It is with a heavy heart that we announce the closure of Olive Network and all related Olive products. This decision was not made lightly, and it comes after much reflection on the journey we've shared together. From the very beginning, our vision was to create something truly meaningful in the crypto space, and with your support, we were able to grow into a vibrant community of over 160,000 users. Together, we’ve explored new possibilities, learned valuable lessons, and strived to push the boundaries of what’s possible.

However, as with many things in life, not everything goes according to plan. Despite our best efforts and the incredible milestones we’ve reached, we’ve come to the difficult conclusion that it’s time to close this chapter.

What You Need to Know:

• Withdrawal of Funds: We kindly request that all users withdraw their funds by the end of this month. We will continue to support the front ends of our platform until September 30th, giving you ample time to ensure the safe withdrawal of your assets.

• Support: Our team remains committed to assisting you during this transition. If you need any help or have questions, please reach out to us on our Discord server (https://discord.gg/oxolive), where we will continue to provide support until the final closure.

• Investors: All investors have been informed about this decision, and we’ve made arrangements to address any concerns directly with them.

• Social Media: Effective immediately, all Olive-related social media channels will be discontinued.

The reality is that 90% of startups fail, and in the crypto world, that number is even higher—99% of projects fail, or their tokens go to zero after launch. However, these statistics should not reflect on the incredible individuals who pour their hearts and souls into these ventures. Olive Network was built on passion, innovation, and a desire to make a difference. While this particular journey is ending, the experiences we’ve shared and the lessons we’ve learned will continue to shape the future for each of us.

As we say goodbye, we want to express our deepest gratitude to each and every one of you. Your support, enthusiasm, and belief in Olive have meant the world to us. Though the Olive Network is coming to an end, the connections we’ve made will endure.

Thank you for being a part of this journey.

With heartfelt appreciation,

The Olive Network Team

#OliveNetwork #ThankYou #Community #Farewell

Innovative Staking Solutions Come to Olive

EtherFi is renowned for its robust, non-custodial staking services designed to support Ethereum's long-term sustainability without reliance on unsustainable economic models. By bringing weETH to Olive, we are opening up new avenues for users to engage in secure, efficient, and rewarding staking activities.

What This Partnership Means for Users:

• Ease of Use: Users can now easily wrap their eETH into weETH directly within EtherFi’s user-friendly interface and stake it on Olive to earn competitive yields.

• Enhanced Flexibility: Those already using weETH on platforms like Pendle Finance can also benefit by depositing their PT-weETH (Principle Tokens) on Olive, enabling them to farm Olive points with an impressive 3x boost.

• Multiplied Rewards: Apart from the standard staking yield, users staking weETH on Olive will also earn EigenLayer points, EtherFi points, and an increased amount of Olive points, making every stake more profitable.

Enhanced Support for PT-weETH Holders

As part of our strategic partnership with EtherFi, Olive Network is excited to offer dedicated support for PT-weETH holders. Depositors of PT-weETH can now enjoy:

• Exclusive EtherFi points on PT-weETH: For the first time you can use your PT-weETH to get more EtherFi points. (Get standard EtherFi points on your PT-weETH for the period you stake them on Olive)

• 3X Boost on Olive Points: Stake your PT-weETH on Olive and earn Olive points with a 3x boost, enhancing the value of your holdings.

• Additional Utility: This feature broadens the scope of our DeFi offerings, letting PT-weETH participate in additional staking activities, giving them ways to fully optimise their assets in the DeFi ecosystem.

A Fair Staking Model

Our model is designed to be inclusive, offering equal opportunities for all stakers, regardless of the size of their holdings. From small fish to large whales, everyone benefits. The reward system starts strong with a 3x boost and is designed to wind down over time, rewarding early adopters.

