Unlike typical crypto assets such as network tokens (ETH, BTC), stablecoins (USDC, USDS), or unbacked meme coins, OHM functions as free-floating money supported by productive assets. The protocol relies on three components: a treasury holding productive assets, an algorithmic policy engine for supply management, and a governance structure run by token holders. This design creates a treasury-backed price floor while permitting market-driven appreciation. Instead of letting economic shocks impact price directly, the system adjusts supply, expanding during high demand and contracting when demand drops.

Olympus debuted in 2021 to fill a void in the industry, where sophisticated platforms often relied on simple tokens with static supplies. It was built as a monetary system featuring programmable policy and treasury backing. The project pioneered Protocol Owned Liquidity (POL), allowing the protocol to hold liquidity positions instead of relying on external incentives. In 2022, the shift to gOHM enhanced compatibility with other DeFi protocols, fostering numerous partnerships in lending, yield, and liquidity sectors. Later developments included Cooler Loans for fixed-rate lending, the Yield Repurchase Facility for buying back supply with treasury yield, and Convertible Deposits for treasury growth. Additionally, Range Bound Stability (RBS) can programmatically manage bond markets when active.

OHM currently operates on the Ethereum mainnet alongside various other L1 and L2 chains, such as Arbitrum, Base, Berachain, and Solana. The team is working to broaden its monetary infrastructure by focusing on cross-chain deployment, diversifying the treasury, expanding Cooler Loans capacity, growing Convertible Deposits, forming institutional partnerships, and integrating with the ecosystem.

The protocol’s design allows for multiple operational modes. As adoption increases, the system aims to transition gradually from configurations focused on growth to those prioritizing stability, all while utilizing the same foundational infrastructure. gOHM holders manage the roadmap via on-chain governance.

OHM serves as the liquid, foundational token within the Olympus ecosystem. It acts as a unit of account when paired with decentralized assets in DeFi and functions as reliable collateral for protocol treasuries. The token is designed for trading and providing liquidity on exchanges such as Uniswap, Curve, and Balancer.

Holders can wrap OHM into gOHM to engage in governance and utilize Cooler Loans, which enable access to liquidity without requiring the sale of tokens. These loans are perpetual, carry a fixed interest rate, and do not trigger liquidations based on price movements.

Through Convertible Deposits, users may deposit stablecoins to receive a future token redeemable at maturity, along with an optional right to buy OHM at a predetermined strike price. Additionally, the Yield Repurchase Facility employs treasury yield to decrease the circulating supply.