- DAO would like to reduce OHM’s stake.
- As the proposal is ready for community votes, more addresses are now active.
OlympusDAO has now put out a new proposal in an effort to expand the utility of its OHM token. With the community set to vote, here’s how key metrics have reacted to the proposal.
OlympusDAO (OHM), Price Prediction 2023-24
OIP 133 presents OlympusDAO’s options
OlympusDAO published a post on 8th March. announced The launch of a new proposal. The proposal, tagged OIP 133, suggests three potential improvement options to the OHM token’s functionality.
The proposal is intended to increase utility of tokens in circulation and decrease stake interest.
The first option is to issue a single OHM Bond at a fixed rate of 7.33% with a reduced stake rate that can be reduced gradually or immediately to zero.
In option two, OHM’s staking rate isn’t up for reevaluation until after the completion of loan projects. The third option is a mix of the first two. It involves decreasing the stake rate over time, as projects are finished.
Although OHM was staked to over 90%, approximately 60% of OHM’s value was not used for other transactions at press time.
Active users report an increase in their usage
The OlympusDAO per Santiment 7-day active addresses metric revealed that it was previously in decline.
However, since March began, a clear uptrend has been evident. The uptrend was evident and it reached its highest point in four months. It was at 899 addresses at the time of writing, which is a substantial increase.
Source: Santiment
OHM falls into a bearish trend
OHM’s price movement in March seemed flat, but there were some notable value drops that were noticable. The asset’s upward trend was not possible because of the ups and downs that occurred before March.
Source: TradingView
As of writing, the coin was trading at $51.7 and had lost over 1.5% in a daily period. A lack of notable activity was also evident in the daily volume.
DAO noticed low transaction volumes without staking. This could be reflected in current volumes.
The poor price action has kept this asset in a bear market. The Relative Strength Index (RSI) line’s position, slightly above 40, confirmed the bearish sentiment.
Realistic or not, here’s OHM market cap in BTC’s terms
MVRV flips to an area undervalued
OlympusDAO has struggled to keep its position above the overvalued area, as measured by the 30-day Market Valu to Realized Value Ratio (30 MVRV). However, a further price drop has made it an undervalued asset. It was currently at -3.1% at the time this article was written.
Source: Santiment