Tag: Ohm

‘NFTs for DeFi Natives’: OlympusDAO Launching NFT Marketplace

by Decrypt

This story comes out of PubDAO, a decentralized news wire.

While we’ve seen plenty of DAOs get into NFT collecting and investing, we haven’t yet seen a DAO actually build out a platform for the blockchain-based collectibles. But OlympusDAO, which was developed as a sort of crypto central bank, is setting its sights on an NFT marketplace.

OlympusDAO has announced plans to soft-launch the Olympus Odyssey NFT marketplace on March 3.

Why an NFT marketplace? To generate revenue for OlympusDAO members, and to “offer a feature-rich NFT platform for DeFi natives and prove that OHM can be a medium of exchange,” says OlympusDAO core contributor Memetics, who requested not to use their real name, a common practice in DAO land.

Olympus says the new platform will launch on Ethereum, but it’s working closely with TreasureDAO to create a multi-chain NFT marketplace. OlympusDAO says it wants both marketplaces to grow together.

TreasureDAO is also participating in Olympus Bonds. Olympus bonds are similar to traditional bonds, offering users a way to buy discounted OHM tokens by swapping cryptocurrencies or liquidity provision (LP) tokens from another exchange.

“One of the amazing things about the NFT space is that it’s changing the landscape for artists,” says Memetics. “In August we didn’t have any Olympus-related NFTs being launched but since then a dozen different projects have been propped up by Ohmies, some in Olympus, some not, but all tap into the OHM ecosystem.” (Ohmies, of course, are members of the Olympus community.)

Launched in February 2021, OlympusDAO says it saw the importance of NFTs and the cash flow potential of platforming the digital art form in the Olympus ecosystem, having raised 1,200 in ETH (roughly $2.8 million at today’s prices) through the sale of the MUSHROHMS NFT collection on OpenSea. OlympusDAO says it anticipates 3,000 ETH ($7.17 million) in volume by March from its initiatives. 

OlympusDAO says the floating target of March 3, or 03.03, is because of the 3,3 meme. 3,3 is game-theory shorthand for a maximum positive outcome for OlympusDAO members and other protocols tied to OlympusDAO.

A breakdown of various outcomes for members of OlympusDAO and the protocol itself.
A breakdown of various outcomes for members of OlympusDAO and the protocol itself. Source: OlympusDAO

OlympusDAO says another factor that drove the decision to launch the NFT Marketplace is the potential of adding royalties to the DAO’s treasury instead of sending them to OpenSea.

“Every marketplace that launches right now is essentially a competitor to OpenSea, it’s Goliath in the marketplace,” OlympusDAO member Flame says. “There is an ethos (3,3) that will differentiate us, there are novel services that will separate us, we have the luxury of partnering with already amazing established entities, and the existing community.”

The central token of OlympusDAO, OHM, is an ERC-20 token used as both the protocol’s reserve currency and governance token. Backed by the DAO’s treasury value, OHM holders can hold onto the token, stake it, or purchase bonds to buy the token at a discount. 

Olympus says that customers will be able to sell and buy NFTs without having to unstake their OHM tokens, saying the goal is to make it a free open market where anyone can launch.

“We want to create a marketplace that is unparalleled in terms of creating a marketplace that supports the artists, and creates an ecosystem for emerging and establishing artists,” Flame said about OlympusDAO’s vision for the marketplace.

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OHM Holders Wake Up To Blood, How This OlympusDAO Whale Sank Its Price by 44%

by NEWSBTC

In 2021, Ethereum based OlympusDAO and its native token OHM exploded as the protocol onboarded new users seeking to leverage its high annual percentage yield (APY). At its peak, the price of OHM went from $330 to an all time high of $1,639, but the asset seems to be on a downward trend since October last year.

Related Reading | Why This Token Thrives With A 38% Profit While Bitcoin And Ethereum Bleed

OlympusDAO OHM OHMUSDT
OHM trends to the downside. Source: Coingecko

According to Wu Blockchain, a OlympusDAO Whale triggered a cascade of liquidations on the protocol during today’s trading session. This led to a 44% crash in OHM’s price within an hour. At this time, the APY offered to OHM holders stood at around 190,000%.

