Olympus Doge is building a decentralized reserve currency protocol that is modelled after the pioneer in the space Olympus DAO. Olympus Doge aims to create a currency that long-term will mirror the price of $DOGE. The currency will be supported by an ecosystem of financial services including a liquidity management service, a bonding service, and a lending/borrowing platform.

Failures of past reserve currencies:

Uncontrolled inflation-previous reserve currencies had completely unsustainable APYs resulting in those who bought in early profiting while all the other investors lost all their capital.

Refusal to use their treasury to back the token price-previous reserve currencies did not employ their treasury when the token price reached the backing price (treasury value divided by the circulating supply) which led to a complete loss of investor confidence in the system and mass sell offs

No revenue streams-previous reserve currencies has no external revenue streams outside of token and bond sells meaning their treasury was entirely dependent on those sales and if bond sales declined the treasury stopped growing and with it investor confidence leading to mass sells.

Not wrapping liquidity pool tokens-original reserve currencies made their LP tokens with unwrapped tokens. Due to the supply of tokens expanding every epoch that meant that investors supply was increasing while the LP tokens remained static meaning the LP was getting diluted and losing value every epoch, and the problem only got worse over time

Communication and management-Previous protocols did not treat their investors like equal partners and made poor decisions without consulting the community and without proper communication which destroyed investor trust in the team and the protocol.

How are we different?

Team Transparency We believe that in order to gain investor trust it is critical to have a partnership between our investors and the core team which is why our CEO is fully doxxed. All major decisions are taken in consultation with the community via individual conversations, feedback from social channels, discord/telegram votes and snapshot votes. All wallets and contracts are public so anyone can see exactly what the liquidity management wallet and the treasury are doing at all times.

Backing the $OHMD token with the treasury

  1. Liquidity Management Bot that automatically begins to buy back the token if it drops below the backing price

  2. Hard Floor price of $1 that if the price drops below the team will manually initiate buy backs using the liquidity management wallet (LMW) until the price is above $1

  3. If they LMW ran out of funds it would then be funded by the treasury and continue to buyback tokens until it was above the floor price

  4. If all treasury assets were used then the protocol owned liquidity tokens would be deployed, breaking some tokens apart to use the $wDOGE to buyback tokens as well as lowering the liquidity to increase the price impact to get the price back above the floor price.

External Revenue Sources

Previous reserve currencies have been completely reliant on token/bond sales to grow their treasury. At Olympus Doge we are building a suite of financial services to Dogechain to benefit it's users and projects, and provide an external revenue stream to the treasury. Our roadmap includes unique doge inspired NFTs, selling our Liquidity Management Bot as a service, Selling our Bonding as a service, providing limit orders and dollar-cost-average services for layer 1 tokens, a lending/borrowing service and a KYC and auditing service. All of these services will provide revenue to the business that will back the $OHMD token and the protocol.

Controlling Inflation:

The $OHMD token will have a variable APY that is adjusted based on the health of the treasury and the circulating supply in order to control inflation. The $OHMD token also has a warm up period of 3 epochs (24 hours) where stakers cannot claim their rewards until that time has elapsed. This is to stop bad actors from depositing just before an epoch to claim the rewards and then dump them on the rest of our investors. We also have a sales tax of 8% to protect the protocol and it's investors from swing traders. 4% of the tax goes back to stakers, 2% goes to liquidity and 2% goes to the treasury.

Wrapped Liquidity Pool Tokens

To protect the value of the Liquidity Pool and make sure it keeps up with the token supply our LP tokens will be wsOHMD-wDOGE and the bonds offered will be wsOHMD-wDOGE.

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