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Past-ICO Review: Olympus Labs

  • Eric Eissler
    ⭐ Features

    Crypto Indices are growing in popularity, but this company’s token price is shrinking


Past-ICO Review: Olympus Labs
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Crypto indices are garnering more attention and gaining more traction on the investment side of crypto. If you, as an investor can’t decide where to put your money for a crypto investment, then an index might be the best place. After all, many investors in traditional financial markets strongly believe in the index funds and so do many planning for retirement. Olympus labs is building a product that will allow investors to buy into indices, and maybe build their own (the wording is a bit fuzzy). In an interview with Forbes Magazine, CEO of Olympus Labs said,  “We have found that it can be hard for a crypto investor to find and invest in indices that are diversified and do well. [Author’s note: just for the record, the preceding sentence is not entirely clear: does he mean crypto indices or traditional ones] For those of us who are unsure how to invest in crypto, indices are the best way to track the market by buying into some which are either researched by professional managers or picked by industry experts you may trust.”

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Financials

Olympus Labs raised some $60 mln in a token sale that ended on Jan. 13, 2018. The token sale price was $2.18 for one MOT. However, it appears that some of the information is off because when checking CoinMarketCap, the token entered the market at $0.99 on Jan. 1, 2018 and shot up to a high of $3.05 on Jan. 9 just days before the ICO. After the ICO the price fell to $1.40 on Jan. 12 has been on a steady decline since then; currently sitting at $0.18 at the time of writing. Not a very impressive performance by any means. Market cap hovers around $7.5 mln and daily volume is close to $500,000.

Team

Kai Chen- CEO & Founder

Graduating from Yale and having an interest in investment lead Chen to work in banking and investment firms early on in his career, before founding Olympus Labs and another company.

Bharat Vishnubhotla- Head of Business Development

Vishnubhotla has a BA in business administration from USC. He previously worked at Accenture before coming to Olympus Labs.

Abel Bordonado Lillo- Full-Stack Developer

Has more than five years experience in web dev and gaming. He has worked on many other projects before coming to Olympus Labs.

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Boom to bust

Olympus Labs did a great job raising funds in its ICO but dropped the ball afterward. Checking out the numbers of followers on Telegram, they did not even crack 10,000. According to Twitter, there are more followers there, 34.7K to be exact, but generally in the cryptosphere to be legit you must have a lot of followers on Telegram to be taken seriously. According to the latest Tweet: Aug. 13, they are working on integrating with Bancor and are still developing the platform. Bancor was one of the biggest failures of 2017 and anything it touches turns to dust. With this info in mind, it would be safe to say that Olympus Labs are not going too far past the starting line.

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Cover image via u.today
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Question of the Day: Can Stablecoins Accelerate Cryptocurrency Adoption?

  • Yuri Molchan
    ⭐ Features

    Stablecoins show hardly any volatility compared to Bitcoin and altcoins, many are hoping that they will be able to bridge new crypto economy and regular fiat money


Question of the Day: Can Stablecoins Accelerate Cryptocurrency Adoption?
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Bitcoin, the father cryptocurrency, emerged in hope that it will remove all intermediaries in electronic commerce that cut off their share of payments. BTC was perceived as a P2P way to replace fiat cash in an electronic format, which would enable one party to pay another without any financial institution or payment platform which would demand its share of a transaction as a reward for its services.

What is wrong with Bitcoin

For quite a while Bitcoin was performing the way the crypto community expected. But the situation changed later – BTC rate became weaker, thus bringing down its financial and economic reliability, when it gets to be used as a regular means of payment.


You cannot have a currency that would cost like a British castle today, a gram of gold – tomorrow and a pack of French fries the day after.

At that point practical fintech minds came up with an idea of creating something which would become a breakthrough in the universe of crypto – a so-called stablecoin.

Will stablecoins solve the volatility problem?

Technically, stablecoins are protected from the volatility roller-coaster that Bitcoin and other cryptos love to ride. They are programmed to keep their prices stable and investors now are largely attracted to this new type of digital assets.

Stablecoin does not show any volatility in its monetary value, since it has a fixed connection to an asset it is pegged to. The major goal of using stablecoins is taking the best from decentralized crypto coins and combining it with a constant value. Thanks to it, stablecoins can be used as a reliable means of trade.

Asset-pegged stablecoins

Asset-backed ones get their value from an asset as can be understood from the name. An asset provides the necessary value to a coin, as well as the necessary legitimacy.

A great example of an asset-pegged stablecoin is Tether (USDT). In spite of a series of scandals at the end of last year, it remains the most popular stablecoin in the crypto market.

Recently, it has partnered with the Tron Foundation to launch a Tron-based stablecoin.

Other examples are TrueUSD (TUSD), USD Coin (USDC), the Gemini Dollar (GUSD), and the Paxos Standard (PAX). They are all pegged to the USD.

Crypto-backed stablecoins

Some digital coins work in a similar way to fiat-backed ones, however, they are pegged to collateral crypto. That means that crypto assets that ensure the value of such stablecoins are stored in a wallet similar to escrow.

A good example of a crypto-pegged token is Maker, which is ranked 16 on CMC.

Algorithmic stablecoins

Even though, stablecoin can be interesting at first thought but the way they are built goes against the principle of decentralization that crypto coins have as a foundation. Thus, many crypto fans and evangelists are positive that stablecoins must be linked towards not a centralized asset but a computer algorithm which takes value from a balance between supply and demand.

Basis is now considered the most promising algorithmic stablecoin of all.

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Can stablecoin ensure smooth future for the crypto industry?

The primary goal of all crypto assets was and remains to come up with virtual asset that would be liquid enough and not vulnerable to market volatility. From this point of view, stablecoins are a dream of all crypto fans and evangelists of a decentralized economy.

Apart from the potential to conduct crypto transactions smoothly, experts believe it can bridge the two worlds – fiat and crypto, bringing them a mutually beneficial coexistence. However, that may take time.

Cover image via u.today
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