Olympus DAO (OHM)

Region	Global
Status	Active

M69 Score

M69 Alignment2.9

Weakly aligned

1.02.03.04.05.0

Monetary Sovereignty2.7

Issuance (3x) + Stability (2x) + Fiat Indep. (2x)

Civilizational Durability3.3

Sovereignty + Governance + Resilience

Universal Adoption2.9

Traction (2x) + Inclusivity

Iss Mod3x

3.4

Stability2x

1.7

Fia Ind & Int2x

2.7

Traction2x

2.6

Sovereignty

3.6

Governance

3.2

Resilience

3.1

Inclusivity

3.5

Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.

Key Findings

Strongest category: Sovereignty (3.6)Olympus delivers genuinely decentralized, non-custodial, censorship-resistant monetary infrastructure. Fully non-custodial design, open-source code, no blacklist/freeze capabilities, and on-chain governance via Governor Bravo set a high bar for protocol sovereignty. This is the project's clearest M69 contribution.

Weakest category: Spending Power Stability (1.7)The protocol's deliberate choice to be a free-floating, non-pegged asset means it fundamentally lacks the spending power stability mechanisms that the M69 framework prioritizes. OHM's 99%+ crash from all-time highs represents catastrophic spending power destruction, and no benchmark, target, or measurement exists. Treasury backing provides a floor but not stability.

Fiat independence is paradoxicalOHM achieves a sovereign unit of account (score: 5 on FI-01) while simultaneously holding reserves almost entirely in sDAI, a USD-pegged stablecoin derivative (score: 2 on FI-02). This tension means OHM is nominally fiat-independent but structurally fiat-dependent through its treasury. There is no documented transition plan away from USD-denominated reserves.

Resilience funding is exemplaryThe $195M self-sustaining treasury generating yield through sDAI savings, Cooler Loan interest, and treasury management activities is one of the strongest long-term funding models in the rated universe. This endowment model ensures the protocol can operate indefinitely without external fundraising -- a rare achievement among crypto projects.

Traction is narrowly concentrated in DeFiDespite 5 years of operation and a large treasury, OHM has near-zero merchant adoption, no unit-of-account usage, and very low daily active addresses. The protocol functions more as a DeFi treasury management tool and lending platform than as a circulating monetary system. The "reserve currency" aspiration remains unfulfilled in terms of real-world monetary adoption.

Big takeawayOlympus DAO has built impressive decentralized financial infrastructure with a self-sustaining treasury, but its M69 alignment is limited by a fundamental design choice -- being a free-floating reserve asset rather than a stable medium of exchange. For investors or partners seeking M69-aligned money, Olympus provides a strong architectural template for sovereignty and resilience but would need to solve the spending power stability problem and diversify away from fiat-pegged reserves to become genuinely aligned with the Manifesto's vision.

Detailed Rating Breakdown

Framework v0.2-alpha · Rated 2026-04-12

Olympus DAO is a decentralized reserve currency protocol on Ethereum that launched in March 2021 with the explicit goal of creating a non-fiat-pegged, treasury-backed monetary system. OHM is not a stablecoin -- it is a free-floating token backed by a diversified treasury of crypto assets (primarily sDAI) with a liquid backing floor of approximately $11.20 per OHM. The protocol pioneered Protocol Owned Liquidity (POL) and has evolved through multiple iterations, currently operating with an Emissions Manager for supply expansion, a Yield Repurchase Facility (YRF) for supply contraction, and Cooler Loans for treasury-backed lending at 0.5% fixed interest with no liquidations. From an M69 alignment perspective, Olympus DAO presents a fascinating paradox. Its core vision -- a sovereign, non-fiat reserve currency governed by decentralized on-chain mechanisms -- aligns strongly with the Manifesto's call for debt-free, sovereign money. The protocol's fully non-custodial design, open-source code, on-chain governance via Governor Bravo, and $195M self-sustaining treasury demonstrate genuine commitment to architectural sovereignty. However, the project's Achilles heel is spending power stability: OHM crashed over 99% from its all-time high of approximately $1,400 to under $10 during 2022, making it one of the most volatile monetary instruments ever rated under this framework. While the protocol survived and its mechanisms held (treasury backing was never breached), the spending power destruction was catastrophic for holders. The project's fiat independence is also paradoxical: OHM itself is a sovereign unit of account with no fiat peg, yet its treasury is predominantly composed of sDAI -- a USD-pegged stablecoin derivative. This means OHM's backing is functionally tied to fiat stability despite its aspirational independence. Traction is limited to DeFi-native users with no merchant adoption or unit-of-account usage. The protocol scores well on architecture (sovereignty, governance, resilience) due to its mature on-chain governance, self-sustaining treasury, and demonstrated crisis survival, but its impact and monetary design pillars are dragged down by volatility, fiat-dependent reserves, and narrow adoption.

