Olympus DAO Medium

One of the reasons that Olympus gained so much traction early on was the more than 7,000% APY offered, which it claimed was sustainable for an extended period of time . Even for the most risk-on farmers, promising 7,000% APY sustainably immediately screams “Ponzi”.

A slew of forks (over 30 , according to DeFi influencer mewnyfish) of the OlympusDAO codebase have emerged. OlympusDAO’s protocol-owned liquidity model has been a catalyst for the DeFi 2.0 movement, and its success is inspiring copycats.

Olympus is one of the new DAOs (Decentralized Autonomous Organization) looking to create a currency to compete with the dollar . Its native token, OHM is not a stable coin, it is a free-floating currency backed by a basket of assets held in its treasury.19 Ara 2021

Olympus DAO’s native token hit $1,415 at its peak in 2021, and it has dropped 91.8% from an all-time high. Experts believe that capitulation by whales triggered a drop in the Ethereum based token’s price.