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Algo backed currency with bonding and staking. They’ve been around since February 2021 and the team is active on Discord, with a very passionate community. Extremely complex project.
OHM seeks to create a non-pegged stablecoin, OHM, which focuses on supply growth vs price appreciation thus allowing OHM to function as a currency able to hold its purchasing power regardless of market volatility.
Olympus is DAO governed in which all decisions are formed by community members on the forum and made my token holders through snapshot voting.
There is no maximum supply to the token. 90% of revenue goes to token holders via rebase and 10% to the DAO.
OHM gets issued every time bonds are created. If OHM ever falls below 1$, it would get bought off the market by the treasury and get burned until OHM is again on par or above.
Users can stake OHM on the Olympus website to earn rebase rewards which come from the proceeds of bond sales and can vary based on the number of OHM staked and the reward rate set. When staked OHM is locked and users get an equal amount of sOHM which rebases up automatically every epoch. On unstaking the sOHM is burned and an equal amount of OHM is received minus an exit fee.
In September the contract was not behind multisig protections an 1 admin key was lost which was a large security concern as the key owner would have the ability to mint OHM to any address. The contracts were migrated to multi-sig wallets in response with distributor and bond contracts under one multi sig policy with staking and treasury contracts under a distinct one.
*Paid Advertisement. Not financial advice. RugDoc is not responsible for the projects showcased here. DYOR and ape safu.
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Disclaimer: This is done with our best knowledge and effort, nothing can be known for certain – always DYOR and risk management. This is NOT financial advice. Use the information presented here to inform your own decisions. Referral links may be included on any outbound link.