Thorstarter Olympus Pro
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Thorstarter is excited to announce that we will be launching an XRUNE bond program through Olympus Pro as part of their Cohort 2 Launch Partners. See Olympus Pro’s announcement here.
Users will be able to sell their XRUNE-ETH SLP Token on Olympus and in return get XRUNE at a discounted price.
Olympus Pro is an extension of the now-popular Olympus Finance model, whereby protocols can sell bonds and own their own liquidity.
Let’s dive into why this will be a game changer for Thorstarter (and protocols like us).
To help bootstrap liquidity in our XRUNE-ETH pool on SushiSwap, Thorstarter currently emits XRUNE to LPs as a reward. While this does indeed attract liquidity for a short period of time, it has the negative effect of increasing buying pressure and bringing mercenary capital to the protocol. When comparing the Olympus Pro bond program to something like a standard Pool 2 farm, the type of capital it attracts is more aligned with the long term success of the project.
Coupled with a 2–3 month roadmap delay due to the TC network halt that extended the LM rewards program without concurrent launches to offset the increased buy pressure, XRUNE incentives are slightly “out of balance” at the moment. This Olympus Pro bond program will be a simple way for users to acquire — and earn yield on — XRUNE without unnecessarily inflating the circulating token supply. Essentially:
Olympus Pro allows users to purchase XRUNE for less than market rates by bonding their LP tokens on Olympus (essentially, selling them to Thorstarter). The bonds given to users will vest over a one week period, and be claimable once the period is complete.
Thorstarter will allocate 2.25 million XRUNE towards this program, with the expectation of running it for a minimum of 12 weeks. We will adjust the allocated rewards and length of the program as needed going forward.
Why Olympus Pro is a Huge Win for Thorstarter
Olympus Pro’s bonding program is a new solution to help new, upstart projects acquire their own liquidity. The Olympus protocol is itself the poster child for its own model, with the Olympus treasury now owning more than $600m in assets and counting.
Applying the same model with Thorstarter, a portion of our liquidity rewards will be used to acquire more liquidity, allowing the protocol to own more and more of the Pool 2 liquidity over time. This is designed to create an ever-growing liquidity pool as the bonding program progresses. In addition, we can utilize revenue generated by the protocol-owned liquidity to fund ecosystem growth, DAO investments, and project marketing.
On top of all of this, Thorstarter testing an Olympus Pro bonding program for XRUNE is a way for us to assess whether it would be a good service for projects that we launch.
Fees
In exchange for facilitating our bonds program, we will pay a 3.3% flat fee for each XRUNE bond sold to the Olympus treasury. Considering the benefits to Thorstarter and OPs expertise in the space, we feel this is a reasonable fee for their service. Olympus is known to have diamond hands and we foresee our bonds program with them causing a reduction in XRUNE circulating supply, as well as a promising start towards protocol-protocol coordination and cooperation.
Concluding thoughts
Thorstarter kicks off this Olympus Pro collaboration right as we start launching our top THORfi projects (at last) and begin our expansion to Terra. Our bonds program will allow us to test a cutting edge method for liquidity bootstrapping while maintaining our grants program and investment DAO model.
This bonding program is a perfect complement to our multi chain expansion. As we prepare for the first Terra IDOs, we will also be adjusting our incentives to focus on locking up XRUNE tokens through bonds while we accumulate some of the proceeds in our treasury to invest in our Terra launches.
Overall, we see bond incentives leading to lower circulating XRUNE supply, cross-chain demand as we expand to Terra, and the possibility of collaboration between Olympus Pro and our portfolio projects as a win-win-win.
We are excited to bring you more bonding and incentive updates as the program matures… Stay tuned.
Check out our liquidity incentives here.
About Thorstarter
Thorstarter is a first-of-its-kind model: a hybrid IDO launchpad that meets decentralized liquidity and investment DAO. TS will function as a decentralized organization that works as a decentralized VC firm, investing with its own native currency into new projects and splitting 50% of the launch with DAO members via a native governance token — vXRUNE.
DAO members are simply anyone who holds vXRUNE. The DAO treasury will earn fees, and these fees will be distributed in part to vXRUNE holders. The ultimate goal of the Valhalla DAO is simple — to grow the THORChain ecosystem by deepening liquidity for long-tail, up-and-upcoming projects.
Thorstarter currently launches THORChain and ETH projects but will be expanding to Terra and Fantom in Q4 2021.
Thorstarter Links
⚡️ Website: https://thorstarter.org
⚡️ Telegram: https://t.me/thorstarter
⚡️ Telegram ANN: https://t.me/thorstarter_ann
⚡️ Twitter: https://twitter.com/thorstarter
⚡️ Blog: https://blog.thorstarter.org
⚡️ Discord: https://discord.gg/awmWNyWb
️️⚡️ XRUNE address: 0x69fa0fee221ad11012bab0fdb45d444d3d2ce71c
OlympusDAO Links
Twitter: https://twitter.com/OlympusDAO
Website: https://www.olympusdao.finance
Olympus Pro: https://www.olympusdao.finance/pro
FAQ: https://docs.olympusdao.finance/main/
Discord: https://discord.gg/6QjjtUcfM4
Thorstarter 🤝 Olympus Pro was originally published in Thorstarter on Medium, where people are continuing the conversation by highlighting and responding to this story.