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Cryptocurrencies: 22131
Exchanges: 629
Market Cap: $$3.32T
24h Vol: $150.95B
Dominance: BTC: 57.6% ETH: 13%
ETH Gas: 29 Gwei
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Olympus aims to create an algorithmic floating currency. OHM is that floating token. $OHM is backed 1:1 by DAI at launch. DAI will be held by an algorithmic central bank. The protocol central bank will be the only entity capable of minting and burning $OHM. The central bank will use a portion of its reserves to plug into yield aggregators to generate yield for the protocol. Another part of the reserve will be used to help stabilize $OHM against DAI through market buy and sell operations. Profits generated by the central bank will be rewarded to holders of $OHM and the DAO.