Issuance Model3x

3.4

Code	Question	Score
IM-01	Is issuance permissionless?OHM issuance occurs through two primary mechanisms: the Emissions Manager (which programmatically sells new OHM via Convertible Deposit auctions when premium exceeds minimum threshold) and bonding (users exchange assets for discounted OHM). Neither is fully permissionless -- the Emissions Manager is protocol-controlled and bond markets are opened/closed by governance parameters. However, participation in bonds is open to anyone. [1][2]	3
IM-02	Is new supply created through debt?OHM is not created through borrowing. New supply enters via bonding (users sell assets for OHM) and emissions (protocol mints OHM at premium). Cooler Loans are a separate lending product where users borrow USDS against gOHM collateral -- this does not create new OHM. The primary issuance mechanism is debt-free. [1][2]	4
IM-03	Is issuance tied to measurable real-world economic activity?Issuance is tied to crypto-native collateral (sDAI, ETH, LP tokens) and market premium over backing value. There is no link to real-economy indices, labor output, or productive activity. The Emissions Manager triggers based on OHM price premium over backing price -- a purely financial/crypto signal. [1][2]	2
IM-04	Does the issuance model have a supply cap or hard ceiling?OHM has no hard supply cap. Supply expands via the Emissions Manager when OHM trades above minimum premium (>=100% above backing) and contracts via YRF buybacks. The system has circuit breakers: emissions only activate above minimum premium threshold, and the base emissions rate caps daily supply growth as a percentage of circulating supply. [1][2]	4
IM-05	Can supply contract (burn/redemption) as well as expand?The Yield Repurchase Facility (YRF) automatically buys back OHM using treasury yield every 8 hours and burns it after extracting backing. Cooler Loan defaults also result in OHM being removed from circulation (gOHM collateral is forfeited). Both mechanisms are functional and active. Contraction is partially user-initiated (Cooler Loan defaults) and partially automated (YRF). [1][2]	4

Spending Power Stability2x

1.7

Code	Question	Score
SPS-01	What mechanism does the protocol use to target spending power stability?The original Range Bound Stability (RBS) system is now disabled. Its functions have been replaced by the Yield Repurchase Facility (buying OHM when price is low using treasury yield) and Emissions Manager (selling OHM when premium is high). These are reactive, threshold-triggered market operations -- not continuous algorithmic targeting to a price index. The protocol relies on treasury backing as a soft floor and market forces for price discovery. [1][2]	2
SPS-02	What benchmark is used to measure spending power?OHM has no spending power benchmark. It is a free-floating token with treasury backing as a floor. The protocol tracks backing per OHM (currently ~$11.20) but this is a USD-denominated collateral ratio, not a spending power index. There is no target price, basket, or real-economy reference point. [1][2]	1
SPS-03	How transparent and verifiable is the stability measurement?Since there is no stability target or measurement, transparency of the measurement is moot. However, the treasury composition and backing per OHM are fully on-chain and verifiable via the Olympus Treasury Dashboard. [1][2]	1
SPS-04	What is the protocol's historical deviation from its stability target?OHM has no stability target, but its price history demonstrates extreme volatility: from an all-time high of ~$1,400 (October 2021) to under $10 (late 2022), a decline of over 99%. Even post-crash in the RBS era, OHM has traded between approximately $9 and $23. This represents catastrophic spending power destruction for early holders. [1][2]	1
SPS-05	Does the protocol distinguish between short-term volatility and long-term purchasing power drift?The YRF implicitly addresses long-term backing growth by continuously buying and burning OHM using treasury yield, which increases backing per OHM over time. However, there is no explicit short-term volatility dampening mechanism since RBS was disabled. The Emissions Manager operates at premium thresholds, not as a volatility dampener. The protocol conflates price stability with backing growth. [1][2]	2
SPS-06	Is the stability mechanism accessible globally?OHM is accessible globally via Ethereum and multiple L2s (Arbitrum, Base, Berachain, Solana). No geographic restrictions on participation. Cooler Loans, staking, and all protocol functions are available to anyone with a wallet. Minor barriers include ETH gas fees and technical knowledge requirements. [1][2]	4

