Olympus v1

Project Overview

Olympus (OHM) is a decentralized reserve currency protocol based on the OHM token. The project aims to create a stable cryptocurrency backed by a basket of assets in its treasury. The protocol uses a system of bonding and staking to control OHM supply and maintain price stability.

Purpose and Utility

The primary purpose of OHM is to serve as a decentralized reserve currency. The protocol allows users to participate in the system through: 1) Staking - Users can stake OHM tokens to receive rebase rewards, 2) Bonding - Users can buy OHM at a discount by supplying liquidity or other assets to the treasury.

Business Model Analysis

The protocol generates revenue through bond sales and uses these proceeds to back OHM tokens. The treasury assets serve as a fundamental price floor for OHM. While the protocol involves staking mechanisms, these operate more like profit-sharing rather than traditional interest-bearing products.

Development and Adoption

Olympus has maintained active development with regular updates and improvements to the protocol. The project has established partnerships with other DeFi protocols and maintains significant treasury assets. While trading activity comprises a large portion of token usage, this alone does not impact halal status.

Token Distribution

The initial token distribution included allocations for the team and early investors with standard vesting periods. The majority of tokens are now distributed among the community through staking and bonding mechanisms.