OHM token rallied 43% while Olympus DAO partnered with Growth DeFi and Angle

OHM token rallied 43% while Olympus DAO partnered with Growth DeFi
image from Twitter.com

Key Olympus DAO (OHM Token) Takeaways:

  • Reserve currency protocol Olympus DAO partnered with Growth DeFi, a crosschain DeFi for levereging yield opportunities, and decentralized stablecoin protocol Angle.
  • OHM price jumped 43% in the previous three days, while falling 68% short of its quarterly high at $1,320.

YEREVAN (CoinChapter.com) – Olympus DAO introduced new bonding pairs to the OHM token or coin community, after its partnership with Growth: WHEAT – AVAX and gOHM – AVAX. In detail, AVAX is the native token of Avalanche, layer-one blockchain, while gOHM is the governance token of Olympus’ V2 upgrade, which launched on Nov 29.

Olympus DAO, the self-proclaimed “future of finance,” partnered with Growth DeFi on Dec 17. The cross-chain farming protocol claimed that Olympus would be its ticket to Olympus Pro Avalanche Cohort.

Olympus V2 announced several partnerships ahead of the weekend

In hindsight, the Cohort in question is a service for protocols looking to supplement liquidity mining. In addition to its newest member, it features decentralized exchange Pangolin, liquidity market protocol BENQI, and farming protocol Yield Yak.

Instead of renting that liquidity (often at astronomical interest rates), they simply purchase it, turning a value-draining perpetual expense into revenue-producing assets that facilitate the functionality of the rest of the platform.

announced Olympus Pro on Nov 29.

Additionally, Olympus DAO announced its collaboration with Angle Protocol, “the first liquid Euro stablecoin on-chain.”

Also read: Verasity (VRA) token eyes a 200% uptrend underway

The growing partnerships did not compensate for OHM’s 68% loss from the quarterly high of $1,320. Nevertheless, Olympus DAO saw its OHM token increase by 43% in the previous three days.

OHM Coin price responded with a 43% uptrend since Saturday

The OHM coin daily price chart shows a significant decrease from the token’s October record. However, OHM/USD exchange rate jumped to $412 in the European session Monday.

Olympus DAO OHM coin price chart.
Olympus DAO (OHM) price chart. Source: CoinMarketCap.com

Moreover, the recent uptrend added only 42 million to Olympus V2’s total value locked (TVL), while the loss since Dec 1 stood at 45%. But the data from CoinMarketCap showed an 87% uptrend in daily trading volume (bottom line on the chart above), which stood at almost $54 million.

Olympus DAO OHM token total value locked.
Olympus DAO total value locked. Source: DeFiLlama.com

What sets Olympus DAO apart?

In hindsight, Olympus DAO’s tokenomics has raised many eyebrows since its launch in August 2021. It inspired polarized opinions in the crypto community, with “Ohmies” believing Olympus is the future of money and the opposers convinced it’s a Ponzi.

In detail, the reserve currency protocol features a Treasury, which backs the OHM coin with a basket of cryptocurrencies: DAI, FREX, wrapped ETH, etc., keeping the floor OHM price at $1. The Treasury then allows users to buy OHM bonds, i.e., buy OHM coin at a discount, pay in Ethereum (ETH), and wait five days to receive the tokens.

Furthermore, the additional value of OHM ($412 instead of $1) allows the Treasury to mint that much worth of OHM, which then sustains the stakers in the community. The mechanism allows bonders, stakers, and the Treasury itself to earn profits.

Meanwhile, the increasing supply does not impact the price, as buying bonds and staking processes don’t include selling the token. However, as a result, Olympus DAO owns 99.88% of OHM liquidity, earning revenue from transaction fees.

Also read: Federal Reserve plans three rate hikes next year – how does it impact equities and crypto

OHM token’s latest bearish phase could be due to the ubiquitous declines in the crypto market. However, the upcoming quarter will show if Olympus DAO can recover from its December losses.

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Olympus DAO, OHM token rallied 43% while Olympus DAO partnered with Growth DeFi and Angle

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