The market is going to be red for a while. Face it. As I write this, bitcoin has broken below its $50k psych support and is likely heading to $42k. Alt season is on hold; BTC is going to drag everything else down with it. But in a sea of red, I've found a quiet, steady project that you may be able to use to make gains while everyone else is crying and panic selling.
Olympus DAO is a big brain project on Ethereum that is up 24.5% while everything else is down 20%. Full disclosure: I got in when the OHM token was at $400, so I'm well in profit now. But I still think this project has plenty of upside. Why?
1. It's holding up in a bear market. Nuff said. Actually, it's rising.
2. It's quiet. Olympus doesn't rely on catchy marketing for its critical mass. The people who are in this project are dedicated. To what, I don't know quite yet.
3. Rewards. While you're watching yield farming rewards shrink because native tokens on shit platforms are all taking a dive, OHM offers an APY over 800% on the OHM-DAI pair with a native token that's rising now.
So what does Olympus DAO do? I told you, it's big brain. I don't exactly know. It's algorithmic currency, which I don't understand one bit. I tried getting in it when it was hot a few months back and just lost a bunch of money. But this is my hedge because the community feels different from the rest of the market. Everybody else is running around selling everything and these guys are just like "whatever." Good enough for me.
UPDATE: Looking back over the project materials, I now gather than OMH is trying to be a perpetual yield generator. I know one thing about these kinds of projects — they never fuckin work. I mean, they work for a while. But it doesn't matter how great the math is, these projects never take human behavior into account. The whales in these projects will eventually cash out of their positions and tank the whole system. I haven't seen one big brain project yet that properly incentivizes whales to keep that from happening. Nor can any of these projects create a "fair launch" or any of that other bullshit to avoid whale creation. Profiting from these projects is basically a game of whale chicken — whoever bails out at the last minute before the car crashes wins the most cash.
Hopefully the project will outlast the bear market we're going through. I plan on holding mine only until it's over, and when bitcoin gets back on track, I'll transfer profits back into my normal holdings. I'm predicting this happens early third week of May.
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