Oolong Communitea Call #4 Recap
Time: 3:00pm UTC
Miss Oolong (MO): Hi everyone! The focus of today’s call is what the team is working on and has coming up. We’re joined by lead dev @bytedust. We have received a number of questions in the AMA channel in the past few days, and we’ll open it up for live questions too.
ByteDust, can you start off by telling us a little bit about what the dev team has been working on, and what’s coming up?
ByteDust (BD): Over the past few weeks since bonding release, we’ve been working on infrastructure for multea farms to support the WAGMI campaign. WAGMI is now released. We’ve been watching a lot of metrics and activity and so far from our side it has been a success.
Now we’ll continue focusing on developing our lending platform which will have OLO lending. There are a couple lending platforms building on Boba right now, and hopefully we will be the first lending platform on Boba.
MO: I’m also starting to film a video on “day in the life of a Defi dev”, basically following ByteDust around for a while and see what happens (sorry ByteDust!) We’re really going to be focusing on transparency and communication. Will be doing these calls more frequently!
Q: Are tokenomics and emissions something that the team is willing to negotiate?
BD: We’re always open to discussion. We’ve already changed twice based on community sentiment and core team judgement. So far, we haven’t seen anything that seems beneficial to the protocol. We don’t believe that straight cutting emissions will benefit as evidenced by previous changes negatively impacting price/TVL/APR.
Adding bribes/ve, locking mechanism preferred — really looking for more creative solutions.
Q: Is Oolong planning to launch lending and borrowing?
BD: Yes! It’s going to be released either next week or couple weeks from now.
Q: What is the next alpha and biggest goal?
BD: Continuing to execute on our roadmap to solidify our status in the Boba network including DEX, lending, launchpad etc.
MO: Main focus is to bring utility for OLO and YOLO. We’re aware of concerns of lack of reasons to hold YOLO, so we’re busy adding features, including a new product coming today — I won’t reveal it now but look for a medium article later today!
BD: Adding utility has always been the goal. All features will incorporate OLO, so the more features we have, the more utility OLO will have.
The other thing we can do is engage with external teams — this gets more into business development. We are the biggest project on Boba with the highest TVL, and we’re working with every project building on Boba. That gives us an advantage in adding OLO/YOLO utility.
Our incentives are aligned. The core team isn’t paid from platform fees or activity, only from OLO token value so we’re all in this together!
Q: Any hint for future multea farms we can know now?
BD: I can’t promise anything right now, but you can reasonably expect any project that’s launching a token on Boba to have a multea farm.
Q: Can long term YOLO stakers have priority access to launchpad?
BD: We’re still deciding on how to utilize OLO in the launchpad but it will definitely include staking. Historical time factor is being considered, but it might be difficult to include that on chain. We’re also have to consider momentum, and don’t want to exclude new buyers, so there are multiple factors. An ideal solution is a combination of both.
Q: Any specific plans for CEX listing?
BD: We were discussing with a lot of different CEX listing managers prior to the macro dump. Post macro dump, everyone has been slower and more hesitant, but it is definitely a goal this year to launch on a major exchange.
BD: I would love to hear feedback on what you think about the WAGMI farms! This is just first iteration — version 0. There will be more next month and the following etc., and we want to incorporate your feedback!
Q: Is Zencha going to give us some liquidity for USDC / USDT?
MO: Can’t answer anything Zencha related, would have to ask Zencha team.
Q: Are there some plans to bring some new tokens to the chain itself?
MO: The WAGMI campaign is a huge incentive for new projects to build. The main question now is how can we let more people know about WAGMI to attract more deposits and more builders. One thing we want your help with is engaging with all of our posts on Twitter, especially retweets, as it helps the twitter algorithm give us more reach. It’s really all about growing the Boba network TVL, and thus the Oolong TVL, together.
Q: Governance for OLO — can we get a governance framework added to the roadmap?
BD: I’m actually working on that now. Have to fit that in around dev work. I’m writing an article on the path to decentralization for Oolong. My goal is to release that later this month. The path will be gradual because a quick switch doesn’t really work. The first step is adding multisigs to important roles on contracts and then adding snapshot voting — decentralized voting.
To get decentralized execution will require some infrastructure being set up on chain that doesn’t yet exist. That will take us for a while and we’ll see how that goes. The long-term goal is to make OolongSwap governance fully decentralized, and we just have to do it in a thoughtful way and to the extent participation and technology allows.
MO: I read an article lately where the founder of a project proposed committing tokens to reward active governance participants. That might be something we could consider. We’ve observed that sometimes it’s hard to get really robust governance participation and outcomes can be controlled by small numbers or whales, which we want to avoid. I’m going to be doing some more research on that, and we’re open to suggestions and feedback on that.
Q: Regarding tokenomics and whales dumping, I’d like to close a loop. Thank you for pointing out that the team is aligned with the community regarding compensation. As far as business model of Oolong, I’m wondering if you can talk more on where you see future revenue being created? Does it come from increased utility? Is there a certain size target? We want our community goals to be aligned with the visions of the founding team.
BD: Definitely creating more utility, which means more liquidity, which is healthy for the price. My goal is to grow as big as we can as a DEX and as a lending platform and launchpad which will contribute to PCV, which is the center of the OLO token. Right now OLO is a pseudo-governance token, but when PCV grows large enough, OLO becomes the governance token of the PCV and you know the price of the token should never drop below PCV value.
At that point governance could choose buybacks or other use cases for PCV.
