Mark Cuban, one of the most famous billionaires and the host of ‘Shark Tank,’ is no stranger to the world of cryptocurrencies, DeFi, and blockchain. He had previously supported Dogecoin (DOGE) alongside fellow billionaire Elon Musk and had even considered supporting Cardano (ADA) after informally talking about the project with its creator, Charles Hoskinson, via Twitter.
As such, Mark was observed to have been quietly gathering yet another DeFi asset to add to his portfolio, and a deep dive into one of the billionaire’s Ethereum wallets showed that he had recently put 75 Olympus (OHM) to his collection of digital assets yesterday.
What is Olympus?
Currently ranked as the 127th biggest cryptocurrency by market cap, it can be a bit confusing to understand why Mark Cuban chose this project to support as opposed to the countless other choices available in the market. It would therefore do us some good to explain what Olympus actually is and why the billionaire’s investment in it is of significance.
Trading at a price of just below $570, OHM is OlympusDAO’s native token. In simple words, the project plans to potentially create a new kind of decentralized and algorithmic reserve currency that can sustain its buying power over the course of long periods of time without the need to use any pegs pertaining to fiat currency (which tends to be the case with stablecoins). The project has a circulating supply of 670,000 OHM tokens, as well as an overall supply of 817,000 coins. Investors who may be interested in purchasing or selling OHM would normally utilize SushiSwap to do so as this exchange is the most active.
Cuban’s new investment
Mark had managed to obtain the aforementioned OHM via a trade that had been executed through SushiSwap. Shortly afterward, Tyler Swope (a cryptocurrency trader) had talked about the transaction via a newly uploaded video. The billionaire had staked his new coins, and he now possesses approximately $298,552 worth of staked tokens, which were 536 sOHM (Staked Olympus), to be exact.
The abovementioned Ethereum wallet of Mark Cuban, which also holds the staked OHM, was seen to have 93 various other ERC20 tokens too. Regarding this wallet’s value, most of it is from GMT (Global Messaging Token) as well as RARI, which is the primary governance asset of Rarible (a popular marketplace for NFTs).