Fiat Independence & Interoperability2x

2.7

Code	Question	Score
FI-01	What is the protocol's unit of account?OHM is a fully sovereign unit of account. It is not pegged to any fiat currency. The protocol defines OHM as "free-floating money" with its own identity independent of USD, EUR, or any state currency. Backing per OHM is tracked but OHM's price floats freely above this floor. [1][2]	5
FI-02	What is the fiat composition of the protocol's collateral or reserves?The treasury employs a "streamlined strategy with reserve assets held as sDAI." sDAI is the savings version of DAI, which itself targets a 1:1 USD peg. While DAI's underlying collateral is crypto-native (ETH, stETH, etc.), it is functionally a USD-pegged stablecoin. The majority of treasury reserves are in sDAI/DAI, making the protocol functionally 50-90% fiat-adjacent. Some OHM liquidity positions and non-stablecoin assets exist but are secondary. [1][2]	2
FI-03	Does the protocol depend on fiat banking infrastructure to function?Olympus operates entirely on-chain. No banking relationships are required for core protocol function. All treasury operations, Cooler Loans, YRF, and governance operate through smart contracts on Ethereum. Fiat on/off-ramps are external and optional. [1][2]	5
FI-04	Are the protocol's price feeds and oracles fiat-denominated?Treasury valuation and backing calculations use USD-denominated pricing. The Emissions Manager calculates premium as market price / backing price, both expressed in USD terms via oracles. The protocol relies on Chainlink oracles for cross-chain operations, which are USD-denominated. [1][2]	2
FI-05	What happens to the protocol if the primary fiat currency it references collapses or depegs?Since the treasury is primarily sDAI (a USD-pegged derivative), a USD collapse or DAI depeg would directly impair the value of Olympus's reserves. OHM itself would survive as a token but its backing would be significantly reduced. The protocol has no documented contingency for a DAI/USD failure scenario. [1][2]	2
FI-06	Does the project have a credible transition path from fiat-dominated adoption to fiat-independent operation?The treasury documentation notes that "additional modules can be granted access via On Chain Governance," suggesting structural flexibility, but there is no published roadmap for transitioning away from sDAI/USD-denominated reserves. The treasury strategy actively concentrates in sDAI for yield generation. Fiat dependency is treated as permanent infrastructure rather than transitional. [1][2]	2
FI-07	Can local or sectoral currencies be denominated in or settle against this currency?OHM has no mechanism for local currency issuance or composability. It is a monolithic token with no sub-currency or local expression capability. While OHM can be used as collateral in DeFi, the protocol does not support the creation of derivative local currencies. [1][2]	1
FI-08	Does the protocol define open standards for interoperability with other monetary systems?Olympus has integrated Chainlink CCIP for cross-chain transfers (starting with Solana) and LayerZero for bridging to Berachain. These enable OHM to move across chains but do not constitute an open monetary interoperability standard. Interoperability is achieved through generic crypto infrastructure (DEXs, bridges), not protocol-specific monetary standards. [1][2]	3

