updates per policy meeting

docs/basics/bonding.md

@@ -2,16 +2,14 @@
 sidebar_position: 3
 ---
 
-# Bonding
+# Bonds
 
-Olympus bonds are a financial primitive for protocols to acquire assets, including their own liquidity, in exchange for governance tokens at a discount. In other words, Olympus bonds are a pricing mechanism for any two ERC-20 tokens that does not rely on third parties like oracles. Olympus bonds internally respond to supply and demand by offering a variable ROI rate to the market and its users.
+Olympus bonds are a financial primitive for protocols to acquire assets, including their own liquidity, over a specified time in exchange for tokens upon maturity. In other words, Olympus bonds are a pricing mechanism for any two ERC-20 tokens that does not rely on third parties like oracles.
 
-## How do both the Olympus Treasury and the bonder benefit from the process?
+External Bonds are an application of this primitive, which sells OHM at a discount to acquire Treasury assets. External Bonds represent the primary mechanism for Olympus Treasury inflows.
 
-Bonds are the primary mechanism for Treasury inflows, and thus, the growth of the network.
+When purchasing a bond, purchasers commit a capital sum upfront in return for OHM upon maturity. Thus, a bond’s profit is uncertain and dependent on the price of OHM at the time of maturity.
 
-Bonders commit a capital sum upfront and are promised a fixed return at a set point in time; that return is in OHM and thus the bonder's profit would depend on OHM price when the bond matures. In Olympus v2, users who bond their assets for OHM reap the same benefits as stakers as OHM is automatically staked at the time of a bond purchase. 
+When viewing a current bond offering, a positive discount indicates that the bond is currently offering OHM at a discount to its current market price. A negative discount indicates that the bond is currently offering OHM at a premium to its current market price.
 
-If the ROI is positive – a bond can be purchased at a discount to market price) – market participants (bonders) are incentivized to exchange their assets for gOHM, vested over a period of time. The Treasury sells OHM at a premium to its backing, while the bonder is able to capture a discount (positive ROI) by purchasing OHM directly from the Treasury. However, if the variable ROI is negative, and market participants are unable to express their demand on the bond marketplace, they would have to resort to a decentralized exchange. 
-
-The variable ROI rate is at the one hand determined by the demand for the given bond on the Olympus bond marketplace, and on the other hand it is governed by the policy team which sets the BCV which determines the bond capacity. In exchange for being temporarily illiquid, and exposed to OHM/gOHM volatility for the duration of the vesting period, the bonder is rewarded with a variable ROI rate. 
+This variable discount rate is how a bond market internally governs its supply by responding to demand. This ensures that a bond market’s supply is sold over the specified period of time.

docs/basics/bophades.md

@@ -0,0 +1,7 @@
+---
+sidebar_position: 4
+---
+
+# Bophades / Default
+
+Default framework explanation

docs/basics/readme.md

@@ -1,70 +1,19 @@
 ---
 sidebar_position: 1
-sidebar_label: "What is Olympus?"
+sidebar_label: "Basics"
 slug: /basics/readme
 ---
 
 # Introduction
 
 ## What is Olympus?
 
-The goal of the Olympus protocol is to create a decentralized, censorship resistant reserve currency for the emerging Web3 ecosystem. Developing a reserve currency is important because a fundamental goal of the Web3 financial movement is to foster an alternative economic ecosystem that serves the needs of its various stakeholders, which include:
+Olympus is a distributed protocol on the Ethereum blockchain with the goal of establishing OHM as a reserve currency of DeFi. It operates thanks to its autonomous and dynamic monetary policy, with market operations supported by the Olympus Treasury as a core component of the protocol. 
 
