Five bullet Friday - Issue #90

    There was a lot of negative news in the media about bitcoin recently. Tesla has announced that they will not sell their cars for bitcoin. Elon Musk also claimed that bitcoin mining is harmful to the environment with a lot of bitcoin miners using coal. Bloomberg pushed a negative article about Binance claiming that they are being investigated by the Department of Justice. 

1. Elon Musk's claim is patently false. Number of studies have shown that 76% of Bitcoin miners use renewable energy sources. 39% of total miner energy consumption comes from renewables. The bitcoin mining industry is one of the most renewable-focused and their incentives are aligned to find the cheapest cost of energy. Media will keep repeating Elon's lines, but they are not based in fact.

2. One of our largest positions is $YFI which we started purchasing last year around $1000 in July. It has been lagging the market when compared to many meaningless tokens like Doge coin. This token's symbol is pronounced as "Wifey" by people. Similar to how Berkshire Hathaway released BRK.B shares when the price of BRKA went up a lot, YFI released their own baby token. This is called Woofy. The smart contract maintains a two-way peg between Woofy and YFI, to the ratio of 1,000,000: 1. Currently $WOOFY is trading at $0.078. If the woofy is pushed by the retail investors to $1, it will push the price of YFI to $1 million dollars due to the two-way peg.

3. We continued to collect our staking income from Synthetix. I am disappointed that our debt has grown a lot due to Synthetix. Most of the traders on Synthetix exchange, i.e. close to 60% of them, own Ethereum. ETH price has risen heavily in the last month, which increased our debt load. Going forward, I am going to increase our collateralization ratio so that we are safe to receive our income. We generated $96,614 income this week from Synthetix, as seen in our Retained Earnings spreadsheet.

4. I have not purchased any token other than $OHM in the last month. What gives me a lot of confidence about Olympus DAO is that 90% of the tokens are staked. None of the protocols we own have a staking ratio anywhere close to that number. We purchased more $OHM tokens last week. Since 90% of the tokens are staked, I am buying those tokens from the other 10% that do not stake.

5. This week OHM treasury has surpassed $ 3 million DAI. It has been in operation only for a month. This has given Olympus DAO $700,000 revenue per day or 30-day revenue of $21,670,000. That puts Olympus DAO at 5th highest revenue producing protocols in the last 30-days. It is 1320% more than Synthetix, 320% more than Bancor, 110% more than Maker, but 13% less than Aave. Each ohm staked will grow to 948 OHM tokens in a year. 

I have processed all the distributions for April and arrears this week. If you still have not received the distribution, please let me know.

Have a wonderful weekend!

Warm regards,

Sam Ikkurty