Understanding Olympus (OHM) Today
Olympus (OHM) is a decentralized reserve currency protocol operating within the decentralized finance (DeFi) ecosystem. As of the latest data, OHM is trading at approximately $20.31. The 24-hour trading volume is undisclosed, but the market capitalization stands at $332.41 million, ranking it 209th among cryptocurrencies. Over the past day, the price has fluctuated between a low of $19.94 and a high of $20.40, reflecting a modest increase of 0.40%.
The circulating supply is currently 16.38 million OHM, with a maximum supply capped at 20.65 million tokens.
Historical Price Performance
All-Time High and Low
OHM reached its highest recorded price of $1,415.26 on April 25, 2021. This peak represents a period of significant market interest and valuation.
Conversely, the token experienced its lowest price point on November 27, 2022, when it dropped to $7.54. This low occurred during a broader market downturn.
Price Evolution Since Launch
OHM was officially launched on March 24, 2021, with an initial price around $384. Its value saw extreme volatility in the subsequent months. After skyrocketing to its all-time high just a month after launch, the price corrected sharply.
By the end of May 2021, it had fallen to roughly $165. The latter part of 2021 and much of 2022 were marked by a sustained bear market, with OHM's price often trading below $30. However, 2023 marked the beginning of a recovery. The price has since stabilized and begun a gradual upward trajectory from its lows.
What Is Olympus (OHM)?
Olympus DAO is a pioneering DeFi project designed to create a decentralized, policy-controlled reserve currency. Unlike stablecoins pegged to fiat currencies like the US dollar, OHM derives its value from a treasury of diversified crypto assets. This structure aims to provide a stable, yet decentralized, alternative store of value that is less susceptible to the volatility of typical cryptocurrencies.
The protocol is community-owned and operates in a censorship-resistant manner. Its core mechanism involves expanding or contracting the supply of OHM to maintain price stability relative to its intrinsic value. When the market price exceeds this value, new OHM is minted. When it falls below, the protocol buys back and burns tokens.
Key Use Cases for the OHM Token
OHM serves several critical functions within its ecosystem:
- Bonding: Investors can acquire OHM at a discount by selling other assets like DAI or FRAX to the protocol's treasury. This process helps grow the treasury and provides users with a cost-effective entry point.
- Staking (sOHM): Users can stake their OHM tokens to earn rewards, currently around 7.3% APY. This process automatically compounds every eight hours. Staking reduces the circulating supply, which can help support the token's price.
- Governance: As a decentralized autonomous organization (DAO), OHM holders can participate in governing the protocol's future.
The project also launched Olympus Pro, a service that allows other protocols to implement their own bonding mechanisms to build their treasuries.
OHM Tokenomics Overview
The tokenomics of Olympus are fundamental to its stability model. Key metrics include:
- Current Price: ~$20.31
- Circulating Supply: ~16.38M OHM
- Max Supply: 20.65M OHM
- Market Capitalization: ~$332.41M
- Fully Diluted Valuation (FDV): ~$290M
- Total Value Locked (TVL): ~$237M
These figures illustrate the project's scale and the assets backing each OHM token.
The Founders Behind Olympus
The core development team of Olympus chose to remain anonymous, a common practice in the DeFi space. The founders are known by their pseudonyms: Zeus, Apollo, Wartull, and Unbanksy. This approach emphasizes the project's community-centric and code-first philosophy.
Storing Your OHM Tokens Securely
Security is paramount when holding cryptocurrencies. OHM is an ERC-20 token, meaning it can be stored in any Ethereum-compatible wallet. A highly recommended option is MetaMask, a popular and user-friendly web3 wallet. For enhanced security, consider using a hardware wallet like Ledger or Trezor in conjunction with MetaMask for managing your assets. To explore a secure platform for your digital assets, you can view reliable storage and trading options here.
Frequently Asked Questions
What is the current price of OHM?
As of the latest update, OHM is trading at $20.31. Its price has seen a 0.40% increase in the last 24 hours, with a trading range between $19.94 and $20.40.
How can I buy OHM tokens?
Purchasing OHM typically involves using a cryptocurrency exchange. The process generally includes creating an account, completing identity verification, depositing funds (either fiat or crypto), and then executing a trade for OHM. Always ensure you are using a reputable platform.
Is OHM a good investment?
Like any cryptocurrency, OHM carries inherent risks and volatility. Its value is backed by a treasury of assets, and its unique model aims for stability. However, its historical price swings have been significant. Its potential as an investment depends entirely on your individual risk tolerance, financial goals, and belief in the long-term viability of decentralized reserve currencies. Thorough personal research and consideration of professional financial advice are essential.
What is the total supply of OHM?
The circulating supply of OHM is approximately 16.38 million tokens. The maximum supply is hard-capped at 20.65 million tokens. This limit introduces a element of scarcity into its economic model.
How does staking OHM work?
Staking involves locking your OHM tokens in the protocol's smart contract. In return, you receive sOHM (staked OHM) and earn rewards, currently at an estimated rate of 7.3% APY. These rewards are automatically compounded multiple times per day.
What is the purpose of bonding?
Bonding is a mechanism where users sell other assets to the Olympus treasury in exchange for OHM tokens at a discounted rate. This process helps the protocol accumulate assets in its treasury, thereby increasing the backing per OHM, while giving users a favorable entry price.