Olympus

Olympus v2 (OHM) is a cryptocurrency launched in 2021. It functions as the settlement and reserve token of the Olympus protocol, a decentralized finance system that constructs programmable, self-custodial monetary infrastructure on the Ethereum blockchain.

The protocol directly attacks the structural inefficiencies of liquidity rental and treasury insolvency that plague decentralized exchanges. By internalizing liquidity through Protocol Owned Liquidity, Olympus replaces fleeting, mercenary capital with enduring pools owned entirely by the treasury. This architecture eliminates the extractive yield farming loops that drain protocol resources.

The OHM token operates on the Ethereum network. Its canonical smart contract, along with multi-chain deployments on Arbitrum, Optimism, Base, Berachain, and Solana, extends the protocol’s monetary primitives across an archipelago of Layer-2 and alternative Layer-1 environments without relying on a bespoke blockchain.

OHM is minted as a standard ERC-20 token on Ethereum, with SPL token parity on Solana and bridged representations elsewhere. Historically, the supply used an elastic rebase mechanic—balances adjusted automatically each epoch to reflect staking rewards—though the evolution toward wrapped gOHM tokens improved composability for decentralized lending and derivatives. The codebase is open-source, audited, and governed through on-chain votes.

The Olympus protocol emerged on March 16, 2021, from the pseudonymity of the DeFi builder community. Its introduction of bond mechanisms—selling OHM at a discount in exchange for liquidity provider tokens—catalyzed the DeFi 2.0 movement, incentivizing protocols to own their liquidity instead of renting it. Early adoption ignited a Cambrian explosion of forks, but Olympus survived the churn by iterating toward more complex monetary tools.

The project’s overarching mission is to operate a fully autonomous, code-bound central bank that issues a censorship-resistant reserve currency. It strives to strip human discretion from monetary policy by encoding solvency thresholds, liquidity provisioning rules, and credit issuance directly into immutable smart contracts. The result is a trust-minimized, transparent alternative to opaque institutional gatekeeping.

Mechanically, OHM anchors the treasury’s balance sheet as the unit in which all assets are denominated. It collateralizes the bond market, backs the Cooler Loan credit facility, and serves as the voting share for parameter adjustments like the bond control variable or the yield repurchase rate. Its intrinsic value floor is maintained by a basket of stablecoins and other digital assets held on-chain, with automatic buyback walls reinforcing that floor during market dislocations.

Stakers lock OHM to mint staked derivatives, which compound protocol emissions and capture treasury growth. Liquidity providers pair OHM with stablecoins in protocol-owned pools, deepening market depth while earning trading fees recycled into the treasury. Through Cooler Loans, lenders commit OHM collateral to originate fixed-term, clearable debt positions; Convertible Deposits enable bilateral treasury-to-treasury credit swaps with pre-set conversion triggers.

Olympus v2 has an unlimited supply; the total minted supply currently stands at 19,862,954.80 OHM. Currently, 15,645,551.39 are in circulation. The supply adjusts dynamically—bonding operations mint new tokens while yield repurchases and stability buybacks permanently remove them, a reflexive monetary loop that defends the backing per token. With a market capitalization of $320,209,855, Olympus v2 ranks #133 among all cryptocurrencies.