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Introduction
Olympus Doge is a decentralized reserve currency protocol backed by Dogecoin.
Olympus Doge aims to create an asset-backed currency that will mirror the price of DOGE in the long term. The currency will be supported by treasury assets and an ecosystem of financial services and utility. OHMD aims to become the most censorship-resistant, decentralized reserve currency for the emerging Dogechain ecosystem.
Uncontrolled inflation - Previous reserve currencies had unsustainable APYs, resulting in those who bought in early profiting, while other investors lost out, as profiting from rebases resulted in reduced liquidity. While our APY is more reasonable, we counteract the rebase with our wrapped-staked token liquidity pool.
Refusal to use their treasury to back the token price - Previous reserve currencies did not utilize their treasury when the token price reached the backing price (treasury value divided by the circulating supply), which led to a complete loss of investor confidence in the system and mass sell offs below backing value. Our treasury manager will always support the backing price (in the long term).
No revenue streams - Most reserve currencies had no external revenue streams outside of token and bond sales, meaning their treasury was entirely dependent on new capital and if bond sales declined the treasury stopped growing with it.
Communication and management - Previous protocols did not treat their investors like equal partners and made poor decisions without consulting the community and without proper communication which destroyed investor trust in the team and the protocol.
Team Transparency
The Olympus Doge team is a combination of proven team members, who respect their investors, put the protocol first and are looking to grow our wealth together. The team consists of Tojo, Mark, Orsha, Dogelord and is supported by contractors, including our NFT artists and community moderators. You will find us regularly on Discord or Telegram.
Backing the $OHMD token with the treasury
- 1.Liquidity Management Bot that automatically begins to buy back the token if it drops below the backing price.
- 2.If the Liquidity Management Bot/Wallet (LMB) ran out of funds it would then be funded by the treasury and continue to buyback tokens until it was above the floor price.
- 3.If all treasury assets were used then the protocol owned liquidity tokens would be deployed, breaking some tokens apart to use the WWDOGE to buyback tokens as well as lowering the liquidity to increase the price impact to get the price back above the floor price.
External Revenue Sources
Previous reserve currencies have been completely reliant on token/bond sales to grow their treasury. At Olympus Doge we are building a suite of financial services on Dogechain to benefit it's users and projects, and provide an external revenue stream to the treasury.
Our roadmap includes unique Doge-inspired NFTs, selling our Liquidity Management Bot as a service, providing bonds as a service, dollar-cost-average services for layer 1 tokens and a lending/borrowing service. All of these services will provide revenue to back the OHMD token and the protocol.
Controlling Inflation
The OHMD tokens will have a variable APY that is adjusted based on the health of the treasury and the circulating supply in order to control inflation. wsOHMD also has a sales tax of 8% to protect the protocol and it's investors from swing traders.
Wrapped Liquidity Pool Tokens
To protect the value of the Liquidity Pool and make sure it keeps up with the token supply our LP tokens will be wsOHMD-WWDOGE and the bonds offered will include wsOHMD-WWDOGE.
Last modified 4mo ago