Join Us in Shaping the Future of DeFi

This partnership represents more than just technological integration; it signifies our shared commitment to providing DeFi users with more opportunities to grow their assets securely and efficiently. We invite you to take advantage of this new feature, stake weETH and PT-weETH on Olive, and enjoy the EterFi points, Eigen Layer points, and boosted Olive Points.

For more information on how to get started, visit our websites or join the conversation on our community channels. Stake your claim in the future of DeFi today with Olive Network and EtherFi!

A New Era for DeFi:

Olive Network, known for its commitment to making DeFi accessible and efficient through gasless transactions and native staking, now embarks on a new journey with KelpDAO. KelpDAO has made waves in the DeFi space with its liquid restaked token (LRT), rsETH, designed to offer liquidity to illiquid assets deposited into restaking platforms like EigenLayer.

The Power of rsETH on Olive:

By depositing rsETH into Olive, users can now unlock a suite of rewards that exemplifies the synergy between these two DeFi powerhouses. The partnership not only simplifies the restaking process but also enriches the reward ecosystem for participants. Here’s what users can look forward to:

• A robust 3.43% staking yield for staking rsETH on Olive.

• Additional restaking yield opportunities, further maximizing return on investment.

• Accumulation of Kelp-miles, enhancing the benefits of holding rsETH.

• The chance to earn Olive points, pivotal within the Olive rewards ecosystem.

1.5X Boost on Kelp Miles:

In an exciting development for stakers, this partnership also introduces a 1.5X boost on Kelp Miles for users who stake their rsETH on Olive for the first 30 days. Kelp Miles, the reward points of KelpDAO, represent a significant value proposition, offering users an increased reward rate as a benefit of this collaboration.

Why This Matters:

This partnership is more than just a technical integration; it’s a commitment to providing DeFi users with more opportunities to grow their investments in a secure and efficient ecosystem. For restakers, this means not only do they get to contribute to network security and earn rewards, but they also enjoy enhanced liquidity and reward through KelpDAO’s innovative solutions. Adding additional layer of utility for the LRT holders.

Looking Forward:

The collaboration between Olive Network and KelpDAO marks a significant milestone in our journey towards a more inclusive and rewarding DeFi ecosystem. By combining our strengths, we are setting new standards in the industry, providing users with unprecedented access to staking rewards and liquidity options.

We invite our community to embrace this new opportunity. Stake your rsETH on Olive, benefit from the boosted Kelp Miles, and be part of the future of DeFi. Together, let’s push the boundaries of what’s possible.

The Current Landscape of DeFi

DeFi has emerged as a revolutionary force, challenging traditional financial systems by offering decentralized alternatives for lending, borrowing, trading, and yield generation on cryptocurrencies. Built primarily on Ethereum, the DeFi ecosystem has expanded to encompass a diverse range of blockchains and protocols, each contributing to a global, open financial system.

However, this rapid growth has not been without its challenges. High transaction fees, complex user interfaces, and scalability issues have become significant barriers to entry for many users. Ethereum's gas fees, in particular, have seen dramatic fluctuations, often making transactions prohibitively expensive during peak times. This volatility underscores a critical need for solutions that can offer both scalability and affordability without compromising on security or decentralization.

The Challenge of Accessibility and Efficiency:

One of the most pressing issues in DeFi today is the accessibility and efficiency of transactions. DeFi promises to offer a financial system that is open to all, yet the reality of high gas fees and complex transaction processes has limited this potential. For newcomers and small bag holders, the DeFi space can be daunting, with the technical knowledge required to navigate different protocols and the financial burden of transaction fees posing significant hurdles.

Moreover, the Blockchain trilemma — the challenge of achieving scalability, security, and decentralization simultaneously — continues to be a critical issue for blockchain networks. Many existing solutions compromise one aspect in favor of the others, leading to a fragmented ecosystem where users must choose between speed, cost, and security.

