Olympus Code Review
TM Rating: 84%
Review Date: August 12th, 2021
Olympus is a decentralized reserve currency protocol based on the OHM token. Each OHM token is backed by a basket of assets (e.g. DAI, FRAX) in the Olympus treasury, giving it an intrinsic value that it cannot fall below. Olympus also introduces unique economic and game-theoretic dynamics into the market. Olympus’ goal is to build a policy-controlled currency system, in which the behavior of the OHM token is controlled at a high level by the DAO. There are two main strategies for market participants: staking and bonding. Stakers stake their OHM tokens in return for more OHM tokens, while bonders provide LP or DAI tokens in exchange for discounted OHM tokens after a fixed vesting period.
Olympus is an innovative protocol bringing a new approach to backed coins. Compared to other algorithmic stable coins, which aims to maintain 1:1 pegged to USD through rebasing, what makes Olympus special is that it is an algorithmic currency protocol that aims to retain purchasing power, meaning that OHM does not necessarily need to be 1USD, its price can be higher based on market demand. Developed by a pseudo anonymous team, the protocol has been audited and is being powered by a solid community around it. The token is trading and available on decentralized exchanges (Uniswap, Sushiswap).