What is a reserve currency?
In traditional finance a reserve currency is a large quantity of currency maintained by central banks or other financial institutions to prepare for investments, transactions, debt obligations or to influence their currency price. The US dollar is the world’s reserve currency meaning this is the currency that is used for transactions on the international market.
One of the major goals of cryptocurrency is to enable people to be able to make financial transactions without needing an intermediary like a government or a bank. This gives people the freedom to make the transactions anonymously, and the security of knowing they have full custody of their finances.
Dogecoin has become the most successful meme coin in history and has developed an extremely loyal and passionate investor base. One of the weaknesses of dogecoin is that it doesn’t have much utility in the ability to do things with your dogecoin. This is the primary reason for the creation of dogechain in order to give utility to dogecoin through using it for gas fees on the chain. There still is however not a huge number of utilities for dogecoin and that is why we have created Olympus Doge as the reserve currency for dogecoin on dogechain.
The $OHMD token will start will a supply of 10,000 tokens on launch, and that supply will increase every 8 hours with each rebase. Our goal is by one year after launch that the supply of $OHMD has increased to the point that the $OHMD token price matches that of dogecoin. This means that investors will be able to buy the $OHMD token knowing that it will match the price of dogecoin long term, meaning that if they believe that dogecoin will increase in price long term and that it is a strong investment then they can invest in the $OHMD token knowing that they will get the same price increase than they would have gotten if they had held dogecoin.
The benefit investors get from holding $OHMD instead of dogecoin is they get all the utility that comes from the token. In the short term $OHMD will have a dramatically higher price than dogecoin as the token launches and the supply is low and new capital flows in. They get the rebases every 8 hours meaning their token value is constantly increasing. The $OHMD token is backed by the treasury and as the treasury grows over time that backing level increases giving the token increasing stability and security. As more financial services are released the treasuries revenue streams will increase making it even stronger over time. The token will have use cases in all our financial services including most prominently our lending and borrowing platform, as well as partner platforms.
This means that long term investors holding the $OHMD token will get the best of both worlds. They get the price appreciation they would get from holding dogecoin. And they get the utility of all the services they have access to through holding the $OHMD token.
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