DeFi 2.0 is the hottest keyword of the Crypto Market in Oct 2021 as the 1.0 version has revealed inefficiencies over time. Multiple projects are ready for this new wave such as Uniswap v3, Curve Finance, Convex Finance, etc.
After achieving initial success with a total OHM value of over $1.5 billion, Olympus DAO is following the DeFi 2.0 wave by releasing the pro version for its prominent product.
The article below will provide all detailed information about Olympus DAO, including:
- What is Olympus DAO? How does it work?
- What is OHM Token? All detailed information about its Tokenomics.
- How to get and buy OHM tokens?
- Roadmap and updates.
- Details about the team, investors, and partners.
- Is Olympus DAO a good investment?
Let’s find out more about Olympus DAO and the attractively high APY (Annual Percentage Yield) of it!
What is Olympus DAO?
Olympus is a decentralized reserve currency protocol based on the OHM token supported by Olympus DAO (Protocol Controlled Value – PCV). In order not to fall below, OHM is backed by a basket of crypto assets such as DAI and FRAX in the Olympus Treasury.
They have DAO (Decentralized Autonomous Organization) in their brand name, which means OHM holders have the voting power to decide the future of the Olympus DAO platform.
Basically, they provide staking and bonding services combined with the OHM token. The future they want to realize is to be a global trading unit and a medium of exchange currency in the real world.
How does Olympus DAO work?
On Olympus DAO, users can participate in two main strategies which are staking and bonding. They are all attached to the OHM token, enhancing its use case.
Staking is a long-term strategy that rewards OHM to users when staking on the Olympus website. The reward rate can be varied depending on the number of OHM staked in the protocol.
When staking OHM, users will receive sOHM which can be used on other DeFi protocols. To redeem OHM, users just need to burn sOHM. The OHM rewards come from bond sales which will be discussed next.
Bonding is a short-term strategy that allows Olympus to own the provided liquidity and reserve assets. Bonders provide LP tokens or crypto assets such as DAI, LUSD, FRAX, and wETH to buy OHM tokens at a discounted price with a vesting period.
Bond sales will generate profit to the Olympus treasury so that it can mint OHM and distribute them to OHM stakers in the first strategy. And the Olympus platform is providing the following bonds for users:
- DAI bond.
- FRAX bond.
- wETH bond.
- OHM-DAI LP bond.
- OHM-FRAX LP bond.
As you might notice at Stake (3,3) and Bond (1,1), those numbers based on the game theory standpoint represent the cooperation between stakers and bonders.
- Staking (+3) and bonding (+1) are beneficial to the Olympus protocol
- Selling (-1) on the market is detrimental to the protocol.
The best scenario for the protocol is 3+3=6 points when users stake their OHM on the Olympus website. The worst-case is -1-1=-2 when users are selling their OHM tokens. And other cases are shown in the table below.
What is OHM Token?
OHM is the crypto-backed and primary token of the Olympus DAO platform. It will be minted when users bond with their crypto assets. Then they can decide to stake the OHM tokens or sell on other platforms.
To differentiate, backed crypto means it can have a bigger value than the underlying crypto of that asset. On the contrary, a pegged crypto means the crypto price is sticking to one specific asset’s price. Therefore, the OHM price can be much higher than the backing cryptos.
Detailed information about OHM Token
OHM Key Metrics
- Token Name: Olympus Token.
- Ticker: OHM.
- Blockchain: Ethereum.
- Token Standard: ERC-20.
- Contract: 0x383518188c0c6d7730d91b2c03a03c837814a899.
- Token Type: Utility and governance.
- Circulating Supply: 1,663,068 OHM.
Note: OHM is minted via the bonding mechanism. Therefore, the total supply can be varied corresponding to the demand of bonders.
OHM Token Allocation
OHM Token Sale
OHM Token Release Schedule
OHM Token Use Case
OHM is the primary token of Olympus DAO so the Olympus team equips the token with multiple functionalities as follows:
- Staking: Users stake their OHM tokens on Olympus DAO to earn OHM rewards that come from bond sales.
- Governance: OHM stakers receive sOHM tokens at a 1:1 ratio that tokens represent the voting power on the platform. In addition, sOHM is the transferable token.
How to get OHM Token
You can earn OHM tokens via the following methods:
- Bonding: Users can bond tokens to receive OHM tokens with a vesting period.
- Staking: Users can stake OHM tokens to earn OHM as staking rewards.
- Buying: Users can buy on major exchanges such as Uniswap, SushiSwap, or Gate.io, etc.
How to buy OHM tokens on Coin98 Exchange
Coin98 Exchange is a decentralized exchange (DEX), a Multi-chain liquidity aggregator that offers users a wide variety of DeFi services (swap, stake, lend, borrow,…) through intuitive and simple interfaces.
You can buy OHM token by clicking the swap button at the bottom of this article and following these simple steps:
Step 1: Connect Coin98 Extension Wallet.
Step 2: Select Uniswap (or SushiSwap if preferred).
Step 3: Choose coins/tokens for trading:
- Search OHM.
- If the result does not come up, you can paste the contract of OHM into the search box: 0x383518188c0c6d7730d91b2c03a03c837814a899;
Step 4: Adjust the amount you want to swap.
Step 5: Adjust the gas fee, then click Approve.
How to store OHM Token
You can store, send, receive OHM tokens on Coin98 Wallet with a few single steps. The guides on how to make transactions with OHM on Coin98 Wallet are as follows.
Step 1: Open Coin98 Wallet & click Receive on the home screen.
Step 2: Search OHM Token.
Step 3: Click on the correct result, copy the wallet address and send OHM to this address.
Roadmap & Updates
Team, Investors, and Partners
Olympus DAO is a community-centric platform that is creating a decentralized economy and the governance is granted to the OHM holders.
Is Olympus DAO (OHM) a good investment?
Currently, Olympus Dao is in operation and exploring new ways to improve the protocol and the platform. In addition, the Olympus team released Olympus Dao Pro to solve the existing problems of DeFi. To clarify, there are some notable highlights from Coin98 for investment considerations:
Olympus DAO has reached multiple numbers that describe the certain success of the platform. The OHM staking APY is over 8,000% that is a very tempting number in comparison to other similar platforms such as Fei Protocol with an average APY of 40%.
Initially, the APY was over 200,000% then drastically declined to a stable number of 8,000%. More users participating in the long-term staking strategy, therefore the rewards will have to be distributed to more stakers. However, this number is a very effective marketing strategy that attracts more users to the platform.
In addition, the protocol can maintain such a high value of APY thanks to Rebase mechanism and the bond sales. However, the APY can be affected by the OHM over-minted supply and the game theory.
Over 90% of the OHM total supply has been staked since Apr 2021, indicating that the majority of users are playing the game theory with mutual benefits. This enhances the long-term growth of the Olympus platform.
Olympus DAO Pro is a rising star since the Olympus team applies the same successful model of Olympus DAO to acquire more other platforms’ liquidity via bonds such as Alchemix, Frax, Abracadabra, etc.
With the capital efficiency feature, the Olympus DAO Pro version is going to be a part of the new DeFi 2.0 wave. This might be a potential trend since nowadays DeFi is still having many existing problems that need to be solved.
And as usual, whether it is worth investing or not, Do Your Own Research before investing and be responsible for your investment.
The business model of Olympus DAO is new and unique so there are only a few projects with similar features such as Fei Protocol or Tranchess.
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