FAQ
In this section, we have compiled a comprehensive list of frequently asked questions about the overall Olympus project. Additionally, each page of the Olympus dashboard has a dedicated FAQ section specifically related to that particular feature. We encourage you to visit those sections for more detailed information tailored to the respective features and mechanisms.
What is Olympus?
Olympus is an ambitious decentralized finance initiative focused on developing an innovative and sustainable ecosystem centered around its core token, Apollo. It aims to empower users by providing a range of DeFi features and mechanisms, such as token distribution Lobbies, Yield Farming, Vault, Reward Pools, and Auctions, with the goal of creating long-term sustainable value for Apollo token holders.
What are the key features of Olympus?
Token Distribution Lobbies: Fair distribution of Apollo tokens over a period of 366 days to ensure a stable and equitable distribution.
366-Day Buybacks: Surplus liquidity is used for a 366-day buyback program to support the Apollo token's price and create a strong incentive for investors.
CryptoSphere: A long-term plan to utilize and elevate the Apollo token beyond the initial 366-day period, providing a broader purpose and additional use cases.
Platform-Owned Liquidity: Taxes are collected and used to generate platform-owned liquidity that cannot be removed, stabilizing the Apollo token's price and creating a sustainable ecosystem.
What are the tokens in the Olympus ecosystem?
The Olympus ecosystem consists of three tokens: 1) Apollo, the core token of the ecosystem; 2) Ares, a reward token that its main use is in Vault stakes; 3) LP Token, a token representing liquidity provided to the Olympus Internal Swap.
What is the purpose of the Apollo token?
The Apollo token is the core token of the Olympus ecosystem and serves as the primary asset around which the platform's features and mechanisms are built. It is designed to create long-term sustainable value for its holders through various mechanisms, such as fair distribution, buybacks, platform-owned liquidity, and integration with the CryptoSphere.
How does Olympus ensure fair distribution of the Apollo token?
Olympus employs a 366-day long token distribution mechanism called Lobbies instead of immediately adding tokens to a pool for investors to buy. This model is designed to ensure a fair distribution of Apollo tokens and help create a stable and fair price for the token.
How does Olympus achieve price stability for the Apollo token?
Olympus employs several mechanisms to achieve price stability for the Apollo token, including: 1) 366 days of buybacks using the project's surplus liquidity; 2) Platform-owned liquidity that cannot be removed, providing price stability; 3) A taxing system to generate platform-owned liquidity and incentivize long-term holding.
What is the purpose of the 366-day buyback program?
The 366-day buyback program is designed to utilize the project's surplus liquidity to buyback Apollo tokens over an extended period, without negatively impacting the token's liquidity and price. This buyback program creates a strong incentive for investors and plays a vital role in sustaining the project for the long term.
How does Olympus generate platform-owned liquidity?
Olympus has implemented a Taxing system for the initial year of the project with the purpose of incentivizing long-term holding and, more importantly, generating platform-owned liquidity from the collected taxes. This liquidity is added to the swap and cannot be removed, thereby stabilizing the Apollo token's price.
What is CryptoSphere, and how does it relate to the future of Apollo?
CryptoSphere is a long-term plan to utilize and elevate the Apollo token beyond the initial 366-day period. It encompasses a range of initiatives and developments aimed at providing additional use cases, value, and sustainability to the Apollo token.
CryptoSphere is crucial to the future of Apollo because it outlines the project's vision for the long-term growth and development of the ecosystem. It recognizes that the initial 366-day period is just the beginning and that ongoing innovation and expansion are essential for the project's success.
CryptoSphere represents a new era for Apollo token holders, as Apollo will be the main token of CryptoSphere project.
Key aspects of CryptoSphere development and importance:
Multiple DAO rounds to gather community input and make decisions about the future direction of the project.
Expansion of the Olympus ecosystem beyond its current offerings, including the development of new products and services.
Integrations with other DeFi protocols and platforms to increase the reach and accessibility of Apollo tokens.
How does Olympus aim to create a sustainable ecosystem?
Olympus aims to create a sustainable ecosystem through various mechanisms and approaches, including fair token distribution, buybacks, platform-owned liquidity, long-term plans for the Apollo token (e.g., CryptoSphere), and a combination of DeFi features and mechanisms that incentivize long-term holding and participation.
What is the mission and goal of the Olympus project?
Olympus aims to create an innovative and sustainable decentralized finance ecosystem centered around its core token, Apollo. The project's focus is on long-term sustainability, fair distribution, price stability, and providing a range of DeFi features and mechanisms to create value for Apollo token holders.
How can I get Apollo tokens?
There are two main ways to acquire Apollo tokens: a) Buy them from the internal Olympus Swap, paying the applicable Swap Buy Tax. b) Participate in the Lobby feature by depositing BNB into open Lobby to receive a share of Apollo tokens once the Lobby ends after 3 days. After that, you can continue earning rewards on your Apollo tokens from the Vault or the Yield Farming reward pool while still holding your Apollo tokens. This allows you to accumulate more Apollo tokens through the reward mechanisms while maintaining your initial token holdings.
Last updated
Was this helpful?