It was in the end of August that I read about OlympusDAO for the first time. It was a project that made me really skeptical, because at that time, it had an apy of 15,000%. Could it really be true that a project could run with such an APY? Is that really possible? Was it a scam? Was it a ponzi? I read quite a lot about the project, and in the end I decided that it was worth some dollars.
Of course, I still didn't feel 100% safe about the fact that it will be around forever, but I decided to keep my stake and just run it in the system (staking) and, hopefully, enjoy some profit from my little investment.
What has happened with OlympusDAO? Am I still worried?
To be honest, OlympusDAO is growing really much! So much has happened with the protocol, and I actually feel quite safe having money in the protocol. Of course, things might happen, but I somehow trust the team, and the more I understand the project, the more I feel as if the people behind it has got to be really smart people with lots of economical understanding (and also about blockchain technology).
So, what has happened? With the current interest rate, it takes approximately 60 days for 1 token to turn into 2. And if it continues like this, it will take 60 more days for 2 tokens to become 4. As you can see, this is a really nice multiplication process that will speed up the number of tokens in your wallet quickly. How will this impact the price? Time will show, but considering that the value of the token is backed by the treasury, this actually feels quite brilliant and safe.
So far, so good!
In other words, I feel good about OlympusDAO right now. It is time to take some profit soon as well! :)