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Difference between revisions of "Olympus DAO"
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On February 1st, 2021 a Medium article was posted, "Introducing OlympusDAO, An Algorithmic Currency Protocol."<ref>https://olympusdao.medium.com/introducing-olympusdao-a-true-digital-currency-protocol-648c00c572d2 | On February 1st, 2021 a Medium article was posted, "Introducing OlympusDAO, An Algorithmic Currency Protocol."<ref>https://olympusdao.medium.com/introducing-olympusdao-a-true-digital-currency-protocol-648c00c572d2 | ||
</ref> Shortly after, the protocol also introduced themselves on Twitter. The token was initially | </ref> Shortly after this article, the protocol also introduced themselves on Twitter. The token ticker was initially OLY but then changed to OHM.<ref>https://twitter.com/OlympusDAO/status/1356743104309563392</ref> The founder of Olympus is pseudonymously known as [[Zeus]]. The protocol reached a peak TVL of $866.53 million in December of 2021.<ref>https://defillama.com/protocol/olympus-dao</ref> | ||
=== Timeline === | === Timeline === | ||
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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> | 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> | ||
== 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. | |||
==== 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. | |||
[[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. | |||
===== Treasury ===== | |||
The Olympus treasury consists of Treasury Reserves, Protocol Owned Liquidity, and locked, vesting, or other strategic assets.<ref>https://docs.olympusdao.finance/main/basics/treasury_basics</ref> Olympus also uses their treasury to act as an incubator for new projects through Olympus Incubator. Volt Protocol is the first Olympus Incubator project. | |||
== References == | == References == | ||