The live Olympus price today is $51.1741 with a 24-hour trading volume of $1,196,357.45. Olympus is -5.25% in the last 24 hours.The current MyToken ranking is #--,with a live market cap of $9,860,406.38. It has a circulating supply of 192,681 OHM and a max supply of 1,416,029 OHM.
What Is Olympus?
It tries to be less volatile than traditional cryptocurrencies without being tied to any fiat currency. Instead, the value of its OHM token floats based on the value of the underlying assets and parameters set by the DAO. It accomplishes this by casting OHM when it is greater than its intrinsic value and burning OHM when it is lower.
Olympus around its OHM token, It is an unpegged staboin that it hopes will eventually be seen as a crypto native legal alternative. It does this through various mechanisms: using its vaults to increase and decrease the supply of OHM, LP bonds, and DAO control variables.
Used to set the intrinsic value of each OHM token. At launch, to keep things simple, the vault only contains DAI, but the Olympus team hopes to integrate other staboin and crypto assets (such as BTC and ETH) in the future. Currently, each OHM token is backed by 1 DAI in the vault and thus has an intrinsic value of $1.
Olympus increases OHM when higher than its intrinsic value And reduce supply when it is below its intrinsic value. When the price is higher than that, the agreement sells DAI bonds, which are simply people buying OHM directly with DAI through the agreement. To incentivize people to buy directly from the agreement, the agreement gave them a discount to the market price, but OHM was awarded over 33,110 blocks (about 5 days). Using the newly acquired DAI, the protocol can cast the same number of OHM, as each OHM only needs to be supported by 1 DAI (for example, if a person pays $800 for 1 OHM through the protocol, the protocol can cast 800 OHM in reverse). This OHM is allocated 90% to the mortgagor and 10% to the DAO. This builds the coffers and helps legitimize the agreement at a higher market value, while rewarding the stakeholders who take OHM out of circulation supply. When the price is below the market price, the opposite is true: one can exchange OHM for the above-market price and get DAI or LP from the vault. Then the OHM burned, reducing the total supply.
Olympus protocol and LP bonds. Here, those providing liquidity to SUSHI Ohm-Dai LP can sell their LP shares to the agreement in exchange for OHM's discount, granting over 33,110 blocks (approximately 5 days). This mechanism also allows protocols to mint new OHM (with their risk-free value), but more importantly increases the share of protocols in the pool, which brings stability and confidence to token holders and other liquidity providers. Finally, there are the inflation control variables (ICV) and deflation control variables (DCV) controlled by the DAO to help the protocol target volatility or stability. ICV will determine how aggressive the selling pressure is when OHM is greater than its intrinsic value, and vice versa, DCV and buying pressure when OHM is less than its intrinsic value.
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