-* Having access to unique purpose-built assets that are widely and uniformly available across L1s and L2s
-* Being able to transact/store value in highly decentralized and censorship-resistant assets that are not dependent on the traditional financial ecosystem for validation or survival
+What are reserve currencies designed to achieve?
+Preserving purchasing power: Over the medium- to long-term the asset grows to out-pace inflation, and becomes more stable over time
+Deep liquidity: Reserve currencies are highly liquid and can be easily exchanged for other assets, products and services
+Utilized as a unit of account: Other assets are denominated in the currency
 
-<div>
-<video width="100%" height="100%" playsInline controls loop>
-<source src="https://www.youtube.com/watch?v=QZOaZ9dd-ms" />
-Your browser does not support the video tag.
-</video>
-</div>
 
-## What is OHM?
-
-Olympus’s goal is to create a credibly neutral currency for Web3 and to help onboard users into a decentralized, democratized economy, with the additional goal of becoming the reserve currency for DeFi.
-
-What are reserve currencies designed to achieve? 
-
-* Preserving purchasing power: Over the medium- to long-term the asset grows to out-pace inflation, and becomes more stable over time
-* Deep liquidity: Reserve currencies are highly liquid and can be easily exchanged for other assets, products and services
-* Utilized as a unit of account: Other assets are denominated in the currency
-* Reserve assets serve as trusted backing: The currency is viewed as reliable and relatively low risk, which encourages entities to hold large quantities of it in reserve
-
-Currently, Olympus is early on its journey to secure OHM’s status as a decentralized reserve currency. The Olympus12 Action Plan outlines the concrete steps the DAO is taking to make this vision a reality in 2022, including making OHM as automated and governance-minimized as possible.
-
-## Why is there a need for a reserve currency in DeFi?
-
-In contrast to the incumbent fiat system that’s declining in value due to inflation, our goal is to build and retain real purchasing power that withstands the test of time. Olympus DAO’s efforts in Treasury management, development of on-chain governance structures and prudent use of Olympus’ liquidity and Treasury assets will help to strengthen OHM’s stability.
-
-## How does Olympus operate?
-
-Olympus is run by OlympusDAO.
-
-OlympusDAO is a network of dedicated community members who execute on decisions & protocol mechanisms voted on through community governance. 
-
-Our eventual goal is to build an autonomous system at the protocol level, in which the behavior of OHM is largely influenced by decentralized smart contracts and with minimal human intervention. 
-
-The DAO is pursuing a strategy of “progressive decentralization.” Currently, major components of the protocol are controlled at a high-level by the DAO. Though, ultimately the focus is on creating a foundation at the Treasury, Policy and economic levels, and to enable the community to directly operate protocol mechanics – in a trust- and process-minimized fashion.  
-
-## Governance
-
-All proposals, whether being consistent with the general direction of the DAO, a change in policy, or a pivot to a certain strategy or framework are voted for by the community. Any member of the community can create a proposal on the forum for discussion before being posted to snapshot for a governance vote.
-
-[Olympus Governance Council (OGC)](https://forum.olympusdao.finance/d/1156-oip-91-olympus-governance-council) will be initially comprised of 7 veteran community members who are primarily responsible for facilitating off-chain processes. These can include, but are not limited to, establishing strategic vision, coordinating working groups to execute on community-approved initiatives, and proposing strategic initiatives to the community via OIP.
-
-Key deliverables for the OGC include:
-
-* Drive prioritization and alignment across the DAO departments and working groups
-* Chart a path to further decentralized DAO governance and operations
-* Oversee the broader econOHMy
-
-## Policy Team & Policy Framework
-
-The policy team is composed of about 20 members of the Olympus community who have displayed sufficient knowledge of the protocol and a curiosity to continue to learn as the protocol grows in size and complexity. Policy is largely guided by the [policy framework.](https://forum.olympusdao.finance/d/622-oip-56-olympusdao-policy-framework-v2)
-
-Policy closely monitors the behavior of the protocol and utilizes the powers assigned to them in the policy framework to actively manage the protocol. Policy is committed to help bring inflows into the treasury, and continue to increase OHM's relative backing, and helping Olympus to continue developing products and services that grow the Olympus economy.
-
-## Who created Olympus?
-
-Olympus was ideated by Zeus and built by a distributed pseudo-anonymous team.
+Olympus DAO’s efforts in Treasury management, development of on-chain governance structures and prudent use of Olympus’ liquidity and Treasury assets will help to strengthen OHM’s stability to usher in the growth of the Olympus blockchain network economy.

