3 Best OHM Forks in Crypto That Are Created from OlympusDAO

Introduction

OHM Forks are a way of splitting the OlympusDAO blockchain to bring about changes and upgrades to its software. Before we go into the details, let us understand what a crypto fork is.

What is a Fork in Crypto?

A fork in a blockchain happens when an existing blockchain is divided (or better say ‘split’) to create a separate blockchain that implements changes to the software protocol of the existing blockchain. A fork happens when you need to bring any changes or improvements to the existing blockchain.

The developers also create forks when they want to create a new cryptocurrency. This way, the software can be made more secure, reliable, and less error-prone, on one hand, and bring about new changes/upgrades to the original chain, on the other. So, after forking, two versions exist side by side.

A blockchain fork can be created in 2 ways: The most common way is to start from scratch. This way, a new cryptocurrency can be created by copying the existing blockchain and then introducing the required modifications in it to create a new coin. In this case, you are creating a currency by building a new network altogether. The second way of forking is to split the existing chain (as we read earlier). In this case, all the changes are done on this existing blockchain and nothing needs to be done from the beginning.

OHM Fork Crypto Meaning

OHM is a decentralized and highly liquid currency that is built by OlympusDAO that is used for staking and bonding in the web3 ecosystem. This censorship-resistant currency powers the liquidity of OlympusDAO and reduces volatility commonly associated with other cryptocurrencies.

It is not a stablecoin and is a treasury-backed currency. It is not a stable coin like USDT or USDC. It increases the liquidity of the ecosystem and provides high purchasing power to its users. It acts as a governance token of OlympusDAO. This crypto aims to create a non-volatile medium of exchange of currency that can act as a global unit of account.

Is OHM Fork Crypto Non-Volatile?

Generally, cryptocurrencies are pegged to stablecoins and their prices fluctuate accordingly. This is not the case with OHM currency. It is not pegged to some stablecoin but is backed with $1 of assets. So, when this crypto goes below $1, the Olympus protocol buys it back and burns it. This reverts the price of the currency to $1. But the reverse is not true. It can go beyond $1 as its upside value is not restricted by the protocol.

Why OHM Crypto?

Olympus came up with this concept to counteract the effect posed by dollar-pegged stablecoins when the price of the dollar falls under various economic situations. It has been designed to be backed by several assets that make it a non-pegged cryptocurrency. In addition to providing liquidity and maintaining purchasing power, this free-floating currency is also used as collateral for other crypto assets. OlympusDAO considers other currencies as either suffering from inflation during economic downturns or going through too much volatility. It solves these two problems.

What is OlympusDAO?

The OlympusDAO is a protocol that was created by a bunch of anonymous people that were called “Zeus”, “Unbanksy”, “Apollo”, and “Wartul”. It is a community protocol where all the policies are created by the token holders using a tool called Snapshot, which is based on the IPFS storage system. Users can participate in the OlympusDAO community by two mechanisms; Staking and Bonding.

Under staking, uses can contribute by depositing their OHM tokens in the Olympus protocol and receiving another token (sOHM) that “rebases” your rewards. This rebasing is done several times a day. Staking also gives users governance rights. A rebase token is a token whose supply is adjusted regularly to control its price, The users receive sOHM on a pro-rata basis (in proportion to the amount that they stake). Users can use the Olympus app to stake their tokens.

Under bonding, users can receive tokens in exchange for other tokens at a discounted price. This way, OlymusDAO buys liquidity from its users and owns it. This is in contrast to the other platforms where users provide the liquidity and in such a scenario, the market can fall prey to the whims and fancies of the users and ultimately destroy the liquidity in several cases. Thus, bonding in OlympusDAO allows it to own about 99% of the liquidity. This way, Olympus treasury is maintained and is further increased by getting LP token rewards.

The treasure is maintained by issuing tokens at a time when the token’s price exceeds that of assets in the treasury. This lowers its price. When the token’s price goes below $1, it is burned to increase its price.

What is OHM Fork Crypto?

An OHM fork blockchain adds/changes/upgrades changes to the database of OlympusDAO, which results in the creation of new cryptocurrencies. The forking results in the creation of several blockchains that run in parallel. As the changes are made to the pre-existing code, there is no need to start from scratch!! In the case of OlympusDAO, OHM forks crypto resulted in the creation of multiple cryptos. The forking is done by adopting the splitting of the existing blockchain method.

