One under-the-radar altcoin is defying the downtrend in a big way as the overall cryptocurrency market has had a rough week.
Olympus (OHM), a decentralized reserve currency protocol, has increased by 34% in the last seven days.
The recent announcement of a new product called Olympus Pro could be a catalyst for the price increase.
The team behind the project explains, “While discussing the challenges the blockchain industry has traditionally faced in obtaining funding and its environmental impact, the team behind the project explains, ”
“Bonds are a mechanism through which the protocol can trade its native token for assets. It buys liquidity outright rather than renting it from third parties.
The protocol owns those assets once the bond is created, and, like liquidity mining, has distributed new supply.”
Since launching the bonds program six months ago, Olympus claims to have raised over $150 million in assets.
The new Olympus Pro X bond marketplace aims to reduce emissions while also assisting all participants in the DeFi space.
In 11 days we made $10m $DAI through bonds.
— OlympusDAO (@OlympusDAO) September 22, 2021
According to WartuII, the company’s community manager,
“The revenue generated by the OlympusDAO 7-day protocol exceeded the combined revenue of OpenSea, dYdX, and PancakeSwap.”
According to CoinGecko, OHM is worth $625.86 at the time of writing, up 34% from $465.77 a week ago.
Mark Cuban, a well-known investor, has expressed interest in Olympus.
According to portfolio tracker Zerion, Cuban invested in Olympus over the summer and now has 338 staked tokens (SOHM) with a value of $214,327.