Traction2x

2.6

Code	Question	Score
TR-01	Is the project still active?Fully active and growing. Expanding to Berachain and Solana via CCIP in 2025. Launched sUSDS lending vault on Morpho with Gauntlet (April 2025). Coinbase added OHM support on Base (August 2025). $195M treasury operational. Regular governance proposals being submitted and executed. [1][2]	5
TR-02	How long has the project been in existence?Olympus launched in March 2021, making it approximately 5 years old as of April 2026. [1]	4
TR-03	How many active users does the project have?DeFiLlama reports only 4 active addresses in 24 hours and 19 transactions. Even accounting for the Protocol Controlled Value model (which means TVL metrics undercount activity), on-chain activity is very low. Median unique voters per governance proposal was ~400 in early 2022. Cooler Loans have $121M outstanding across an unknown number of borrowers. Active users are likely in the low thousands. [1][2]	2
TR-04	How many businesses or organizations accept the project's currency?No evidence of any merchants or businesses accepting OHM as payment. OHM is held, staked, or used as collateral -- it is not used for commerce. No merchant adoption network exists. [1]	1
TR-05	Is the currency used as a unit of account?OHM is not used as a unit of account by any party. Prices in the Olympus ecosystem itself are denominated in USD equivalents. Cooler Loan terms are denominated in USDS per gOHM. The protocol's own metrics (backing per OHM, treasury value) are USD-denominated. OHM is purely held as a reserve/speculative asset. [1][2]	1
TR-06	Is the founder or core team still actively working on the project?The pseudonymous founder Zeus remains associated with the project. The team is actively developing -- Berachain deployment, CCIP integration, Morpho vault launch, and governance transitions all occurred in 2024-2025. Active contributor team maintains the protocol. [1][2]	4
TR-07	What partner organizations or institutions support or integrate the project?Multiple documented partnerships: Chainlink (CCIP cross-chain), Bond Protocol (auction infrastructure), Morpho/Gauntlet (sUSDS lending vault), KodiakFi (Berachain liquidity), Hypernative (security monitoring), Coinbase (Base listing). 5-10 meaningful operational partnerships. [1][2]	4
TR-08	Is the project covered or recognized by credible external sources?Covered extensively in crypto media (CoinDesk, Decrypt, The Block, Messari). Academic attention includes an IEEE conference publication and BlockScience simulation research. Featured in Gauntlet research on bonding mechanisms. Major media coverage during 2021-2022 rise and crash. [1][2][3]	4
TR-09	Is adoption organic -- not dependent on subsidies, incentives, or mandates?Early adoption was overwhelmingly incentive-driven -- the protocol offered >7,000% APY staking rewards, which attracted capital but not organic utility demand. The 2022 crash demonstrated this: when incentives became insufficient to offset price decline, users fled. Current usage (Cooler Loans, staking) retains incentive elements (0.5% interest rate subsidized by treasury, YRF-driven backing growth) but shows more utility-based engagement than the pure yield-farming era. [1][2]	2
TR-10	What is the growth trend over the past 12 months?OHM price rose from ~$14 (August 2024) to ~$23 (February 2025), driven by YRF buybacks. Expansion to Berachain and Solana broadened reach. Coinbase Base listing added distribution. Morpho vault partnership expanded treasury yield capabilities. Moderate growth across multiple indicators. [1][2]	4
TR-11	Does the project have a coherent narrative and cultural identity that drives long-term commitment?Olympus had one of the strongest cultural identities in DeFi with the "(3,3)" meme, "Ohmies" community, and "reserve currency" narrative. However, this identity was severely damaged by the 99% crash. The community was largely mercenary during the high-APY era. Post-crash, the narrative has shifted to "smart money" and sustainable treasury management. Some committed holders remain but cultural identity is still rebuilding. [1][2]	3

