Olympus (OHM)

Discover the basics of Olympus and find links to beginner-friendly guides that show you the best way to invest in it.
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Updated: Nov 22, 2022
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About Olympus

What is Olympus?

Olympus is a non-pegged stablecoin. Unlike traditional stablecoins that follow the movements of a fiat currency (usually USD), OHM tokens are backed by a basket of other assets (cryptocurrencies) in its treasury. The cryptocurrency project is governed by a decentralised autonomous organisation (DAO), which means it has no central leadership team and is instead managed by users. Olympus can be used to earn income through staking – a process of providing liquidity and earning interest. OHM has some of the highest APY in the industry.

How does Olympus work?

There are two main ways in which Olympus works. First is staking, whereby users can ‘stake’ their OHM coins and earn interest. Every few hours, their stake auto compounds, earning interests. The longer users have their Olympus crypto staked, the higher their interest.

The second way is through bonding. This is when users give the Olympus network liquidity by exchanging tokens for OHM coins. Users are incentivised to bond as they receive OHM tokens at a discounted price.

How is the Olympus network secured?

Olympus is built on the Ethereum blockchain, which also secures it. Ethereum uses a proof of stake consensus algorithm, which means other users on the network verify and validate all transactions. For their work, validators are rewarded with tokens.

What is Olympus used for?

Olympus is used for wealth creation and passive income. Users can stake their OHM coins or use bonding to earn rewards. In the future, the platform may expand to offer more utility, including other decentralised financial services.

Why does OHM have value?

OHM is unique because it is not pegged to the US dollar. Many stablecoins are USD-pegged and since the American government controls the dollar, they are susceptible to depreciation. The Olympus DAO has created a free-floating reserve currency backed up by a basket of other cryptos; OHM can handle volatility and market fluctuation better.

Who created Olympus?

The Olympus protocol was founded by a group of developers calling themselves Zeus, Apollo, Unbanksky, and Wartul. There is little known about the anonymous group other than Zeus is rumoured to be a teenager.

Where can I buy Olympus?

You can buy Olympus on a decentralised crypto exchange. An exchange is a marketplace that allows you to sign up, deposit your money, and buy some crypto, just as you would with a stock platform.

To use a DEX, you need to own some cryptocurrency already. You can get this from a crypto exchange. You must also have your dedicated crypto wallet that you can use to transfer money to a DEX.

Are there any other ways to invest in Olympus?

The simplest way to invest in Olympus is to buy it outright. However, another option is to simply open a crypto account. Crypto accounts are like regular bank accounts and allow you to store a variety of currencies, send and receive payments, earn interest on savings, and spend freely with a credit card.

More about the OHM price

What is the Olympus price today?

The OHM price is currently $10.01 as of October 2022. The price of Olympus is down 97% in 2022. You can use the live Olympus chart to track the OHM/USD price in real time above, or compare the Olympus value today to its past performance using the Olympus price history tab at the top of this page.

What is the price prediction for Olympus?

The average Olympus price prediction values the coin at $10 by the end of 2022. Things like the economic climate, establishment support and acceptance, and the crypto market as a whole can all impact the price.

It’s best to take predictions with a grain of salt but you can use expert estimates to help you understand the weight of opinion about a coin.

What is the total supply of OHM?

The circulating supply is 1,663,068 OHM, out of a total maximum supply of 1,416,029 OHM.

Are there any Olympus alternatives?

Olympus is an algorithmic stablecoin. There are lots of stablecoins around and most offer a similar features to eachother. Here’s a selection of the best Olympus alternatives.

  • Tether. Tether is pegged to the dollar and is the best known stablecoin.
  • USD coin. USD coin is the second most popular stablecoin.
  • Binance coin. Binance coin was created by the Binance exchange and is also a stablecoin.

More crypto guides

FAQs

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Recent Olympus price analysis


Sources & references
Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

Prash Raval
Financial Writer
When not researching stocks or trading, Prash can be found either on the golf course, walking his dog or teaching his son how to kick a… read more.