Olympus is a decentralized finance protocol aiming to be the first algorithmic reserve currency that is not pegged to fiat money. This protocol takes a different approach to stability by leveraging the backing of cryptocurrency assets, precisely DAI,(DAI is a stable, decentralized currency).
The Olympus protocol has its token—OHM, and trades within the value of a DAI. Owing to being backed by DAI, it can be said that the coin will not trade below its core value in the long run. If you want to invest in this project, you’ll need to understand how to buy Olympus, and this is what we address in this guide.
Contents
- 1 How to Buy Olympus (OHM) – Quickfire Walkthrough In Less Than 10 Minutes
- 2 How to Buy Olympus – Full Step-By-Step Walkthrough
- 3 Where Can You Buy Olympus Tokens Online?
- 4 Ways to Buy Olympus Tokens
- 5 Should I Buy Olympus?
- 6 Risks of Buying Olympus
- 7 Best Olympus Wallets
- 8 How to Buy Olympus - Bottom Line
- 9 Buy Olympus tokens Now via Pancakeswap
- 10 FAQs
- 11 How much is Olympus?
- 12 Is Olympus a good buy?
- 13 What is the minimum Olympus tokens you can buy?
- 14 What is the Olympus all-time high?
- 15 How do you buy Olympus using a debit card?
- 16 How many Olympus Tokens are there?
How to Buy Olympus (OHM) – Quickfire Walkthrough In Less Than 10 Minutes
The Olympus protocol aims to provide its holders with stability, but without a need for the fiat currency of any country. To buy this Defi coin, a decentralized exchange like Pancakeswap is the most suitable method. Pancakeswap operates without the need for a third party when performing cryptocurrency exchanges.
The guide below provides sufficient information on how to buy Olympus tokens within ten minutes.
- Step 1: Download Trust Wallet: This wallet enables you to easily access Pancakeswap, the most suitable ‘DApp’ for this exchange. Trust Wallet is available on both Android and iOS devices, and it will take you only a short while to download and install it.
- Step 2: Search for Olympus: At the top right corner of your Trust Wallet is a ‘Search’ icon which you use to find Olympus.
- Step 3: Add Cryptocurrency Assets to your Trust Wallet: Before you can carry out any exchange, you will have to deposit some tokens in your wallet. You can choose to buy with your credit or debit card or send some from an external wallet.
- Step4: Connect to Pancakeswap: You can connect your Trust Wallet to Pancakeswap by locating the ‘DApps’ icon at the bottom of your screen. Select Pancakeswap from the available options and click ‘Connect.’
- Step 5: Buy Olympus: After connecting to Pancakeswap, you can now buy Olympus tokens. Locate the ‘From’ tab, which presents you with an ‘Exchange’ icon, then choose the coin you want to replace with Olympus. On the other side, locate ‘To’, select Olympus, and also the number of tokens you want from the exchange. You may now click ‘Swap’ to complete the transaction.
You will receive your Olympus tokens within seconds, and they will remain in your Trust Wallet until you decide to sell or move them.
Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile.
How to Buy Olympus – Full Step-By-Step Walkthrough
The quickfire guide above sure gives you an idea of how to buy Olympus within minutes, and that might be sufficient if you are already familiar with trading cryptocurrency. However, if you are not, you may need a more thorough guide.
Your first attempt at purchasing Defi coin may appear challenging, but our step-by-step walkthrough on how to buy Olympus will demystify this for you.
Step 1: Download Trust Wallet
You can download Trust Wallet from the Apple Store or Google Playstore. Trust Wallet is one of the best options if you are looking to trade with a decentralized exchange. Additionally, it is supported by Binance, which assures you of its security.
After downloading and installing the app, set it up and choose an impenetrable but memorable passcode. You’ll also be provided with a 12-word seed phrase that you can use to retrieve your wallet and digital assets if you lose your PIN. It will be best if you write it down and keep the seed phrase somewhere inaccessible by others.
Step 2: Deposit Cryptocurrency Tokens in Your Trust Wallet
Since you cannot trade without digital assets, you will have to deposit some cryptocurrency tokens in your Trust Wallet. Typically, you can go about it through any of these two methods.