Sovereignty

3.6

Code	Question	Score
SO-01	Can any single entity shut down the project?Olympus smart contracts are deployed on Ethereum, a decentralized L1. While a multisig still controls some parameters, the core protocol (OHM token, treasury contracts, Cooler Loans) cannot be shut down by a single entity. Shutdown would require coordination of multiple independent parties. The transition to on-chain governance via Governor Bravo further distributes control. [1][2]	4
SO-02	Is the project's core infrastructure permissionless and self-hostable?Olympus has 51 public repositories on GitHub. Core smart contracts (V3/Bophades) are open-source. The protocol relies on Ethereum (permissionless) but also uses Chainlink oracles and Bond Protocol infrastructure. Frontend can be self-hosted. Minor peripheral dependencies exist. [1][2]	4
SO-03	Is the project subject to the jurisdiction of a single nation-state?Olympus operates as a DAO with pseudonymous leadership. No incorporated legal entity has been publicly identified. Operations are geographically distributed. However, the co-founder "Apollo" was identified in a lawsuit as a Connecticut resident, suggesting some US legal exposure. Operations span multiple jurisdictions without a dominant one. [1][2]	4
SO-04	Does the project control or custody user funds?Fully non-custodial. Users hold OHM/gOHM in their own wallets. Cooler Loans use smart contract escrow (gOHM collateral is held by the Cooler contract, not by Olympus the entity). Users can redeem, trade, or transfer their tokens without intermediary approval. No custodial services required for any core function. [1][2]	5
SO-05	Is the project resilient to key-person risk?Zeus is the pseudonymous founder but operational knowledge appears distributed across multiple contributors. The protocol has survived Apollo's departure/doxxing and continued developing. However, the pseudonymous nature means it is difficult to verify how distributed knowledge truly is. 2-3 people likely hold critical knowledge. [1][2]	3
SO-06	Does the project depend on any third-party service that could be revoked?Dependencies include Ethereum L1 (major, decentralized), Chainlink CCIP (for cross-chain), Bond Protocol (for auction infrastructure), and various DEX integrations. Ethereum is resilient but Chainlink and Bond Protocol are meaningful dependencies with alternatives available but migration would be disruptive. [1][2]	3
SO-07	Can the project be censored -- can specific users or transactions be blocked?OHM is a standard ERC-20 token without freeze, blacklist, or admin transfer functions. The protocol itself describes OHM as "censorship-resistant." No censorship capability exists in the core protocol. Peripheral services (frontends, bridges) can be censored but are replaceable -- the protocol is open-source and contracts can be interacted with directly. [1][2]	4
SO-08	Does the protocol protect transaction privacy as a monetary right?Standard Ethereum pseudonymity. All transactions are public on-chain but not linked to real-world identity without external data. No enhanced privacy features. No operator surveillance or metadata collection beyond what is inherent to public blockchain operation. [1][2]	3
SO-09	Does the technology enforce the project's monetary rules such that governance cannot silently override them?Core monetary rules are enforced by on-chain smart contracts: the Emissions Manager controls supply expansion algorithmically, YRF controls buybacks automatically, Cooler Loans enforce fixed terms via code. Governance changes go through Governor Bravo with time-locks and public voting. However, a multisig still controls some parameters and could make changes faster than the on-chain governance path. The transition from multisig to full on-chain governance is ongoing. [1][2]	4

