Hello everyone! We want to update our community on what is our plans going forward.
As you know, the OHM ecosystem is not going through its best moments, with our allfather OlympusDAO, all its forks and ecosystem ramifications being in a downtrend. Long story short, the timing of our launch wasn’t the best, but this is something we can’t really control.
Bad times and instability will happen, but good times and stability will also happen, and it’s very important we are ahead of everyone else when that time comes.
Our team is full of ideas and motivation to keep working on what we actually can control: build the most innovative and successful decentralized reserve currency backed by a truly optimized treasury.
Protocol Owned Liquidity AMM
We are launching Vikings DEX.
One of the biggest gaps we see in DeFi currently is the situation with AMMs.
Liquidity heavily depends on dumpable tokens that need to be constantly given to users to incentivize them to become market makers, making the protocol sacrifice its own token for the sake of usability, while users are also heavily exposed to the inherent risk of Impermanent Loss holding LP has.
We believe a model, where the protocol is the owner of the liquidity instead, is much more sustainable long-term. Also, we find the fees charged by most popular AMMs to be quite high and ridiculous.
Our goal to achieve this is the following:
- Start offering bonds of the highest trading pairs in AVAX. (AVAX/MIM, AVAX/USDT…)
- Once liquidity grows enough for trading, release publicly our AMM. Bots, arbitragers and traders can trade on our AMM.
- We will implement the lowest fees of whole ecosystem for each trading pair, so trading volume is a guarantee provided there's enough liquidity.
Obviously, without growth and liquidity, it is not possible to trade, but we have to start somewhere to achieve our big goals long-term.
Our next bond will be AVAX-MIM LPs featuring the first-ever (4, 4) bond on AVAX.
NOTE: introducing more bonds DOES NOT dilute VAL any further than having only 2 bonds. The bond discounts are demand-based, and adding more bonds will only spread the offering further. In reality, people shouldn’t really care about which bond to use, as long as they get the best discount. We will make this process as easy as possible with automatic bond zaps. This guarantees that all the LPs will get eventually enough liquidity if we grow without ever negatively affecting our protocol or any user.
VikingsDAO and VAL burns
We are considering scheduling big burns of the $VAL token using DAO funds to support the ecosystem and token sustainability. Removing $VAL tokens from circulation can only be good long-term.
We will have a snapshot.org voting platform soon for important protocol decisions and how to utilize the DAO funds for important decisions.
Things like: marketing, audits, or any 3rd party expenses, you will be part of the decision with your sVAL voting power.
We have a lot more ideas and plans in the roadmap that will be disclosed at due time. This is only the start of our journey. We think there is a lot of room for improvement in this ecosystem and feel confident we are capable of delivering them.
We have high hopes that our protocol will succeed. Things don’t always work out as you wish, specially in cryptocurrency markets where many cycles exist. However we expect our future plans to have a positive impact.
Nonetheless, and this without trying to offend anyone: we don’t really care about market or results.
We will build this protocol, our vision, our goals, no matter what.
And then, we will peacefully feast in Valhalla 🪓