The Olympus Project and unFederalReserve: Non-correlated Assets
unFederalReserve is investing in the Olympus (OHM) project as both a treasury investment and as a project worthy of a future collaboration. Olympus is the first of its kind; specifically, the first project to be designed, not as a stablecoin, but as a purely algorithmic stable currency. This concept is similar to how the actual Federal Reserve manages money supply. Whereas, stablecoins are typically pegged to one dollar, Olympus is an algorithmic reserve currency backed by other assets and unbound from a peg; which is something regularly seen in other stablecoins. While OHM does mint reserves, and pays a high APY, its price and fundamentals have continued to strengthen in just a short time, with growth seen in all areas of interest; holders, treasury assets, and increase in the number of various treasury assets types (e.g. Frax, DAI). ETH is the next proposal. We believe this type of reserve currency also helps mitigate our treasury’s correlation to other assets and puts it in a class of its own, and thus the reason for investment.
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