Olympus is Web3's answer to today's fiat currencies, which are losing value and purchasing power due to inflation. How can we build an asset that will retain and grow its purchasing power over time? OHM claims to be the decentralized reserve currency to sustain and uphold purchasing power over time. Let's explore just how popular Olympus has been by looking at its daily active users (DAUs) over time. From late Jan to late April 2022 Olympus has seen a downward trend in DAUs, from around 500 to around 200.
Let's define DAUs as the number of daily unique addresses that are involved in the core activities of Olympus: staking / unstaking and bonding / redeeming. Additionally, Olympus allows users to wrap / unwrap staked OHM (sOHM) into governance OHM (gOHM), so let's count addresses involved in these activities too. The end of Jan to late April 2022 has seen, on average, around 275 daily active users.
OHM stakers help to stabilize the price of OHM in the long-term. They also govern the protocol. Stakers / unstakers make up a significant proportion of the net DAU counts. In this period we've seen a general downward trend in daily active stakers and unstakers. Daily active stakers are roughly seeing higher numbers than unstakers on most days, but fluctuations and overlaps are frequent.
Staked OHM (sOHM) is a rebasing token that allows holders to maintain their position as Olympus grows. Stakers receive rebase rewards. Users can also choose to wrap their sOHM into gOHM, which is a version that doesn't appear to rebase on the surface but still receives all the same benefits. Over this period, both daily active wrappers and unwrappers have seen a downward trend. Unwrappers consistently dominate compared to wrappers.
How many users are bonding capital to get OHM and a fixed return? How many users are redeeming their rewards? Early Feb 2022 saw a relatively high number of bonders for a few days before a drop. Daily active bonders has fluctuated below 10 from March to late April 2022. Daily active redeemers saw a rise during Feb 2022 until around the 24th. From the end of Feb to late April 2022, daily active redeemers have fluctuated at similar levels to daily active bonders.
The daily average OHM price has been tracking similarly to Olympus daily active users (the foremost graph) with a general downward trend from the end of Jan 2022 to late April 2022. OHM price has followed a pattern closest to daily active stakers and unstakers. Looking at DAUs and its components will not track perfectly to OHM price; volume metrics and other factors affect token price. However, the general trend is visible in both DAUs and OHM price.