ZoneBitcoin EditorialOlympusDAO is certainly the most surprising protocol that has appeared in recent times. A protocol so original that we have been talking about DeFi 2.0.
Its success has of course inspired dozens and dozens of forks, as evidenced by the ranking on Coingecko. Remember that Olympus DAO is hosted on Ethereum and given the network fees, there was very quickly talk of "duplicating" it on other, cheaper networks.
And, ultimately, that's good even if the internal mechanics of these protocols are still not understood.
When we talk about fork, we are talking about copying and pasting the initial code (as very/too often in the cryptosphere) of OlympusDAO. When there are many forks of a protocol, it means that it brings something attractive.
A bit like Uniswap has experienced hundreds of forks and even today, most DEXs are only more or less improved copies.
For those who have not followed OlympusDAO, know that it is a protocol that has changed the entire liquidity model. We are no longer liquidity providers on OlympusDAO because it has its own liquidity (meaning its own cash flow). In fact, there is no longer any need to create a reward token to reward liquidity providers.
Read the article on olympusDAO to know more.
So, sure, some are critical of OlympusDAO's standalone reserve mechanism, because for them it's just a simple way to acquire assets for cash flow without a concrete use case. Certainly, but the forks are numerous, and this proves that there are still many people interested in these new models.
What interests us in this article is not so much OlympusDAO, which we have covered in several ways on this blog, but the forks, in fact 😉
The different forks on other networks
You should know that forks tend to grow over time (for the best of them). For example, sushi swap which is a copy of Uniswap has become autonomous today. It will even create a market for NFTs etc. In short, what we want to say here is that forks start by being copies before finding their singularities.
Wonderland: Look for the Rabbit and Alice in DeFi Wonderland
It is clearly the one that is most talked about after OlympusDAO. Wonderland is built on the network Avalanche, which makes transactions cheaper, among other things. Thus, the TIME token has also exploded in barely a month and is the second in terms of market cap in this category.
Daniele Sesta, one of the founders of Wonderland, is recognized as a brilliant mind in DeFi. He notably worked on other successful projects such as $MIM and $SPELL on the Avalanche blockchain.
Daniele Sesta, who co-founded Wonderland and Abracadra, announced that he wanted the protocol to differentiate itself from OlympusDAO over time. He explained in particular that he would like to create a product that could completely do without venture capital. This point may be super surprising. We will follow this matter closely, believe me.
For now, it's the same mechanism used. To buy the TIME token at a reduced price, you can buy it in exchange for Liquidity tokens from TIME-AVAX or even TIME-MIM. You can also stake the tokens in exchange for "rebasing" the token. This gives us an incredible APY of + 68,000%.
It seems crazy and we can only think of a Ponzi with such APYs…
Abracadra and the $MIM token: We're going down the rabbit hole
Here, it goes even further with Abracadra and the MIM (Magic Internet Money) token. The name itself can scare us, of course. That said, the protocol takes the concept even further. The user can then maximize his return on investment but also increase the risk he takes.
On Abracadabra, you can borrow stablecoins against assets that earn interest. Thus, users who have staked on Wonderland with Time can also borrow on the Time token.
Borrowing at an interest rate but in the majority of cases, the interest on your assets will exceed the borrowing rates. Basically, it's like you're borrowing money for free.
Frankly, Magic Internet Money…It’s still funny but very effective. I remind you that if you borrow, you also take big risks such as losing your deposits.
Don't forget this risk before running to find the rabbit, ok?
This might sound like a Ponzi scheme to you, right? We talked about it in an article.
Klima: the black hole for carbon
Klima is another fork of Olympus that has been gaining a lot of momentum lately. The KLIMA token came in 197th place in terms of market cap. The particularity of Klima is to have added the ecological dimension to the protocol. E
The objective of KlimaDAO is to accelerate the appreciation of the price of carbon assets. A high carbon price forces businesses and economies to adapt more quickly to the realities of climate change, and makes low-carbon technologies and green projects more profitable.
Basically, the KLIMA token is intended to be backed by real and verified carbon assets. Better yet, the KLIMA token wants to function as a sustainable asset and a means of exchange with true eco-value.
In fact, we would have to delve deeper into this protocol to understand everything. In any case, the protocol differs very clearly from Olympus. It is even, perhaps of all the forks, the most singular.
Spartacus on Fantom
Spartacus is the fork of Olympus on the Fantom network. Spartacus remains very close to OlympusDAO in its operation for the moment. However, being on a network that is still "young", the token has an affordable price and transactions.
We could also talk about the Invictus fork on Solana and many others that we don’t necessarily understand…
Final word on OlympusDAO forks
The forks are certainly very interesting, that said, we need more time to understand all the ins and outs.
There is still a lot of potential and promise in this direction and we also need to follow OlympusDAO itself and see the rest of the protocol.
The team of Olympus Dao warned that the forks will only become diluted over time. Of course, it can also be a marketing technique, who knows?
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