As the general cryptocurrency market strikes by way of a turbulent week, one under-the-radar altcoin is defying the downtrend in a significant method.
Decentralized reserve forex protocol Olympus (OHM) has surged by 34% over the previous seven days.
A attainable catalyst for the value leap is the current announcement of a brand new product known as Olympus Professional.
Whereas discussing hurdles the blockchain business historically faces buying funding and its environmental impression, the group behind the mission explains,
“Bonds are a mechanism by which the protocol itself can commerce its native token in change 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 scale back emissions whereas serving to all gamers throughout the decentralized finance (DeFi) area.
In 11 days we made $10m $DAI by way of bonds.
— OlympusDAO (@OlympusDAO) September 22, 2021
Based on 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% enhance from $465.77 every week in the past, in response to CoinGecko.
Olympus has additionally attracted the eye of high-profile investor Mark Cuban.
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