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Cryptocurrencies: 23326
Exchanges: 112
Market Cap: $$3.00T
24h Vol: $90.41B
Dominance: BTC: 64.4% ETH: 7.4%
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.