As the general cryptocurrency market strikes by a turbulent week, one under-the-radar altcoin is defying the downtrend in a serious manner.
Decentralized reserve foreign money protocol Olympus (OHM) has surged by 34% over the previous seven days.
A attainable catalyst for the worth leap is the latest announcement of a brand new product known as Olympus Professional.
Whereas discussing hurdles the blockchain trade historically faces buying funding and its environmental affect, the workforce behind the undertaking explains,
“Bonds are a mechanism by which the protocol itself can commerce its native token in alternate for property. As a substitute 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 cut back emissions whereas serving to all gamers inside the decentralized finance (DeFi) house.
In 11 days we made $10m $DAI by bonds.
— OlympusDAO (@OlympusDAO) September 22, 2021
In response to the corporate’s group 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% enhance from $465.77 every week in the past, in keeping with CoinGecko.
Olympus has additionally attracted the eye of high-profile investor Mark Cuban.
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