After getting to know about Olympus DAO and seeing the kind of returns it can provide to its user base in the form of staking APY’s between 4,000 to 7,000%, I became somewhat obsessed with the project, haha.
I love the community, the concept and everything around it. Since then I have been looking into other projects that are either forks of Olympus or are somehow tweaking its concept. Understandably, I became involved with TIME & KLIMA, which are now very well known in the Olympus community.
Recently, I came across a new Ohm fork on Binance Smart Chain (BSC) called GyroDAO. Although, BSC has its flaws, it has an incredible amount of users and very low transaction fees, which I think are good value propositions for the project. Being on BSC can help with introducing this new concept of treasury-backed currency protocols to the eyes of less technical end consumers, which is very good in my opinion.
There is only about 25k tokens in circulation and a marketcap of 24 million (at the time of writing this). Seeing that Olympus has a marketcap of more than $2.5b and its other forks such as TIME have a market cap of 447 million, I would not be surprised if Gyro picks up like others or even more given that its on BSC.
The project also seems to have a proactive team which is not only very active in their community but the team also announced a partnership with a project called Swapz literally the day after people started finding out about it.
Although, I generally have my reservations about projects on BSC, I am inclined towards sticking to this one on longer term basis, as I see more room for opportunity rather than red flags.
I would love to know what you guys think?