# Olympia Treasury — Protocol-Controlled Vault for Ethereum Classic

> The Olympia Treasury is an immutable, protocol-controlled vault that receives EIP-1559 basefee revenue and disburses funds through on-chain governance. Non-inflationary, transparent, and auditable.

## What is the Olympia Treasury?

The Olympia Treasury (ECIP-1112) is the protocol-controlled vault funded by EIP-1559 basefee revenue from every transaction on Ethereum Classic, voluntary donations, and mining rewards directed to the treasury address. No new ETC coins are minted. All withdrawals require on-chain governance approval.

## Olympia Protocol Upgrade

Olympia is Ethereum Classic's most significant protocol upgrade: delivering the EVM ecosystem's most widely adopted fee market, a protocol-controlled treasury, and full Fusaka EVM alignment to the only Proof-of-Work smart contract platform in the world.

**ECIP-1111 — EIP-1559 Fee Market:** Unlike Ethereum where the basefee is burned, ETC redirects it to the protocol treasury — the mechanism that funds open-source core development without any foundation or donor dependency. Dynamic gas pricing delivers predictable fees for users and applications. Fully additive: legacy transactions remain valid indefinitely. Miner block rewards and tips remain completely untouched.

**ECIP-1112 — Protocol Treasury:** A protocol-controlled vault funded by basefee revenue and voluntary contributions. For the first time, institutions, developers, and network stakeholders can directly fund Ethereum Classic's core development and critical infrastructure without fielding their own team. No admin keys, no multisig. Only on-chain governance can release funds.

**ECIP-1121 — EVM Compatibility:** Advances the ETC execution layer through Dencun (Cancun-Deneb), Pectra (Prague-Electra), and Fusaka (Fulu-Osaka). ETC implemented partial London EIPs in Mystique (2022) and partial Shanghai EIPs in Spiral (2024), deferring the EIP-1559 fee market for independent governance design. ECIP-1111 delivers those deferred London fee market EIPs (EIP-1559). ECIP-1121 delivers the remaining execution-layer EIPs from Dencun, Pectra, and Fusaka that are independent of Proof-of-Stake and blob data availability.

Included EIP categories:
- Gas & State Access: EIP-7702 (account delegation), EIP-7623 (calldata cost), EIP-7825 (gas limit cap), EIP-7883 (MCOPY price fix), EIP-7935 (jumpdest removal)
- EVM Safety: EIP-6780 (SELFDESTRUCT restriction), EIP-7934 (stack size enforcement), EIP-7910 (call target constraint)
- Cryptographic Precompiles: EIP-2537 (BLS12-381 for ZK-friendly proofs), EIP-7951 (P256VERIFY for WebAuthn / passkeys)
- Execution Context: EIP-5656 (MCOPY memory copy), EIP-2935 (historical block hashes in state), EIP-1153 (transient storage TSTORE/TLOAD)

Explicitly excluded: all blob-dependent EIPs (EIP-4844, EIP-7516, EIP-7691). Ethereum Classic is a pure Layer 1 execution chain with no data availability requirement. Blobs are L2 scaffolding ETC does not need.

Developer impact: Solidity 0.8.x+, Foundry, Hardhat, wagmi, viem, and ethers.js all work on ETC without modification or ETC-specific forks after Olympia.

## Activation Status

Olympia is in final testing on the Mordor Testnet. The activation block will be announced after the Olympia Upgrade core developers call. All client implementations will release Olympia-compatible versions well before activation.

## How Funds Flow

1. **BaseFee Collected:** After Olympia activates, EIP-1559 basefee from every block is redirected to the treasury by consensus.
2. **Direct Donations:** Anyone can send ETC directly to the treasury contract to support protocol development transparently.
3. **Treasury Accumulates:** All income streams grow the vault. Balance and full history are publicly visible on-chain.
4. **Proposals Submitted:** Contributors submit ECFPs specifying recipient, amount, and milestones for governance review.
5. **Governance Approves:** DAO votes and authorizes eligible proposals. Only governance can trigger fund releases.

