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 forex protocol Olympus (OHM) has surged by 34% over the previous seven days.
A potential catalyst for the value leap is the current announcement of a brand new product referred to as Olympus Professional.
Whereas discussing hurdles the blockchain business historically faces buying funding and its environmental impression, the crew behind the undertaking explains,
“Bonds are a mechanism by which the protocol itself can commerce its native token in trade for property. As an alternative of renting liquidity from third events, it purchases them outright.
As soon as the bond is created, the protocol owns these property and, like liquidity mining, has distributed new provide.”
Olympus claims to have raised over $150 million in property 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) area.
In 11 days we made $10m $DAI by means of bonds.
— 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% improve from $465.77 every week in the past, in line with CoinGecko.
Olympus has additionally attracted the eye of high-profile investor Mark Cuban.
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