The reason we’re not doing stuff like that now is because the PCV is just too small, and it wouldn’t be sustainable.
Q: I’ve been looking a lot into option vaults — perhaps this is something we can consider?
BD: I’m a huge fan of this and something I’m personally a big user of. This is definitely something that we can build on when the liquidity is big enough to support it in a stable way. This is the biggest focus right now with the WAGMI campaign and other initiatives.
MO: It would be great if we can share WAGMI with our friends! It’s called WAGMI because we need to reach 1 billion TVL and we all do it together.
BD: The more TVL, the more WAGMI farm will be worth.
Q: When will bonding include OLO pairs?
MO: Last time included USDC-OLO pair.
BD: Currently PCV is farming in Oolong farms. We do claims on a weekly basis. Once we accumulate enough OLO to match the USDC, we will pair them up.
Q: When WAGMI rewards for YOLO?
MO: Later today I’ll post the medium article, I know you’ve been looking forward to it. It all ends on the 28th. Technically it doesn’t matter when we start, because the amount is the same, so if we start earlier or later you’ll be getting the same amount, just over a longer or shorter period.
Q: Does YOLO already receive WAGMI?
MO: Not yet, article later today.
Q: Where is a good place for high-level info on WAGMI?
BD; The Boba website has some good information on that. Other than that, I would consult the Boba group on TG, they’re always answering questions.
Q: What to make of the inverse relationship between TVL and dumping because TVL is incentivized by APRs leading to dumps.
BD: This isn’t specific to DEX but all farms.
SpookySwap, Trader Joe and others faced similar issues with lack of growth and price dumping pretty hard before Fantom and Avax saw strong ecosystem growth. Theoretically when the eco growth is faster than emissions, that’s when the curves cross. We’re not receiving that with Boba right now, so we need to increase the inflow of users into the ecosystem.
New user flow will definitely help with the TVL and APRs, and if people sell there are enough new people to buy it up.
For a DEX, long term liquidity is the most important thing. Every new projects go to the flagship DEX to launch their pairs. Right now, the majority of our TVL is from majors like BTC and ETH, so we need Boba native projects fueled by Boba network growth.
A lot of the growth will fall into place when the ecosystem grows. Until then, we can lay a lot of the groundwork, but ultimately that’s what we’re dependent on.
Q: For myself, it’s really just a lack of understanding especially related to tokenomics. Can you provide educational materials around tokenomics? We definitely don’t want to bog down the team with repeated questions — can we level up the community knowledge?
BD: I don’t have any one or two sources to become an expert, but I’d definitely recommend getting involved in projects and becoming a DeFi native. You’ll realize that 99% of the projects are similar in most ways. No matter what you do with the tokenomics it always comes down to the ecosystem.
There are a few ideas we’re contemplating once the ecosystem grows more, and we’re laying the groundwork for that now and we’ll see a ton of benefit from later. If Boba grows, I have no doubt that Oolong will grow because of our position on the network.
We want to be careful to avoid short term ponzinomics over long term sustainability.
We are very interested in the ve model. We can even implement ve model for multea farms — vote for emissions for farms.
Again, with that, we need to actually have people interested in the vote bribing for it to work.
I’m always down to discuss different tokenomics, I’m a big fan of tokenomics model discussions.
Our current model is pretty standard, and we’re looking to layer on top of that.
Q: Is there anything in the works where we can bring fiat into the ecosystem with lower barriers?
BD: MO has actually been looking into that. This would require a service provider, and most of them have integrated with other blockchains so far but not yet with Boba.
MO: I’m Looking for ways for people to buy crypto with their credit card or other methods. Onboarding is really important. We have some other things that are higher in the priority queue right now but I’m actively working on it.
I received a referral from the Boba team, and we’re getting in touch and seeing how we can work more together.
Q: Is there a way to speed up the two year phase re: tokenomics?
BD: Regarding emissions over two years?
MO: Yes, basically to speed it up or skip it.
BD: Well, if we’re speeding it up, we’re actually emitting more tokens, which goes against previous proposals. Not sure if that would be effective or beneficial.
I think WAGMI is a good demonstration though — a lot of our pools have super high APRs right now. If Boba has a lot of growth, the pools should do really well even accounting for IL.
It’s not our opinion right now that increasing emissions is the right idea to match up with current Boba growth.
Q: Did the WAGMI rewards increase on OLO-USDT and USDC pools
BD: Yes, we made a change a few hours ago! (For all WAGMI farms! There were calculation mistakes earlier)
Q: Any more bonds?
BD: Yes, we’ll continue to release bonds periodically when there is demand. It doesn’t make sense to release bonds when there’s no demand.
Q: How’s your day?
MO: My day’s good, thanks for asking Kelvin 😊
MO: I think this was a really good call. It’s good to have more communication, we’ll be doing these more often! Look for a recap later, and the medium article later. Have a great day and talk to you soon!
OolongSwap is the biggest DEX on Boba Network, a layer-2 Ethereum scaling solution. As Boba’s first native AMM, it is Oolong’s mission to create the best exchange, best user experience, and deepest liquidity on Boba as our motto is “more to earn, less to spend”. Aside from the regular DEX features, we have also introduced features such as dynamic pair fees to offer users lower trading slippage, multea farm for users to earn double the rewards with the same investment capital and PCV and bonding to offer a sustainable future for Oolong. Our vision is to become the gateway between Boba and the rest of DeFi world, expanding the Boba ecosystem and help new and experienced DeFi users alike find their crypto home.