Governance

3.2

Code	Question	Score
GO-01	How are decisions about the project made?Olympus has a formalized OIP (Olympus Improvement Proposal) process. Major decisions go through on-chain governance via Governor Bravo with defined thresholds: 0.017% gOHM supply for proposal submission, 20% endorsement threshold within 2 weeks, 60% approval vote with 20% quorum, 7-day voting period, and 1-day execution delay. Some operational decisions still handled by multisig during governance transition. [1][2]	4
GO-02	Who has voting or decision-making power, and how is that power distributed?Voting power is based on gOHM holdings, which is a standard plutocratic token-voting model. The distribution of gOHM holdings is not publicly documented in detail, but DeFi token distributions typically concentrate among large holders. The top holders likely control a significant portion of voting power. Median unique voters per proposal is around 400. [1][2]	3
GO-03	Is the governance process -- and the monetary mechanism itself -- transparent and publicly auditable?All governance proposals and votes are on-chain via Governor Bravo. The monetary mechanism (Emissions Manager, YRF, Cooler Loans) is fully on-chain and open-source. Anyone can audit governance history and monetary operations in real time. Supporting discussions occur in public forums. Code is audited (Code4rena audit in 2022). [1][2][3]	4
GO-04	Can governance be captured by a small group or hostile actor?Standard token voting with 20% quorum requirement and 60% approval threshold. The endorsement requirement (20% of supply to activate) and proposal threshold (0.017% to submit) provide some capture resistance. However, governance remains capturable via sufficient gOHM accumulation. No quadratic voting, conviction voting, or identity-weighted mechanisms. [1][2]	3
GO-05	How are upgrades and changes to the protocol or project proposed and executed?Formal OIP process: 3-day voting delay, 7-day voting period, 1-day execution delay after queuing. Proposals must meet endorsement and quorum thresholds. Public discussion on governance forums precedes formal proposals. Time-locked execution via Governor Bravo. Some emergency actions still available via multisig. [1]	4
GO-06	Is there a separation between governance over monetary policy and governance over operational decisions?There is some functional distinction -- monetary parameters (Emissions Manager rate, RBS spreads) vs. operational decisions (partnerships, integrations). However, both go through the same governance process (OIP + Governor Bravo or multisig). No structurally enforced separation with different thresholds. Community norms distinguish them but enforcement is identical. [1][2]	3
GO-07	Does the project have a constitution, charter, or set of immutable principles?Olympus has a stated mission ("create a community-owned, decentralized and censorship-resistant reserve currency") but no formal constitution or charter with immutable principles. Mission statements exist in documentation but are not protected from governance override. No on-chain or formally binding founding principles. [1][2]	2
GO-08	Can the project's issuance rules be changed, and are monetary policy changes subject to stronger constraints than operational changes?The Emissions Manager parameters (base emissions rate, minimum premium) and YRF configuration are changeable via governance. The documentation states these are "configurable by OCG and can be adjusted as needed." No special protection exists for monetary policy changes vs. operational changes -- they go through the same governance process. Multisig still controls some monetary parameters. [1][2]	3

