auditing organizations; an International Crypto Quality Standard.
Each audit will come with a manual. The purpose of each quality assurance manual is to define and describe each protocol’s quality
assurance system, to define authorities and responsibilities of the management personnel involved in the operation of the system, and to provide general procedures for all activities comprising the quality
Simply put, Zeus Finance developed and implemented a quality management system, specifically built for DeFi and Web3, to demonstrate its ability to provide a consistent and reliable product that meets customer and applicable regulatory requirements, and to address customer satisfaction through the effective application of the system, including continual improvement and the prevention of any scam or failure of a protocol. We truly believe that finding, implementing, and continued improvement of processes and systems drives desired results — it gives us the outcomes that we want to see. We plan on introducing Crypto Quality Assurance standards to every business or protocol we encounter.
Exactly what is the Pantheon of Trust? I’ll leave that for another time.
We may have all come on different ships, but we’re in the same boat now. — Martin Luther King, Jr.