What is Olympus Dao & how does it work?

What is Olympus DAO and How Does it Work? In their own words, Olympus is a decentralized reserve currency protocol based on the OHM token. Each OHM token is backed by a basket of assets in the Olympus treasury.

What is Olympus Dao ohm currency?

Olympus DAO’s decentralized reserve OHM currency is intended to wean crypto markets off their unhealthy addiction to US dollars. The point of OHM is to act as a store of value, not pegged to the $1 mark as are USDT, USDC, and others.

Which stablecoins are supported by Olympus?

Initially, DAI was the only stablecoin supported by Olympus. Thus, users who could not afford OHM with fiat may stake their DAI in the Olympus treasury and receive OHM according to the specific exchange rate. However, more stablecoins and other cryptocurrencies are now supported by Olympus, including FRAX and LUSD.

What is Olympus cryptocurrency?

Olympus is an algorithmic currency protocol with the goal of becoming a stable crypto-native currency. Though sometimes called an algorithmic stablecoin, Olympus is more akin to a central bank since it uses reserve assets like DAI to manage its price. The goal is to achieve price stability while maintaining a floating market-driven price.