Pete

@slagathor

110 Following

44 Followers

Pete pfp

I've just unlocked 40476 @noggles from my nounish NFTs. Put your /noggles on and join the nouniverse. ⌐◨-◨

0 reply

0 recast

1 reaction

andrei pfp

It was so fun to meet new friends and catch up with old ones at the Farcaster event last night. Props to @mcbain + crew for organizing such a great event. @raulonastool @slagathor @addigator @eugenenacu @slagathor @nicholas @j4ck.eth @alxfal @insider0x @metamonk @rgboop.eth @evgeny

2 replies

3 recasts

6 reactions

Pete pfp

One more time! After receiving the YES votes on the second try, but not meeting the threshold, the OETH prop is back up for vote for 24 more hours! https://lilnouns.wtf/vote/165/votes

0 reply

0 recast

0 reaction

Pete pfp

Cast your vote here: https://lilnouns.wtf/vote/158/

1 reply

0 recast

0 reaction

Pete pfp

hello Lil Nouners! Pete here again from Origin to drop a quick note on OETH props: Prop 388 to Nouns proper unfortunately did not pass :( but it did win the support of the Lil Nouns, 644 - 233! With this in mind we've decided to re-submit the prop directly to Lils! Prop 158 is open for vote, for 20 more hours!

1 reply

1 recast

1 reaction

Pete pfp

all things considered, this prop to test that Nouns can safely earn yields thru OETH is requesting just 1 ETH - it's a much smaller test than the last prop that had to do with treasury diversification, which was for $1M

0 reply

0 recast

0 reaction

Pete pfp

The current collateral breakdown and strategies used is always available onchain via the analytics page: https://www.oeth.com/analytics as well as on Proof of Yield: https://www.oeth.com/proof-of-yield

1 reply

0 recast

0 reaction

Pete pfp

at the moment 24,052 OETH is opted-in for yield and 20,375 OETH is opted-out. Nouns would earn a portion of the yield from those opted-out

1 reply

0 recast

0 reaction

Pete pfp

The only farming being done is Curve/Convex on the OETH/ETH pool w/ the ETH thats currently backing OETH (currently 54.7%). The remaining 45.3% of collateral is all in LSTs earning yield. By holding OETH, Nouns would earn a promotional amount of all this combined yield, plus additional yield earned from those opted-out

1 reply

0 recast

0 reaction

Pete pfp

Something I do want to highlight though is that, while trying out OETH would get Nouns a decently higher yield, it would also help diversify the treasury, and protect against the downside if stETH or rETH were to get slashed or depeg from ETH, since OETH is backed by 3 different LSTs, ETH, and wETH.

0 reply

0 recast

0 reaction

Pete pfp

Hey seneca, appreciate the input! We're taking every step to reduce risk as much as possible - I go into this at length on the proposal under the section "Potential Risks and Mitigation" that's too much to post in a single comment here, but it's definitely worth a read!

1 reply

0 recast

0 reaction

Pete pfp

Here's OIP-4 for anyone interested, the same mint protection was also implemented for OETH and it has also been working beautifully: https://github.com/OriginProtocol/origin-dollar/issues/1000

0 reply

0 recast

0 reaction

Pete pfp

During the scary depeg weekend of 3/10/23 OUSD actually performed beautifully 😇 OIP-4 prevented minting of new OUSD w/ depegged stables, and the protocol exit fee was also able to collect a lot of cash from people exiting and trying to arb. $120k was collected for OUSD holders!

0 reply

0 recast

0 reaction

Pete pfp

Fun fact - OETH actually reused 95% of the codebase of previous Origin product, the Origin Dollar (https://ousd.com/). OUSD is essentially the same token, but uses stablecoin (USDC, USDT, DAI) as collateral instead of ETH and LSTs. OUSD officially launched in January 2020 and the codebase has been audited 10+ times!

0 reply

0 recast

0 reaction

Pete pfp

I'll hang around here to answer any questions on Origin Protocol, OETH, or the proposal itself!

0 reply

0 recast

0 reaction

Pete pfp

Hi everyone, Peter here from Origin Protocol! I submitted a candidate prop that went onchain Sunday and goes up for vote tomorrow at 6:45 PM PDT. Would love to know everyone's thoughts, it is for testing with just 1 ETH: https://nouns.wtf/vote/388

5 replies

0 recast

3 reactions