## Core Invariants

- No Minting: Cannot mint ETC, only holds received inflows
- Immutable Code: No proxy patterns, no admin methods
- Protocol-Controlled: Owned by protocol rules, not a multisig
- Minimal Interface: Accepts deposits, executes on governance signal
- Fully Transparent: All inflows and outflows visible on-chain

## Security Model

- Protocol Consensus: Client implementations enforce treasury rules at the protocol level
- Contract Immutability: No upgradeable proxy, no admin methods
- Sanctions Defense: OFAC screening at proposal level + emergency pause

## Olympia Roadmap

Five stages from consensus upgrades to permanent protocol integration:

1. **Consensus Upgrades** (Complete): EIP-1559 fee market, protocol treasury funded by basefee revenue, and full Fusaka EVM parity. Multiple independent client implementations complete.
2. **Core Governance** (Active): Governance and treasury contracts deployed. Open, transparent funding proposals with competitive bidding. Removes organizational overhead from the funding pipeline.
3. **Prediction Markets** (Research): Futarchy-assisted governance using prediction markets to inform treasury allocation. Requires ECIP-1121 Fusaka EVM alignment.
4. **Treasury Distribution** (Future): Optional governance-controlled smoothing of basefee revenue back to miners via ECIP-1115. Supplements long-term miner security budget through ECIP-1017 emission reduction events.
5. **Protocol Integration** (Future): Permanent consensus integration of proven governance mechanisms.

## Deployed Contracts (Demo v0.3)

Nine contracts deployed via deterministic CREATE2. Identical addresses on Mordor Testnet (chain 63) and ETC Mainnet (chain 61):

- OlympiaTreasury: Protocol-controlled vault
- OlympiaGovernor: On-chain governance
- OlympiaExecutor: Proposal execution
- TimelockController: Security timelock
- ECFPRegistry: Proposal registry
- OlympiaMemberNFT: Non-transferable membership NFT
- SanctionsOracle: Compliance screening
- OlympiaMemberRenderer: On-chain SVG membership cards
- MembershipVerifier: Sybil resistance

## Client Implementations

Multiple independent client implementations at Olympia launch:

- **Fukuii** (fukuii.com) — Ethereum execution layer client in Scala 3. Native PoW for ETC mainnet and Mordor; Engine API V1–V4 for Sepolia and ETH mainnet. Pairs with Lighthouse, Prysm, Teku, Lodestar, or Nimbus. The primary ETC client for the Olympia era. By Chippr Robotics LLC.
- **Core-Geth** — Legacy ETC client, actively maintained and carried forward through Olympia for network continuity. Scheduled to phase out as Fukuii assumes the primary role.

ETC plugins for Besu, Erigon, Go-Ethereum, and Nethermind are planned for future release — compatibility layers that bring ETC support to major upstream clients without maintaining full forks.

Node operators must upgrade before the activation block. Block rewards and tips remain completely untouched. The Olympia upgrade only redirects EIP-1559 basefee to the treasury.

## Network

- Mordor Testnet: Chain ID 63
- ETC Mainnet: Chain ID 61
- Activation Block: TBD, announced after the Olympia Upgrade core developers call

## Regulatory Positioning

ETC's regulatory surface spans two distinct trajectories: the commodity classification path that Proof-of-Work networks established, and the programmable finance frameworks being built around smart contract platforms.

- United States: digital commodity classification under the CLARITY Act (CFTC jurisdiction)
- United States: Proof-of-Work EVM platform for regulated stablecoin deployment under the GENIUS Act
- European Union: decentralized asset under MiCA (Markets in Crypto-Assets Regulation), exempt from issuer obligations as a fully decentralized protocol
- Japan: recognized crypto-asset on the FSA Green List (JVCEA), fast-track listing across all Japanese regulated exchanges

## Web Properties

- olympiatreasury.org: This site (treasury monitoring dashboard)
- olympiadao.org: Governance landing page
- app.olympiadao.org: Proposal submission, voting, and execution
- ethereumclassicdao.org: Institutional (Ethereum Classic DAO LLC)
- github.com/olympiadao: Open-source repositories

## Authors

- Cody Burns (github.com/realcodywburns)
- Chris Mercer (github.com/chris-mercer)

## Parent Organization

Ethereum Classic DAO LLC — Wyoming DAO LLC (Filing ID 2025-001671865)