Olympus DAO in 2mins
Summary
TLDROlympus DAO, founded pseudonymously by 'Zeus,' is a decentralized reserve currency project based on the OHM token. It aims to preserve purchasing power through community governance and backing by reserve assets like DAI. The protocol offers high APYs for staking and has a bond system for discounted token purchases. Despite legal claims against co-founders and the experimental nature of the protocol, Olympus DAO is seen as an innovative economic experiment in the crypto space.
Takeaways
- π Olympus DAO was founded by a pseudo-anonymous individual named Zeus with the goal of creating a decentralized reserve currency.
- π The project gained significant attention, reaching a market cap of over 4 billion USD by mid-November 2021.
- π‘οΈ Olympus DAO is a reserve cryptocurrency based on the OHM token, designed to preserve purchasing power and backed by reserve assets.
- π³οΈ The Olympus protocol is community-managed, with decisions made through voting by OHM token holders.
- πΌ The value of the OHM token is backed by the Olympus treasury, which primarily consists of DAI and other cryptocurrencies.
- π The treasury contract requires approval from at least four of eight signers for any transaction.
- πΉ When the value of the treasury's reserve assets exceeds the total supply of OHM tokens, the protocol automatically mints additional OHM tokens as staking rewards.
- π Olympus DAO offers a high APY of 468% for staking OHM tokens, though this is significantly lower than the 7000% APY offered around November 2021.
- π The protocol includes an Olympus Bonds feature, allowing users to deposit cryptocurrencies for discounted OHM tokens and earn yield through lending.
- π§ Olympus DAO owns its own liquidity, generating revenue for the treasury through collected fees.
- π The protocol was upgraded to Olympus V2 by the end of 2021, introducing features like on-chain governance and auto-staking for bonds.
- βοΈ Despite the innovative concept, Olympus DAO remains an experimental protocol with legal claims against its co-founders, raising questions about its legitimacy.
Q & A
Who is the founder of Olympus DAO?
-Olympus DAO was founded by a pseudo-anonymous individual known as Zeus.
What was the purpose behind creating Olympus DAO?
-The purpose of creating Olympus DAO was to establish a decentralized reserve currency.
What was the total market cap of Olympus DAO around November 2021?
-In the middle of November 2021, Olympus DAO's total market cap reached over 4 billion US dollars.
What is the role of the OHM token in the Olympus protocol?
-The OHM token is the reserve cryptocurrency of the Olympus protocol, designed to preserve purchasing power and be highly liquid, backed by reserve assets.
How is the Olympus protocol governed?
-The Olympus protocol is governed by the community of OHM token holders, with all decisions regarding the protocol made through voting.
What primarily backs the value of the OHM token?
-The value of the OHM token is backed by the Olympus treasury, which mainly consists of DAI and other cryptocurrencies.
How is the Olympus treasury contract managed?
-The treasury contract is managed by eight signers and requires at least four signers to approve any transaction.
What happens when the value of the treasury reserve assets exceeds the total supply of OHM tokens?
-When the value of the treasury reserve assets divided by the total supply of OHM tokens exceeds one, the Olympus protocol automatically mints additional OHM tokens and distributes them as staking rewards.
What is the current APY offered by Olympus DAO for staking OHM tokens?
-As of the script's latest update, Olympus DAO offers an APY of 468 percent to anyone who stakes their OHM tokens.
What is the Olympus Bonds protocol, and how does it work?
-The Olympus Bonds protocol allows bonders to deposit specific cryptocurrencies into the Olympus treasury in exchange for discounted OHM tokens. A portion of the deposited cryptocurrencies is then automatically lent to protocols like Aave to earn yield.
What new features were introduced in Olympus V2?
-Olympus V2 introduced new features such as on-chain governance and auto-staking for bonds.
What are some concerns regarding the legitimacy of Olympus DAO?