Transfer Cryptocurrency From Another Wallet
If you already own some cryptocurrency assets in another wallet, you can transfer some to your Trust Wallet. Here is how you can go about it:
- Locate ‘Receive’ in your Trust Wallet and choose the cryptocurrency you will be sending from the external source.
- You will receive a unique wallet address. We recommend copying it to avoid making a mistake.
- Paste the wallet address in the ‘Send’ tab in your other cryptocurrency wallet.
- Then choose the cryptocurrency and quantity you intend to transfer and complete the transaction.
Your cryptocurrency tokens will reflect in your Trust Wallet in a short time.
Buy Cryptocurrency With Your Credit or Debit Card
If you are new to cryptocurrency trading, you will likely not own any assets in an external wallet. Completing the verification process is integral if you intend to buy cryptocurrencies with your credit/debit card.
You can verify your identity by providing an image of yourself holding a legal identification card like your driver’s license or passport. There are also a few other requirements in the Know Your Customer (KYC) process you will have to complete.
You can now use your credit or debit card to buy all the tokens you need, subject to these steps:
- The ‘Buy’ tab at the top right corner of your Trust Wallet presents you with all the available cryptocurrency tokens you can buy with your card.
- You have diverse options to choose from; however, you may want to go for one of the established coins like BNB.
- Next, choose the quantity you want to purchase and input your card details to complete the transaction.
The tokens you have just purchased will appear in your wallet in seconds.
Step 3: How to Buy Olympus Through Pancakeswap
Since you have deposited some cryptocurrency tokens in your Trust Wallet, you can now buy Olympus. You simply have to connect your Trust Wallet to Pancakeswap by following the quickfire below. Crucially, the exchange will allow you to buy Olympus by swapping it for the tokens you purchased earlier.
- Locate ‘DEX’ on the Pancakeswap page.
- Click ‘Swap,’ which presents you with a ‘You Pay’ tab. Choose the coin you purchased or transferred to your Trust Wallet, as well as the quantity for the exchange.
- Find the ‘You Get’ tab and select Olympus.
- Next, choose the number of tokens you want and click ‘Swap’ to complete the exchange.
Trust Wallet will display your Olympus tokens within a short period.
Step 4: How to Sell Olympus
Every trader aims to make some profit, and so this does, of course, also apply to cryptocurrency investments. Therefore, now that you understand how to buy Olympus, you may desire to sell the tokens later.
There are two ways to go about this, and you may opt for the one you find most suitable.
- Just as Pancakeswap lets you buy Olympus tokens, you can also use the DEX to swap them for a different cryptocurrency. Step 3 above explains how you can go about it, but you will have to apply the guide in reverse.
- Your other option is to sell your Olympus tokens for fiat money, but you will have to resort to a third-party trading platform.
- Since Binance backs Trust Wallet, you can conveniently sell your Olympus tokens on the platform. However, you must complete the KYC process if you haven’t already.
Where Can You Buy Olympus Tokens Online?
The Olympus protocol has an impressive market trajectory. If you’re already aware of this, then chances are you will be looking to buy some tokens. You can get Olympus tokens on several platforms. However, if you want a seamless and compatible method of purchasing them, you may want to opt for Pancakeswap.
The DEX is the most suitable way to buy Defi coin, and we let you know why in the section below.
Pancakeswap – Buy Olympus Tokens Through a Decentralized Exchange
The most compatible way to buy a Defi coin, particularly Olympus, is by using a decentralized exchange like Pancakeswap. That way, you can buy all the Olympus tokens you want without going through an intermediary. More importantly, Pancakeswap stands out because it makes the process seamless and convenient whether you’re a veteran or a beginner.
When you use Pancakeswap, you don’t have to worry about high transaction charges. Even when there is a lot of traffic on the medium, the DEX maintains its low fee service. Additionally, it executes trades within seconds; that is, it has a swift response and delivery time. This is a plus for many traders and investors, as it means they can complete multiple transactions in ample time.
