Olympus DAO Community Approves Rewarding VeBAL and vlAURA Holders with Up to $8 Million

03/25/2023 02:59 • Daily Digest • 62 views

On March 25th, it was reported that the Olympus community of the algorithm stable currency agreement has approved providing voting rewards of up to $8 million to veBAL and vlAURA holders in 2023, with a ceiling of $400000 per two weeks. The asset lists used for incentives include OHM, USDC, DAI, and FRAX.

The Olympus community has approved voting awards of up to $8 million for veBAL and vlAURA holders this year

On March 25th, the Olympus community of the algorithm stable currency agreement has approved providing voting rewards of up to $8 million to veBAL and vlAURA holders in 2023, with a ceiling of $400,000 per two weeks. The asset lists used for incentives include OHM, USDC, DAI, and FRAX.

What is OlympusDAO?

OlympusDAO is an algorithmic stable currency protocol that provides incentives for holders to keep the currency stable. The protocol uses a combination of a reserve currency and a bond mechanism to ensure the stable value of its currency – OHM. The protocol’s design rewards investors for holding and voting on proposals, encouraging holders to keep OHM stable and promoting liquidity within the protocol.

What are veBAL and vlAURA?

veBAL and vlAURA are tokens that represent voting power in the Balancer and Aura protocols respectively. veBAL and vlAURA holders get to vote on proposals and have a say in the future direction of the protocol. These tokens are usually locked, meaning they cannot be used for trading or selling until they are unlocked.

Rewarding VeBAL and vlAURA Holders

The Olympus community has approved incentivizing veBAL and vlAURA holders by providing them with voting rewards of up to $8 million in 2023. The actual reward payout would be dependent on the number of veBAL/vlAURA holders and the number of OHM, USDC, DAI, and FRAX assets that are used for incentives.
The protocol would distribute $400,000 in rewards per two weeks, with the allocation going to veBAL and vlAURA holders who hold locked tokens. OlympusDAO believes that incentivizing holders to vote is an important step in the direction of promoting responsible governance, promoting liquidity, and ensuring the currency’s stability.

Asset Lists Used for Incentives

OlympusDAO has selected OHM, USDC, DAI, and FRAX as the asset lists to be used for incentives for veBAL and vlAURA holders. The selected assets are all stable coins and are meant to promote liquidity within the protocol.

Conclusion

OlympusDAO’s vision of stable currency is revolutionary in the arena of cryptocurrency. The incentives provided by the protocol are proving to be successful in retaining responsible governance, improving liquidity, and ensuring OHM’s stability. VeBAL and vlAURA holders are now incentivized to vote on proposals, promoting responsible governance and promoting liquidity within the protocol.

FAQs

#1. What are the assets that OlympusDAO uses for incentives?

OlympusDAO uses stable coins such as OHM, USDC, DAI, and FRAX for incentivizing veBAL and vlAURA holders.

#2. How much is the voting reward for veBAL and vlAURA holders?

VeBAL and vlAURA holders can receive up to $8 million as a voting reward in 2023, with a ceiling of $400,000 per two weeks.

#3. What is OlympusDAO?

OlympusDAO is an algorithmic stable currency protocol that provides incentives for holders to keep the currency stable.

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