-There have been lawsuit claims against co-founders of the Olympus DAO, with allegations of an early funder being cheated out of nearly 4 million in OHMs, which raises questions about the legitimacy of the team behind the protocol.
How should one view the Olympus DAO project at this stage?
-While it's too early to determine if Olympus DAO is a failure or a revolutionary protocol, it can be seen as an interesting economic experiment that may contribute to building better protocols in the future.
Outlines
π Introduction to Olympus Pro
Olympus Pro, also known as Olympus Dow, is a decentralized reserve currency project initiated by a pseudonymous founder named Zeus. The project gained significant attention, reaching a market cap of over 4 billion USD by mid-November 2021. The video, created by Alex and voiced by Joelle, aims to educate viewers about the nature and operation of Olympus Dow, emphasizing that it is not financial advice. The Olympus Dow is a reserve cryptocurrency based on the OHM token, designed to maintain purchasing power and liquidity, backed by reserve assets such as DAI and other cryptocurrencies. The Olympus protocol is community-managed, with decisions made through voting.
π¦ The Olympus Protocol and Treasury Management
The value of the OHM token is supported by the Olympus treasury, which primarily consists of DAI and other cryptocurrencies. The treasury contract is overseen by eight signers, requiring at least four to approve any transaction. The protocol automatically mints additional OHM tokens when the value of the treasury's reserve assets per OHM token exceeds one. These new tokens are distributed as staking rewards. Olympus Dow offers a high APY of 468 percent for staking, a significant decrease from the 7,000 percent APY offered in November 2021. This high APY has led to numerous forks of the Olympus Dow protocol, each promising higher returns.
π Olympus Bonds and Liquidity Ownership
Olympus Dow features a bond protocol allowing participants to deposit specific cryptocurrencies into the treasury in exchange for discounted OHM tokens. A portion of the deposited assets is then automatically lent to other protocols like Aave to generate yield for the treasury. Bonders can also deposit LP tokens for discounted OHM tokens. Olympus Dow owns its own liquidity, creating a revenue stream from collected fees for the treasury.
π οΈ Olympus V2 Protocol Upgrades
Towards the end of 2021, Olympus Dow upgraded its protocol to Olympus V2, introducing features like on-chain governance and auto-staking for bonds. While all related contracts are live, some smart contracts are still undergoing audits according to the latest updates from the official site.
π€ Legitimacy and Future of Olympus Dow
Despite the innovative concept of a reserve-backed protocol, Olympus Dow is still considered experimental and based on game theory economic concepts. There have been legal claims against co-founders of the Olympus DAO, with allegations of an early funder being defrauded of nearly 4 million OHMs, casting doubt on the legitimacy of the team. However, it is too early to determine if Olympus Dow is a failure or a revolutionary protocol. The project is seen as a significant economic experiment that could inform the development of future protocols.
Mindmap
Keywords
π‘Olympus Dow
π‘Decentralized
π‘Reserve Currency
π‘Market Cap
π‘Staking
π‘APY (Annual Percentage Yield)
π‘Forking
π‘Treasury
π‘Bond Protocol
π‘Liquidity
π‘DAO (Decentralized Autonomous Organization)
π‘Game Theory
π‘On-chain Governance
π‘Smart Contracts
Highlights
Olympus Dow was founded by a pseudo-anonymous individual named Zeus with the goal of creating a decentralized reserve currency.
The project gained significant attention, reaching a market cap of over 4 billion USD in mid-November 2021.
Olympus Dow is a reserve cryptocurrency based on the OHM token, designed to preserve purchasing power and be highly liquid.
The Olympus Protocol is community-managed with decisions made through voting by OHM token holders.
The value of the OHM token is backed by the Olympus Treasury, which primarily consists of DAI and other cryptocurrencies.
The Treasury contract requires approval from at least four of eight signers for any transaction.
If the value of the treasury reserve assets per OHM token exceeds one, the protocol automatically mints additional OHM tokens.
