Inspiration
The tremendous potential of Olympus DAO motivated us to create this project. However there are many limitations to olympus protocol, primarily being a unused treasury. Our aim is to utilise a percentage of funds from treasury and use it to gain almost risk free return by depositing it in protocols like AAVE, Convex, etc. We will also utilize a small portion of treasury to fund high quality crypto projects, which helps the DAO gain more profit once these projects grow big.
What it does
Oracle DAO is the first decentralized reserve currency protocol available on the METIS Blockchain based on the ORCL token. Each ORCL token is backed by a basket of assets (e.g., USDT, ORCL-USDT LP Tokens etc etc) in the Oracle DAO treasury, giving it an intrinsic value that it cannot fall below. Investors can participate in the ecosystem by staking and bonding. 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. More on this in docs
How we built it
React, MaterialUI, ether.js, solidity and hardhat
Challenges we ran into
- Olympus in itself is a very complex protocol, we spent good time understanding every bits and pieces and doing necessary changes.
- Since metis solidity compiler increases bytecode size, we had to refactor and extensively test all the contracts.
- We had to spent significant time to understand and tune the parameters of the DAO specific to the stardust network.
Accomplishments that we're proud of
Completely functional app on METIS Stardust network with all basic features like staking, bonding, wrapping etc.
What we learned
We understood nitty gritty of the olympus protocol and are much better placed to launch a next-gen version of the protocol on metis network.
What's next for Oracle DAO
First thing first, we plan on launching app on mainnet with the basic functionality of stake, bond etc. But we won't be stopping there, our main aim is to learn from the limitations of first generation olympus DAO forks, and launch a next-gen version on metis network with features like, hyperstaking, on-chain venture funds, launchpads etc. We have updated our roadmap in the docs.
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