Pancakeswap also allows you to make money off your idle coins. If you’re holding some tokens, you become eligible for rewards because those coins contribute to the platform’s liquidity pool. Additionally, you can also stake your Olympus tokens, which is one of the ways the protocol enables you to make money. More so, there are many farms from which you can reap rewards.
Another perk of Pancakeswap is that you have access to many different Defi coin. This makes it easy to diversify your Olympus investment, thereby mitigating your risks. Pancakeswap also works effortlessly with Trust Wallet, which is one of the most secure wallets globally. To get started, you simply need to download and install the app!
Pros:
- Exchange digital currencies in a decentralized manner
- No requirement to use a third party when buying and selling cryptocurrency
- Supports a sizable number of digital tokens
- Allows you to earn interest on your idle digital assets
- Sufficient levels of liquidity – even on smaller tokens
- Prediction and lottery games
Cons:
- Might appear daunting at first glance for newbies
- Does not support fiat payments directly
Ways to Buy Olympus Tokens
If you have recently acquired an interest in Olympus tokens and would like to buy some, you can go about it in two major ways.
Buy Olympus Tokens With Your Credit/Debit Card
You can buy Olympus tokens with your credit or debit card on Trust Wallet. First, however, you have to complete a quick verification process because you will be using fiat currency for the purchase.
Following that, connect Trust Wallet to Pancakeswap. Type in your card details where necessary and buy the cryptocurrency you will use for the eventual exchange.
Buy Olympus Tokens With Cryptocurrency
If you already own some cryptocurrency tokens in another wallet, transferring some to your Trust Wallet and subsequently buying with Pancakeswap will be a walk in the park.
First, paste your Trust Wallet address in the external wallet and send the tokens you want to swap for Olympus tokens. Next, connect to Pancakeswap and complete your Olympus token exchange!
Should I Buy Olympus?
You may be wondering if Olympus is a worthy buy. Well, this question is best answered after considering certain factors. Some of these factors include the coin’s trajectory, the problems it aims to solve, its ecosystem, and so on.
Of course, this is why your personal research is important before buying Olympus. This will ensure you have adequate knowledge on the coin.
Here are some key things to consider when researching the project.
Not Pegged To a Fiat Currency
Olympus was established on the premise that pegging a coin directly to the US dollar can make the token's stability vulnerable to any decline in the dollar. As such, the developers sought to do something differently. So instead of opting for the commonly used USD, the coin is pegged to DAI, the leading stablecoin that’s backed by cryptocurrency collateral.
Because the protocol has 1 DAI held for every 1 OHM token, the sustainability of the project can be assured for a long period. Additionally, this means that people can invest in the project with minimal risks. Also, the protocol is responsible for burning or minting tokens, which makes for an adequate balance of interest in the ecosystem.
Cryptocurrency Reserve
Since Olympus aims to be an independent but stable coin that the digital assets industry can rely on, it has a currency reserve, just like centralized financial institutions.
- Reserves are methods used by central banks to maintain a currency's stability, particularly during periods of inflation or deflation.
- Currently, Olympus uses the DAI to achieve this mission.
- When one OHM trades below or above one DAI, the protocol burns and mints tokens to regulate such an occurrence.
This often comes to light when OHM tokens trade below the price of DAI.
Joint Ownership and Decision Making
Aside from being a Defi coin that aims to be a stable and reliable cryptocurrency, Olympus has an ecosystem that involves its token holders. Important decisions are jointly taken, as opposed to the system of governance in centralized financial systems.
The treasury isn't run by a single individual but rather Olympus coin holders. Offering its coin owners a stake in the decision-making process makes them more involved in the overall progress of the project, and consequently, their interests.
Staking and Bonding
Staking is how Olympus coin holders make their money. When the OHM trades above the value of the DAI, the treasury mints new tokens and distributes them to coin holders.
That way, token holders can stake their OHMs, and the yields will be compounded automatically. On the other hand, 'Bonding' is when Olympus token holders sell cryptocurrency assets to the treasury and get OHMs at discounted prices after some time.
Price Prediction
Although Olympus attempts to not be as volatile as other cryptocurrency assets, the coin doesn’t have a stable price. This accounts for why its price continues to alter.
