How To Buy Olympus (OHM)?

A common question you often see on social media from crypto beginners is “Where can I buy Olympus?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports Olympus (OHM)

First, you will need to open an account on a cryptocurrency exchange that supports Olympus (OHM).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Olympus (OHM) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Olympus (OHM)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Olympus (OHM) or Olympus (OHM) trading pairs. Look for the section that will allow you to buy Olympus (OHM), and enter the amount of the cryptocurrency that you want to spend for Olympus (OHM) or the amount of fiat currency that you want to spend towards buying Olympus (OHM). The exchange will then calculate the equivalent amount of Olympus (OHM) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Olympus (OHM) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

Alternative ways to buy Olympus (OHM)

Because the project is very new, it is only offered directly on a select number of exchanges. If you’re not comfortable connecting your bank account to any of these smaller exchanges, or if you cannot connect your bank account to them for geographical reasons. Then you can instead create an account on any of the major exchanges and simply transfer the funds from there.
Out of the major exchanges we recommend the following based on functionality, reputation, security, support and fees:

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Olympus (OHM)?

Launched in March 2021, Olympus Finance is taking the DeFi market by storm. Their incredible APY rates are attracting more and more eyeballs. Olympus Finance (OHM) is an algorithmic floating cryptocurrency that maintains a stable purchasing power and at the same time has a market-driven value. In simple words, OHM is an algorithmic stablecoin that maintains a floating market-driven price without the 1:1 dollar collateral backing.

OHM is different from other stablecoins as it is not directly pegged to the US dollar. Instead, each OHM token is backed by 1 DAI unit in their treasury.

Staking Olympus (OHM)

Staking is the profit distribution model of Olympus Finance. When you stake OHM tokens to the staking contract, you will receive an equivalent amount to sOHM tokens. These sOHM tokens are profit accruing tokens. Through sOHM you will receive a portion fraction of profits.

Moreover, sOHM tokens cannot be transferred or traded, you can only hold them to earn profits. Thanks to Olympus Finance’s rebasing mechanism, holding sOHM is the most profitable as rebasing allows you to compound your yield. Most importantly, OHM does not rebase out of thin air, the rebasing is done after buying actual OHM units.

Put simply, rebasing is the process of minting new OHM tokens that are paid to stakers.

Here’s how rebasing works:

Say, there are 500k OHM staked and 500k sOHM distributed against them. Now, say the protocol makes a profit of $5k and uses this profit to mint 5k OHM. Now, there are 505k OHM against 500k sOHM. In this case, sOHM supply needs to increase. So, sOHM is rebased by 1%.

Bonding Olympus (OHM)

A bond in the Olympus Finance ecosystem is a representation of your liquidity pool (LP) share.

To create a bond, you add liquidity to the OHM-DAI SushiSwap pool. Now, you have to trade your LP share for OHM. This is called bonding. Bonding allows you to get more OHM tokens than you would get in the market. Yes, with your LP bonds you can buy OHM tokens at a discounted price.

How does  Olympus (OHM) work?

As mentioned before, OHM is pegged with DAI tokens in a 1:1 ratio. For each OHM token, there is a DAI token held in the treasury. To maintain a market-driven price, the tokens are burned and minted by the protocol based on price fluctuations. When OHM trades below 1 DAI, some OHM units are removed from circulation and burned by the protocol. On the other hand, if OHM surpasses 1 DAI, new OHM units are minted and sold in the market.

In short, the treasury always holds DAI for each OHM token. This implies that OHM will not fall below its intrinsic value in the long term. Also, as there should only be 1 DAI for each OHM token, every time the protocol purchases or sells OHM tokens, there is a profit. How? Because the protocol either receives more than 1 DAI for the sale or spends less than 1 DAI on the purchase.

Olympus Finance also makes a profit by sending DAI tokens to yield generators. They can do this, as the protocol requires a few percent of reserves no matter how bad the price difference is.

