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Analysis

What is Olympus DAO and How Does it Work?

by Zhong Yang Chan -

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. 

© Dune Analytics

While it started with only holding DAI in its treasury, it quickly evolved to include more coins such as FRAX, LUSD and ETH, as well as LP tokens such as OHM/DAI LP tokens from Sushiswap.

 

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