docs/basics/staking.md

@@ -4,49 +4,12 @@ sidebar_position: 2
 
 # Staking
 
-Staking is the primary value accrual strategy of Olympus. Stakers stake their OHM on the Olympus website to earn rebase rewards. The rebase rewards are minted every 2200 Ethereum blocks (8 hours) as long as there is a corresponding equivalent of 1 DAI in the Treasury to back it. This is guaranteed on the smart-contract level.
+Olympus leverages the staking mechanism to organize the capital within the network ($OHM) around economic activity which is productive for both the protocol treasury and OHM holders, with the Olympus Treasury being one of the largest OHM holders.
 
-Runway displays the number of days Olympus would maintain its current rate of emissions without any inflows to the Treasury or changes to the reward rate.
-Staking is a passive, long-term strategy. The increase in your stake of OHM translates into a constantly falling cost basis converging on zero. This means even if the market price of OHM drops below your initial purchase price, given a long enough staking period, the increase in your staked OHM balance should eventually outpace the fall in price.
+Olympus is able to, either directly or indirectly, incentivize different modes of economic activity that help manage risk to the protocol and treasury as a part of its evolving and autonomous monetary policy.
 
-When you stake, you lock OHM and receive an equal amount of sOHM. Your sOHM balance rebases up automatically at the end of every epoch. sOHM is transferable and therefore composable with other DeFi protocols.
+***Base Staking Rate [TBD?]***
 
-When you unstake, you burn sOHM and receive an equal amount of OHM. Unstaking means the user will forfeit the upcoming rebase reward. Note that the forfeited reward is only applicable to the unstaked amount; the remaining staked OHM (if any) will continue to receive rebase rewards.
-
-## What is the benefit of staking OHM?
-
-By staking their OHM, users opt in to actively participate in the Olympus network, and become eligible participants in governance. By participating in the network, stakers benefit from a rebasing mechanism that ensures their position scales with OHM emissions and overall the growth of the network.
-
-Every 8 Hours (2200 Ethereum Blocks) the protocol uses two mathematical formulas to calculate the network wide distribution.
+Base Staking Rate functions as a base incentive to hold OHM, helps to drive demand, and acts as a reference rate for emerging lending markets. Furthermore, it acts as a foundation for OHM bonds to develop a yield curve across different expiries.
 
 ![sOHM/gOHM explainer](/gitbook/assets/sohmgohm.png)
-
-## What is the relationship between staking and reward rate?
-
-The level of OHM staking rewards is determined by the overall reward rate, and was codified by the community (via the OIP-18 vote). The reward yield, which is a function of reward rate, is also dependent on how many other individuals are staking their OHM. When more individuals are staking the reward yield declines and the opposite occurs when the reward rate increases.
-
-Olympus presents our current sOHM (staked OHM) reward yield as an illustrative annual percentage yield (APY) on our app. We do this because sOHM rebases several times a day (about every 8 hours). Given this, rebases have an effect analogous to compounding interest.
-
-The APYs presented by Olympus are a representation of the current rebase rate, number of stakers and existing supply.  These calculations are floating and the current rates are not a guarantee of future returns.
-
-The APY is calculated from the reward yield \(a.k.a rebase rate\) using the following equation:
-
-$$
-APY = ( 1 + rewardYield )^{1095} - 1
-$$
-
-It raises to the power of 1095 because a rebase happens 3 times daily. Consider there are 365 days in a year, this would give a rebase frequency of 365 \* 3 = 1095.
-
-Reward yield is determined by the following equation:
-
-$$
-rewardYield = OHM_{distributed} / OHM_{totalStaked}
-$$
-
-The number of OHM distributed to the staking contract is calculated from OHM total supply using the following equation:
-
-$$
-OHM_{distributed} = OHM_{totalSupply} \times rewardRate
-$$
-
-Note that the reward rate is subject to change by the protocol.