Three Major OHM Forks in Crypto

KlimaDAO: Based on Polygon, Klima is an official blockchain fork that is backed by real carbon assets. KlimaDAO is a Decentralized Autonomous Organization (DAO) that serves to solve the problems posed by other cryptocurrencies; these issues are related to liquidity and transparency.

According to its website, it serves to counter climate change and while doing so, allows users to earn rewards. As the Polygon blockchain is built around low carbon utilization, the Klima fork supports sustainable projects across the globe. Klima is available on several decentralized exchanges like HotBit, SushiSwap, and OpenOcean. This fork is posed to become the carbon market disruptor.

Klima represents a crypto that fights carbon content that has been reduced with any possible method and is termed carbon credit. It is based on the concept that a certain amount of carbon is not allowed to be used, which means that it has been removed from the atmosphere. It allows organizations to minimize carbon usage by raising the liquidity of these carbon credits.

A carbon credit is an upper limit that a company can release. If these companies cross this limit, they will have to buy carbon credits from other companies that have emitted lower emissions than their upper cap. This trade of credits is done in a carbon market.

To encourage companies to lower their carbon content, prices of carbon credits are kept high so that companies are compelled to lower their omissions to keep the carbon under their upper cap values. Klima works by reducing a certain amount of carbon credits from the markets, thereby raising the price of the credits that are still trading on market. Users are given rewards to use fewer credits. Klima can be minted only when a carbon credit is added to the market.
Wonderland Time: Yet another famous OHM Fork that we are doing to talk about is Wonderland Time, which has a $TIME token working on Avalanche blockchain. The $TIME is backed by other crypto assets and is created to act as a global unit of account. Its governance framework is run by a treasury of different assets. Users can vote by buying from the open markets the wMEMO tokens, which are then used for voting on different proposals.

Wonderland is a decentralized protocol developed to create a policy-based currency system. Wonderland DAO contributes to the web3 ecosystem by providing yield growth strategies. The wMEMO tokens are backed by several assets in the treasury. Users with wMEMO are eligible for Wonderland DAO governance. Please note that the word “wMEMO” stands for “wrapped MEMO” and the token is a staked version of the TIME token. 1 wMEMO = 2339.35 MEMO. wMEMO is available for bridging on Ethereumand Fantom.

How to Wrap MEMO for SMEMO

Open the Wonderland app On the top right corner, click Wrap. Enter the amount of MEMO tokens to be wrapped to sMEMO and click Approve.

Buy Wonderland Time: It can be purchased from the open markets. You can get it by swapping different tokens on Kyberswap. Wonderland Time is available on exchanges including Gate.io, Pangolin, and Trader Joe.

Wonderland Time Price: The Wonderland Time price at the time of writing this article is $12.09.

Wonderland Time Staking: You can buy wMEMO tokens on Wonderland and stake them via the Farm option on its app. The users are rewarded from Wonderland’s treasury periodically.

Gyro DAO: Gyro is not a stablecoin and is not pegged to it. But it is backed by USD. This decentralized token lowers the risk profile that is inherent in volatile cryptocurrencies such as Bitcoin or Ethereum. GyroDAO itself mints the tokens and adds them to its treasury. This minting or burning cannot be done by anyone else and is done to control fluctuations in price.

Whenever the price of Gyro goes below $1, the protocol burns it to bring it back to the level. The treasury has 1 $ for each Gyro purchased or sold. The treasury works by issuing bonds; the profit created out of this is used to mint Gyro and rewarded to stakers. The Gyro bonding process provides liquidity to the ecosystem while staking helps users earn rewards. You can swap Gyro on a decentralized exchange. The price of Gyro, at the time of writing this article is $2.37.

How to Create your own OHM Fork?

To create your own OlympusDAO fork, you need to have Node, Git, and Yarn installed on your machine.

Clone the frontend repository of OlympusDAO:

git clone https://github.com/OlympusDAO/olympus-frontend.git

Change the directory to Olympus-frontend.

cd olympus-frontend

Copy the .env.example file to your .env file. Configure your .env file as per requirements (by changing different values).

Initiate Yarn to install all dependencies:

yarn

$ yarn start

Run the following command to setup husky:

yarn prepare

Disclaimer

This article is for informational purposes only and is NOT a financial advice. We do not promote, in any form, any cryptocurrencies/forks/coins/blockchains mentioned herein. The content of this article is based on the information available up to the knowledge. You should be aware that investing in any cryptocurrency/fork/blockchain/trading platform is subject to market risk and you MUST do your own due diligence (DYOR) before you put any money in any of the coins.