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As reported by NewsBTC, OlympusDAO is an algorithmic currency protocol that was classified in 2021 as high risk, but with the potential to display a “countercyclical” price behavior by research firm Delphi Digital. In other words, OHM’s price could move against the general sentiment in the market.

However, OHM seems to have been unable to meet its potential or at least seems to have failed at appreciating as the crypto market trends to the downside. OHM’s price action has been driven by early investors taking profits on their gains.

User Freddie Raynolds identified the Ethereum transaction used by a “savage” OlympusDAO user to dump $11 million in OHM. The transaction caused a 25% slippage and $5 million in liquidations for this asset, as Raynolds reported via his Twitter account.

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Recorded on the Ethereum blockchain 12 hours ago, the OHM holder used decentralizaed exchange SushiSwap to swap over 82,526 OHM tokens for $11 million in DAI. The transaction was tracked down to a pseudonym holder called “el sk”, @shotta_sk, on social network Twitter.

The OHM whale apparently sold part of his funds to “survive” the current crypto market conditions. Via Twitter, he claimed the following:

Derisked some of my OHM to ensure my family can weather any economic outcome. Remaining risk on with the rest indefinitely.

Perfect Time To Get Into OlympusDAO?

OlympusDAO experienced an increase in its number of users, its treasury assets, and total value locked (TVL) during 2021. Thus, some users claimed that today’s OHM crash should be leverage as a buying opportunity.

The protocol and its team behind have set out to create “the reserve currency for DeFi” with their 3,3 mechanism and the introduction of new features, including an incubator and a pro version of the platform. However, the protocol has seen a lot of criticism.

Related Reading | Why this OlympusDAO’s product could be amongst DeFi most lucrative

The CIO of Selini Capital Jordi Alexander published a two-part article on OlympusDAO, OHM, and its 3,3 mechanism. Therein, Alexander refers to the protocol as a “ponzi”. Addressing the possibility that his article affected OHM’s performance, he said:

Only selling affects price, there’s no shorting so only whale holders can sell lots. So, you can ask them if they cared, but I imagine they were looking for an exit anyway- Price has been in a big downtrend for weeks.

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Crypto Trader Tyler Swope Is Bullish on Several Altcoin Projects As End of 2021 Approaches

by Dailyhodl

Crypto investor Tyler Swope is unveiling his top altcoins as volatility rattles the overall crypto markets.

In a new video, Swope tells his 298,000 YouTube subscribers that his number one altcoin is decentralized reserve currency OlympusDAO (OHM).

“In a short amount of time, it’s become one of the most diversified, non-protocol token treasuries in crypto… Purchasers of OHM are incentivized to HODL and stake as the APYs [annual percentage yields] for staking are insane. Currently over 7,300%!

Olympus has started a DeFi revolution, which is apparent from the amount of forks created based on the protocol… OHM is the most-forked protocol of the year, and the amount of forks based on its code is reaching levels only seen by three [other] projects: Bitcoin, Ethereum, and Uniswap. This is pure validation that OHM has created something special.”

Olympus has also attracted the attention of high-profile investor Mark Cuban, who bought and staked OHM back in July.

At time of writing, OHM is down 8.23% on the day and trading for $752.65.

Next on Swope’s list is REN, an open protocol that provides inter-blockchain liquidity access for decentralized applications (DApps). REN is an Ethereum-based token that powers a protocol enabling crypto transfers between different blockchains.

The analyst says,

“This token has slid, and in my opinion, is ready for a pump… I have a feeling REN is going to recapture the top 100 cryptos and possibly even capture its old March rank and even further. Why? REN announced that Host-to-Host was coming to their protocol.

[REN ecosystem advocate] Maximilian Roszko put out a tweet explaining it. Max said, ‘H2H means RenVM will be able to bridge native coins and tokens between the chains it supports, becoming a full-scale bridge… RenVM will go from supporting seven assets, mostly legacy coins such as BTC and DOGE, to being also able to support most of the tokens in the crypto space, which is in the thousands.’

