OHM history and most important aspects (∞)

The first mover in introducing defi 2.0 is olympus DAO.They brought the revolution and what we call from now on DEFI 2.0 (DEFI stands for decentralized finance) Many projects after the success of OHM forked the code ..most notable one is wonderland(time). But the only one to spoon it is no other than CONCAVE (∞)

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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.

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 Price Today

Currently, you can track the price of OHM on Coin98 Markets: https://markets.coin98.com/currencies/olympus

Coin98 Markets is a website that helps users to get updates of the real-time prices, as well as view the detailed information of a Token Metric from any project. More specifically, you can access the home page or the community page of a project or filter the coins/tokens by Market Cap, Trading Volume, etc.

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

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OHM Token Sale

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OHM Token Release Schedule

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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.