OlympusDAO announced collaboration with FRAX Finance

What are they doing

Why they are doing it

About OlympusDAO

Olympus (OHM) is a floating algorithmic currency. This means that it has mechanisms to promote stability and predictablility without directly pegging to any asset. However, we take it one step further with the introduction of adjustable policy; the DAO can move certain variables up and down to target growth and profitability or stability and predictability.

About FRAX Finance

Frax Finance is the first fractional-algorithmic stablecoin protocol. Frax is open-source, permissionless, and entirely on-chain. The vision for the Frax protocol is to provide a highly scalable, decentralized, algorithmic money in place of fixed-supply digital assets like BTC. Frax is the only stablecoin with parts of its supply backed by collateral and parts of the supply algorithmic. The ratio of collateralized and algorithmic depends on the market’s pricing of the FRAX stablecoin. If FRAX is trading at above $1, the protocol decreases the collateral ratio. If FRAX is trading at under $1, the protocol increases the collateral ratio.

📰 INFO

https://olympusdao.medium.com/ohm-x-frax-a-new-breed-of-partnership-95cd1cc01770

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