OHM · a treasury-backed currency that now burns more than it mints.
OHM is the reserve-currency token of Olympus (OlympusDAO) on Ethereum — ~14.96M circulating, each unit treasury-backed. The old high-APY rebase is gone; supply is now set by two policies, one that mints OHM above backing and one that buys and burns it.
Sell pressure. None on net. New OHM is minted only above a 100% backing premium, there is no vesting left and no scheduled treasury release — supply did not grow in the window.
Buy pressure. About 0.30M OHM bought and burned per 90 days — treasury yield funds a daily buy-and-burn that removes supply for good.
Net. About 2.0% off market over the next 90 days — supply shrinking, with the burn pace decelerating from a heavier trailing window.
Olympus has retired its old high-APY staking rebase — there is no fixed emission anymore. New OHM is minted only by the Emissions Manager, and only when OHM trades at a 100% or larger premium to its treasury backing. Across the trailing window supply contracted, so this minting added nothing on net, and nothing is projected into the float for the window.
There is no remaining team or investor vesting. The DAO formally ended all future unlocks and allocations, so OHM is effectively fully circulating and supply is set by market policy rather than a calendar. No scheduled unlock cliff falls inside the window.
The Olympus treasury — sUSDS reserves, Cooler-loan collateral and the roughly 4.88M OHM between circulating and total supply — is the standing team-controlled overhang. Treasury OHM leaves only through the price-gated Emissions Manager, not a discretionary calendar release, and no such release is dated inside the window. Monitored.
No bankruptcy estate or court-ordered distribution applies to OHM.
Olympus runs no separate accumulation buyback — the Yield Repurchase Facility buys OHM and then burns it rather than parking it in a treasury wallet, so that activity is booked under the fee burn below and is never double-counted here.
The Yield Repurchase Facility uses treasury yield — about 6.5M dollars a year from sUSDS reserves and Cooler-loan interest — to buy OHM daily on a price-agnostic basis and then burn it, permanently removing supply. The burn is price-dependent: as OHM falls the same dollar yield buys and burns more tokens. The recent realized run-rate is about 0.30M OHM removed per 90 days, which is the entire reason supply is shrinking.
There is no discretionary open-market purchase programme beyond the yield-funded buy-and-burn already captured above. Treasury yield is directed into the burn facility, not a separate accumulation buy. Monitored.
Borrowers lock gOHM as collateral in Cooler loans, which holds some supply off the free float, but that is standing collateral rather than a new disclosed lockup that fired inside the window, so nothing is booked as a separate offset here. Monitored.
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