Discover more from Coinshift Newsletter
$15.9M in payouts, $266M assets imported, Coinshift partners with Credmark on DeFi Risk assessment, Olympus DAO to fund TokenReactor (tOHM) from its treasury, and more.
🌈 Hey Coinshifters,
This week we announced our strategic partnership with Credmark. ( Links to all the documentation have been shared in the Product Updates section)
Along with the Crypto Treasury updates on Olympus DAO & Tokemak, and Bankless DAO, further explained in What’s new in Crypto Treasury.
This week’s growth numbers -
Latest MultiSafe Stats
Total Users - 183
Payouts - $ 15.9M ✅
Total assets - $ 266 Million ✅
How about sharing the newsletter with your peers or the ones you find would be interested.
Do you know - We spend a lot of time creating the best Treasury management software. And our driving force is your feedback. So reach out to us at - Discord Channel
Every response will be read. ✌️
🔥 This week in Coinshift
🙌 Partnership announcement with Credmark on DeFi Risk Assessment
Focusing on 4 primary areas:
Learn more -
Medium -> https://bit.ly/3vY9wsf
Risk Library - > https://buff.ly/3w3vVEn
For any questions. Reach out to us on Discord.
🔥 What’s new in crypto
Background about Tokemak
Tokemak is known for its sustainable DeFi liquidity and capital-efficient markets through the decentralized market-making protocol.
The first act of TOKE holder governance is the Collateralization of Reactors Event (C.o.R.E.) where a list of 36* established DeFi projects have been chosen as the first candidates for Token Reactors. A week-long program in which the top five projects that receive the most votes will be approached to discuss the possibility of a DAO to DAO, TOKE<>ABC swap in order to initialize a given Reactor’s reserve assets.
If they’re unable to secure a proper reserve of assets from one of the top five projects, the sixth most-voted project will become eligible for a Reactor for the above approach, and so on.
Tokemak website - https://www.tokemak.xyz/core
👉 Fund Tokemak tOHM Reactor with DAO Treasury OHM
Olympus has been awarded $18 million in additional liquidity as a result of the C.o.R.E voting event. Now Tokemak will use OHM as a reserve for tOHM. With approximately 715,000 OHM held in Olympus DAO treasury. Users prefer staking in sOHM rather than LP in tOHM, for that the protocol should seed the reactor with OHM from the DAO treasury which will require contribution with an outsized impact.
Initially, TOKE will serve as a liquidity director by staking in the tOHM reactor allowing Olympus to initially direct up to $18 million in liquidity (e.g., OHM-ETH), quickly expanding this amount. OHM in the tOHM reactor will earn TOKE rewards that will likely lag behind OHM staking rewards at scale.
The proposal includes the use of ~900 OHM from the DAO (~0.10% of the DAO OHM balance) to seed the tOHM reactor
Click here to read more.
The same proposal is reposted to correct the amount that is required to seed the reactor i.e ~9000 OHM from the DAO (~1.1% of the DAO OHM balance) to seed the tOHM reactor. There is approximately 800,000 OHM in Olympus DAO Treasury.
Read and Vote for the proposal.
👉 Bankless DAO to implement a bond program with Olympus Pro to own its liquidity
Olympus has spent months studying and perfecting its own bonds. So they’re offering their expertise in bond contract management to support Bankless DAO and other DAOs interested in owning their own liquidity. This includes UI for bonds and maintaining bond control variables to balance emissions with liquidity accumulation.
Bond prices are decreased until a bond is purchased which then pushes up the price of the next bond. The proposed bond program is to sell BANK at a discount in exchange for BANK/ETH LP tokens, bDAO can distribute its governance tokens to more users while also accumulating its own liquidity. The discounted rate on bonds is achieved by a novel pricing mechanism that allows the market to set the discount.
Initially Bankless will allocate 5M BANK per month to target $3M of liquidity over the next six months. If 30M BANK is allocated out of 1B then the pain point would be low liquidity and 3% of total supply which can be resolved by increasing on-chain revenue and earning fees from own liquidity. In this Olympus would take a 3.3% on all BANK bonds sold with minimal impact and permanent liquidity source.
Read and Vote for the proposal.
If you’ve got thoughts on what should be discussed or any other feedback. Join us at our - Discord Channel
👋 👀 See ya’ll next week!
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