- Category: Decentralized Finance
- Coin Launched: July, 2021
- Resources: White Paper
- Official Website: Olympus
- Reddit: Olympus
OLYMPUS History / Information / Buying / Staking
The Olympus protocol was founded by a group of anonymous individuals known as “Zeus,” “Apollo,” “Unbanksy” and “Wartul.” According to GitHub, the main code contributors were “Zeus” and Jeff Extor. Since its launch, Olympus has begun to run as a DAO, meaning it is governed by its community in a fully decentralized manner through smart contracts.
HOW OLYMPUS WORKS
OHM is a reserve cryptocurrency issued by the Olympus protocol. However, you mustn't confuse OHM with being a stablecoin like Tether or USDC. Think of the Olympus system as similar to the gold standard — it uses a reserve of valuable assets to issue and back OHM tokens.
BENEFITS OF USING OLYMPUS
Some of the benefits of using Olympus are:
Olympus aims to be an independent but stable coin that the digital assets industry can rely on, it has a currency reserve, just like centralized financial institutions.
NOT PEGGED TO FIAT CURRENCY
Olympus was established on the premise that pegging a coin directly to the US dollar can make the token's stability vulnerable to any decline in the dollar. As such, the developers sought to do something differently. So instead of opting for the commonly used USD, the coin is pegged to DAI, the leading stablecoin that’s backed by cryptocurrency collateral.
JOINT OWNERSHIP AND DECISION MAKING
Aside from being a Defi coin that aims to be a stable and reliable cryptocurrency, Olympus has an ecosystem that involves its token holders. Important decisions are jointly taken, as opposed to the system of governance in centralized financial systems.
CAN YOU STAKE OLYMPUS
Staking allows you to earn OHM passively via auto-compounding. By staking your OHM with OlympusDAO, you receive sOHM (staked OHM) in return at a 1:1 ratio.
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