At a time, Olympus DAO was popularly known as the ultimate pace setter, where the DeFi 2.0 movement was concerned and deservedly was ruling the roost. Unfortunately, due to various unfavorable circumstances that it faced during this year affected it adversely.
Now, to understand Olympus DAO better, along with what the entity entails, the fact needs to be absorbed and digested that it is a DeFi protocol. In its present position, it has in its position a staggering amount of $200 million. However, owing to the adverse circumstances and situation that it has been through, it has taken the firm decision to drastically cut down on the highly generous yield that holders, who owned its indigenous token, were gladly receiving over the previous year and a half.
Nevertheless, considering all the facts, Olympus DAO has begun moving towards its aspirations for a bond-centric future. In its informed view and opinion, the measures and means of lowering the otherwise high yield that the holders till now were accustomed to are by effectively changing the byzantine system, which was responsible for holding up the high APY.
To further their collective viewpoint, they agree that when the scenario is not encouraging the opportunity for further growth, the corresponding high APY can be relegated simply to the inflation factor, which in no justifiable way contributes to economic productivity. This inadvertently would put the credit markets completely out of action. Therefore, the ultimate stand and decision.