Q4 2023

By the end of 2023, over 11,500 wallets held the Olas token. Here is a summary of what happened in the Olas ecosystem during the last year:

What happened in 2023?

Olas created ~$1m profits

Olas saw almost $1m in profits from the liquidity pools on Ethereum and Gnosis Chain alone.

• Remember, the Olas whitepaper launched in January 2023, followed by the public launch of the OLAS token on Ethereum in July 2023. By the end of 2023, the DAO also launched the OLAS token on Gnosis Chain, Solana and Polygon and Valory sponsored a Code4rena audit contest of the Olas contracts.
• The initial Fjord Foundry Liquidity Bootstrapping Pool saw $74.6 FDV, 393 swaps, $1.2m in volume, and 14.84 million OLAS tokens (~1.5% of the network) released to 149 holders. By the end of 2023, there were 11.5k holders on Ethereum alone!

Olas attracted useful code, breaking 255k txs

Olas saw 255k transactions

Made by agent-powered autonomous services, mostly prediction agent services (as part of Valory’s hackathon with Gnosis Chain) and later Staker Expeditions.

There were many autonomous agent applications built, including:

• shorts.wtf - AI-powered NFT short film generator (prize-winning hack)

• Mechs - Crypto’s market for AI skills (prize-winning hack)

• Governatoorr - AI-powered DAO delegate

• Contribute - AI-ified Co-ownable DAO Ops (an Olas Protocol-owned Service)

• Prediction Agent - AI-powered predictions in crypto

• Autonomous Keeper Service - automations moving 30 ETH in 3 months, superseded by Olas Automate being developed now by Olas Dev Academy 5

• El Collectooorr - the first autonomous NFT Collector DAO

• Autonomous Fund - co-owned AI-ified asset management

Olas community developers received +18 ETH plus OLAS so far in developer rewards.

Olas attracted hundreds of services, with community members building everything from Plantation Station (which uses dynamic NFTs to represent real-time crop data on-chain) to the community-launched SMP (autonomous fund) and Collateralization Station (allowing Olas NFTs to be used as loan collateral). See epochs: 1, 2, 3, 4, 5, 6, and 7, plus a thread of threads about community-built services.

Valory began its fifth Olas Dev Academy.

With engaged devs learning the how and why of contributing to Olas, before splitting into tracks to start building. You can recap the Academy here.

Olas attracted $24 million Protocol-owned Liquidity

Bonding was in demand. Olas’ unique bonding grew capital in tandem with code to bootstrap Olas’ ocean of services, as one of the three elements of Olas’ Triple Lock, the other two being Locking (e.g. for governance) and Staking (emerging via Staker Expeditions).

• By the end of Q3, Bonding products worth >$2.4m were sold – even with months-long locking periods, meaning liquidity was 79% Protocol-owned. 6x expected protocol profits were made on this alone.
• By the end of 2023, PoL on Ethereum and Gnosis Chain combined was valued at ~$24m, with the protocol owning close to 100% of liquidity in the pools.

Olas attracted the first Stakers

Valory’s first Olas Staker Expeditions, Everest, was a success, seeing all slots full and our pioneering Proof of Active Agent (PoAA) concept in action. PoAA differentiated between active and inactive stakers, autonomously rewarding those running active agents. It has enabled us to finetune the experience for stakers before moving on to the next Expedition, Alpine, in the new year. Olas DAO could look to integrate this staking in 2024.

People became excited about Olas Agents as Daily Active Users in crypto

• Olas AI agents made the majority of Safe transactions on Gnosis Chain during the prediction agent hackathon, leading to recognition from the founders of Safe and Gnosis Chain, and collaborations with Gnosis, Safe, Nevermined, GetBlock, Kleros, The Graph and more. Valory also collaborated earlier in the year with Balancer and Ceramic.

• In its third year, Olas was featured in Messari and Nansen’s #1 High Conviction Bet for 2024. This came after founding member, David Minarsch, coined ‘Co-owned AI’ at ETHDenver, invented Protocol-owned Services, and proposed that Artificial General Intelligence will likely be agentic and must be co-owned. David Minarsch also spoke about Olas on protocol deep dives w/ thefett, DAO Talk, In Plain Text podcast, and this Olas ELI5 for Safe.

• After the surge in interest in AI agents in crypto, Valory provided spaces for pioneers of AI agents joining the space to share learnings, including 3 AI Frontiers interviews, 4 Crypto x AI conferences, and a decentralized AI hack.

• Overall, Twitter impressions for Valory and Olas surged 18x – as autonomous agents went viral and the community grew, leading to regular, high-reach community-generated content.

TLDR & what's coming in 2024?

2023 saw Olas launch and kickstart a flywheel of useful code and capital to fuel Olas’ ocean of AI agents. The DAO has passed votes that the community will continue to work on in 2024, growing capital (including further bonding pairs) and code (including Build-A-PoSe). Who knows where the community will vote to take this sea of agent-powered applications in 2024?

Want more info? Check out:

• More protocol statistics for 2023
• Stay up to date with everything shipped so far