What's Abachi?

Abachi exists to help bring traditional financial institutions and real-world users on chain. Abachi's whitelisted pre-sale ends December 17th 2021.

It's essentially an Olympus DAO fork on the Polygon chain, which wants to decentralize finance, split DeFi up from traditional finance, and to acquire already existing financial institutions. (Starting with it's first partnership in the real-world 'LUCA Plus' from Australia!)

Litepaper link, Pitch Deck link.

How does it work?

The Abachi project will consist of two parts. Part one will be the core integrations they plan to build or have already built. This part's goal is to create a simple onboarding experience for new users who come from a traditional finance background. This is essential for the project's growth and sustainability. If Abachi will not be easy to use, traditional finance users will never leave the traditional finance sphere.

The second part of the Abachi project will be the treasury backed by $OHM and stablecoins. The end goal for the second part of the project will be to start acquiring real world debt pool tokens and bonds, but for now still with ABI-OHM bonds etc.

What are the core services the Abachi project plans (or already has made)?

• (Non-)Custodial in-app wallets for business capital with yield compounding through Xero, MYOB, SAP, etc.
• Easy to use tokenized invoices, bonds, obligations. (Essentially as an NFT)
• Compliance, KYC and any information reporting requirements by law/regulation all directly on-chain.
• Risk assessment based on algorithms, using off or on-chain data.
• Credit pools and other forms of lending based on real-world businesses taking credit.
• Tokenized debt obligations will be offered to the market.
• Yield pools incentivized by ABI tokens
• DAO Governance
• DAO Treasury

Some of these services already have been realized, mainly through their partnership with LUCA plus, their aim is to bring the LUCA plus activity to Abachi's own decentralized pools.

The Abachi project will have endless use-cases if they open up credit markets to something like OlympusDAO through their front-end project Abachi. They call it "the Holy Grail of DeFi"!

What will the Abachi DAO launch look like?

As mentioned before, the Abachi DAO will launch on Polygon. They have chosen for Polygon because it has the necessary liquidity and "clear commitment to move towards zero-knowledge.", they also think that Polygon offers the best user experience in terms of UI and cost-basis.

The launch will occur as follows:

1. Initial smart contracts will be deployed and forked through the Olympus DAO incubation program.

2. Supply on launch will be as following:

• Circulating Total Initial Supply: 117.300 (50.000 ABI held by 1.000 whitelisted members.)
• Supply locked by partners: 6.000  (long term commitment)
• Supply locked in Liquidity: 17.500  (permanently locked)
• Supply locked by Luca Plus: 6.600 (long term commitment)
• Supply locked for Olympus DAO: 9.625
• Unlocked circulating supply on launch (20 jan. 2022): 77.575

3. They will mint pABI tokens, with a limit of 385.000 pABI. Vesting period is every quarter-year for a period of 3 years, the pABI tokens do NOT rebase, but will inherit some rebase properties from gOHM.

aABI tokens (Alpha ABI) can be redeemed for ABI, which can be staked immediately from launch. pABI tokens are distributed to investors and the team, do not acquire rebase, and can only be redeemed for OHM. Abachi will buy back any pABI tokens that cannot be redeemed at backing-value.

pABI issuance is as follows:
● 30% of the issuance goes to the core team.
● 50% will be sold to early investors with a cap of no more than $1m raised.
● 10% is reserved for contributors and advisors.
● 10% is reserved for OlympusDAO.

What are the risks involved, and how are they mitigated?

If there would for example supposedly be a bank run on OHM, that would cause a lot of trouble. The Abachi project mitigates this as it drives it's own token's price down. It will constantly buy back the token, and burn it, while offering great discounts if users bond (ABI-OHM). This is a net positive for both platforms (3, 3).

Abachi will need to sell some OHM to sustain their minimum backing value, this can be a risk if OHM does not grow. If OHM is doing well, so will ABI, and the value of OHM in the Abachi DAO treasury can only increase over time.

Regulation and compliance could be an issue, but Abachi is already creating a legal framework using pABI funds, and the existing partnership with LUCA plus offers great resources to tackle any regulation and/or compliance issues.

Ecosystem

Meet the team!

Today (13 December 2021) there will be an AMA from the team on their Discord, do check it out and ask anything you're wondering about to earn one of 5 whitelist spots left to enjoy the pre-sale. If you are not whitelisted, the live auction will be the 22nd of December 2021, at 11:00 AM UTC.

This will be held on the Gnosis Auctions platform by Polygon (prepare funds there!!). If the auctions ends, 50% of the proceeds will be converted into OHM immediately.