What is Olympus DAO? Olympus (OHM) is a DeFi-focused algorithmic currency protocol. In this article, you can find answers to frequently asked questions such as what is Olympus DAO, what it offers, what is OHM coin, how to get it, what is it used for. As Kriptokoin.com, we have prepared it for our curious readers. Let’s examine the project together.
What is Olympus DAO?
Olympus DAO is a DeFi-focused Blockchain project that aims to create a decentralized cryptocurrency that can be used as a global means of payment. To do this, the project works as an algorithmic currency protocol. Created by someone using the nickname Zeus, the protocol has a native cryptocurrency named OHM coin. Olympus is managed as a Decentralized Autonomous Organization (DAO). This means that the platform is decentralized by the community through smart contracts.
The project is called algorithmic stable coin because of the stable crypto money service it offers. However, Olympus DAO uses reserve assets such as DAI to manage the value of OHM. Therefore, it works with the logic of a central bank rather than a stable coin project. The project focuses on maintaining price stability while ensuring market-oriented price movement. Although OHM is supported similarly to stablecoins like USDT, the token’s value is not tied to a fiat currency. Instead, the value of 1 OHM is backed by 1 DAI in the platform’s treasury.
What is OHM coin? What is it used for?
OHM coin is the native cryptocurrency of the Olympus DAO platform. OHM is issued by a process called “Bonding”. Known as one of the biggest innovations in the DeFi field, Bonding refers to receiving OHM from the protocol at a discount in exchange for assets such as ETH. Users who buy OHM at a discount can stake their assets or sell them at a high price on a secondary market.
The platform gives token rewards at high rates to users who stake OHM. Staking reward components are distributed to users every 8 hours. The staking rewards on the platform, which offers high earnings rates, are determined by the amount of assets locked and the policies of the DAO. At the time of writing, OHM had a market cap of around $46 million and was the 2895th largest cryptocurrency. In addition, 1.6 million OHMs were in circulation.
How to get OHM coin?
OHM coin is not supported by large cryptocurrency exchanges. To buy OHM, there must first be a cryptocurrency exchange where the token is listed. Currently, decentralized exchanges such as SushiSwap and Uniswap list the token. Investors interested in the Olympus DAO project must first become a member of one of these exchanges. Users who are fully members can place an OHM purchase order by depositing money into their wallets.
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