Olympus has fallen - OHM tanks 30% led by liquidations on Fuse and souring crypto market sentiment shauryamalwa
Tokens of decentralized finance protocol Olympus dropped as much as 32% in the past 24 hours as crypto traders moved away from experimental DeFi projects amid an overall negative sentiment in the crypto market.
Users are incentivized to deposit or sell their OHM collaterals in return for discounted OHM sold by bonds issued by Olympus. This is said to create “protocol-owned liquidity,” as the user-issued liquidity provider tokens are tied back to the bonds issued by Olympus, creating a continuous loop of supply and demand.Analysts said a popular pool to leverage returns on OHM tokens saw overnight liquidations which contributed to the price drop.
Fuse is an interest rates product by Rari Capital, a DeFi protocol that provides yield-earning services to users. Fuse lets users create their customized pool consisting of various interest-earning tokens, allowing other users to stake their own tokens on such pools and earn yields.
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