This system allows the price of the token to be driven by the market but also allows it to have some control over the price. Because Uniswap is a decentralized exchange similar to IDEX, Etherdelta, etc, there are a few steps you need to take to make sure you understand the process of swapping ETH for OHM. In order to buy Olympus (OHM), you’ll first need to Create a Metamask wallet. Metamask is browser tool that allows you to interact with various decentralized applications such as Uniswap, without the need to login to third-party services to perform simple actions. Olympus OHM is available on Uniswap, an exchange that is gaining popularity as interest in DeFi (decentralized finance) rockets higher and higher.
Uniswap is decentralized and therefore allows users to interact with it directly from their wallet. Metamask is simply the tool that allows you to gain access to Uniswap in order to buy Olympus (OHM). This option is great for large buys and will always have the highest liquidity. If ETH gas fees are not an issue for you, we recommend using this option. Both of the pairs listed below are overwhelmingly protocol-owned liquidity. Coinbase Wallet is a versatile software wallet that can be used in a variety of situations.
However, all crypto holdings in the wallet are directly owned by the user, whereas Coinbase holds all funds on iits main exchange. Just open an account, download a wallet, and make your purchase. OHM is a governance token looking to create a stable asset that can be used as a form of payment. It also offers features that allow users to earn interest on their OHM position. This opportunity is much less risky than staking but offers lower returns. These bonds are used to provide liquidity and typically offer around 3% to 4% ROI.
This wallet is a great option for new crypto users looking to enter the decentralized finance (DeFi) space. As of right now, OHM offers over 8,000% APY on staked tokens. Stakers deposit their OHM into the protocol, which contributes to OHM’s long-term price stability. In exchange, stakers receive their pro rata share of rebases and governance rights. To cash out on your OHM, you essentially do the same thing you did to purchase the token. Navigate back to a DEX and enter in the amount of OHM to convert back to ETH.
What is the best crypto wallet for OHM?
Dollar-pegged stablecoins have become an essential part of crypto due to their lack of volatility as compared to tokens such as Bitcoin and Ether. Users are comfortable with transacting using stablecoins knowing that they hold the same amount of purchasing power today vs. tomorrow. The dollar is controlled by the US government and the Federal Reserve. This means a depreciation of the dollar also means a depreciation of these stablecoins. Olympus aims to solve Web3’s reliance on centralized, censorable stablecoin assets by creating a non-pegged reserve currency called OHM that is backed by a basket of assets. Olympus actively utilizes its Treasury as a counterbalance to the market and to grow the econOHMy.
- The project aims to create a new way for users to interact with a crypto that limits volatility while still having a floating price.
- We highly recommend checking out the Uniswap Docs and finding out more about how you can contribute to liquidity.
- Olympus OHM is available on Uniswap, an exchange that is gaining popularity as interest in DeFi (decentralized finance) rockets higher and higher.
- Crypto investors could be in store for another bear market, where crypto prices might crash.
Execute the trade, and your ETH will be stored in your wallet. To cash out your ETH, send it back to a centralized exchange and sell it from there. Ledger currently offers 2 versions of its hardware wallet. The Ledger Nano S is a hardware wallet designed for beginner users and only offers the necessary features. The Nano X is for more advanced users and gives users more ability when trading crypto. Ledger is a hardware wallet that supports ERC-20 tokens, including OHM.
After Buying Olympus (OHM)
OHM, governed by the Olympus DAO, is Web3’s decentralized reserve currency. OHM’s purpose is to provide the growing Web3 financial ecosystem with a censorship-resistant currency that preserves purchasing power, has deep liquidity, is trusted and used widely as a unit of account. OHM is supported by a robust and growing Treasury, which acts as a counterbalance to the market, adding confidence and stability to a volatile system.
Now that you understand the basics of OHM, you may be interested in purchasing the token. It is an ERC-20, meaning that it uses the Ethereum network. The first way is that it can be used to vote on proposals on Scattershot, allowing holders of the token to have a say in where the project goes.
