OlympusDAO, a decentralized reserve protocol published a blueprint detailing its plan to build a robust ecosystem around its native currency OHM. Dubbed as Olympus12, it is a 12-month action plan for how the DeFi protocol will achieve its goal of making its native asset OHM Web3’s premiere decentralized reserve currency. On why developing a reserve currency is vital, the blog explained that the primary goal of the Web3 financial movement is to ‘foster an alternative economic ecosystem that serves the needs of its various stakeholders’.
The post also mentioned that other objectives included having access to unique purpose-built assets that are widely and uniformly available across L1s and L2s and ability to transact or store value in highly decentralized and censorship-resistant assets. These will not depend on the traditional financial ecosystem for validation or survival.
Here is the summary of the OlympusDAO Action plan for 2022.
Impact of OlympusDAO’s Action plan
As per the blog post, the Olympus12 Action Plan will help to strengthen OHM’s role as a reserve currency and demonstrates how the Treasury is being deployed to add value to the Olympus ecosystem. Basically it would show how the DAO’s economic power which is its Treasury would be utilized in service of everyone in the Olympus ecosystem;
In particular, the post claims how participants in the ecosystem would stand to benefit from its growing strength, accelerating network effects, support of initiatives that drive utilization of OHM across DeFi protocols, and would be used to preserve and enhance OHM’s premium.
Next the post elaborated that the action plan would bolsters the sustainability and strength of Olympus which meant the Treasury, OlympusDAO contributors, and its partners would collectively support to build a strong foundation for the protocol
Lastly it also summarised the specific steps undertaken by Olympus to become a decentralized reserve currency. This mainly focused on preserving OHM’s purchasing power, drive liquidity, foster its use as a unit of account and become a trusted backing.
After highlighting the key points the post finally concludes with the information that it would publish quarterly reports on the Olympus12 Action Plan starting in late Q1 2022 or early Q2 2022.