OHM Fork

An OHM fork is a decentralised finance project built by copying the open-source code and economic design of Olympus DAO, whose OHM token became popular in 2021. Olympus aimed to build a treasury-backed reserve currency: it sold OHM at a discount through "bonds" in exchange for stablecoins or liquidity-pool tokens, so the protocol owned its own trading liquidity, and it paid stakers rebasing rewards that advertised extremely high APY figures, paid in newly issued tokens. Dozens of forks launched on other chains with the same mechanics. Most relied on continuous new buying to support prices, and when demand faded their token values fell steeply, leading critics to compare the model to a reflexive Ponzi loop. The best-known fork, Wonderland on Avalanche, faced a crisis in January 2022 after it emerged that its treasury manager was a co-founder of the failed exchange QuadrigaCX. Also see fork and DAO.