As the overall cryptocurrency market moves through a turbulent week, one under-the-radar altcoin is defying the downtrend in a major way.
Decentralized reserve currency protocol Olympus (OHM) has surged by 34% over the past seven days.
A possible catalyst for the price jump is the recent announcement of a new product called Olympus Pro.
While discussing hurdles the blockchain industry traditionally faces acquiring funding and its environmental impact, the team behind the project explains,
“Bonds are a mechanism by which the protocol itself can trade its native token in exchange for assets. Instead of renting liquidity from third parties, it purchases them outright.
Once the bond is created, the protocol owns those assets and, like liquidity mining, has distributed new supply.”
Olympus claims to have raised over $150 million in assets since launching the bonds program six months ago.
The new Olympus Pro X bond marketplace seeks to reduce emissions while helping all players within the decentralized finance (DeFi) space.
In 11 days we made $10m $DAI through bonds.
— OlympusDAO (@OlympusDAO) September 22, 2021
According to the company’s community manager WartuII,
“OlympusDAO 7-day protocol revenue exceeded the combined revenue of OpenSea, dYdX and PancakeSwap.”
OHM is valued at $625.86 at time of writing, a 34% increase from $465.77 a week ago, according to CoinGecko.
Olympus has also attracted the attention of high-profile investor Mark Cuban.
Over the summer, Cuban invested in Olympus, and as of today has 338 staked tokens (SOHM) with a value of $214,327, according to the portfolio tracker Zerion.
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Featured Image: Shutterstock/Maxger