(3,3) meme originated from the OlympusDAO ($OHM) project .

What is $OHM

$OHM is currently an asset-backed token.

Think of OlympusDAO as a Web 3.0 version of the Federal Reserve, with a treasury backed by various assets. Sinceeach $OHM is backed by a reserve (asset) worth at least $1 in the treasury, when its price falls below $1, OlympusDAO will buy back and destroy some $OHM. This would bring the price of $OHM back to $1. In addition, unlike real fiat currencies, $OHM is not pegged to any asset, so its price is not stable. On the other hand, according to its smart contract settings, theoretically $OHM can always remain above the price of $1, with only a floor price and no upper limit.

To put it simply, "hook" = 1, "guarantee" ≥ 1.

The use of $OHM

Ohmies (that is, users who participate in $OHM transactions) have three options: pledge, bond, and sell.

Staking

Ohmies can get rewards by staking. When they stake, $OHM will be locked, and they will receive an equivalent amount of $sOHM that is transferable and can interact with other DeFi protocols. The balance of $sOHM will be rebase at the end of each cycle.

When participants choose to cancel their pledge, they will receive the corresponding amount of $OHM, and $sOHM will be destroyed.

Bonds

In addition to staking LP tokens in the pool in exchange for rewards, participants can also use LP tokens to earn $OHM at a discounted price . Delivery does not occur in a timely manner. Since OlympusDAO will not sell these LP tokens, the liquidity will also be locked in the treasury and become part of the reserve (i.e. PCV, Protocol Controlled Value).

What are LP tokens? What is the value of these tokens? Please refer to the "What is Liquidity and LP (Pool)" section.

Prisoner's Dilemma

To better understand the (3,3) meme, we have to first talk about thePrisoner's Dilemma . Imagine the following situation:

Two prisoners were arrested after committing a crime together, but the police did not have enough evidence to charge them unless at least one of the two prisoners confessed. In order to prevent collusive confessions, the police interrogated the two criminals separately based on the principle of "lenity for those who confess and severity for those who resist".

It can be said that there is a strategic relationship between the two villains, that is,When you decide what to say, you must anticipate what the other person will say, because it will also affect him own fate.

(3,3)

Based on the theory of prisoner's dilemma, staking becomes the most advantageous for Ohmies choose. Because it will increase the scarcity of the token by purchasing the token while reducing the circulation, creating buyer pressure and driving up the currency price.

Bonds are also classified as a positive option, although not as strongly as pledges. Although it is not a spot transaction and cannot directly drive the price of the currency, it can alleviate the liquidity pressure of $OHM in the secondary market, while providing users who want to hold $OHM with the opportunity to buy at a discount. At the same time, these users need to face a lock-in period before receiving $OHM, which avoids the direct emergence of selling pressure.

Selling $OHM is seen as a net negative because it puts downward pressure on the price of the currency, and the decline in the price of the currency may lead more Ohmies to sell their tokens.

Based on the above theory and in order to provide a more intuitive explanation, OlympusDAO defines the return brought by staking as +2, bond as +1, -2for selling.

In this way, we get the classic (3,3) table below, which abstractly shows the income of each of them when there are two Ohmies.

Impact...

After OlympusDAO took off, many imitators, or forks, emerged in the market, and the meme has since had more variations. For example, KlimaDAO which introduces the concept of environmental protection based on (3,3) can be marked as (?,?); and which was once the most popular fork of OHM > Wonderland can be marked as (?,?). In addition, the form (X,X) is also widely used as a tag in the Web3.0 community. People include this meme in their homepage bios to project their Web3.0 identity.

(3,3) The meme has become an abstract and intuitive cultural symbol within the cryptocurrency community, with implications that extend far beyond DeFi or staking.

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