Difference between revisions of "Olympus DAO"

Olympus DAO (view source)

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 [[File:OlympusDAO.png|thumb|OlympusDAO]]
-Olympus is a decentralized autonomous organization (DAO) focused on creating a decentralized reserve currency for Web3.
+Olympus is a decentralized autonomous organization (DAO) focused on creating a decentralized reserve currency for Web3. Olympus popularized protocol owned liquidity and created a bonding marketplace called Olympus ''Pro.'' The project has spawned over 100 [[Fork|forks]].<ref>https://ohmforks.com/</ref> Olympus has been the subject of both fervent support and criticism.<ref>https://fbifemboy.substack.com/p/a-correct-model-of-olympus-dao?s=r</ref>
 == History ==
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 The next month, Olympus announced the upcoming V2 migration<ref>https://olympusdao.medium.com/introducing-olympus-v2-c4ade14e9fe</ref> that would eventually take place in December 2021.<ref>https://olympusdao.medium.com/get-ready-for-olympus-v2-migration-360764a61168</ref>
+On December 30th, 2021 Jordi Alexander posted an article detailing why OHM is a ponzi scheme.<ref>https://medium.com/@game_theorizing/of-smoke-and-mirrors-part-1-117c1f92e186</ref>
+By January, Olympus was down 90+% from all-time-highs and general sentiment around the project was grim.<ref>https://thedefiant.io/olympus-under-fire/</ref> The price-decline was mostly attributed to cascading liquidations, $150m of which happened
 == Protocol ==
-Olympus is as a reserve currency that is backed by a treasury of assets. This differs from a [[stablecoin]] as it is not pegged. Olympus uses staking, bonding, and treasury mechanics to achieve a desired outcome.
+Olympus is as a reserve currency that is backed by a treasury of assets. This differs from a [[stablecoin]] as it is '''not pegged'''. Olympus uses staking, bonding, and treasury mechanics to achieve a desired outcome.
 ==== Staking ====
-Users stake OHM on the Olympus website and opt in to participate in the Olympus network. Staking OHM burns it, and users receive sOHM (staked OHM) in return. When unstaking, the sOHM is burned and the user receives OHM. Staking allows the user to receive OHM-rebase rewards every 2,200 Ethereum Blocks.<ref>https://docs.olympusdao.finance/main/basics/staking</ref> Olympus created the (3, 3) meme to refer to the optimal game theory of all users staking.
+Users stake OHM on the Olympus website and opt in to participate in the Olympus network. Staking OHM burns it, and users receive sOHM (staked OHM) in return. When unstaking, the sOHM is burned and the user receives OHM. Staking allows the user to receive OHM-rebase rewards every 2,200 Ethereum Blocks.<ref>https://docs.olympusdao.finance/main/basics/staking</ref> Olympus created the (3, 3) meme to refer to the optimal game theory of all users staking. The original APYs offered for staking were so high that it became a [[crypto twitter]] meme and Olympus made a website for users to easily meme their APYs.<ref>https://ohmie.olympusdao.finance/</ref> With the goal of being a currency, there needs to be a lot of supply.
 [[File:Olympus Game Theory.png|thumb|408x408px|A chart depicting the different game-theoretic outcomes of OHM.]]
 ==== Bonding ====
-Bonders can start bonding with any Olympus-approved digital asset, and they're promised a fixed return at a set point in time; the return is in OHM.<ref>https://docs.olympusdao.finance/main/basics/bonding</ref> Bonding allows Olympus (and other protocols with Olympus Pro) to own their own liquidity. Olympus introduced Inverse Bonds in March of 2022<ref>https://olympusdao.medium.com/introducing-inverse-bonds-9199cc7bf089</ref> which introduce a mechanism to essentially allow users to redeem their OHM from the treasury.
+Bonders can start bonding with any Olympus-approved digital asset and they're promised a fixed return at a set point in time; the return is in OHM.<ref>https://docs.olympusdao.finance/main/basics/bonding</ref> Bonding allows Olympus (and other protocols with Olympus Pro) to own their own liquidity. Olympus introduced Inverse Bonds in March of 2022<ref>https://olympusdao.medium.com/introducing-inverse-bonds-9199cc7bf089</ref> which introduce a mechanism to essentially allow users to redeem their OHM for treasury assets.
 ==== Treasury ====