Crucially, online Olympus predictions that forecast future prices do not have tangible data to back up their positions on this. Since the coin is not pegged to the US dollar, no one can ascertain what the price will be tomorrow.
Risks of Buying Olympus
Buying Olympus is a financial decision that could be profitable or otherwise later on. As with most cryptocurrencies, investing in this project comes with its risks.
Although the protocol has systems in place to regulate trading, especially when it goes below the price of DAI, you need to employ certain measures to mitigate your exposure to this project.
Here are some steps you can leverage to lessen your risk:
- First, diversify: It is always an excellent financial idea to avoid investing in a single cryptocurrency. That way, even when Olympus seems to be on the downside, you have others to rely on. Additionally, you stand to profit from the various benefits each token has to offer.
- Research Adequately: Adequate research is going to save you from investing in the wrong cryptocurrency. When you have sufficient information on a project, you will be able to make a confident decision as to whether to buy or not.
Best Olympus Wallets
Whether you are holding a large or small quantity of Olympus tokens, you will need a suitable wallet to store them. Some of the factors you have to consider when settling for the perfect wallet are accessibility, user-friendliness, and most importantly, security.
Here are some of the best wallets for your Olympus tokens.
Trust Wallet - Overall Best Wallet For Olympus
There are several upsides to using Trust Wallet.
- You don’t have to be an experienced cryptocurrency trader to be able to work your way around it.
- It is user friendly, and you don’t have to subscribe to use it.
- Additionally, it supports Pancakeswap, which is the best decentralized exchange to buy Olympus.
- The wallet also enjoys the support of one of the largest and most credible cryptocurrency trading platforms worldwide - Binance.
Overall, Trust Wallet is the best option for storing your Olympus tokens.
Ledger Nano X - Best Olympus Wallet For Security
Ledger Nano X is a hardware wallet that is very suitable in terms of security. The wallet has numerous systems in place to ensure that it’s not susceptible to hacks or compromise.
In addition, Ledger Nano X stores your Olympus tokens offline and lets you carry out all your sales and purchases with ease.
The wallet provides you with a 24-word phrase that you can use to retrieve your assets if your hardware wallet goes missing. Ledger Nano X is also accessible, user-friendly, and affordable.
Coinomi - Best Olympus Wallet For Convenience
One other vital factor to look out for in a wallet is convenience. Coinomi stands out because it is a hardware wallet that you can plug into your mobile phone and computer.
It means that you can move it just about anywhere and still be able to access your Olympus tokens. Furthermore, Coinomi has never been hacked since it was launched in 2014, which means you don’t have to worry about the safety of your coins.
How to Buy Olympus - Bottom Line
In conclusion, the most suitable way to buy a Defi coin such as Olympus is to use a DEX like Pancakeswap. Aside from the numerous features of this DEX, it ensures that you don’t face any third-party interference when buying your Olympus tokens.
Additionally, you can easily access Pancakeswap through Trust Wallet, which makes the overall process convenient. All in all, this guide has shown you how to buy Olympus within minutes - even if you're a complete newbie.
Buy Olympus tokens Now via Pancakeswap
Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile.
FAQs
As at the time of writing in late July 2021, one Olympus token costs just over $500.
The Olympus protocol aims to offer a cryptocurrency that is stable without being backed by fiat. Although an impressive innovation, investing in the project should be based on personal research.
You can buy as one Olympus token or even less - because you can buy cryptocurrency in fractions.
As at the time of writing, Olympus has an all-time high of $1,479, which it reached on 24 April 2021.
You can use your debit card to buy Olympus tokens with ease if you have Trust Wallet. First, complete the mandatory KYC process, input your card details and buy a base cryptocurrency like Binance Coin. You can then connect your Trust Wallet to Pancakeswap, and purchase your Olympus tokens on the DEX - using the coin you obtained with your debit card.
There is no information about this, as at the time of writing in late July 2021. How much is Olympus?
Is Olympus a good buy?
What is the minimum Olympus tokens you can buy?
What is the Olympus all-time high?
How do you buy Olympus using a debit card?
How many Olympus Tokens are there?
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