OlympusDAO or Ohm Forks represent the upgrades to OlympusDAO’s codebase that has given birth to a variety of forked products.
What Is an OHM Fork?
is a process of making changes to a blockchain
When a blockchain network undergoes major improvements, it results in forks
, which splits the blockchain into two where both the variants are different but run parallel to each other. Because the source code
is open, everyone understands how the network is built. This also implies that any user can provide ideas for upgrading and repairing the code.
People usually associate the establishment of new forks with the issuance of new cryptocurrencies
. The most popular way to create a new cryptocurrency is to start from scratch. You can potentially create a 'fork' in the existing Bitcoin blockchain. This is also apparent with the OlympusDAO
codebase, which, with its general codebase, sparked the construction of many additional forks.
Developers updated OlympusDAO's current codebase, resulting in the emergence of a flurry of new coins on the market. Forking on an existing blockchain was the approach used. This method enables the addition of new code to an existing blockchain without entirely rewriting it.
OHM's success drew a large number of imitators. OHM’s system served as a base for the generation of several OHM-related projects. Its innovative technique of sharing liquidity rewards with a large community, as well as its DAO organization, has inspired developers to work on their forks.
OHM's protocol-owned liquidity model has fueled the DeFi 2.0
movement, and its success has inspired imitations such as Wonderland, which is another fork of Olympus. Wonderland’s TIME
token which is built on the Avalanche blockchain has achieved significant market capitalization and has been a success so far.
$KLIMA is an official and acknowledged fork of OHM
that is also backed by OHM
token holders. It is a cryptocurrency based on Polygon and backed by digital carbon credits. The APY
, like the OHM coin, is very high, which means that if you make an investment, you may expect massive profits.
AnubisDAO, on the other side, initiated a fork of Olympus DAO, which had become enveloped in mayhem after 13.6K ETH ($60M) had been plundered from the system
. The goal was to merge the liquidity
bonding mechanism introduced by Olympus with a Shiba Inu token-based treasury.
This is another case of rug pull
in which unethical coders go underground by easing their labor with the aid of pre-existing codebases, such as the OHM fork.
The success of Olympus' native token OHM and its features, particularly its liquidity protocol, has spawned a slew of other tokens. The majority of the developers behind these tokens, however, are unknown. The concern is that if the protocol vanishes, we won't know who to blame or how to proceed, which is unsettling.
That problem occurs not just with Olympus DAO, but also with Klima DAO and Wonderland (TIME), a non-official OlympusDAO fork.