Kriptoks

Olympus is a decentralized algorithmic currency protocol designed to achieve price stability and become a crypto-native currency. Unlike traditional stablecoins, Olympus uses reserve assets such as DAI to manage its price, and is not pegged to a specific value. Instead, the price floor for Olympus is set at 1 DAI, but the value may fluctuate based on market conditions. The protocol is run as a DAO, and is governed by its community through smart contracts.

The founders of Olympus remain anonymous, going by the names "Zeus," "Apollo," "Unbanksy," and "Wartul." The code contributors are rumored to include Zeus, a teenager, and Jeff Extor. The protocol has also received funding from private investors such as Zee Prime Capital and Nascent.

Olympus operates with a treasury system, where it mints and sells new tokens when the price is above its floor, and buys back and burns tokens when the price falls below the floor. The process of issuing tokens is called bonding, where users sell assets like DAI or wETH to the treasury in exchange for discounted Olympus tokens. Users can also choose to provide liquidity to the SushiSwap liquidity pool, or stake their tokens for high rewards.

The protocol recently announced the launch of Olympus Pro, which will provide its bonds as a service to selected partner protocols, allowing them to grow their own treasury. Olympus is known for its strong marketing and meme game, having built a vibrant community through the popularization of the "3,3".

n summary, Olympus is a unique algorithmic currency protocol that aims to achieve price stability while maintaining a floating market-driven price. Its mechanism is similar to that of a central bank, using reserve assets like DAI to manage its price. Olympus is run as a DAO, with its community governing the protocol through smart contracts. The protocol has been praised for its innovative approach to algorithmic stablecoins and its strong marketing and community building efforts. With the recent launch of Olympus Pro, the protocol is now looking to expand its reach and provide its bonds as a service to selected partner protocols. Overall, Olympus is an exciting project to watch in the DeFi space, as it continues to push the boundaries of what is possible in the realm of algorithmic currencies.