Major interoperability is coming.”

REN is currently priced at $0.89, down 6.68% for the day.

Wrapping up his analysis, Tyler looks at Energy Web Chain (EWT), an enterprise-grade blockchain platform built to serve the energy sector’s logistical demands. The platform’s native token EWT provides network security and validator compensation.

Tyler highlights two positive catalysts for EWT.

“Energy Web recently updated their validator code of conduct, and in it, they have a section on obvious rent-seeking…

‘Rent-seeking is defined as validators liquidating greater than 10% of their block reward balance within any given 30-day period.’

Validators who have been rent-seeking are no more. Those who have been dumping a lot when the price goes up.

You should also know that something big is coming for Energy Web by the end of the year: staking. Last week, they announced a booster period for early stakers, over 21% APY.”

EWT has been mostly flat on the day, trading for $9.73 at time of writing.

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This Under-the-Radar Altcoin Is Up 34% This Week Despite the Crypto Market Correction

by Dailyhodl

As the overall cryptocurrency market moves through a turbulent week, one under-the-radar altcoin is defying the downtrend in a major way.

Decentralized reserve currency protocol Olympus (OHM) has surged by 34% over the past seven days.

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A possible catalyst for the price jump is the recent announcement of a new product called Olympus Pro.

While discussing hurdles the blockchain industry traditionally faces acquiring funding and its environmental impact, the team behind the project explains,

“Bonds are a mechanism by which the protocol itself can trade its native token in exchange for assets. Instead of renting liquidity from third parties, it purchases them outright.

Once the bond is created, the protocol owns those assets and, like liquidity mining, has distributed new supply.”

Olympus claims to have raised over $150 million in assets since launching the bonds program six months ago.

The new Olympus Pro X bond marketplace seeks to reduce emissions while helping all players within the decentralized finance (DeFi) space.

According to the company’s community manager WartuII,

“OlympusDAO 7-day protocol revenue exceeded the combined revenue of OpenSea, dYdX and PancakeSwap.”

OHM is valued at $625.86 at time of writing, a 34% increase from $465.77 a week ago, according to CoinGecko.

Olympus has also attracted the attention of high-profile investor Mark Cuban.

Over the summer, Cuban invested in Olympus, and as of today has 338 staked tokens (SOHM) with a value of $214,327, according to the portfolio tracker Zerion.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Billionaire Mark Cuban Accumulating New Crypto Asset – Here’s the Latest on His Ethereum Wallet

by Dailyhodl

Billionaire entrepreneur Mark Cuban is accumulating a new decentralized finance (DeFi) asset.

A dive into one of Cuban’s publicly known Ethereum wallets shows the Shark Tank star added 75 Olympus (OHM) to his portfolio on Saturday.

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Cuban obtained the OHM in a trade executed on the decentralized exchange SushiSwap. Soon after that, crypto trader Tyler Swope called out the transaction in a new video.

Cuban staked the OHM – locking up the crypto asset to earn rewards – and now has a total of 536 Staked Olympus (sOHM) worth about $298,552 at time of publishing, according to CoinGecko.

This particular wallet became public when Cuban showed off his non-fungible token (NFT) portfolio on his crypto collectible platform, Lazy.

OHM is the native token of OlympusDAO. The project is attempting to create a decentralized, algorithmic reserve currency that maintains its purchasing power over time without utilizing any pegs to fiat currency.

The crypto asset launched in March and hit an all-time high of $1,479 one month later, before the crypto market downturn in May. Since hitting a May low of $164, OHM has rebounded and is now trading at $558.99 at time of writing.

