Olympus DAO|olympusdao.finance|OHM Staking

Olympus Dao - A brief overview of the working of Dao 

In this article, we will be discussing a new and unique decentralized exchange that offers features that are completely different from the other crypto exchanges that you usually work on. But before we begin our article you should remember that we are only providing you with some of the important details of how you can work on this platform. We are not forcing or advising you to use this platform. It is completely up to the choice of the reader. So in case of any loss incurred it will be because of the user's decision and not on the advice given by us. So without wasting any more time let us begin with our journey of discovering Olympus Dao.

What is Olympus DAO finance?

This was launched in March 2021, on the blockchain network of Ethereum. The objective for creating this was to provide a stable De-Fi ecosystem, which is transparent for the community. It also focuses on creating POL (Protocol Owned Liquidity). Its other role is to resolve any De-Fi decentralized finance issues. It is based on the token OHM and is a decentralized reverse currency system. Bonding and staking features are also available on it. On this platform, the stakers or traders have to stake their own OHM tokens for earning more OHM tokens. As of right now, it has assets worth $3 billion and the balance is $29 billion, thus it makes Olympus the third-largest project of the Dapp. You can also use Olympus Dao discord for getting any assistance related to any of the issues faced. It is just like a community channel where everyone can come together and discuss their issues.

How does Olympus Dao work?

The team of this network has several community members who work in support of Olympus. Through the voting procedure, they execute their major updates. We already know that this platform works on the basis of creating Protocol Owned Liquidity. Now we will discuss some more of its functionality. For instance, Protocol managed treasury (PMT), controls the supply expansion mechanism and bonding. The profit which is generated by the sales of bonds is automatically distributed to the stakeholders. To know about the Olympus Dao Pro you can also refer to the link https://pro.olympusdao.finance/ 

How to stake Olympus DAO finance?

The very common and easy way for purchasing OHM is by using decentralized exchanges. Though it does not mean that you cannot stake OHM through some centralized exchanges. Given below are the steps of purchasing Dao and then Olympus Dao staking:

1. For making any stake of OHM on any decentralized exchange you will be required to have any other token with which you can make the trade. That any other token could be ETH.

2. For instance, we are assuming that you are in possession of ETH tokens, now you will have to send them to any of the web3-connected wallets. If you do not have any previously set up wallet then you should set it up first. 

3. Now by either using UniSwap or SushiSwap, you have to swap your ETH to OHM. (AN additional tip is that do not swap all the ETH because some of them will be used for paying the gas fees). 

Staking Process on the Website

1. Visit the website https://www.olympusdao.finance/

2. On the left side of the page, press the button “Stake”.

3. After this, you will be given the opportunity to connect your wallet. 

4. Now press the approve button.

5. After the approval process is completed you will be asked the amount of Olympus token and coin you want to stake. This will cost gas fees. 

Once the above process is completed you will be able to stake Olympus Dao.

Summing It Up

In this article, we have discussed all the details of the working and staking of Olympus Dao. But if you still want to know about various things like the Olympus Dao whitepaper then you can always refer to the official website to get more knowledge. And in case you have Olympus Dao issues then do not hesitate to contact its customer services. 

FAQs

What is the interest rate for Olympus DAO?

The interest in this platform compared to the other platforms is much higher than the others. A user can earn an annual yield rate by staking OHM is 7.35%. 

How to make money with Olympus DAO?

This platform raises bonds like any other big company. And once a user agrees to buy them they will receive an OHM as a reward or interest on the bonds held by them.

How much is Olympus DAO bond fee?

The standard rate for all types of bond payout is 3.3%. Although their owners have already announced that they are currently working on changing the pricing.

How often does OHM pay interest?

Olympus Dao has an attractive interest payout structure. The rewards on the staking are compounded every eight hours using the compound method. This means that staking rewards are calculated three times a day. 

How much money do you need to start a DAO?

Usually, there is no specification of the cost that has been given for starting a DAO. It is so because the prices of the ETH keep on fluctuating. And if you want to start DAO as an LLC then the minimum requirement for it would be $100.

How to buy Olympus DAO and stake?

Go to the website of Olympus DAO then on the home screen you will see the ‘Stake’ button. Press on it and then connect your wallet to it. Now give the approval on the transaction. And then your OHM will be deposited automatically.

Is Olympus staking safe?

Till the year 2021 in November, Olympus was running successfully and there were no attacks on security. But after 2021, there was one security threat that lead to a loss of US$4.45 billion.