Olympus operates as a Decentralized Autonomous Organization (DAO), meaning it is governed by its community in a completely decentralized manner through smart contracts. The protocol was established by a group of anonymous individuals, known by the pseudonyms “Zeus,” “Apollo,” “Unbanksy,” and “Wartul.” On GitHub, the primary contributors to the code have been identified as “Zeus” and Jeff Extor. It is speculated that Zeus is a teenager, who has captured the community's attention with his engaging personality. Prior to its initial launch, Olympus received backing from several private investors, including Zee Prime Capital, Nascent, D64 Ventures, Maven11 Capital, and a few unnamed individuals.

Olympus is regarded as one of the most intriguing economic experiments within the DeFi space for several reasons. The protocol manages a treasury that mints and sells new OHM tokens when the market price exceeds its price floor of 1 DAI, and conversely, it buys back and burns OHM when trading below that threshold. OHM is distributed through a process known as bonding, where users exchange assets such as FRAX, DAI, or wETH with the treasury to receive OHM at a discounted rate. Users also have the option to supply liquidity by providing FRAX-OHM or DAI-OHM to the SushiSwap liquidity pool in exchange for discounted OHM. These bonds are redeemable after a five-day vesting period. Furthermore, users may choose to stake OHM, which reduces the circulating supply in the open market and adds value to the protocol. Staking rewards on Olympus are notably high, with annual percentage yields (APY) reaching over 7,000% at the time of writing, down from initial rates exceeding 100,000%. Additionally, staking rewards automatically compound every eight hours. The purpose of these significant rewards is to incentivize users to accumulate more OHM rather than rely on an increase in its USD value. The protocol concedes that OHM's price may decrease in dollar terms over time. Nevertheless, the objective of this aggressive accumulation strategy is to enhance the protocol's market capitalization and expand its treasury. While Olympus initially lacked a specific use case beyond treasury expansion, it has recently introduced Olympus Pro. Through Olympus Pro, the DAO offers bonding services to select partner protocols, enabling them to grow their treasuries without depending on “mercenary capital” from liquidity pools. Finally, Olympus is renowned for its effective marketing and meme initiatives, notably cultivating a vibrant community. It has popularized the “3,3” meme, a straightforward concept promoting that staking capital with the protocol is mutually beneficial. This adaptation of the “hodl” meme commonly used by Bitcoin enthusiasts has become a widespread addition to Twitter user profiles alongside .eth addresses.

As intended to be a free-floating currency, the total supply of OHM is uncapped. Currently, over 1.7 billion OHM are staked within the network. Before the "Initial Discord Launch," which enabled non-US members who were early participants in the Olympus Discord channel to engage in a private sale, the team utilized pOHM, a derivative of the main OHM token, for vesting. This derivative allows the team to mint OHM for each pOHM, which is subsequently burned. The vesting details are as follows: - Team: 330 million pOHM and 7.8% of the supply - Investors: 70 million pOHM and 3% of the supply - Advisors: 50 million pOHM and 1% of the supply pOHM holders will complete vesting between two and five billion OHM, incentivizing them to contribute to the growth of the protocol. For more information, visit Eulerpool.

OHM is an ERC-20 token operating on the Ethereum network. Governance of this network is managed through a DAO structure, regularly presenting new Olympus Improvement Proposals (OIPs). The ERC-20 standard is widely adopted by new tokens upon their release on the Ethereum blockchain. Ethereum, known for its popularity among DAOs, utilizes a proof-of-work consensus mechanism, which involves miners creating new Ether. A network of decentralized nodes is responsible for validating transactions and ensuring the security of the Ethereum blockchain. For the latest updates and detailed information on OHM's market performance, check Eulerpool.

Olympus conducted its presale from March 12 to March 14, 2021.

OHM is accessible on UniSwapV2 and SushiSwap.