Resilience

3.1

Code	Question	Score
RE-01	Has the project survived a major crisis or adversarial event?Olympus survived the 2022 crypto crash where OHM dropped 99% from ~$1,400 to under $10. It also survived the "shotta" dump (DAO figure sold $11M, causing 40% crash in 2 hours). During the January 2026 crash, OHM fell only 15% while ETH fell 26%, demonstrating improved resilience. The protocol adjusted -- RBS was introduced and later replaced by YRF + Emissions Manager. Treasury backing was never breached. Survived, but required significant design changes. [1][2][3]	3
RE-02	Does the project have redundancy in its critical infrastructure?Multi-chain deployment (Ethereum, Arbitrum, Base, Berachain, Solana) provides some infrastructure redundancy. Open-source code allows alternative front-ends. However, core treasury and governance remain on Ethereum mainnet as a single point of truth. Oracle dependencies (Chainlink) have some redundancy through multi-node networks. [1][2]	3
RE-03	Can the project recover from a catastrophic failure?All smart contract code is open-source and published on GitHub. Treasury state is on-chain and publicly verifiable. A competent team could rebuild or fork the protocol from public data. However, no formal disaster recovery plan is documented. The treasury's sDAI holdings could be recovered via on-chain transactions by the governance multisig. [1][2]	3
RE-04	Is the project's design simple enough to be maintained and understood long-term?The protocol has evolved significant complexity: Emissions Manager, Yield Repurchase Facility, Cooler Loans, Convertible Deposits, Range Bound Stability (disabled), Heart contract, Kernel/Policy architecture (Bophades/Default Framework). Understanding the full system requires deep DeFi expertise. Documentation exists but the system is moderately complex. [1][2]	2
RE-05	Is the project dependent on a specific technology that could become obsolete?Built primarily on Ethereum (Solidity smart contracts) with the EVM ecosystem. Ethereum has the largest developer community and is widely supported. Multi-chain deployment reduces single-chain risk. Migration path to other EVM chains exists but full redesign for non-EVM would be significant. [1][2]	3
RE-06	How does the project handle economic stress (bank runs, liquidity crises, collateral crashes, inflation/deflation shocks)?Demonstrated real-world stress handling: Cooler Loans have zero liquidations by design (loans at 95% of backing with no price-based liquidation trigger). YRF provides constant buy pressure using treasury yield. During the January 2026 crash, OHM outperformed ETH (15% vs 26% decline). Protocol Owned Liquidity ensures OHM remains tradeable even during market stress. The Emissions Manager pauses when premium drops below minimum threshold, preventing dilution during downturns. [1][2]	4
RE-07	Does the project have sustainable funding for long-term maintenance?The $195M treasury generates yield through sDAI savings (DSR rate), Cooler Loan interest (0.5% on $121M outstanding), and treasury management activities (Morpho vault). This revenue funds operations, YRF buybacks, and development. At current scale, the treasury can sustain operations indefinitely without external fundraising -- a self-sustaining endowment model. [1][2]	5
RE-08	Can the system operate across extreme latency, disconnected networks, and multi-century timescales?Olympus assumes standard internet connectivity and Ethereum block production. The "Heart" contract beats every 8 hours for YRF operations. High-latency or disconnected operation would break these assumptions. Technology stack is Solidity/EVM which could become obsolete over centuries. No design for latency tolerance or deep-time operation. [1][2]	2
RE-09	Is the system designed for a world where AI agents are primary economic actors?OHM is a standard ERC-20 token interactable via smart contracts. All protocol functions (bonding, Cooler Loans, governance delegation) are programmable and accessible to AI agents through standard Ethereum interfaces. No human-specific requirements (CAPTCHA, manual KYC) for core functions. Protocol was not specifically designed for AI but presents no barriers. [1][2]	4

Inclusivity

3.5

Code	Question	Score
IN-01	Can anyone in the world participate regardless of nationality, wealth, or status?Anyone with an Ethereum wallet can buy, hold, and use OHM. No KYC, no nationality restrictions, no credit checks, no minimum balance requirements. Practical barriers include internet access, device ownership, and Ethereum wallet setup -- these are inherent to on-chain DeFi, not intentional gatekeeping by Olympus. [1][2]	4
IN-02	What is the minimum cost to start using the project?Requires ETH for gas fees on Ethereum mainnet, which can range from $1-$50+ depending on network congestion. Multi-chain deployment on Arbitrum, Base, and Berachain offers lower-cost alternatives. No minimum OHM balance required. Moderate cost barrier compared to L2-native or gasless protocols. [1][2]	3
IN-03	Does the project actively serve underbanked or financially excluded populations?Olympus is not designed for or targeted at underbanked populations. It is a DeFi protocol requiring crypto literacy, wallet management, and existing crypto holdings (ETH) to participate. No outreach, UX simplification, or features specifically targeting financially excluded communities. Accessible in theory but practically inaccessible to most underbanked populations. [1][2]	2
IN-04	Does the project distribute economic benefits -- including seigniorage -- broadly, or concentrate them among insiders?YRF buybacks benefit all OHM holders proportionally by increasing backing per OHM. Cooler Loans are available to all gOHM holders on identical terms. Emissions Manager sells OHM at equal terms via public auctions. However, early team/insider allocations were significant (pre-mine), and large holders benefit disproportionately from proportional staking rewards and governance power. The protocol has no explicit seigniorage distribution to a public good -- treasury yield funds operations and buybacks. [1][2]	3
IN-05	Does the project treat all participants equally under the same rules?Current protocol rules are identical for all participants: same Cooler Loan terms (0.5% interest, 95% LTV), same staking mechanics, same governance rights per gOHM. No tiered access, no preferential rates for large holders. Equal treatment in the current design, though early participants benefited from much higher APY and lower entry prices. [1][2]	4
IN-06	Does the project require identity documentation or surveillance to participate?Fully pseudonymous. No identity requirement of any kind. No KYC, no email, no phone number. Users interact directly with smart contracts using their Ethereum address. No data collection beyond public on-chain transactions. The pseudonymous founding team exemplifies this value. [1][2]	5
IN-07	Does the project have mechanisms to prevent wealth concentration over time?Staking rewards (via rebasing into gOHM exchange rate) are proportional to holdings, which passively reinforces concentration. No demurrage, progressive fees, or redistribution mechanisms. Large OHM holders benefit disproportionately from staking yields and governance power. The YRF increases backing per OHM equally in percentage terms, which benefits large holders more in absolute terms. [1][2]	2

