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A Deep Dive Into the Eight Most Popular OHM Forks

Posted on 12/6/21 at 4:08 pm
Posted by GumboPot
Member since Mar 2009
118558 posts
Posted on 12/6/21 at 4:08 pm
quote:

Olympus DAO has entered the DeFi 2.0 space with its mechanism of acquiring a protocol’s own liquidity instead of renting it through yield farming.
As a quick recap: Olympus offers its token holders outsized APYs for staking OHM with the protocol. Through the mechanism of buying assets like stablecoins, the protocol was able to create a credible price floor for its hyper-inflationary currency.

Though accused by some of being similar to a ponzi scheme, OHM has grown to a market capitalization of over $3.5 billion in just over half a year. The success of Olympus sparked a whole avalanche of forks on other blockchains, so let’s take a look at the eight most popular OHM forks.

Wonderland (TIME)
Wonderland was the first fork of Olympus DAO and is often considered the most successful one thus far. The Avalanche-based project is a creation of Daniele Sesta, who is also behind other popular projects on Avalanche like Magic Internet Money and Popsicle Finance. Just like Olympus on Ethereum, Wonderland strikes to create a policy-controlled currency system on the Avalanche ecosystem. In contrast to Olympus, which has reduced its APY over time and is set to do so again in the future, Wonderland still offers an APY of over 79,000%.

Klima DAO (KLIMA)
Klima DAO was the first “official” OHM fork that had the approval of the core contributors at Olympus. Klima DAO bills itself as a DAO for climate change. Its goal is to incentivize the supply of Base Carbon Tonnes (BCT) on the blockchain, which are a tokenized form of carbon credits that are used to externalize companies’ carbon emissions. The Klima DAO offers to buy BCT in return for KLIMA and “lock up” a significant share of the real-world supply of carbon credits, thereby forcing up their price. In short, Klima DAO aims to have a positive impact on climate change through DeFi mechanisms.

Rome DAO (ROME)
Rome DAO is another “official” fork of OHM supported by the original team. It aims to be the reserve currency of Kusama and Polkadot and is currently deployed to Moonriver, a layer-one blockchain of Polkadot. Rome DAO follows the Olympus-pioneered liquidity mechanism but emphasizes gamification under a theme of ancient Rome. Stakers are committing “soldiers” (capital), and earn “spoils” (NFTs) in the process. The DAO also has several “Houses” focused on several community tasks, such as the House of Chaos (partnerships), the House of Grapes (community), the House of Sempronia (product), the House of Kek (memes) and the House of Consul (policy).

Snowbank (SB)
Snowbank is another Avalanche-based OHM fork that also wants to become the ecosystem’s reserve currency. Snowbank generated enormous attention due to its initial jaw-droppingly high APY of well over 1 quadrillion (18 zeros!) now down to 621,000%. Although the project was not a confirmed rug-pull and continues to trade, it’s down 90% from its all-time high, a testament to the risk involved in these types of forks.

Hector DAO (HEC)
Hector DAO is a Fantom-based OHM fork. It offers the same incentive scheme and features of the original, with the only “novelty” being a “4,4 bond.” These are simply auto-staked bonds that can be claimed after a single four-day bonding period and are directly staked afterward. Therefore, they offer smaller discounts than regular bonds. HEC is available on Yoshi.exchange.

Spartacus (SPA)
Spartacus is another OHM fork on Fantom that launched as recently as Oct. 25. It is virtually indistinguishable from Hector DAO except for currently offering a higher APY of 214,000% compared to 310,000% on Hector DAO, which is probably due to the lower TVL of Spartacus.

Invictus (IN)
Invictus is a Solana-based OHM copycat with a TVL of currently $88 million and 39,000% APY. It was the first fork on Solana and has the same “goal” as all other protocols, becoming the decentralized reserve currency of that blockchain.

TaiChi DAO (TAC)
TaiChi DAO is the first BSC-native Olympus fork with $1.5 million in total value locked and an APY of 201,000%. TaiChi proudly wears its copycat status on its sleeve and aspires to provide its stakeholders with a “hands-off approach to passive income.”

