User's Documentation
Abracadabra English 🇬🇧

The Olympus Pro Program

The partnership between Abracadabra and Olympus DAO!
This Program is now concluded!
We have partnered with Olympus DAO, in order to provide the possibility to our users to buy SPELL tokens using ETH-SPELL SLP tokens!

What is Olympus Pro?

​Olympus Pro is one of the latest products coming from Olympus DAO! Olympus Pro allows users to buy discounted SPELL tokens in exchange for ETH-SPELL LP tokens, which will then be redirected to Abracadabra treasury, in order to start building up our own liquidity. This happens through a process called bonding.
If you want to read more about Olympus Pro, make sure to have a read at their documentation here.

How will our program work:

Our Bonding program with Olympus Pro has started on the 29th of September 2021. It will allow our protocol to acquire liquidity, buying it from users, using SPELL emissions! If you are not familiar with how bonding works, you can have a read at Olympus Pro Documentation here.
If you want to purchase a bond and receive discounted SPELL tokens, you will need to firstly have in wallet ETH-SPELL SLP tokens, and then go to the Olympus Pro page here. Here you will be able to purchase a bond using the same UI as Olympus has for its own OHM bond, if you are not familiar with it, here is a tutorial! After the vesting period, you will then be able to claim your SPELL rewards, following this tutorial here.
We have set the emission for this product to 50m SPELL per week!

The Benefit to our platform:

Every time a bond is purchased, the users SLP tokens are sent to a team managed treasury. This liquidity is called POL (Protocol Owned Liquidity)! Having control over these SLP tokens allows us to build up liquidity, while reducing the farm incentives over time, resulting in less dilution and a more sustainable system!
As a user, this brings you many advantages! First of all, you will be able to buy SPELL at a discounted rate compared to the market price, secondly you will have no exposure to Impermanent Loss, and thirdly you can rest assured that some level of liquidity for the pair ETH-SPELL will always be available, allowing you to cheaply trade your SPELL tokens! Read More about this here!