Want to jump straight to how to buy OlympusDAO? You can buy Ethereum on eToro and swap it for OHM on Uniswap.
OlympusDAO (OHM) is a decentralized financial protocol designed to create a stable and decentralized reserve currency backed by crypto assets. Unlike traditional stablecoins, OHM aims to maintain a high value while providing users with governance capabilities in the Olympus ecosystem. The project aims to create a new way for users to interact with a crypto that limits volatility while still having a floating price. If you're interested in investing in this innovative project, here's how to buy OlympusDAO (OHM).
How to Buy OlympusDAO (OHM)
Here are the the key steps to successfully purchase OHM token.
1 Open an Online Account
The first step in purchasing OHM is to create an account on a centralized trading platform. While you can choose from many trading platforms, a few stand out due to their security, fees and ease of use. Coinbase, eToro, Gemini are all great trading platforms to open an account on. To create an account, you provide an email, password and basic personal information.
Once you have a verified account that is funded through a bank transfer or credit card/debit card, you need to purchase ETH. To do so, navigate to ETH’s page on the exchange and enter in the amount of ETH you’d like to purchase. Once you execute the trade, your ETH will be stored in your account.
2. Buy or Download a Crypto Wallet
Once you have acquired ETH on a centralized exchange, you can send it to your cryptocurrency wallet. OHM is not currently offered for direct purchase on trading platforms, so you need a wallet to purchase the token on a decentralized exchange (DEX). Find the wallet address for ETH on your wallet, a list of 64 letters and numbers. Enter this into the centralized exchange and send it to your wallet.
3. Make Your Purchase
Once the ETH is in your wallet, connect it to a DEX like Uniswap or SushiSwap. From there, select the pair of ETH/OHM. Enter in the amount of ETH you’d like to swap for OHM and execute the trade. Once the trade has been executed, you can view your OHM position in your cryptocurrency wallet.
What Is OlympusDAO (OHM)?
OlympusDAO is hoping to change the nature of stablecoins. 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.
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.
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. 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.
OHM is the project’s native token. It is an ERC-20 token, meaning that it uses the Ethereum network. This token can be used in a variety of ways. 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.
Another use for the token is staking. Users can stake their OHM position and earn interest. Users can also buy crypto bonds with OHM. This opportunity is much less risky than staking but offers lower returns.
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.
Brief History of OlympusDAO (OHM)
OHM was launched in March 2021 through a Discord offering and an initial decentralized exchange offering (IDO). Users that joined the Discord early enough were able to purchase 141 OHM for a price of $4 per OHM. 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.
Numerous venture capital firms invested in the project, including D64 ventures and Zee Prime capital. These firms are also investors in projects such as Solana and Polkadot.
Where to Buy OlympusDAO (OHM)
To invest in OHM, you will need to purchase an intermediary cryptocurrency like Ethereum on reliable trading platforms. After acquiring ETH, transfer it to a cryptocurrency exchange to convert it to OHM and move it to a secure wallet. This ensures that your privacy is preserved while you access the tokens you desire.
Explore some of best crypto exchanges below to get started.
How to Store OHM Safely
Now that you know how to purchase OHM, it's time to focus on secure storage. Proper storage is vital for protecting your investment. Take the time to explore reliable storage options. This will help ensure the safety of your assets.
There are two types of wallets to store your OHM tokens: hardware and software. Hardware wallets are physical devices that hold the private keys to a cryptocurrency wallet. Software wallets are online wallets that use passwords to secure the crypto inside.
- Best Hardware Wallet: Ledger
- Best For:ERC-20 tokensVIEW PROS & CONS:securely through Ledger Hardware Wallet's website
Ledger is a hardware wallet that supports ERC-20 tokens, including OHM. Hardware wallets offer an extra level of security to crypto investments as the physical device must be present in order to send crypto. Ledger offers two hardware wallet versions: the Ledger Nano S, designed for beginners with basic features, and the Nano X, intended for advanced users with more trading capabilities.
- Best Software Wallet: Coinbase Wallet
Coinbase Wallet is a cryptocurrency wallet operated by Coinbase. However, all crypto holdings in the wallet are directly owned by the user, whereas Coinbase holds all funds on its main exchange. Coinbase Wallet is a versatile software wallet that can be used in a variety of situations. This wallet is a great option for new crypto users looking to enter the decentralized finance (DeFi) space.
Trade, Sell or Convert Your OlympusDAO (OHM)
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. Execute the trade, and your ETH will be stored in your crypto wallet. To cash out your ETH, send it back to a centralized exchange and sell it from there.
Current Crypto Prices
The total market capitalization for cryptocurrencies is approximately $2.1 trillion. Currently, the crypto market shows an upward trend. This growth is largely fueled by the expansion of the DeFi industry. However, the long-term outlook remains uncertain. It will rely on the ability to maintain current support levels.
Stay informed about today's market changes with the chart provided below. It will help you track current trends and make informed decisions.
Is OlympusDAO (OHM) a Good Investment?
Investing in OlympusDAO (OHM) offers unique opportunities and significant risks. It aims to create a decentralized reserve currency with potential high yields through staking and bonding, but its experimental nature and cryptocurrency volatility can result in substantial price fluctuations. If OHM can prove that it can be stable, it may be a solid investment. Investors should carefully research and consider their risk tolerance, as the project's reliance on community governance and its new market status introduce additional uncertainty. Ultimately, OHM's investment potential depends on individual risk appetite and strategy.
Frequently Asked Questions
When was OHM launched?
OHM was launched in 2021.
What is the best crypto wallet for OHM?
The best crypto wallet for OHM is Ledger.
Is it easy to purchase OHM tokens?
Yes, it is easy to purchase OHM tokens. Just open an account, download a wallet, and make your purchase.
About Caden Pok
Caden has been involved with crypto since 2018, when he began investing, trading, and mining tokens. He took part in undergraduate research studying cryptoeconomics at the University of Michigan, where he will graduate Phi Beta Kappa with a bachelor’s in economics in 2025. He is experienced with DeFi technology and multiple blockchains, currently investing in Ethereum and Bitcoin.