As the general cryptocurrency market strikes by means of a turbulent week, one under-the-radar altcoin is defying the downtrend in a serious approach.
Decentralized reserve foreign money protocol Olympus (OHM) has surged by 34% over the previous seven days.
A attainable catalyst for the worth bounce is the latest announcement of a brand new product referred to as Olympus Professional.
Whereas discussing hurdles the blockchain trade historically faces buying funding and its environmental impression, the workforce behind the challenge explains,
“Bonds are a mechanism by which the protocol itself can commerce its native token in alternate for belongings. As an alternative of renting liquidity from third events, it purchases them outright.
As soon as the bond is created, the protocol owns these belongings and, like liquidity mining, has distributed new provide.”
Olympus claims to have raised over $150 million in belongings since launching the bonds program six months in the past.
The brand new Olympus Professional X bond market seeks to scale back emissions whereas serving to all gamers inside the decentralized finance (DeFi) house.
In 11 days we made $10m $DAI by means of bonds.
OlympusDAO Treasury now holds $40m $DAI pic.twitter.com/FiSsA4GFuw
— OlympusDAO (@OlympusDAO) September 22, 2021
In accordance with the corporate’s neighborhood supervisor WartuII,
“OlympusDAO 7-day protocol income exceeded the mixed income of OpenSea, dYdX and PancakeSwap.”
OHM is valued at $625.86 at time of writing, a 34% enhance from $465.77 per week in the past, in keeping with CoinGecko.
Olympus has additionally attracted the eye of high-profile investor Mark Cuban.
Over the summer season, Cuban invested in Olympus, and as of at the moment has 338 staked tokens (SOHM) with a value of $214,327, in keeping with the portfolio tracker Zerion.
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