When the LP token for the Olympus Pro Bonds was initially picked, we anticipated that owners of a Convex mUSD position would like an easy and simple exit out from the liquidity pair, and we wanted to enable the capture of this via the Olympus Pro bond program.
The first round of bonds have shown us that much more people were interested in purchasing bonds directly, and not from the other end, so I suggest to switch the LP token currently being used to buy MTA Bonds to mUSD to allow for easier entry into the bond program, and give the treasury more flexibility on how to utilize the liquidity in the future.
We’ve received a lot of feedback regarding the LP token used for Olympus Pro, and following the deposits made into the contract confirms that a simpler token for bonding is required to satisfy the usability of these bond purchases.
As a side note, the team at Olympus Pro has also confirmed that we can and most likely will increase the amount of tokens that can be bonded with every transaction in the next round, based on demand and feedback received by the community.
- Easier entry into the Olympus Pro ecosystem
- Better gas efficiency when trying to purchase MTA via bonds
- Higher bond amounts in a single transaction
- Exiting from the Convex LP position will be more difficult, and we cannot capture liquidity as easily on the way out
It is suggested that the community comment on this RFC in the coming days, and bearing no significant opposition or change in ideation, we would move ahead with this RFC next week and create a formal draft proposal on Github to be used for review.
Meta Governors are encouraged to provide as much feedback as possible until then, so we can create the best possible outcome for mStable and its users.