This is an OHM fork, one of the most forked protocols in DeFi's fairly short history.
Calling it novel is like calling a sushiswap fork novel.
OHM forks are machines that convert retail capital into a protocol owned treasury by convincing retail to play an increasingly negative EV game of chicken with each other.
If you think you can win that game, go ahead. The odds are not in your favor.
Source: Years ago, before I knew any better, I was one of the most prominent OHM and TIME influencers on CT.