Olympus DAO is trying to create a reserve currency for the crypto industry. One year after launching, its native token, OHM, is not being used for payments in any meaningful way. In addition there has been high volatility and a devastating drop in price.
But in spite of these negatives, we believe this project is worth paying attention to.
It pioneered the important concept of “protocol-controlled value.” An alternative way to acquire liquidity instead of endlessly paying liquidity miners. Through this concept, its treasury grew from $50 million to $500 million in just 3 months.
It also has a competent team, good technology and a strong roadmap. So even if it fails as a reserve currency, there is a real chance for it to become a frequently used way to bootstrap protocol-owned liquidity or conduct transactions.
Key Takeaways:
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Convex’s business model is built on Curve, a DeFi blue chip that continues to be one of the market leaders. It repackages Curve’s governance into a liquidity bootstrapping product that is already being used by projects like Abracadabra and Alchemix, and there is potential for more projects using it down the line. Ergo, Convex is one of the few examples of business-to-business models in crypto.
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