ON–104: DeFi

Coverage on OlympusDAO, Maple Finance, Tokemak, and Rari Capital.

Jan 14, 2022

ON–104: DeFi

About the editor: Spencer Noon is Co-founder & General Partner at Variant Fund. Click here to share your project with us.

Network Coverage
Coverage on OlympusDAO, Maple Finance, Tokemak, and Rari Capital.

① OlympusDAO

👥 Tachi

📈 OHM LP fees pass $31m & DAO treasury reaches ~$635m

  • OlympusDAO introduced one of the most revolutionary tokenomic models of DeFi 2.0: by offering high APY staking rewards and the option to purchase OHM at a discount via a bonding mechanism, the protocol has been extremely successful at controlling its own liquidity. Currently about 90% of OHM’s circulating supply is staked on the protocol. Additionally, many in the community copied their model of protocol owned liquidity (POL), and the project had numerous forks, notably KlimaDAO and RomeDAO.
Dune Analytics - @shadow
  • Olympus generated ~$31m in total revenue and ~$190k daily in January through LP fees due to owning virtually all its liquidity. Owning liquidity is fantastic for the protocol because, during periods of high volatility like recently, Olympus can earn substantial fees from trades.
Dune Analytics - @shadow
  • The Olympus community and DAO continue to grow in numbers! On-chain analysis indicates that there are 88,049 holders of OHM, a staggering number compared to a few months ago. 2022 will be an exciting year on Mount Olympus, as more products, features, and partnerships are released.
Dune Analytics - @shadow
  • The market value of the Olympus Treasury is currently ~$635m; assets are acquired via bonds. While the data shows a drop in the last 30 days, this metric also captures the volatility of all assets in the Treasury (including tokens and stablecoins). Olympus has also recently been migrating from OHM v1 to OHM v2, and during migration, bonds were disabled for about a week. Despite the temporary disruptions, the 3-month delta of 43% shows excellent growth in the market value of treasury assets.
Dune Analytics - @shadow
  • The risk-free value of Treasury assets is ~$204m, up ~96% in 3 months; it continues to grow as more stablecoin bonds open. During the migration from OHM v1 to OHM v2, bonds were disabled for about a week with no revenue, but now reactivated bonds v2 have led to an uptick in the treasury’s holdings.
Dune Analytics - @shadow
  • Olympus Pro continues to be an exciting service for partners, with the Pro Treasury tracking around $1m, up ~99% and ~800% over the past 30-days and 3-months, respectively. The program allows the Olympus Treasury to acquire tokens via a 3.3% fee in the native token of the partner's protocol.
Dune Analytics - @shadow

② Maple Finance

📈 Maple Finance Reaches $500m in TVL and Loan Value

  • Maple Finance is an institutional capital market serviced by 4 pool delegators. By providing capital to these pools, lenders earn interest from institutional borrowers and any associated MPL lending rewards. Maple has a total-value-locked of ~$500m and is up 100% since November 2021. TVL utilization has consistently kept above 90% with the level of demand by borrowers keeping up with available capital.
Token Terminal, Decentral Park Capital
  • Maple offers stable core USDC APRs for lenders across different pools within their capital market, ranging from 9-10%. This becomes increasingly attractive for those seeking market-neutral strategies in a risk-off environment. Adjusted for MPLS rewards, APRs are boosted and range from 15-19%.
Decentral Park Capital - @scottincrypto
  • Maple's native cryptoasset, MPL, is valued at an ATL relative to the value committed to its capital market (-71%), suggesting a disconnect between network valuation and fundamentals. Fees earned by the Treasury to date governed by MPL holders is small ($330k), and may be a reason for this divergence.
Decentral Park Capital


📈 Tokemak asset TVL hits ~$1.2b

  • Tokemak is a “liquidity as a service” project using reactors to balance token pairs by adjusting yields, which are then directed to pools on different DEXs. The project launched in early August of 2021 and has become one of the most popular names of the DeFi 2.0 wave. This week, Tokemak asset TVL reached an ATH at ~$1.2b, up ~100% from mid-October; TVL including TOKE reached ~$1.6b. Address exposure also reached an ATH of 4,700, about 3x the level of mid-October.
DeFi Llama