We are here with the second part of the Journey to L2 DAOs series, where we examine the DAOs on L2. We recommend that you read the first part for answers to questions such as what is a DAO and how a DAO works.

Olympus DAO

Olympus DAO is featured on Arbitrum, Optimism and zkSync. It aims to create a decentralized and censorship-proof reserve currency (an unpegged stablecoin) for the Web3 ecosystem. Developing a reserve currency is important because the core purpose of the Web3 financial movement is to promote an alternative economic ecosystem that serves the needs of its diverse stakeholders, including:

Having access to unique, purpose-built assets that can be used widely and uniformly across L1s and L2s
The ability to trade/store decentralized and censorship-resistant assets that are not connected to the traditional financial ecosystem for validation

How Does Olympus Work?

Olympus is managed by the Olympus DAO. The Olympus DAO is a network of dedicated community members that implements voting decisions and protocol mechanisms through community management. Its ultimate goal is to create a protocol-level autonomous system where OHM is largely influenced by decentralized smart contracts and minimal human intervention. The DAO is pursuing a “progressive decentralization” strategy. Currently, the main components of the protocol are highly controlled by the DAO.

The Building Block of Olympus DAO: $OHM

Olympus' goal is to create a reliably neutral currency for the web3 and to help established users enter a decentralized, democratized economy with the added goal of being a replacement currency for DeFi.

What are reserve currencies designed to achieve?

Maintaining purchasing power: In the medium and long term, the asset grows to exceed inflation and becomes more stable over time.
Deep liquidity: Reserve currencies are highly liquid and easily exchangeable for other assets, products and services
Used as unit of account: Other assets are priced in the currency

Although $OHM looks like a stable coin, it is not simply a stable coin. The goal is to develop a Web3 native presence that helps users maintain their purchasing power, has deep liquidity across the ecosystem, is widely used as a unit of account, and acts as a reliable support for other decentralized assets.

What is done with OHM?

The $OHM token serves as both the stable currency of the protocol and the governance token. Users who buy $OHM can do one of three things: hold, stake, or provide liquidity to SushiSwap OHM-DAI LP. The $OHM token is also used to vote on offers in Scattershot. The amount of $OHM a user has represents their voting power.

How is Peg Provided?

OHM is backed, not fixed. Every OHM is not pegged in the treasury, it is backed by $1 worth of assets. Since the Treasury backs every OHM with at least $1, the protocol will buy back and burn the OHM when it trades below $1. This has the effect of pulling the OHM price back up to $1. OHM can always be traded above $1 because there is no upper limit imposed by the protocol. Fixed 1 OHM should be considered as >= 1 when backed.

$OHM Statistics

Matchbox DAO

Matchbox DAO is a community of developers, artists, and designers who build the infrastructure of on-chain games with Starknet. The goal is to help developers build bigger and better tools more easily and to give one million developers the power of Ethereum. The DAO supports developers creating development tools, infrastructure, and foundations for on-chain games. Every primitive is open source and can be used and reused by new developers that enter the DAO.

So What Are These On-Chain Games?

On-chain games are video games whose state is entirely on the blockchain. Core codes are written as smart contracts. In the past, cost and speed constraints hindered the development of on-chain games. Now, thanks to innovations in Dapp tools and fast, inexpensive layer 2 blockchains, we can finally imagine fun on-chain games. We're seeing the rise of on-chain apps as developer platforms.

Example Image is from EtherQuest game on StarkNet

Web3 game developers like MatchboxDAO are building the toolkit for the consumer Dapps of the future.

Boring DAO

BoringDAO is a DAO focused cross-chain service provider for every crypto asset. It is featured on Optimism, Arbitrum, Boba, zkSync, and Metis.

oPortal bridge :

The Boring DAO oPortal bridge enables free transfer of assets between fourteen L1s & L2s in a cost-effective and timely manner. Any token, whether stable coins or management tokens, can be listed on the BoringDAO oPortal.

oToken Tunnel :

The Boring DAO oToken Tunnel offers a secure way to wrap PoW assets including Bitcoin, Litecoin and Dogecoin to maximize utility in the multi-chain ecosystem.

What Needs Does the Boring DAO Meet?

Portal Bridge: BoringDAO Portal Bridge allows users to move ERC20 tokens between different blockchains in the safest and fastest way. Assets such as USDT, USDC, and even ETH that were originally issued on a chain can easily be used in a multi-chain ecosystem.

$BORING Token Economy

Maximum Supply: 2,000,000,000 (fixed)

30% for Mining: $BORING is mined with the local crypto-asset mintage fee and rewarded to those who participate in the minting.
30% for Boring Farm: $BORING is created with Ethereum blocks, and oToken & BOR rewards are distributed to those who participate in liquidity and pledge farming.
19% for infrastructure: %1 for initial $BORING liquidity; 3% for initial BTC Tunnel commitment; 15% reserved;
11% for early contributors: 10% for private tour; 1% for public tour.

We would like to thank the author of the article, @0xInvy, for his contributions. See you in the next ‘‘ journey to L2 DAOs issues’’ :)

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L2 Planet Learn: Journey to L2 DAOs PART2