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Olympus OHM/USD is an algorithmic currency protocol with the goal of achieving price stability while maintaining a floating market-driven price.
OHM differentiates itself from stablecoins due to the fact that it is backed but not pegged to a certain price. The Olympus DAO is governed by its community through a fully decentralized way through smart contracts.
Olympus’s high APY as a catalyst for growth
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Back on September 18, Olympus introduced Olympus Pro, which was a paradigm shift in the way the protocol utilized emissions to accrue value.
Olympus Pro is a service for protocols that are looking to utilize bonds in their emissions programs with low overhead and maximum impact.
That said, Olympus is a rebase project which has gathered a lot of attention due to the fact that it offers a high yield to OHM stakers.
At the time of writing, the APY is at 7,603%, with 3.1 billion in total value deposited.
Another thing that sets OHM apart from other projects is the fact that rather than having its main token fluctuate around the $1 stablecoin price, each OHM is an algorithmic reserve currency that is backed by a basket of assets such as DAI or FRAX, for example.
These are held within the Olympus treasury and give OHM an intrinsic value.
Should you buy Olympus (OHM)?
On October 14, Olympus (OHM) had a value of $1,249.45.
To get a better perspective of what kind of value this is for the OHM token, we will be comparing it to it’s all-time high value as well as its recent performance in September.
The all-time high of the OHM token was on April 25, when it reached a value of $1,415.26. Here we can see that at its all-time high, the token was $165.81 higher in value than on October 14.
When it comes to its performance in September, on September 1, the token had one of its lowest value points at $307.71.
By September 30, the token raised its value to $766.13. This indicates that throughout September, the token increased its value by $458.42 or by 148%.
With this in mind, we can expect the token to reach $1436 by the end of October.
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