Olympus v2OHM to DOGE

What is Olympus (OHM)?

This network was first launched in  2012 on the Ethereum blockchain. There was an anonymous group of visionaries. They were commonly known as Zeus, Apollo, Unbanksy, and Wartul. These crypto enthusiasts came together and brought this cryptocurrency into being. It aims to become a stable crypto-native currency. without fixing its value to the US dollar as other stablecoins do, but it is supported by algorithmic policy, liquidity, etc. This network is like a central bank, as the value of its token is determined by DAI. It wants to obtain price stability with controlled, floating market-driven prices. It has a native token that governs this platform. Users can stake their assets to help stabilize the price of these tokens and earn rewards.

What Makes Olympus Unique?

This network is built on Ethereum and aims to become a stablecoin without being fixed to US dollars. It works as a central bank, as its value is 1 DAI. This network.p has a treasury that mints and sells its native tokens when it is traded above its price of 1 DAI and when it is traded below 1 DAI it buys them back and burns them. 

Below are some of the features that make this network so unique. 

• Algorithmic Stability 

This network uses a special algorithmic mechanism that is used to maintain price stability. This helps the network operate as a decentralized reserve currency without depending on any traditional collateral.

• Decentralized Governance 

This network is built on the Ethereum blockchain and is completely decentralized. It is a community-driven network and works on on-chain governance. Thus enabling its community members to not only participate in staking and earning rewards but also take an active part in the network's decision-making process. 

• Incentive Mechanisms 

This network provides incentives to its users who participate in the network's decision-making process and in liquidity provision by staking their tokens.

How is the Olympus Network Secured?

This network is built on Ethereum so its native token is an ERC-20 token. With an ERC-20 token, it enjoys various features of Ethereum including its consensus mechanism proof-of-work which is used to mine new tokens. Below are some easy overviews to understand how secure this network is.

• Smart Contracts Security 

This network uses smart contracts that automate the working of the network and this reduces the chances of any mistakes or fraudulent activities. Moreover, this smart contract conducts timely audits that update and maintain the security standards of the network. 

• Decentralization 

This network is completely decentralized. Even though it is a stablecoin its value is not fixed to any traditional collateral. It works as a central bank and gets its support from DAI. 

• Economic Resilience 

This mechanism was designed for the network to eliminate risks and maintain stability. It combines bonding mechanisms with algorithmic stability.
 

What Are Olympus’ Potential Use Cases?

Although there are no definite use cases for this token, there are some fields where it can be used. 

• Yield Farming 

This token can be used in Yield farming. Users can stake this token and participate in providing liquidity to the network in return for rewards.

• Liquidity Provision 

This token can be used to supply assets to decentralized exchanges and liquidity pools. Users can earn extra income in return for providing liquidity. 

• Medium of Exchange 

This token's main aim is to be a stablecoin but it can also be used as a medium of exchange within the DeFi ecosystem.

Where and How Can You Buy Olympus (OHM)?

This token is available on UniSwapV2 and SushiSwap. To buy this token follow the below-mentioned steps. 

• Crypto Exchange Search

Choose a reliable cryptocurrency exchange that supports this token.

• Account Creation 

Create your account on that exchange and complete the necessary verification process. 

• Fund Deposit 

Deposit funds into your account and search for this token on that exchange. 

• Purchase Order

Place purchase orders for the required number of coins. 

• Wallet Transfer

When the coins get deposited into your account, transfer them into secured wallets.
 

Future of Olympus (OHM)

This network had a potential future ahead because of the following major reasons: 

• Distinct Features

As discussed above, this digital coin has a number of features that make this network unique. 

• Technological Advancement

Its robust technologies help to secure this network. 

• Chances of Widespread Adoption

Its aim to be a free-floating currency and a completely decentralized stablecoin helps it achieve widespread adoption. 

It is important to note that various factors, like general market sentiment, investor demand for cryptocurrencies, and macroeconomic trends, may affect the future of this cryptocurrency.
 

Conclusion 

The main aim of this network is to provide a stablecoin to users that is completely decentralized and thus doesn't have backing from any traditional collateral. This network has achieved a considerable amount of traction and has a good future ahead of it. However, it is important to consider some factors that are part and parcel of any crypto investment. These unavoidable challenges and risks that every cryptocurrency faces in the ecosystem are technological advancements. Competition, heavy price fluctuations. Other than that, this network seems to be the best investment choice. Nevertheless, you inevitably do a thorough investigation from your end before you decide to invest in this cryptocurrency. You can also try to get the help of a crypto enthusiast or crypto expert who will be able to give you the right investment guidance.