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Highlights
- Olympus crypto (OHM) is deemed an algorithmic stablecoin protocol to become a stable crypto-native currency.
- As per CoinMarketCap, OHM was trading at US $989.64 with a 24-hour trading volume of US $466,321,565 and was down 20.75% in the last 24 hours.
Olympus crypto (OHM) is deemed to be an algorithmic stablecoin protocol with the aim to become a stable crypto-native currency. A few consider Olympus to be more similar to a central bank as it uses the reserve assets like DAI to manage the prices.
Olympus crypto is enjoying a profitable Friday from the volume point of view as it had managed to receive a volume uptick by 270.35% at the time of writing (BST 12:00 pm). However, from the price point of view, it is not having a good week with the market forces not favouring its prices. Olympus crypto is ranked 2684 as per CoinMarketCap. As per CoinMarketCap, OHM was trading at US $989.64 with a 24-hour trading volume of US $466,321,565 and was down 20.75% in the last 24 hours.
Also read: Why Ripple joining the Digital Pound bandwagon could be a gamechanger
How is Olympus crypto unique?
Olympus works on Ethereum protocol and has caught the eye of investors over the past few months now. One of the reasons why OHM was in the news was largely due to the fact that OHM stakers managed to stake a health yield of over 7,000% in the past six months, making everyone sit up and take notice of the crypto.
As Olympus has its very own treasury, it can mint and sell OHMs whenever the prices are trading above its floor price of 1 DAI and buys it back and burns it when the prices drop below 1 DAI. By doing so, it is able to maintain its control over the price it achieves, thereby ensuring that the prices stay stable.
Olympus has often been dubbed as a cryptos with a single feature that is to grow its treasury. However, following the launch of Olympus Pro, it can now provide bonds as a part of selected partner protocols, which enables them to grow its own treasury.
Also read: Bitcoin Hits $60,000 for the first time since April
Moreover, the OHM can be issued through bonding. Through bonding, the users have the option to redeem discounts on OHM by selling it as an asset like DAI to the treasury. They can also redeem discounts on OHM by providing DAI-OHM as liquidity to the SushiSwap liquidity pool.
Conclusion
At the current price, the OHM can be considered a decent enough investment for investors looking for unique cryptos. A few market experts predict that OHM can deliver returns up to +112.8%, predicting its value could move to well over US $1,900 by the end of this year. But as cryptocurrencies are highly speculative, their real value or RoI can only be judged by giving it a long run.
