In their own words, Olympus is a decentralized reserve currency protocol based on the OHM token. Each OHM token is backed by a basket of assets in the Olympus treasury. The goal of the project is to build a policy-controlled currency system, in which the behaviour of the OHM token is controlled at a high level by the OlympusDAO. The pseudonymous founder(s) believe this system can be used to optimise for stability and consistency so that OHM can function as a global unit-of-account and medium-of-exchange currency.
The protocol was launched in May 2021, and has since amassed a sizable treasury balance, as well as total value locked (TVL) in their staking pool.
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