Introduction
Introducing OTWO, or O² if you will
How does O2 works?
Each OTWO token is backed by wsOHM in the treasury, which means it's price will never go below a certain amount of wsOHM. Initially the protocol will use wsOHM as our primary treasury asset but we may consider to add more assets to balance our treasury.
OTWO tokens cannot be minted or burned by anyone except the protocol, the protocol only proceeds to do so in response to the current market situation and more specifically the price. OTWO does not rebase but the protocol create a new supply by direct sales into the market and burned by direct purchases from the market allowing OTWO tokens to forever be backed by real assets in the treasury.
More simply, if OTWO token price falls below a specific amount of OHM, the protocol buys it back and burns OTWO, if OTWO token price goes above that amount of OHM the protocol mints and sells new OTWO. Which create high yield generation opportunity for investors, the protocol itself only needs a small percentage of the treasury to operate properly which mean the remaining balance can be plugged into yield aggregators and add them onto profits from buying and selling OTWO.
OTWO will be the token for O2DAO. Although we wanted to have 1 OTWO backed by 1 OHM, unfortunately OHM cannot be used cross-chain. Instead, wsOHM (wrapped sOHM) will be our choice of reserve. As of writing, 1 wsOHM ~= 28.9 OHM. In O2DAO, each OTWO will be backed by a treasury which initially comprises of wsOHM and OTWO-wsOHM LP.
Every 1 OTWO is backed by 1 wsOHM, or 1 OTWO = 1 wsOHM.
How to take advantage of the protocol?
Buy and stake OTWO. You can buy OTWO in the market or through bonds. Regardless of where you buy, you can then stake your OTWO on our platform or provide it to the DEX swapping pool as liquidity and bond the LP token. Simply staking your OTWO would earn you passive income from the protocol.
Who is behind O2 DAO?
Some ohmies.
Conclusion
O2 goal is to add a layer to Olympus DAO by adding OHM to our treasury, and we are hoping to see an exponential growth to the protocol. Wagmi.
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