Decentralized Storage Project Olympus to Purchase More Ethereum to Support OHM Tokens
According to reports, the decentralized storage project Olympus will purchase more Ethereum to support its OHM tokens after members approve the new reserve vault framework on Frida
According to reports, the decentralized storage project Olympus will purchase more Ethereum to support its OHM tokens after members approve the new reserve vault framework on Friday. According to the proposal, approximately $16 million in DAI and $20 million in ETH are currently deployed in the POL pool. Although the finance team recognizes the importance of fund pooling, it suggests reducing the OHM/ETH fund pool by $10 million (and potentially increasing the OHM/DAI fund pool) and increasing the funds available for LSD or other ETH opportunities. ETH liquidity can be supplemented through BLE treasury and/or other third-party liquidity. Olympus Finance team’s anonymous analyst Relwyn stated that its goal is to have 75% stable currency and 25% targeted exposure. A slight increase in ETH exposure is a step in this direction, while not compromising the relative stability supported by OHM in the short term.
Olympus DAO community votes to purchase more ETHs to support OHM tokens
Introduction
The decentralized storage project Olympus has proposed a new reserve vault framework to support its OHM tokens, which is set to be approved by members on Friday. Reports suggest that the project plans to purchase more Ethereum to boost OHM tokens, following the proposal’s approval.
What is Olympus?
Before discussing the proposed changes in the reserve vault framework, let’s take a brief look at the decentralized storage project Olympus. It is a protocol developed on the Ethereum blockchain that allows users to store data in a decentralized manner. The project operates through its native cryptocurrency OHM, which is used to incentivize users to contribute to the network.
The Proposed Changes in the Reserve Vault Framework
According to reports, the finance team at Olympus recognizes the importance of fund pooling but suggests reducing the OHM/ETH fund pool by $10 million. This pooling is currently deployed in the POL pool, with approximately $16 million in DAI and $20 million in ETH. The team suggests an increase in funds available for LSD or other ETH opportunities, which can be supplemented through BLE treasury or other third-party liquidity, thereby increasing ETH liquidity and exposure.
The anonymous analyst Relwyn from the Olympus finance team further explained that the goal is to have 75% stable currency and 25% targeted exposure. By increasing its exposure in ETH, Olympus is moving in the right direction while maintaining relative stability supported by OHM in the short term.
Implications of the Proposed Changes
The purchase of more Ethereum to support OHM tokens will have significant implications for the project’s future. By reducing the OHM/ETH fund pool, the project aims to increase its exposure to ETH while balancing its stability. This move will help Olympus stay competitive in the market and provide better opportunities for users to participate in the network.
Moreover, leveraging BLE treasury or other third-party liquidity providers will also increase the flexibility of the pool, allowing Olympus to pursue additional opportunities in the ETH ecosystem. The proposal’s approval by members will likely contribute to the project’s growth and expansion in the long run.
Conclusion
Olympus has proposed changes in its reserve vault framework to purchase more Ethereum to support OHM tokens. The finance team recognizes the importance of fund pooling but suggests reducing the OHM/ETH fund pool by $10 million and increasing funds available for LSD or other ETH opportunities. The move will increase ETH liquidity and exposure while maintaining relative stability supported by OHM in the short term. By leveraging third-party liquidity providers, the project aims to pursue additional opportunities in the ETH ecosystem. The proposal’s approval by members will contribute significantly to the project’s growth and expansion.
FAQs
1. What is Olympus?
Olympus is a decentralized storage project developed on the Ethereum blockchain that allows users to store data in a decentralized manner.
2. What are OHM tokens?
OHM tokens are the native cryptocurrency of the Olympus network that is used to incentivize users to contribute to the network.
3. What are the proposed changes in the reserve vault framework?
Olympus plans to reduce the OHM/ETH fund pool by $10 million and increase funds available for LSD or other ETH opportunities while leveraging third-party liquidity providers.
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