The wallet that holds Cuban’s staked OHM has 93 other ERC20 tokens as well. Much of the wallet’s value comes from Ethereum-based utility coin Global Messaging Token (GMT) and RARI. RARI is the governance asset of non-fungible token (NFT) marketplace Rarible.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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OlympusDAO Fundamentals Explode, How OHM Holders Will Benefit

by NEWSBTC

In only three weeks OlympusDAO native token OHM has gone from $812 to $1639, at the time of writing. In the 30-day chart, the token has a 74.2% profit and a 55% profit in the 7-day chart. The protocol’s fundamental continues growing at an impressive pace and could yield further gains.

OlympusDAO OHM

Data shared by the OlympusDAO revealed an increase in the number of OHM holders. Under 1,000 at the end of March 2021, this metric has more than double in April and stands at 3,300. In the past 30 days, OHM holders have been growing exponentially.

OlympusDAO OHM OHMUSDT

The team also shows an increase in the Risk-Free Value of Treasury Assets metric, used to measure the minimum value of OlympusDAO assets. As the team said, “no matter where the price hoes; this goes flat or up”. The metric stands at 2,807,363 DAI, at the time of writing and has gone parabolic since April 21st.

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OlympusDAO OHM OHMUSDT

The Market Value of Treasury Assets, related to OHM’s price performance, stands at $25,147,490 million and has seen similar growth in the last month. 90% of OHM’s supply, as the team said, has been consistently staked with the “3,3” as the dominant investment strategy.

In consequence, the protocols Total Value Locked (TVL) has increased after a dropped at the end of March. Since then, the metric rose with the last week seen the fastest growing. OlympusDAO registered $150 million in TVL. The team said the following on potential rewards for investors:

Things don’t look like they will let up for those stakers any time soon; OHM waiting to be distributed to stakers is now 20x more than OHM staked, securing >50,000% APY for the next six months at least.

OlympusDAO OHM

OlympusDAO Liquidity On The Rise

Additional data points towards a liquidity accumulation on the protocol. The pool for trading pairs DAI/OHM and OHM/DAI have surged and gone from $3 million at the protocol’s launch to $28 million, at the time of writing. 83% of the pool’s liquidity is treasury owned, as the Team clarified. They added the following:

This ownership is to the point that external LPs should feel quite comfortable deploying into the pool. A significant risk on the part of a liquidity provider is that everyone else to pulls and they end up holding the bag. This risk is minimized significantly when the protocol holds a majority share.

Created as an algorithmic currency protocol, OlympusDAO has created a mechanism that employs asset backing as a supply constraint. Their native token OHM is minted by the liquidity provided in DAI or OHM-DAI LP send to the protocol. As anonymous user “Shadow” explained, the protocol has been designed to protect its investors:

OlympusDAO preserves your purchasing power by rebasing your staked OHM. Rebasing is nothing other than minting new OHM which is paid to the stakers. The rebase is shown as a % increase of the staked OHM per epoch (8h). The APY is just the auto-compounded rebase over a year.

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Why this OlympusDAO’s product could be amongst DeFi most lucrative

by NEWSBTC

Taking the market by storm, OlympusDAO’s native OHM is up 95.8% this week alone and 31.1% in the past two weeks. At the time of writing, OHM is trading at $812,76 with 7.3% profits in the 24-hour chart.

With a market cap of just $68 million, OlympusDAO might have gone unnoticed by many investors. However, it has a mechanism called Bonds which promises to be one most important and lucrative in the DeFi sector.

According to research firm Messari, this protocol is attempting to create a stable currency backing every OHM with DAI and OHM-DAI. The objective is to maintain a “fundamental check on inflation” and a currency with an undiluted purchasing power.

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Unlike Tether and other stablecoins, OHM is not pegged to any other asset. Its stability is achieved via the DAO (Decentralized Autonomous Organization) when it alters variables to obtain more profitability for stakers.

This is done via the sales contract connected to the protocol’s treasury and a liquidity pool (OMH-DAI) on decentralized exchange Sushiswap, as shown below. Messari explains:

When OHM trades above 1 DAI, the protocol mints and sells new OHM. When OHM trades below 1 DAI, the protocol buys back and burns OHM. In each case the protocol makes a profit. Olympus DAO distributes these profits 90% to OHM stakers pro rata and 10% to a DAO.