Olympus Dow offers a high APY of 468% for staking OHM tokens, significantly lower than the 7000% APY in November 2021.
The high APY led to many forks of the Olympus Dow protocol, each offering higher returns.
Olympus Dow introduced a bond protocol allowing users to deposit cryptocurrencies for discounted OHM tokens.
Bonders can also deposit LP tokens for discounted OHM tokens, contributing to the treasury's revenue stream.
Olympus Dow owns its liquidity, generating revenue from collected fees for the treasury.
In late 2021, Olympus Dow upgraded to Olympus v2, introducing on-chain governance and auto-staking for bonds.
Some smart contracts related to Olympus v2 are still undergoing audits according to the official site.
Despite the innovative concept, Olympus Dow is considered an experimental protocol with economic game theory concepts.
There have been lawsuit claims against co-founders of Olympus DAO, raising questions about the team's legitimacy.
The project is still in its early stages, and its success or failure is yet to be determined.
Olympus Dow can be seen as an economic experiment that may lead to the development of better protocols in the future.
Transcripts
olympus dow was founded by a
pseudo-anonymous guy called zeus with
the purpose of creating a decentralized
reserve currency
the project had gained so much attention
that in somewhere around the middle of
november 2021 it hit a total market cap
of more than 4 billion us dollars
so today we're going to take a look at
what olympus dow is and how it works
if you're new here this video is made by
alex and voiced by me joelle and on eat
the block we'll help you transition into
web3
[Music]
before we begin i'd like to remind you
that the sole purpose of this video is
to provide educational information and
shouldn't be treated as financial advice
so what is olympus dow it's a reserve
cryptocurrency based on the om token and
it's designed to preserve purchasing
power to be highly liquid and it's
backed by reserve assets the olympus
protocol is managed by the community of
home holders and all decisions regarding
the protocol are made through voting the
value of om token is backed by the
olympus treasury which mainly consists
of dai and other cryptocurrencies
the treasury contract is managed by
eight signers and requires at least four
signers to approve any transaction
when the value of the treasury reserve
assets divided by the total supply of
ohm tokens exceeds one die the olympus
protocol will automatically mint
additional ohm tokens and distribute
them as staking rewards currently
olympus dow offers an insane apy of 468
percent to anyone who stakes their own
tokens however this is far less than
what it's offering around november 2021
where the apy were around seven thousand
percent due to the high apy that were
being offered many began to fork olympus
dow defy protocol with each new protocol
offering higher apy than the previous
protocol the olympus dow also has a bond
protocol called olympus bonds bonders
can deposit specific cryptocurrencies
into the olympus dow treasury in
exchange for discounted ohm token in a
few days time
a substantial amount of the deposited
cryptocurrencies are then automatically
lent to protocols like ave to earn yield
for the treasury bonders can also
deposit lp tokens for discounted ohm
tokens olympus dow owns its own
liquidity which in return is
establishing a revenue stream from
collected fees for the treasury around
the end of the year 2021 olympus dow
upgraded their protocol and called it
olympus v2 it introduced new features
such as on-chain governance and auto
staking for bonds although all the
olympus v2 related contracts are live
according to the latest update from
their official site some of the smart
contracts are still being audited
so is olympus dow legit while the idea
of having a d5 protocol which is backed
by reserve assets is genuinely good
olympus dow remains an experimental
protocol built around the economic
concepts of game theory there's also
been lawsuit claims against co-founders
of the olympus dao an early funder might
have been cheated out of nearly 4
million in ohms
the allegation does question the
legitimacy of the team behind the
protocol
nonetheless it's still too early to
decide whether olympus dow is a failure
or a revolutionary protocol
however the project can be treated as an
amazing economic experiment that can be
used to build better protocols in the
future if you'd like to learn more about
dao feel free to check out the dows in
two minutes video made by julian i'll
see you again next time bye
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