OlympusDAO is a Decentralized Autonomous Organization (DAO) based on a $OHM token. It is a reserve currency protocol that aims to become a crypto-native stable currency.
DAO stands for Decentralized Autonomous Organization. In simple words, it is an organization that codes instead of humans run. It is essentially designed to remove humans (and human errors) from the system. The codes can be anything, from robots to smart contracts. In a DAO, smart contracts are in charge of getting tasks done, making the ecosystem autonomous.
DAOs are constantly improving and evolving. This is because every shareholder of the DAO can submit and even vote on a change or improvement to the system. This also means anyone with the most tokens can vote the most. In fact, this is the primary phenomenon that gives a DAO's native token price and utility. If the DAO has made profits, it will redistribute the shareholders through its native token.
Stablecoins are cryptocurrencies that have their prices tied to a stable asset, such as USD. OlympusDAO aims to achieve the same thing, but with crypto backing the tokens instead of USD. It maintains stability and purchasing power via using a floating market price. The shareholders vote all changes to the OlympusDAO.
Olympus uses its treasury to back all outstanding OHM tokens, and currently, each OHM is supported by DAI. However, to further stabilize OHM's value, Olympus is planning to add other cryptocurrencies to the treasury in the future.
There are two scenarios:
This allows $OHM to achieve stable floating value while never falling below its backed asset DAI value.
Olympus's treasury is expanded through bonds. Bonds are sold for different assets by the protocol, and in return, the buyer is given OHM at a discounted price. This allows the protocol to ensure control over the supply of OHM and lock liquidity in its treasury. The assets are also used for backing new OHM tokens distributed to the stakers.
$OHM is the top rebase token by market capitalization. There are 5,250,947 $OHM tokens, and about 82% (4,310,031 OHM) are in circulation. OlympusDAO's current market capitalization is $3,781,337,563 and ranks #55 in the market capitalization rankings.
The project has been up since February 1, 2021, and it hit its all-time high at $1,415.26 on April 25, 2021. It hit its all-time low at $162.79 on May 23, 2021. $OHM is curently being traded at $880.22, but it's dropped by -19.1% since the past 30 days.
OlympusDAO team has recently announced Olympus V2. We'll be doing a deep dive into the new improvements and changes to the ecosystem. Stay tuned!
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