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Absurd APY for staking at Olympus DAO and other forks… What gives?
Recently in the crypto realm have seen Olympus DAO and other forks providing high (I'm talking about really high) APYs for staking in their system... is it real? Olympus DAO is offering at 6,922% APY while Wonderland is offering at 87,329.2% at time of post.
If i stake USD1, will i really get back at least USD6k after 1 year (assuming no rugpull of the project)?
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Kenneth Lou
07 Dec 2021
Co-founder at Seedly
Was looking at it... looks MLM-ish. When the music stops. It will be the real test of what happens then..
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When you see such sky high APYs, it's not constant and most likely can't last for the full year to g...
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Check out more on rebasing protocols, its very interesting and its what OHM and WONDERLAND are. Its not an easy concept to understand but it never ceases to amaze me what people can come up with in defi. HIGHLY HIGHLY recommend you check it out, it blew my mind
isit an MLM? no its not, you dont get any incentive for getting people into it or any share of profits they make, etc. starnetwork is more like an mlm imo.
alot of it is pegged to game theory (prisoner's dilemma), its also why you see the 3,3 meme on crypto twitter
the apy is high but its pegged to the coin and not in terms of USD, you can have 1000% apy for LOL coin but LOL coin USD value drop by 99%.