OlympusDAO is a decentralized bonding and staking platform that is focused on creating a true store-of-value asset that is stable and has value that increases over time.
Olympus 7 key point overview:
- ✔️What is OlympusDAO
- ✔️Who created Olympus
- ✔️The Features of Olympus
- The OHM token
- Where to buy OHM
- Top 3 OHM wallets
- What we like most about Olympus
What is OlympusDAO
👉 Contrary to the term “stablecoin”, stablecoins are vulnerable to exchange rates and inflation, and cryptocurrencies like Bitcoin and Ethereum have volatile markets that can easily be manipulated by purchasing power.
👉 For these reasons, neither fiat currencies, stablecoins nor cryptocurrencies have a true store of value, which is why OlympusDAO has created the OHM coin with a community-governed ecosystem.
👉 The OlympusDAO coin is also known as a type of algorithmic stablecoin and its distinguishing factor is the fact that it is BACKED by the DAI cryptocurrency to stabilise its price, but it is not PEGGED to any currency like stablecoins are.
👉 OlympusDAO has been characterized as being one of the most innovative approaches to staking and bonding in the crypto space because it is a crypto-backed stablecoin that is not pegged to any currency but has a stable market-driven floating price.
👉 The main reason for this unique staking structure is so that users can be rewarded exponentially through the auto-compounding interest that updates every 8 hours and to be rewarded for accumulating more OHM tokens instead of waiting for USD exchange rates to stabilise, as is the case with stablecoins.
Who created Olympus
👉 Although this platform is run as a DAO (decentralized autonomous organization) and is governed by its community, OlympusDAO was founded by Daniele Sestagalli who is a pioneer in the blockchain industry.
👉 He has been interviewed for his knowledge on blockchains since 2011, shortly after Bitcoin was launched.
👉 Daniele was the CEO of the ZuluRepublic blockchain in 2018 and the CTO of Utopia Genesis Basis in 2021.
👉 He is now known as the founder of Popsicle Finance, Abracadabra, Wonderland and OlympusDAO, and he is very active on Twitter and attends blockchain conferences on a regular basis.
The Features of Olympus
👉 The main features of the OlumpusDAO protocol is its staking and bonding mechanisms, which are both based on its native OHM token.
👉 Staking is recommended for long-term investors and the staking of OHM tokens will be rewarded in sOHM tokens.
👉 sOHM can be used on other compatible DeFi protocols or it can be burned and redeemed. This strategy is ideal for long-term investors.
👉 Bonding, on the other hand, is a short-term investment strategy where bonders provide LP (liquidity provider) tokens or other crypto assets, such as wETH (wrapped Ether), DAI or FRAX to buy OHM tokens at a discounted price.
👉 Olympus is a reserve currency protocol that is backed by a crypto-based treasury and its price is controlled by the Protocol Controlled Value (PCV) mechanism used by Olympus.
The OHM token
👉 The OHM token is native to the OlympusDAO ecosystem and it is an ERC20 reserve currency protocol stablecoin-inspired asset that is primarily used for governance and utility.
👉 It is otherwise referred to as an “algorithmic floating cryptocurrency” with a value that is driven by the market and a purchasing power that remains stable.
👉 This coin is a variation of the traditional stablecoin, but it is not pegged to any fiat currency and is simply backed by a treasury of crypto assets.
👉 The benefit of investing in this coin is that the value of OHM can exceed the value of its underlying asset and it is not vulnerable to exchange rates or limited by the fiat currency other stablecoins are pegged to.
Where to buy OHM
👉 If you are interested in buying OHM, you can buy it from the Bitget, Gate.io, ZT, Bitrue, and Uniswap V3 cryptocurrency exchanges.
👉 To obtain staked versions of your digital assets, we recommend staking your coins on the Olympus website.
Top 3 OHM wallets
👉 Based on research, we have compiled a list of the top 3 wallets that are compatible with the OlympusDAO ecosystem and suitable for storing OHM coins.
👉 Trust Wallet is free to download and use, and supports a total of more than 160,000 coins and digital assets.
👉 This wallet can be used to buy, sell and trade your assets, and also allows you to manage your coins directly from the wallet.
👉 Trust Wallet has improved security measures and uses private access keys, biometrics and unique pin codes to protect your account.
👉 MetaMask is a software wallet that is trusted by more than 21 million users globally and it can be used to swap tokens directly from your desktop or mobile device.
👉 You are given a key vault, secure login methods, a token wallet, and access to a token exchange, and you can also use this wallet to connect to blockchain apps.
👉 Mathwallet is a software wallet for storing digital assets and it can be used to store most major cryptocurrencies, including Bitcoin, Ethereum and ERC20 tokens, Polkadot tokens, Binance and BEP20 tokens, and more.
👉 This wallet offers multi-chain and multi-platform usability and features a built-in dApp store.
What we like most about Olympus
👉 What we like most about OlympusDAO is its unique approach to staking and bonding, and the efforts that have been made to create a true store of value that is not vulnerable to exchange rates or volatile markets.
👉 This is an innovative, low-risk, high-yield solution for token holders who are seeking alternative passive income streams or discounted short-term investment opportunities.