You’ve just purchased Olympus (OHM) On Uniswap
Bonding allows you to trade various tokens for OHM at a discounted price. In exchange, bond sales provide additional liquidity and reserve assets to the Olympus treasury, contributing to the stability of the protocol. OHM was launched in March 2021 through a Discord offering and an initial decentralized exchange (DEX) offering (IDO). Users that joined the Discord early enough were able to purchase 141 OHM for a price of $4 per OHM.
There’s a ton of opportunities available on Uniswap and you’ve just bought Olympus (OHM) in a few simple steps. We highly recommend checking out the Uniswap Docs and finding out more about how you can contribute to liquidity. Once you’ve chosen Olympus (OHM) from the dropdown or via input of the contract address, you’ll now be able to initiate a swap. In mid November 2021, Bitcoin (BTC) and Ethereum (ETH) saw strong pullbacks from their all-time highs in the weeks prior. The drop may be reflective of bearish sentiment in the markets, but it also could just be a slight correction after hitting all-time highs.
If OHM can prove that it can be stable, it may be a solid investment. Crypto investors could be in store for another bear market, where crypto prices might crash. On the other hand, they could skyrocket and hit new all-time highs tomorrow. No one knows where the crypto market will go from here, but it is imperative that investors approach trades with caution. OlympusDAO also holds DAI tokens in its treasury that partially back the coin’s price. A DAI token is the price floor of OHM, but it trades higher in practice.
Through the use of liquidity pools on Uniswap, transactions can be made with confidence that slippage will be kept at a minimum. This option is good for small to medium sized buy-ins who want to completely avoid Ethereum Mainnet gas and already have funds on these chains. Note that, shallow liquidity can result in large price impact, so make sure you are comfortable with the quoted price before buying. Most stablecoins are pegged to an underlying asset, such as USD, to hold value in a somewhat volatile market. Unlike traditional stablecoins, OlympusDAO uses a unique system to keep its value stable. With a Metamask Wallet setup, you can now buy OHM tokens after you’ve deposited your desired amount of Ethereum (ETH) or any other token you’d like to “swap” for Olympus OHM tokens into your Metamask address.
Ethereum is the most popular currency on Uniswap, so we’ll use that. Head over to the Uniswap App when you’re ready to get started. Olympus (OHM) tokens can be found by clicking the “Select a token” button highlighted in the screenshot provided. You can either locate Olympus (OHM) via the dropdown box or enter the contract address directly. Olympus is building OHM, a community-owned, decentralized and censorship-resistant reserve currency that is asset-backed, deeply liquid and used widely across Web3.
Though OHM hopes to be a stable store of value, the price has been extremely volatile in the past year. It has risen to nearly $1,500 and dipped as low as around $160. These variations are the opposite of the stability the project was hoping for. However, the volatility is most likely attributed to the number of tokens given out. Users were able to make huge gains and cashed in those gains.
Current Crypto Prices
Hardware wallets offer an extra level of security to crypto investments as the physical device must be present in order to send crypto. To uphold the value of the OHM token, members of the decentralized autonomous organization (DAO) vote on whether to mint new coins or burn existing coins. When it finds the coin to be undervalued, it burns coins to increase the value of each coin. When it thinks the token is overvalued, it mints new coins to decrease the value of all coins. After you press “Swap” and buy your desired amount of Olympus (OHM), you’ll want to check that you’ve received the correct amount of OHM in your wallet and all processes have gone smoothly. Please note that in times of high network usage, you may suffer from large fees or an increase in transaction times.
As many as 50,000 OHM were given out, and an additional 18,260 tokens were given through the IDO on SushiSwap. Within a month of this release, the token hit all-time highs of nearly $1,500. This level meant that the initial investment of $564 in the Discord was worth over $200,000 in less than a month. Governments in countries such as France are experimenting with implementing them into their financial markets. OlympusDAO is hoping to create a new version of stablecoin that is controlled by members of its community. The project aims to create a new way for users to interact with a crypto that limits volatility while still having a floating price.