Oracle DAO (Next Gen Fork of olympus DAO)

Funding Proposals Grants
1

Name of Project

Oracle Dao

Proposal overview

The tremendous potential of Olympus DAO motivates us to create this project. However, there are many limitations to Olympus protocol, primarily being an unused treasury. Our aim is to utilize a percentage of funds from treasury and use it to gain an almost risk-free return by depositing it in protocols like AAVE, Convex, etc. We will also utilize a small portion of the treasury to fund high-quality crypto projects, which helps the DAO gain more profit once these projects grow big.

Oracle DAO is the decentralized reserve currency protocol that will be available on the harmony blockchain. Each ORCL token is backed by a basket of assets (e.g., USDT, ORCL-USDT LP Tokens etc) in the Oracle DAO treasury, giving it an intrinsic value that it cannot fall below. Investors can participate in the ecosystem by staking, bonding or hyperstaking. Stakers stake their ORCL tokens in return for sORCL tokens, while bonders provide LP tokens or stable tokens like USDT, USDC in exchange for discounted ORCL tokens after a fixed vesting period.

What makes us different than other Olympus Dao forks?

  1. Use of Treasury:
    1. Invest stablecoins from the treasury into yield aggregators and generate passive yield.
    2. Reinvest percentage of excess treasury into high-quality crypto assets effectively turning DAO into a funding venture.
  2. HyperBonding, Where investors will be able to autostake the bond amount and claim the rebase rewards during the vesting period.
  3. LaunchPads, where all holders will be able to participate irrespective of the amount they hold.
  4. HyperStaking, where holders have an option to lock their sORCL for a certain period of time for additional rebase rewards.

More on this in our Docs.

What are we bringing to the HARMONY ecosystem?

  1. Being a NextGEN Olympus fork, We are creating a reserve currency protocol. In the long term, we believe this system can be used to optimize for stability and consistency so that ORCL can function as a global unit-of-account and medium-of-exchange currency
  2. LaunchPads: This will help innovative projects to raise funds and build on HARMONY Blockchain.
  3. Oracle DAO treasury will be used to incubate and fund high-quality projects and hence grow the HARMONY ecosystem as a whole.

How we will ensure quality?

  1. Audits — We will make sure our smart contracts are thoroughly audited by the best auditors before launching.
  2. Multi-sig — We will enable multi-sig contracts for everything done by our protocol.
  3. Launch — We are creating our own launch contracts and launch mechanics from scratch to ensure fairness and transparency in the launch process.

Is it live on Harmony and/or another chain?

Right now our app is deployed on metis testnet, but we are re-evaluating our plans, and plan to launch it on harmony.

Our Team

Our team consists of 7 members, they are anonymous, distributed, and have vast experience in blockchain as well as the tech industry. We are aware of Harmony’s KYC requirements on grant approval, and we the founders are willing to comply with that.

  1. Yebi → CoFounder, Blockchain developer
  2. Crypt → CoFounder, Full stack developer
  3. Cryptochick → Project Manager
  4. Phill Coins → Marketing Lead
  5. gtch → Senior Frontend Developer
  6. Ricky09 → UI Designer
  7. LaazyPotaato → Frontend Developer

ROADMAP

January 2022

  1. Discord, Twitter, and Telegram Launch
  2. Launch on Harmony Testnet
  3. Marketing operation initiates
  4. Multi-sig Implementation

February 2022

  1. Community Presale
  2. Audit contracts for security purposes

March 2022

  1. Fair Launch
  2. Staking, Bonding, Hyperbonding Mainnet Live
  3. LaunchPads Mainnet Live
  4. Rebranding of Oracle Dao
  5. Expanding the Team

April 2022

  1. Yield Aggregators
  2. HyperStaking
  3. On Chain Venture Funds

Proposal ask

We are looking forward to the $50,000 Launch grant.

How we will use it?

  1. Marketing → Hiring community managers, creating content, partnerships etc.
  2. Operation/Technical expenses

Metrics for success

Phase 1 (Community Presale)

  1. 5k discord members, 10k twitter followers

Phase 2 (Fair Launch)

  1. 15k discord members, 25k twitter followers
  2. Treasury Balance 10 Million
  3. 5k unique token holders

Phase 3 (April End)

  1. At least 3 projects raising funds on our launchpad.
  2. Treasury Balance 50 Million
  3. 15k unique token holders

External links

Docs
Tokenomics and Launch Model

2

Unfortunately, your proposal is not ready for a Launch grant based on the guidelines at Apply for Grants or DAO due to the following reasons:

There are over 100 Olympus forks and most have very little to no differentiation. Unfortunately, your proposal doesn’t demonstration enough differentiation to merit a grant.

Applications of each launch must have prototyped a feature-full product. Harmony helps incubate these founding teams with product development, fundraising, and talent recruit. We recommend a $50K equity-free contribution each:

$10K after launching a feature-complete product on our testnet
$10K after forming a DAO with 5-out-of-9 multisig with our DAOs
$10K after launching on our mainnet with audit
$10K after 1K daily active users (with launch video, full PR promotion)
$10K after 10k daily active users (with a detailed roadmap, governance process)

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