About Olympus
Olympus is a decentralized reserve currency protocol based on the OHM token. Each OHM token is backed by a basket of assets (e.g. DAI, FRAX) in the Olympus treasury, giving it an intrinsic value that it cannot fall below. Olympus also introduces unique economic and game-theoretic dynamics into the market through staking and bonding. Read more about the game theory aspect of Olympus in one of blog posts.
Olympus Defi Coin is a floating algorithmic currency. This means that it has mechanisms to promote stability and predictablility without directly pegging to any asset. However, we take it one step further with the introduction of adjustable policy; the DAO can move certain variables up and down to target growth and profitability or stability and predictability.
Olympus Finance Facts
| Olympus Finance | Facts |
|---|---|
| Defi Coin Name | Olympus |
| Short Name | OHM |
| Total Supply | 500,000,000 |
| Source | Click Here To View Source |
| Chat Option | Click Here To Visit Chat |
| Explorers | Click Here To View Explorers |
| Official Website | Click Here To Visit |
Price
The live Olympus price today is $339.91 USD with a 24-hour trading volume of $8,600,160 USD. Olympus is down 9.26% in the last 24 hours. The current CoinMarketCap ranking is #2629, with a live market cap of not available. The circulating supply is not available and the max. supply is not available.
How does it work?
At a high level,Olympus Defi Coin consists of its protocol managed treasury, protocol owned liquidity, bond mechanism, and high staking rewards that are designed to control supply expansion.
Bond generates profit for the protocol, and the treasury uses the profit to mint OHM and distribute them to stakers. With LP bond, the protocol is able to accumulate liquidity to ensure the system stability.
What is the point of Olympus?
Olympus Defi Coin goal is to build a policy-controlled currency system, in which the behavior of the OHM token is controlled at a high level by the DAO. In the long term, they believe this system can be used to optimize for stability and consistency so that OHM can function as a global unit-of-account and medium-of-exchange currency. In the short term, they intend to optimize the system for growth and wealth creation.
How do participate in Olympus?
There are two main strategies for market participants: staking and bonding. Stakers stake their OHM tokens in return for more OHM tokens, while bonders provide LP or DAI tokens in exchange for discounted OHM tokens after a fixed vesting period.
Governance participants can get involved on the forum and through discussions on our community discord and DAO discord servers respectively. We are always looking for new community members to contribute!
How can benefit from Olympus?
Olympus Defi Coin main benefit for stakers comes from supply growth. The protocol mints new OHM tokens from the treasury, the majority of which are distributed to the stakers. Thus, the gain for stakers will come from their auto-compounding balances, though price exposure remains an important consideration. That is, if the increase in token balance outpaces the potential drop in price (due to inflation), stakers would make a profit.
The main benefit for bonders comes from price consistency. Bonders commit a capital upfront and are promised a fixed return at a set point in time; that return is in OHM and thus the bonder’s profit would depend on OHM price when the bond matures. Bonders benefit from a rising or static OHM price.
Who runs Olympus?
No one. Olympus is DAO-governed. All decisions are formed by community members on the forum and made by token holders through snapshot voting.
Stake LP Tokens
Staking LP tokens on OlympusDAO allows you to earn OHM passively. Each day, a fixed amount of OHM will be distributed among the stakers based on their pro rata share of staked LP tokens.
How to Stake LP Tokens
- Go to Sushiswap and add liquidity for the OHM-DAI pool. If you do not know how to do so, there is a good guide on SushiSwap documentation.
- Go to the LP Staking page of the OlympusDAO website. Select the “Stake” tab.
- Type in the amount of SLP you would like to stake, then click “Approve” and sign the transaction.
- After the “Approve” transaction has been processed successfully, click “Stake” and sign the transaction. Voila, you have staked your SLP tokens!