Oolong Community Call Summary #1
Here is a recap of what was discussed on Oolong’s discord community call on November 29th, 2021.
Part I: AMA
- What are your plans for OLO Pools rewards for the near future? — Will there be some kind of adjustment?
It will get reduced to a more reasonable APR more pools are added, and with the upcoming YOLO staking.
2. Do you have plans to reduce the current OLO supply?
We have already reduced 20% of the farm emission, which are reserved for bonding and other future rewards, and not just burnt from total supply. But no plan to reduce supply as of now since reducing supply is a more intrusive governance decision that we don't take lightly. Tokenomics was set out before the token was launched, so information on emission and inflation rate was public. And changing the supply or emission schedule would have a high impact on the market, and we do not as a team wants to manipulate the market like that.
3. Any immediate plans for the protocol-controlled value?
PCV just by itself already serves the purpose of providing liquidity for OolongSwap. And later we will introduce OLO buyback mechanism to buyback OLO using PCV and provide liquidity for OLO. So as PCV grows, so does the liquidity for OLO.
4. Can you disclose a roadmap? Any interesting implementations such as a veCRV-esque staking mechanism, or lending like Banker Joe? What’s Oolong going to do to further entrench itself as the leading AMM on Boba?
We will be publishing an Oolong roadmap this week.
5. Cracking job so far guys! If other bigger DEXes also start using Boba network, what do you have to give us and you a competitive edge? Community-developed coins being listed are nice and inclusive, but is there any protection against rug pulls?
Our biggest competitive advantage is that we are balls deep in BOBA, and only BOBA. We are focused on fostering native boba projects and growing with the BOBA ecosystem. It’s very easy to deploy on another EVM chain, but to really build on it, and become part of the native community takes a commitment, and we are committed to BOBA.
Our devs always read over the contracts for projects that we do Multea Farm with to ensure the safety of users’ funds!
6. Do you have any plans for limit orders? On other exchanges, I love putting on silly low bids and catching unexpected dips overnight.
We actually already have limited orders through one of the projects we are working with, which is Unidex. We might integrate the limit order feature natively if there is enough demand.
7. What’s the ETA for the new Oolong UI revamp and do you plan to add more stats in the charts section?
We have been working on revamps in the background as we continue to build out new features such as YOLO and Bonding. We have already released the revamp for the Swap page, the next revamp will be for the farm page, which will get a big update. Looking at around mid-December for ETA.
8. Coin utility plans? Inflation control?
OLO will have utility all around the Ooniverse, starting with YOLO staking and governance, and soon PCV buybacks. We are also thinking about introducing an IFO platform to help bootstrap native projects on Oolong, and OLO will be the purchasing token for that as well. Basically, anything we build on Oolong, will have OLO included
9. OLO needs to be in pair with other tokens much than two pairs, will you add more polls with olo in pair?
No plans yet, as more pairs would mean more diluted liquidity for OLO, and higher slippage for swaps.
10. Will you buy back OLO with PCV capital?
Yes.
Part I: Follow up questions
- Why do you reduce the emission directly but not the supply, makes no sense. This relates to your answer as that you do not want to change tokenomics, but you already did with decreasing emission.
Good question, we actually didn’t decrease the emission of OLO token, we just emit a percentage of the OLO tokens that was initially planed to go to farming to a separate contract, which will later be used for staking/ bonding. In this case, the same amount of OLO is emitted, but we did not change the tokenomics and was able to reduce the circulating OLO supply in the market.
2. When dark Oolong? I’ve been wearing my sunglasses for a while now.
We definitely plan to release dark Oolong, it’s in our roadmap :D
Part II: Staking and Bonding
YOLO Staking will launch in the next two days. It will be an autocompound staking with a 5-day cool period (just like AAVE’s system). During the cool-down period, rewards will still accumulate. After the cool-down period users have a 2-day window to unstake their YOLO. If users miss the 2-day unstake window, they will have to activate the 5-day cool-down period again.
We aim to release bonding in December. [we forgot to mention the following part in the AMA so we will add it here] Users can purchase the bonds and receive discounted OLO token in return. However, in order to avoid the oversupply of discounted OLO tokens, we plan to release only limited spots for purchasing bonds each time. More details will be released with our OLO bonding article.
Follow us!
Website: https://oolongswap.com
Twitter: https://twitter.com/oolongswap
Discord: https://discord.gg/savwHHXsmU
Telegram: https://t.me/oolongswap
Docs: https://docs.oolongswap.com
Medium: https://oolongswap.medium.com
Github: https://github.com/OolongSwap/oolongswap-deployments