Initially, 90% of all profits are rewarded to stakers. The remaining 10% to the Olympus DAO. The rewards are paid in OHM backed by DAI units. This mechanism maintains a stable intrinsic value.

Think of OHM rewards like fiat money. You don’t want the value of your dollars to appreciate, instead, you always think of accumulating more dollars. The best part is that holding OHM will give you both, more OHM units plus the value of your OHM holdings will appreciate over time.

To understand why OHM has such a massive value, we should understand what a “runaway” is.

The number of days that the Olympus treasury can sustain a certain rebase rate based on their current reserves is called runaway. Say, if Olympus Finance can offer a 1% rebase for 5 months then the runaway period is 5 months.

Let’s understand why runaway is important with an example.

Say, you purchased 10 OHM tokens against 10,000 DAI i.e. each OHM is worth 1000 DAI at the time of your purchase. If Olympus offers a 0.65% rebase, after a month you will have 17.92 OHM units. This is a massive increase. Wait, what if the price of OHM takes a nosedive. Say, OHM falls 30% and now each OHM is worth 700 DAI.

If we do the math –

17.92 OHM × 700 DAI = 12,544 DAI

This shows you would still get more DAI than you invested. Meaning you would not incur a loss even if OHM falls 30% given the rebase rate of 0.65%.

A 0.65% rebase turns to 120,528% APY. Now, if you go to Olympus Finance and see that they have enough treasury to maintain 159 days of runway at that APY, you know that you would make profits even if OHM falls 30%.

This is how you can calculate your profits or losses based on runway period and the rebase rate.

Long story short, OHM will not go below a floor price given Olympus has enough treasury to sustain the runaway period.

Olympus (OHM) development updates in 2023

In 2023, Olympus (OHM), a decentralized autonomous organization (DAO) focused on creating a decentralized cryptocurrency for global use, introduced several key developments:

• Olympus Protocol: OHM is supported by the Olympus protocol, which is a decentralized financial (DeFi) system based on the Ethereum network. It’s designed to be a treasury-backed token, offering reliability and liquidity even in turbulent market conditions.

• Protocol-Owned Liquidity (POL): Olympus continues to innovate in the DeFi space with its Protocol Owned Liquidity. This concept allows OHM to be bought, sold, or borrowed against, providing stability and flexibility in the market.

• Accessible Backing and Loans: Through features like Cooler Loans, Olympus has enabled users to take loans against the liquid reserves backing OHM. This provides users with unmatched financial flexibility while holding OHM.

• Range Bound Stability (RBS): The RBS system was introduced to offer predictability and transparency in the market. It helps users navigate volatile markets by encouraging a price range for OHM.

• On-Chain Governance: Olympus has emphasized the importance of on-chain governance. This allows OHM holders to participate in decision-making processes, including protocol upgrades and monetary policy adjustments.

• Community-Centric Approach: Olympus operates as a DAO, emphasizing its decentralized and community-driven nature. It aims to establish OHM as a reliable medium of exchange and unit of account, dissociated from the volatility and control issues of traditional fiat currencies and other cryptocurrencies.

• Staking and Bonding: The protocol offers two main ways to engage: staking and bonding. Staking allows users to earn rewards by keeping their OHM staked in the protocol, while bonding helps the protocol acquire its liquidity and reserve assets.

• OHM as a Flatcoin: Unlike stablecoins, OHM is not pegged to any fiat currency. It is backed by assets in the Olympus Treasury, ensuring confidence and stability through its monetary policy.

These developments mark significant strides in Olympus’s journey towards creating a decentralized, community-governed financial ecosystem. The focus remains on building a programmatic policy-controlled money system, enhancing liquidity, and fostering long-term price stability for OHM​​​​​​.

Official website: https://www.olympusdao.finance/#/

Best cryptocurrency wallet for Olympus (OHM)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Olympus (OHM)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).