Billionaire entrepreneur Mark Cuban is accumulating a brand new decentralized finance (DeFi) asset.
A dive into one in every of Cuban’s publicly identified Ethereum wallets reveals the Shark Tank star added 75 Olympus (OHM) to his portfolio on Saturday.
Cuban obtained the OHM in a commerce executed on the decentralized change SushiSwap. Quickly after that, crypto dealer Tyler Swope known as out the transaction in a brand new video.
Cuban staked the OHM – locking up the crypto asset to earn rewards – and now has a complete of 536 Staked Olympus (sOHM) value about $298,552 at time of publishing, in line with CoinGecko.
This explicit pockets grew to become public when Cuban confirmed off his non-fungible token (NFT) portfolio on his crypto collectible platform, Lazy.
OHM is the native token of OlympusDAO. The challenge is trying to create a decentralized, algorithmic reserve forex that maintains its buying energy over time with out using any pegs to fiat forex.
The crypto asset launched in March and hit an all-time excessive of $1,479 one month later, earlier than the crypto market downturn in Might. Since hitting a Might low of $164, OHM has rebounded and is now buying and selling at $558.99 at time of writing.
The pockets that holds Cuban’s staked OHM has 93 different ERC20 tokens as nicely. A lot of the pockets’s worth comes from Ethereum-based utility coin International Messaging Token (GMT) and RARI. RARI is the governance asset of non-fungible token (NFT) market Rarible.
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Featured Picture: Shutterstock/Anastassiya Bezhekeneva