Frequently Asked Questions

What is Olympus DAO (OHM) and what problem does it solve?

How is money created in Olympus DAO (OHM)?

OHM issuance occurs through two primary mechanisms: the Emissions Manager (which programmatically sells new OHM via Convertible Deposit auctions when premium exceeds minimum threshold) and bonding (users exchange assets for discounted OHM). Neither is fully permissionless -- the Emissions Manager is protocol-controlled and bond markets are opened/closed by governance parameters. However, participation in bonds is open to anyone.

How does Olympus DAO (OHM) maintain stable spending power?

The original Range Bound Stability (RBS) system is now disabled. Its functions have been replaced by the Yield Repurchase Facility (buying OHM when price is low using treasury yield) and Emissions Manager (selling OHM when premium is high). These are reactive, threshold-triggered market operations -- not continuous algorithmic targeting to a price index.

Is Olympus DAO (OHM) independent from fiat currencies?

OHM is a fully sovereign unit of account. It is not pegged to any fiat currency. The protocol defines OHM as "free-floating money" with its own identity independent of USD, EUR, or any state currency.

Who controls Olympus DAO (OHM) and can it be shut down?

Olympus smart contracts are deployed on Ethereum, a decentralized L1. While a multisig still controls some parameters, the core protocol (OHM token, treasury contracts, Cooler Loans) cannot be shut down by a single entity. Shutdown would require coordination of multiple independent parties.

How widely adopted is Olympus DAO (OHM) today?

DeFiLlama reports only 4 active addresses in 24 hours and 19 transactions. Even accounting for the Protocol Controlled Value model (which means TVL metrics undercount activity), on-chain activity is very low. Median unique voters per governance proposal was ~400 in early 2022.

Is Olympus DAO (OHM) still active and growing?

Fully active and growing. Expanding to Berachain and Solana via CCIP in 2025. Launched sUSDS lending vault on Morpho with Gauntlet (April 2025).

What are the main risks or weaknesses of Olympus DAO (OHM)?

Weakest category: Spending Power Stability (1.7): The protocol's deliberate choice to be a free-floating, non-pegged asset means it fundamentally lacks the spending power stability mechanisms that the M69 framework prioritizes. OHM's 99%+ crash from all-time highs represents catastrophic spending power destruction, and no benchmark, target, or measurement exists. Treasury backing provides a floor but not stability.

What makes Olympus DAO (OHM) unique from an M69 perspective?

Strongest category: Sovereignty (3.6): Olympus delivers genuinely decentralized, non-custodial, censorship-resistant monetary infrastructure. Fully non-custodial design, open-source code, no blacklist/freeze capabilities, and on-chain governance via Governor Bravo set a high bar for protocol sovereignty. This is the project's clearest M69 contribution.

How is Olympus DAO (OHM)'s M69 Score calculated?

Olympus DAO (OHM) scores 2.9/5.0 overall. Pillar scores: Monetary Sovereignty 2.7, Civilizational Durability 3.3, Universal Adoption 2.9. Strongest: Sovereignty (3.6). Weakest: Spending Power Stability (1.7).