Olympus (OHM) Live Price

What Is Olympus (OHM)?

Olympus was launched as an algorithmic currency protocol to transition into a consistent crypto-native asset. It's safe to say that it also functions as an algorithmic stablecoin. However, the crypto can more accurately be described as a central bank because it utilizes controllable assets such as DAI, which helps minimize price volatility.

The main aim of the company is to provide users with stable prices while seamlessly implementing a fair and market-driven price mechanism. One of the major differences between OHM and other types of stablecoins, for example, USDC, is the fact that it doesn't fix itself to any price point.

Technically, Olympus has a price floor of 1 DAI, but realistically, it includes both the treasury value and its premium to its price. The crypto token is also fundamentally different than typical stablecoins that function with standard algorithms such as Ampleforth because Olympus issues its crypto coins to purchase DAI as well as other assets. This helps maintain a stable treasury.

Who Are the Founders of Olympus?

The company is managed as a DAO. This means that the token is primarily regulated and run by its overall community. The platform is completely decentralized and uses smart contracts. Olympus was launched by an anonymous team of blockchain users and accounts. The names of the accounts are, Wartul, Zeus, Unbanksy, and Apollo. 

However, GitHub determined that the primary code contributors for the platform were Jeff Extor and Zeus. Moreover, some blockchain experts and developers think that Zeus is a young individual (probably in their teens) and has managed to positively impact the blockchain community thanks to their alluring and poised personality. 

What Makes Olympus Unique?

Olympus is reputed as a cutting-edge decentralized finance experiment in the blockchain ecosystem. And there are plenty of reasons why this is true. Olympus runs its treasury, which allows the company to sell and mint new coins when it is trading over the actual price floor (1 DAI). The company then buys everything back and gets rid of the coins that are being traded below a certain price floor. 

Moreover, new OHMs are circulated via a mechanism known as bonding. This allows users to trade reserve assets like DAI, wETH, and FRAX with Olympus's treasury, acquiring new OHM at slightly lower prices. In addition, users can also select different types of assets as a form of liquidity such as DAI-OHM or FRAX-OHM to the 3commas.io liquidity pool and get more tokens at discounted prices.

Furthermore, users also have the option to stake the cryptocurrency. This helps minimize the total circulating supply of Olympus coins on the blockchain marketplace, adding more value. This is one of the reasons why Olympus rewards users who stake its coins. For example, Olympus offers substantial rewards such as up to a 7,000 annual percentage yield.

Moreover, users are allowed to leverage automatic compounding on all their staking activity every 8 hours. The main objective of granting such rewards to users is to compel them to gather more OHM rather than holding a certain amount and waiting for capital appreciation in USD.

Finally, Olympus is highly reputed for its prominent marketing and slick meme game, enabling the company to experience exponential growth, leading it to develop one of the most interesting and active communities in the blockchain stratosphere. The company launched its famous "3,3" meme, which is a more digestible manner of communicating that users should stake their capital in line with the Olympus protocol. 

How Many Olympus (OHM) Coins Are There in Circulation?

As Olympus has set itself to become a free-floating currency, it doesn't have a total circulating supply of OHM coins. At present, the total number of coins that have been staked amounts to more than 1,700,000,000 OHM on the Olympus network. Before Olympus's launch on Discord, several non-US blockchain users and investors (who can be considered the earliest participants on the Olympus Discord channel) were able to buy the coins in a private sale session. 

How Is the Olympus Network Secured?

OHM operates on the Ethereum blockchain and is an ERC-20 token. The platform is controlled and regulated as DAO and consistently offers users new features as well as Olympus Improvement Proposals (OIPs). When it comes to the best token standards, it doesn't get any better than ERC-20. A token must be ERC-20 in order to trade and operate on the Ethereum blockchain.

Where Can You Buy Olympus (OHM)?

You can find OHM on various top-tier cryptocurrency platforms such as 3commas.io and SushiSwap.