Olympus is an algorithmic currency protocol based on the OHM token. It introduces unique economic and game-theoretic dynamics into the market through asset-backing and protocol-owned value. Each OHM is backed by 1 DAI in the Olympus treasury and the protocol is designed to buy back and burn OHM when it trades below 1 DAI. The intended effect is to push OHM price back up to 1 DAI. OHM could always trade above 1 DAI because there is no upper limit imposed by the protocol.
The goal of Olympus is to build a policy-controlled currency system, in which the behavior of the OHM token is controlled at a high level by the Olympus DAO. In the long term, Olympus believe this system can be used to optimize for stability and consistency so that OHM can function as a global unit-of-account and medium-of-exchange currency.
There are two main strategies for market participants: staking and bonding. Stakers lock OHM supply and receive a share of protocol profits as they are earned. Bonders provide and lock either liquidity pool (LP) tokens or assets for the treasury and receive a fixed profit after a fixed period of time.
How to use Olympus?
Navigate to Olympus and deposit OHM, LP tokens, or purchase bonds with DAI to earn rewards. OHM holders can also take part in governance to shape the future of the protocol