OlympusDAO OHM

How OlympusDAO’s bonds operate

The Bonds are a treasury component to get liquidity with it users can trade Stake Liquidity Provider tokens to get OHM directly with the protocol, as an OlympusDAO developer explained.

Once the trade is completed there is a vesting schedule of 5 days. During this time, the user can redeem the tokens but has incentives to get them at a discount. The latter is determined by the number of bonds in the protocol, more bonds are equal to a lower discount.

Via this mechanism, as the developer said, OlympusDAO restrains its own growth, to have become “steadier”.

The liquidity from a bond is locked in the treasury and used to back new $OHM. That liquidity now belongs to the market and, by extension, the token holders. The more liquidity the protocol builds up, the more confident holders can feel.

The users are basically contributing to OlympusDAO by adding liquidity. In retribution, the user gets a reward in OHM at a much cheaper price during a specific period. That way, both the user and the protocol can benefit.

OlympusDAO offers LP a variety of strategies around OHM which they can leverage to obtain a bigger profit than on the spot market. The developer claims:

All of this serves to create a long-term, sustainable bootstrapping mechanism for the protocol, with participants as the main beneficiaries. A good system shouldn’t offer one opportunity to “make it”; it should offer them in perpetuity with diminishing returns. This is how you produce wealth; slowly, through compounding gains.

Ethereum is trading at $2096,58 with a 1.2% profit in the 24-hour chart, after dropping from its ATH at $2,198.

OlympusDAO OHM Ethereum ETHUSD

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Early Bitcoin and Ethereum Whale Says He’s Bullish on This Obscure Altcoin

by Dailyhodl

A long-time Bitcoin and Ethereum investor is sharing his strategy for finding promising new projects while shining a spotlight on one asset that meets his rigorous standards.

The pseudonymous trader, known in the industry as Tetranode, says the small-cap project Olympus Finance (OHM) has checked all his boxes and captured a small portion of his crypto portfolio.

In an interview with UpOnly, the crypto whale explains why he is so bullish on the platform and adds that he is also advising the Olympus team to help them avoid exploits and to improve their tokenomics.

“Olympus Finance, it’s the new experiment in algo stablecoins 2.0, so unlike Fei Protocol (FEI) I don’t believe it’s going for partial collateralization… It’s going for a fully backed reserve. So every single OHM is backed by at least one Dai, so there is a floor that you can count on.

The OHM token is supposed to be sort of a floating/quote unquote stable coin where you can count on the value staying relatively stable compared to ETH. So I have a small investment in there so I’m giving the founder some input into some things like their tokenomics and certain exploits they might be vulnerable to.”

Currently OHM holds a roughly $53 million market cap and is trading at around $668. If the project is successful, holders who stake and provide liquidity for the token could reap the rewards.

Tetranode notes that when evaluating newer projects, he steers away from those that have large venture capitalists involved, and looks for the projects that have a strong network of supporters.

“I would say non-VC involvement is the first thing [I look for in a project], like grassroots involvement starting out. Just relatively good relations with the community and the ability to listen and the ability to evolve. It’s hard to quantify, but I know it when I see it because I have a rock solid foundation on how the entire [process] works, all the way down to the consensus assumptions on the blockchain. So it’s really easy for me to cut through the marketing and get through to the heart of the matter.”

The veteran trader says that in order to gain a broad and in-depth understanding of each project, he investigates its use case and from there breaks down how the technology functions on a molecular level. Tetranode utilizes this careful process in order to determine how he will participate in various projects from Bitcoin, to more novel projects like Olympus.

“Always approach things from the principle. Always approach it from the atomic level, understand it from the basics. So you go in and you ask, ‘What’s Bitcoin?’ Bitcoin is internet money which cannot be changed and cannot be reversed. So you have to ask yourself, ‘How can it not be reversed?’ It cannot be reversed because there’s a consensus system working. How is it irreversible… and so you keep diving down until you grasp like the first principle and then you can view everything with a very clear eye and that’s how you make rock solid decisions without any doubts in your mind.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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