Token Emissions & Olympus Pro Bond Program

Projects Keep3r
1

Note, updated 25th March 22 to correct for renewed rKP3R rewards to ibstable curve pools*

Hi team,

I’d like to seek some clarity on current rate of emissions for the $KP3R token as well as an understanding of the benefits / expected profitability of LPs that have been secured via the Olympus Pro Bond program

Understanding that the ongoing handovers of the KP3R governed protocols are in transition, I’m also sharing suggestions & options (below) on how this critical information can be shared with the community

To begin, providing a brief recap of where emissions were expected to be directed, how they were revised and overall performance of the Olympus Pro Bond program.

Background Info: Emissions planned

In keep3r expansion & consolidation Keep3r tokenomics v2 plan was announced to have the following features;

  • Open-ended emissions would end & be replaced by isolated liquidity mints that would gradually decrease over 4 years
  • each sub-project would receive a weekly cap target (open to review/change if needed)

Weekly caps would be directled along the following lines;

  1. Keep3r v1 jobs - would receive a weekly limit of 1,00 KP3R
  2. KP3R/ETH OLM - a weekly limit of 1,000 KP3R
  3. v3 liquidity incentives - a weekly limit of 1,500 KP3R
  4. Fixed Forex - (planned to distribute vKP3R instead of KP3R) equivalent of 1,000 KP3R per week

with the additional qualifiers that 1% of all emissions would be sent to treasury for future development & treasury retaining option to mint for purposes of sustaining growth

With this plan shared at end of August 2021 and total KP3R in circulation at that point at 239,030 the expected outcome after 28.5 weeks would be a total supply at end of 367,280 KP3R (an increase of 128,250 KP3R total supply).

Note - 28.5 weeks are taken as the period of time between this announcement and when Olympus Pro Bond program ended on 15th March.

Changes to original emissions plan

Through a combination of changes to KP3R to introduce rKP3R for incentivizing FixedForex gauges on curve, the revision of Keep3r to V2 and limitations in the profitability of uni v3 LP positions the planned emissions schedule was ultimately revised to incorporate the following direction;

  • up-to 1,000 rKP3R per week directed to reward vKP3R holders
  • up-to 1,000 rKP3R per week directed to incentivize ib*stable gauges on curve
  • up-to 5,000 KP3R per week directed to securing POL via the Olympus Pro Bond program launched on 8th Dec 2021

As of 15th March, the total token supply had reached 375,296, an overall growth from the same starting figure listed above of 136,267 - so just over 8k more KP3R than originally anticipated

Olympus Pro Bond Program: Outcomes

The bond program launched on 8th December, with the Olympus DAO team sharing that the KP3R bond program has been the biggest bond program to date and indicating that at start of program ownership of liqudity positions stood at;

  • POL of KP3R/ETH LP - 38%
  • POL of all other Fixed Forex stablecoin pairs - 70%

All LP positions with Sushi - addresses for LP available in Fixed Forex docs

Bond program performance was also tracked on the fixedforex.live/bond dashboard, with extract of stats / outcomes through end of program available here;

Olympus Pro Bond End
Olympus Pro Bond End1123×793 64.4 KB

Critical info here being;

  • 57,000 KP3R directed to securing bonds
  • $25.6m in POL secured

Additionally, this has led to outcomes where;

  • KP3R/ETH LP - 61% Protocol Owned
  • Fixed Forex stablecoin pairs - 99% Protocol Owned

Emissions at present: Query

With bond program now ended, and rKP3R emissions for vKP3R reported as not distributed as of w/c 14th March & curve gauges currently displaying a 0% rKP3R reward [Edit, 25th March - Curve gauges have been updated with rKP3R rewards]

Suggestions/Options

I would like to propose that the following suggestions would be helpful for the community;

  • Tracking the ongoing performance of POL positions
  • Providing a clear statement on how profits from POL will be utilized, as well as any soft benefits
  • Sharing an update on whether rKP3R emissions to vKP3R and Curve pools are still active

Options available for executing on the above could be as follows

Tracking performance of POL;

  • Option 1 - incorporate within the existing fixedforex.live dashboard
  • Option 2 - have a member of the team or community put this together via a duneanalytics dashboard (perhaps incentivized by a small bounty)

Providing a clear statement on how profits from POL will be utilized;

  • Option 1 - share a short update via thekeep3r twitter account
  • Option 2 - provide a short post on either of the official discord or telegram groups, this can be executed by one of the moderator team members while retaining the current closed for comments policy
  • Option 3 - establish an offical keep3r & fixed forex medium channel to provide updates - where informed community members can accept burden to update (I would be more than happy to provide contributions in this area)

Sharing an update on whether rKP3R emissions to vKP3R and Curve pools are still active;

  • Same options available as above, and ideally combined within a single communication

These seem like obvious opportunities for community engagement in non-technical or low-technical ways that could help support the team during what surely is a busy period due to planned upgrades and transitions

Anyone other members of the community that are happy to contribute or volunteer for coordination of community participation feel free to provide comments or suggestions below

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