Sam Ikkurty - Constitutional Rights & Legal Advocacy

Dear Partners,

Crypto markets continued their downward trajectory as this week marks the third week in a row with negative returns across all sectors. Big layer 1 platforms like Solana experienced a -31% draw down.

1. Last week many outlets reported that the Biden administrator wants to regulate stablecoins like UST, USDC via a new executive order. Apparently, Biden thinks that this is a matter of national security. So far, Wall Street has claimed that crypto markets are speculative and even called them ponzi schemes. But suddenly they woke up and now it is a national security matter. The US NY attorney general has filed numerous lawsuits against Bitfinex hoping they can hurt Tether. Despite all of it, Tether is doing well.

2. Bank of America's analysts are predicting that the Federal Reserve will raise rates 7 times this year to 3%. Many others are predicting even more rate increases. The chart below shows that they have been wrong about these projections for the last 10 years consistently. Raising the rates will increase US government expenditure phenomenally, and I really doubt the Fed's ability to raise rates. They are saying one thing, but doing exactly the opposite, if you observe the rate of growth of money supply.

3. The goal of OHM protocol is to create a decentralized, censorship resistant reserve currency for the emerging Web3 ecosystem. We see an enormous growth in the stablecoins over the last 2 years. All of them suffer from the same problem that they are pegged to an inflationary currency like the US Dollar. OHM solves this problem with a sustainable treasury. I am impressed with the current roadmap of OHM protocol.

Objectives: Preserve OHM’s Purchasing Power and Drive Its Use as a Trusted Backing		Current Activities	DAO Working Groups Leading Efforts
Manage Token Emissions (Preserve Purchasing Power)	Reduce token emissions to dampen volatility and improve sustainability	Token emissions are being reduced	Policy
Quantify Olympus’ Value Proposition (Preserve Purchasing Power)	Improve the market’s understanding of the rationale for OHM’s premium by introducing new metrics and dashboards that illustrate and track its value proposition/ ecosystem/Treasury impact Demonstrate Olympus’ staying power, economic strength and diminishing volatility to increase trust in the asset	Dashboards and metrics, including the Olympus Impact Factor, a measure of the Olympus ecosystem’s overall strength and growth, are under development Communications and messaging are being refined	Policy, Content Marketing, Grants, Data and Metrics
Decentralize Operations to Improve Censorship-Resistance (Trusted Backing)	Develop on-chain governance mechanisms that provide the community with direct control over bonds, asset acquisition and other core functions Develop economic incentives that reward loyal OHM holders for active participation in governance Engage in efforts that reduce the impact/influence of USD on OHM and the Treasury	On-chain governance solutions are in early development Governance incentives are being considered Conversations are underway to expand the definition of risk-free value beyond USD-pegged stablecoins	Engineering Multiple DAO Teams Policy, Treasury

4. It is true that the market value of our OHM tokens has gone down in the last two months. However, today we have double the number of tokens when compared to December 1st, 2021 which is a result of our staking income. Olympus DAO announced a new plan that will allow people to redeem their OHM tokens for treasury assets like DAI. I am hoping this proposal will mitigate the forced selling.

5. KLIMA is working on onboarding corporate partners for the upcoming release of the KLIMA Infinity product. This gives a simple interface for people and corporations to offset their carbon impact. KIP-9 has passed, which allows the protocol to lower the APY rate. This caused a lot of speculators to leave KLIMA, which is a positive for the protocol. We are buying KLIMA constantly every week.

Have a wonderful weekend!

Sam Ikkurty

Five bullet Friday - issue #126