Lessons from Olympus and OHM forks: POL and trading at 5x NAV
Quote81 words
Reflects on the OHM forks collapse: protocol-owned liquidity is appealing but managing decentralized reserve assets is hard. Buying funds at 5x NAV is bad in TradFi and in DeFi, and leveraged liquidation cascades added to the damage.
Key claims
Funds trading at 5x NAV are a poor investment even with rebases and APYs
Liquidation cascades and profit taking accelerated the decline
Good 🧵on what happened to $OHM, $TIME & co
Still like the idea of protocol owned liquidity but seems like managing decentralized reserve assets aint easy. Investing in funds trading at 5x NAV is not a good idea in TradFi & turns out it isn't in DeFi either, despite rebases/APYs
Plus people taking profits and liquidation cascades (cause we're all over-leveraged degens) did its part as well I guess
Having said that, I'm still balls deep in $ROME
#LFG $KSM $MOVR
QUOTING @cyounessi1
Time for a mega-🧵on what I've learned about Olympus over the last few days since I publicly skewered them for running a ponzi. Was that accurate? Was it warranted? Read and find out! 1/25
Time for a mega-🧵on what I've learned about Olympus over the last few days since I publicly skewered them for running a ponzi. Was that accurate? Was it warranted? Read and find out! 1/25
How the covered assets moved · since 19 Jan 2022
Prices as of 23 Oct 2026This market take reads the setup without making a call on the token, so price moves since publication are shown as market context.
Covered in this piece
No reliable price feed for $TIME, $ROME.
Since then
Zero has written 2 more pieces on $TIME and $OHM since this one.
Daily closes in USD from DefiLlama and Yahoo Finance. Only a bullish or bearish thesis is read as a call; explainers, maps and mentions are context. Not financial advice.