Pete

@slagathor

149 Following

48 Followers

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Event Horizon is doing this well: https://eventhorizon.vote/

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my stETH number assumed 1k stETH from the treasury was redeemed for ETH, and also included the 9.49847206 wstETH, which comes to 11.4605 stETH when unwrapped

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@fattybuthappy had the idea of going with 1k so the treasury is split 1/3 each between Lido, Mantle, and Origin LSTs. This would be the breakdown of LSTs in the treasury: 1081 stETH 1000 mETH 1000 OETH 163 rETH This would leave about 404 ETH in the treasury, or about $980k right now,+ $896k USDC + $41k NOGS

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Hey @jarmen, thanks for your response. I would argue that 300 ETH is a good stepping stone based on the 1 and 50 ETH tests within Lil's, and based on the currently available ETH in the Nouns treasury. Maybe you missed my response to vote.0xdusk.eth regarding Nouns receiving a delegation of xOGN. I said: "That is certainly a possibility. Providing DAO's some governance power could be a program similar to what we did with the university governance program (UGP). It would probably require a governance vote to get a DAO delegation program set up, but I'd be happy to write, submit, and support that prop. Here's some more info on the UGP: https://docs.originprotocol.com/ogn/university-governance-program"

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After 2 years and after many weeks of tuning into Nouns calls and talking with delegates and community members, my OETH prop is back up for vote! https://nouns.wtf/vote/816 This prop would safely increase the yield the Nouns treasury is earning on its ETH, while also at the same time diversifying from Lido and Rocketpool. OETH has already been well tested within the Lil Nouns treasury for more than a year, as seen from https://lilnouns.wtf/vote/165 and https://lilnouns.wtf/vote/203/ Here is the 180 day yield report, comparing OETH yield compared to stETH, rETH, and frxETH within Lil Nouns: https://blush-rapid-impala-153.mypinata.cloud/ipfs/bafybeifsh7jybq26h76vxktioarhd4py7s7aabwhvwivqorbetfrjxvvfi

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I've just unlocked 40476 @noggles from my nounish NFTs. Put your /noggles on and join the nouniverse. ⌐◨-◨

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It was so fun to meet new friends and catch up with old ones at the Farcaster event last night. Props to @mcbain + crew for organizing such a great event. @raulonastool @slagathor @addigator @eugenenacu @slagathor @nicholas @j4ck.eth @alxfal @insider0x @metamonk @rgboop.eth @evgeny

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One more time! After receiving the YES votes on the second try, but not meeting the threshold, the OETH prop is back up for vote for 24 more hours! https://lilnouns.wtf/vote/165/votes

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Cast your vote here: https://lilnouns.wtf/vote/158/

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hello Lil Nouners! Pete here again from Origin to drop a quick note on OETH props: Prop 388 to Nouns proper unfortunately did not pass :( but it did win the support of the Lil Nouns, 644 - 233! With this in mind we've decided to re-submit the prop directly to Lils! Prop 158 is open for vote, for 20 more hours!

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all things considered, this prop to test that Nouns can safely earn yields thru OETH is requesting just 1 ETH - it's a much smaller test than the last prop that had to do with treasury diversification, which was for $1M

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The current collateral breakdown and strategies used is always available onchain via the analytics page: https://www.oeth.com/analytics as well as on Proof of Yield: https://www.oeth.com/proof-of-yield

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at the moment 24,052 OETH is opted-in for yield and 20,375 OETH is opted-out. Nouns would earn a portion of the yield from those opted-out

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The only farming being done is Curve/Convex on the OETH/ETH pool w/ the ETH thats currently backing OETH (currently 54.7%). The remaining 45.3% of collateral is all in LSTs earning yield. By holding OETH, Nouns would earn a promotional amount of all this combined yield, plus additional yield earned from those opted-out

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Something I do want to highlight though is that, while trying out OETH would get Nouns a decently higher yield, it would also help diversify the treasury, and protect against the downside if stETH or rETH were to get slashed or depeg from ETH, since OETH is backed by 3 different LSTs, ETH, and wETH.

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Hey seneca, appreciate the input! We're taking every step to reduce risk as much as possible - I go into this at length on the proposal under the section "Potential Risks and Mitigation" that's too much to post in a single comment here, but it's definitely worth a read!

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Here's OIP-4 for anyone interested, the same mint protection was also implemented for OETH and it has also been working beautifully: https://github.com/OriginProtocol/origin-dollar/issues/1000

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During the scary depeg weekend of 3/10/23 OUSD actually performed beautifully 😇 OIP-4 prevented minting of new OUSD w/ depegged stables, and the protocol exit fee was also able to collect a lot of cash from people exiting and trying to arb. $120k was collected for OUSD holders!

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Fun fact - OETH actually reused 95% of the codebase of previous Origin product, the Origin Dollar (https://ousd.com/). OUSD is essentially the same token, but uses stablecoin (USDC, USDT, DAI) as collateral instead of ETH and LSTs. OUSD officially launched in January 2020 and the codebase has been audited 10+ times!

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I'll hang around here to answer any questions on Origin Protocol, OETH, or the proposal itself!

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