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.
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
Yes, you can buy and hold OHM tokens inside a crypto wallet secured by private keys only known to you.
No, there have been no reported hacks of the Olympus network.
Recent Olympus price analysis
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