This Under-the-Radar Altcoin Is Up 34% This Week Despite the Crypto Market Correction

As the general cryptocurrency market strikes by means of a turbulent week, one under-the-radar altcoin is defying the downtrend in a significant means.

Decentralized reserve foreign money protocol Olympus (OHM) has surged by 34% over the previous seven days.


A doable catalyst for the worth leap is the current announcement of a brand new product known as Olympus Professional.

Whereas discussing hurdles the blockchain trade historically faces buying funding and its environmental influence, the crew behind the challenge explains,

“Bonds are a mechanism by which the protocol itself can commerce its native token in change for property. As a substitute of renting liquidity from third events, it purchases them outright.

As soon as the bond is created, the protocol owns these property and, like liquidity mining, has distributed new provide.”

Olympus claims to have raised over $150 million in property since launching the bonds program six months in the past.

The brand new Olympus Professional X bond market seeks to scale back emissions whereas serving to all gamers inside the decentralized finance (DeFi) house.

In line with the firm’s neighborhood supervisor WartuII,

“OlympusDAO 7-day protocol income exceeded the mixed income of OpenSea, dYdX and PancakeSwap.”

OHM is valued at $625.86 at time of writing, a 34% enhance from $465.77 every week in the past, in accordance with CoinGecko.

Olympus has additionally attracted the consideration of high-profile investor Mark Cuban.

Over the summer season, Cuban invested in Olympus, and as of at the moment has 338 staked tokens (SOHM) with a value of $214,327, in accordance with the portfolio tracker Zerion.

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