Concave Genesis Event Recap

Community Jan 14, 2022

So you missed the Genesis Event of the most promising project in the OHM ecosystem? Don't worry, this article is for you and you will get all the details about the world's best kept secret! Let’s go!

If you wanna watch the Genesis Event’s broadcasted replay, here are the links to: YouTube & Twitch!


Summary

  • A historic moment for Concave
  • Ongoing initiatives proposed by our Community
  • Concave’s Features & Trajectory
  • Whitelist Allocations
  • Miaoshi’s words of wisdom
  • Voke’s thoughts about the Spoon & the Primitive

A historic moment for the OHM ecosystem!

On January 9, one of the most important events in Concave's life was held: the Genesis Event. For the first time, the Core Team talked in details about two crucial topics: the protocol’s features and mechanics and the Whitelist allocations, putting an end to the suspense that was agitating our community!

But the Genesis Event was much more than that, it was an authentic moment of sharing: from Miaoshi’s words of wisdom to bike4peace's WAGMI vibes to Voke’s thoughts about the Spoon and the new Primitive.

The impressive number of Miners and the huge enthusiasm of our community that simply broke the Discord server at the end of the event! We are an unstoppable wave!

Original post: @WAGMIcrypto

This milestone event was also an opportunity for attending Miners to get a POAP.


Ongoing initiatives proposed by our Community

The event started with an emphasis on our supportive and creative community. As a CO-OP, cooperation is more than just a word for Concave, it is a philosophy that we try to apply every day in our community. Many great initiatives currently implemented were directly proposed by Miners. This initiatives include:

  • Community Gather Town Space, a Metaverse for the Community
  • Video & Music production
  • Comicbook
  • Podcasts
  • Gaming events
  • Tipping and reward system on Discord
  • Monthly Q&A

Protocol Features & Trajectory

1. The Protocol's Features

To begin, the Core Team introduced the various options that Concave will offer to its users, including:

  • EV farming at a treasury Lever
  • Composable bonding at the discretion of the Policy Team
  • Staking that gives real time value accrual (no waiting for each epoch)

The project will also include collaborative features with other projects in the future.

Concave's treasury will be backed by an index of aligned assets: starting with OHM in addition to other promising protocol tokens such as BTRFLY and OHM

2. Launch Schedule and Trajectory

There is no definitive date yet, but the incremental launch is planned around Q1 and will be phased as follows:

  • Phase 0: Core Protocol
  • Phase 1: Composable zcBonds (around Phase 0)
  • Phase 2: Innovative bonding products as inverse, coupon, oracle, etc. using OHM, TOKE, FRAX and DOLA
  • Phase 3: V2 AMM implementation for bonds
  • Phase 4: DEX and more to come!
Launch Trajectory

The total supply will reach 333.000.000 starting with an initial circulation of 333.000. Two fundamental tokens are to be highlighted:

  • pTokens allocated to early supporters: these are (1) precursor tokens to bootstrap the cooperative’s operational budget, (2) vested over 24  months with  (3) a right to redeem the token later on.
  • aTokens allocated for the community: these are also precursor tokens for Miners who received various roles through Proofs of Work (PoW).

Whitelist Allocations

The event also gave the community a better understanding of Whitelist allocations and here are the key points you need to know:

  • There will be 4 tiers for roles.
  • The higher you go in the Roles Pyramid (see caption below), the more the roles will be worth in terms of allocation.
  • A percentage of the total supply of pTokens will be distributed to all NFT holders.

Always remember that all roles matter!

The Roles Pyramid of Concave


Miaoshi’s words of wisdom

The Genesis Event was an opportunity for our Policy team lead to share with us some of his precious reflections around three structuring topics:

1. Miaoshi’s personal take on the project

"This is a high level project: we wanna grow our project and treasury fast with a focus on sustainability and stability. We aim to create meaningful access treasury earnings with value adding money making USPs. USP will finally be constructed by the team, by the community and by yourself. [...] we will maximize returns for everyone especially to the early involvers in the project."
"With all these tools and our thoughtfully constructive policy frameworks around, [...] we are able to provide customizable meaningful utilities to the users who interact with us. We can have a lot more control on the house and the growth of our treasury. We are able to adapt quickly and swiftly to changing market conditions. [...] The PCC takeaway is that most other protocols are thinking about bonding in a one or mostly two dimensional space. We are already playing the bonding chess in three to four dimensions. While others are building things which are ‘complex but easy’, we are building stuff that are ‘simple but very hard’ to come up with."
"The good news is that Concave is gonna be prepared for [market volatity]. Voke and I started to talk about this more than two months ago. Also, there is a pretty active thread. In the policy channel, I do what we call ‘strategies to survive and thrive against the bear market’. [...] I also have secret strategies up in my sleeves but today is not the day to disclose them. So don’t worry about the treasury management perspective in the long run!"
"From the perspective of a long term investment in Concave, I actually don’t think that any of the market volatility or bear market moves really changes anything. A lot of assumptions in my community proposal #2 are not relying on a high token premium value for the long term success of this project, not at all. It’s gonna be successful either way."
"The barriers come from two aspects: it comes first from our deep understanding of the essence of these powerful tools which makes the policy work and roles very important."
"Secondly, you guys-the community are basically our barrier! One of my ideas is that the lower the barrier for the community to add value, the higher the barrier we will build against other people [...]. The barrier for you to add value will be close to zero while the rewards will be there if you do good work. You guys will be the defenders of our barriers. So thank you!"

For more words of wisdom from Miaoshi, go check out his Community Proposal-2.


Voke’s thoughts about the Spoon & the Primitive

The event ended with a moment of grace when Voke shared his inspirational thoughts on Concave and Olympus. We're sharing here a short excerpt but recommend listening to his entire speech. Enjoy!

"A Spoon is an extension, exploration, and conscious iteration of a protocol. A Spoon seeks to explore the use cases implied by a new primitive."
"You might ask: What’s that new primitive? That new primitive is Olympus. We view Olympus and what they created at the base level as the new DeFi primitive."
"But unfortunately, a core product is limited to its credo, its founding principle. As a spoon, we exist to fill that vacuum so that a grand symbiotic use case may flourish."
"This is where making different innovative products and incorporating them at the base level (bonding mechanisms and more, etc.) will allow us to drive much more value to the overall ecosystem and we can bring that back to our aligned partners as well."
"We see ourselves as trailblazers, cultivators, and inhabitants of the Olympus universe. Our mission is to drive value back to the Olympus ecosystem with our suite of features, policy frameworks, and vibrant community. We can extend the utility and ultimately help realise the goal of OHM as a DeFi reserve currency."
"One of the main important things to achieving this is looking at it from a utilisation stand point.  We need to increase velocity. We need to increase integrations. We need to create an environment that has value accrual across multiple layers. This is BrettOHM woods 2.0."
"It is our goal to align the ecosystem toward this Macro (3,3). Concave will therefore become a meta-bank bringing value back to our community. Into the broader Olympus ecosystem."

We hope you were able to feel some of the amazing energy we all shared during this event!

WAGMI

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