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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Why This Token Thrives With A 38% Profit While Bitcoin And Ethereum Bleed

Reynaldo Marquez
Reynaldo Marquez
4 years ago
3 mins read
Ethereum ETH ETHUSD OHM OlympusDAO

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Algorithmic currency protocol OlympusDAO (OHM) has been outperforming Bitcoin and Ethereum despite the recent downtrend. In the 7-day and 30-day charts, OHM records a 38% and 126% profit, respectively.

A report published by Delphi Digital concludes that OHM has been displaying countercyclical behavior. As reported by NewsBTC back in April, this protocol took the market by storm when its native token recorded impressive gains in almost every metric.

OlympusDAO has sustained the growth reaching all-time highs in Total Value Locked (TVL) and treasury, as Delphi Digital recorded. The investment firm said:

OlympusDAO’s token (is) making investors a fair amount of gains while the broader market pulls back.

Ethereum ETH OlympusDAO OHM
Source: Delphi Digital

In that sense, the high-risk OHM token could be amongst the crypto market’s most promising assets, the firm added. However, they believe that the current outlook for these types of investments is unfavorable.

Ethereum and Bitcoin have been moving in a range for the past weeks. Investors expect a rise in volatility, but Delphi Digital suggests the opposite scenario due to a decline in Implied Volatility versus Realized Volatility in the BTC options market after May and June’s selloffs.

Bitcoin BTC BTCUSD
Source: Delphi Digital

In this scenario, most of the top cryptocurrencies increase their correlation with Bitcoin. Even after Ethereum outperformed BTC’s price, Delphi Digital finds it unlikely that ETH will diverge from the general trend in the market.

ETH’s 25 delta skew looks identical to BTC with one noticeable difference: there was no up tick in the last few days. You might consider this a plus for ETH, but it probably doesn’t matter because ETH will just follow BTC anyway.

Ethereum ETH ETHUSD
Source: Delphi Digital

What OHM Is Doing To Outperform Ethereum And Bitcoin

OHM has been able to break away from the trend on the back of three main factors, according to the report: its community, and an Ohmie cards campaign offerings users up to 10,000+% in APYs.

This protocol’s community has customized a set of 390 “Ohmie Cards” with the potential to create up to 610 more for a 1000 total. The card can be used to issue Non-Fungible Tokens (NFTs) paintings and auctioned them to users.

In addition to Delphi Digital’s argument on OlympusDAO, the protocol stability mechanism has proven to be profitable. Its treasury has risen 117% in terms of risk-free value and 120% in market value, per data shared in their June review.

This made OlympusDAO the fifth protocol in terms of monthly revenue on the Ethereum DeFi sector. Only Uniswap, Aave, SushiSwap, and Compound, some of the most popular DeFi platforms, scored higher in this metric, as seen below.

OHM OlympusDAO
Source: OlympusDAO

If the coming months bring more volatility into the market, OMH could be a viable alternative for traders looking to generate yield with a seemingly uncorrelated token. OlympusDAO’s report added:

The sole purpose of Olympus is to accrue value to the network and OHM token, unlike other protocols that must balance value accrual between the holders of the token and the users of the protocol. The value fragmentation and incentive misalignment that is inherent to any class-based network is absent from ours.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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