docs/governance/council.md

@@ -0,0 +1,12 @@
+---
+sidebar_position: 2
+---
+
+# Council
+
+All proposals, whether being consistent with the general direction of the DAO, a change in policy, or a pivot to a certain strategy or framework are voted for by the community. Any member of the community can create a proposal on the forum for discussion before being posted to snapshot for a governance vote. [Olympus Governance Council (OGC)](https://forum.olympusdao.finance/d/1156-oip-91-olympus-governance-council) will be initially comprised of 7 veteran community members who are primarily responsible for facilitating off-chain processes. These can include, but are not limited to, establishing strategic vision, coordinating working groups to execute on community-approved initiatives, and proposing strategic initiatives to the community via OIP.
+
+Key deliverables for the OGC include:
+
+* Drive prioritization and alignment across the DAO departments and working groups
+* Chart a path to further decentralized DAO governance and operations

docs/literature-content/grant-process.md → docs/governance/grant-process.md

@@ -9,4 +9,4 @@ Olympus Grants aims to educate the community, increase Olympus infrastructure an
 
 The diagram below illustrates the decision-making process for approving grants.
 
-![Grant Process](./grant-process.svg)
+![Grant Process](/gitbook/assets/grant-process.svg)

docs/governance/index.md

@@ -0,0 +1,9 @@
+---
+sidebar_position: 1
+---
+
+# Governance & DAO
+
+OlympusDAO is a network of dedicated community members who execute on decisions & protocol mechanisms voted on through community governance.
+
+The DAO is pursuing a strategy of “progressive decentralization.” Currently, major components of the protocol are controlled at a high-level by the DAO. Though, ultimately the focus is on creating a foundation at the Treasury, Policy and economic levels, and to enable the community to directly operate protocol mechanics – in a trust- and process-minimized fashion.

docs/literature-content/policy-process.md → docs/governance/policy-process.md

@@ -9,4 +9,4 @@ OlympusDAO’s Policy team monitors the protocol through key metrics related to
 
 The diagram below illustrates the decision-making process for amending/creating policies.
 
-![Policy Process](./policy-process.svg)
+![Policy Process](/gitbook/assets/policy-process.svg)

docs/governance/policy.md

@@ -0,0 +1,9 @@
+---
+sidebar_position: 3
+---
+
+# Policy Team & Policy Framework
+
+The policy team is composed of about 20 members of the Olympus community who have displayed sufficient knowledge of the protocol and a curiosity to continue to learn as the protocol grows in size and complexity. Policy is largely guided by the [policy framework](https://forum.olympusdao.finance/d/622-oip-56-olympusdao-policy-framework-v2).
+
+Policy closely monitors the behavior of the protocol and utilizes the powers assigned to them in the policy framework to actively manage the protocol. Policy is committed to help bring inflows into the treasury, and continue to increase OHM's relative backing, and help Olympus to continue developing products and services that grow the Olympus economy.

docs/literature-content/treasury-process.md → docs/governance/treasury-process.md

@@ -11,4 +11,4 @@ Every decision must go through a rigorous process prior to execution which inclu
 
 The diagram below illustrates the decision-making process for allocating funds from the treasury.
 
-![Treasury Process](./treasury-process.svg)
+![Treasury Process](/gitbook/assets/treasury-process.svg)

docs/treasury/pol.md

@@ -0,0 +1,9 @@
+---
+sidebar_position: 1
+---
+
+# Protocol Owned Liquidity
+
+Olympus pioneered the concept of protocol owned liquidity, and the Olympus protocol has always owned a substantial amount of the OHM liquidity. This ensures users and protocols are always able to swap OHM, regardless of market conditions and external events.
+
+The Olympus treasury keeps OHM liquidity on decentralized exchanges. With Range Bound Stability the balance between reserves and liquidity is algorithmic, with the goal to optimize the liquidity depth and reserves for robustness and long term market stability.