Olive's Response to this:

Olive Network is a secure, developer, and user-friendly Ethereum layer-3 chain designed to be fully EVM compatible and built with native ETH staking and restaking at its core. It is built using Arbitrum Orbit tech stack for best-in-class speed & performance (avg. block time ~0.26 secs).

By leveraging Eigen DA for data availability and Arbitrum L2 as a settlement layer, Olive can reduce its cost by 1000x and offer devs gasless transactions, improving end-user experience by 1000x.

Olive's mission is to bring the benefits of Ethereum to the masses and make Ethereum's EVM accessible to people coming from different economies around the globe. Offering gasless transactions, fast finality and the security of Ethereum is just a step in that direction.

Key Advantages of Olive:

1. Gasless Transactions

2. Native staking & restaking yield

3. Ultra-low block time (~0.26 secs)

Is there a need for another chain? Why Olive?

L1s and L2s have made significant technological advancements in recent years, which allowed for many great products to be built. However, they failed to provide a seamless user experience which is the linchpin for mass adoption.

Olive plans to improve upon previous ideas by offering devs gasless transactions while solving for UX via smart accounts for social logins & connected sessions.

EOA and smart contracts without account abstraction will still work on Olive and will require $OLIVE gas tokens. However, we encourage app developers to include our free account abstraction SDK in their app to offer gasless transactions to their users.

Native Staking & Re-staking:

There are many liquid staking tokens (LST) and liquid restaking tokens (LRT) on the market, and the demand for these tokens is ever increasing. Olive bridge supports bridging ETH, LST & LRTs to Olive. ETH will be deposited in Lido stETH contract while LST & LRTs will be bridged without any tampering.

For ETH & LSTs, Users will natively:

• Earn 4% staking yield

• Get diversified exposure to different liquid staking providers and tokens

LRT's on the other hand are increasing area of interest and will continue to grow and capture mindshare and marketshare on the back of EigenLayer's AVS technology.

LRT Users will natively:

• Earn 4% in staking yield

• Earn restaking yield

• Earn EigenLayer points

• Get diversified exposure to different liquid restaking providers and tokens

Behind the frontend:

Native Stablecoin Yield:

Stablecoin deposits onto Olive will be staked in Mountain Protocols USDM, a regulated yield-bearing stablecoin issuer backed by US treasuries. By holding stablecoins on Olive, user's will natively earn the current 5% US treasury yield. By integrating Mountain Protocol's USDM, Users from around the globe can now get exposure to US treasury bills. You can read more about Mountain Protocol here.

Manta Network and a few other institutional firms use Mountain Protocol for US treasury yield

Gasless Transactions:

Olive is built with the functionality to fully subsidize devs transaction fees. As Olive transaction fees are negligible, app developers can integrate with Olive paymasters for gasless transactions. The Olive team will publish docs for developers to permissionlessly integrate gasless transactions functionality into their applications.

The Olive team will work with you to offer a gasless experience to your users. If you need help, don't hesitate to reach out to us on our Discord server.

Account Abstraction:

Olive offers account abstraction out of the box. This allows app developers to provide a web2-like experience where users don’t have to approve and pay for each transaction in a session.

Smart accounts greatly enhance the UX, provide session keys so that power users don’t have to approve each transaction. Smart accounts enable users to access defi apps using their familiar email ID, phone number, and device keys; enable 2FA and allows account recovery in case of a device/password loss.

What’s Next? “Olive Staking Saga”

The "Olive Staking Saga" Campaign sets the stage for the Olive Chain, enabling asset staking on Ethereum and Arbitrum Mainnet. This pre-launch event allows for staking of various tokens with no lock-in period, offering rewards like Olive and Eigen Layer Points, plus staking APYs. A unique reward system levels the playing field, rewarding early participants significantly. The campaign also features a referral system, with "Olive spins" providing additional points, fostering a vibrant, early adopter community.

Subscribe now to stay updated! in the next entry, we’ll do in-depth and understand how you can make the most out of “Olive Staking Saga”.