Conclusion
This is just a selection of popular Olympus forks, which have become a dime a dozen over the recent weeks. This website tracks which forks are currently en vogue. However, investors should proceed with caution, as most of the forks are virtually indistinguishable from each other and offer no innovation or added value. Almost all of them are created by anonymous developers, making the risk of pump and dump schemes really high.


LINK
Posted by trux83LSU
brandon, ms
Member since Dec 2006
2650 posts
Posted on 12/6/21 at 4:24 pm to
frick snowbank!

RUGenrerous is where its at
Posted by GumboPot
Member since Mar 2009
118558 posts
Posted on 12/6/21 at 4:38 pm to
SB was trading under its backing value this morning around $460. IDK about SB but if they are a true OHM fork that means they were burning SB when the price dipped below the backing price. Since this morning the price has shot up to $625. Backing is currently at $520.

When you have backing less than 3X you have a lot of value in these young DAOs. As they mature I can see 1-2X being the normal range.
Posted by GumboPot
Member since Mar 2009
118558 posts
Posted on 12/6/21 at 4:45 pm to
quote:

RUGenrerous is where its at



I thought about trading RUG, buy before the rebase and sell just after into a stable coin and avoid the risk of downward price action between rebases. But they foresaw this potential issue:

quote:

Note: There is a 8-Hour warm-up staking period, where users must be staked for more than 8 hours before receiving any rebase rewards. When 8 hours has elapsed your staked balance can be claimed from the warm up contract and you will automatically receive the rebase rewards thereafter.


And other DAOs will reward you pro rata after rebase when you stake your first tokens.

So this strategy wouldn't work.

With that said the RUG site is really funny. LINK
Posted by trux83LSU
brandon, ms
Member since Dec 2006
2650 posts
Posted on 12/6/21 at 4:54 pm to
Yeah the site is great. the rebases are pretty big on it though still. I'm currently getting .83 on the next rebase. My intital buy was only 1200, so i'm up pretty good still even after the drop this morning. They just implemented the warmup over the last week. Devs are great and have been very active on doing snapshot votes and everything.
Posted by trux83LSU
brandon, ms
Member since Dec 2006
2650 posts
Posted on 12/6/21 at 4:56 pm to
oh and you still earn the rebase even when your initial is locked up. You just get it in a lump sum at when its freed up.
Posted by Fat Batman
Gotham City, NJ
Member since Oct 2019
1381 posts
Posted on 12/6/21 at 9:38 pm to
Pretty sure they just voted to up the warmup period.
Posted by trux83LSU
brandon, ms
Member since Dec 2006
2650 posts
Posted on 12/7/21 at 8:15 am to
dre said in discord this morning it'll probably get removed once the apy gets lower in the next couple weeks.

Its not explained enough on the website. Basically the point was to keep people from jumping in for one epoch and then dumping. Trying to stabilize the price some. You still earn the rebase though you just have to wait through 2 of them to get it.

Posted by eng08
Member since Jan 2013
5997 posts
Posted on 12/7/21 at 9:21 am to
Got whitelisted on spectre dao, another ohm fork, on fantom.

No mention of fhm either - they said it was too new.
This post was edited on 12/7/21 at 9:22 am
Posted by GumboPot
Member since Mar 2009
118558 posts
Posted on 12/7/21 at 9:53 am to
quote:

Got whitelisted on spectre dao, another ohm fork, on fantom.

No mention of fhm either - they said it was too new.


The defi 2.0 space is becoming so diluted with DAOs, it's ridiculous. How much longer can this go on? You really have to be a differentiator to attract new buyers into your project and literally astronomical APY is just not going to cut it anymore. The reason being, people are wising up to what the function 1-(APY)^(1/1095) looks like.

Posted by Douglas Quaid
Mars
Member since Mar 2010
4097 posts
Posted on 12/7/21 at 10:18 am to
Good twitter thread explaining the mechanics of Olympus (the OG).
Posted by rocket31
Member since Jan 2008
41819 posts
Posted on 1/18/22 at 9:13 pm to
this thread was a top signal in hindsight

yeeesh
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