I remember when I first read about OlympusDAO in August. I was really eager to invest and to learn more about the platform. It was amazing. During my time on Twitter doing further research, I discovered people mentioning $TIME in the same tweets as in which they wrote about $OHM. I decided to take a closer look at $TIME as well, and soon I decided to join the fun in Wonderland as well. Since then, I have noticed something very interesting.
It is important to understand that OlympusDAO is available on Ethereum, while Wonderland (TIME) is available on Avalanche. I originally spent the same amount of money investing in both TIME and OHM. But, what has changed since then? Take a look at the little image below and I will describe what I think about afterward.
We all know that OHM is the original. Is the original the best? Often it is, and it can clearly be seen that there is a solid group of developers and a vibrant community working with OlympusDAO. There is nothing wrong with that. But, what is the thing that you can see from the image above?
Even though TIME is a fork that launched several months after OHM, it already has more holders, and its treasury size will most likely surpass OHM within a week or two.
This is interesting. Why is that? I believe it is very simple, and I can simply do the math based on my own experience.
- I invested almost the same amount on both platforms. What has happened since then?
- I so much enjoyed the Avalanche experience (fast and cheap transactions), that I have actually bought some BONDs with Wonderland, I have bought and staked more tokens, and I have even unstaked a couple of times.
- With OHM, I have only unstaked and taken profit a few times., Nothing more.
How come? I believe there are several factors, and the fact that Wonderland currently has an APY at almost 100,000% makes it sound way sweeter than OHM. But, not long ago, the APY of Wonderland was much lower. The APY has only grown as lots of new users have come to the platform and bought bonds, thus increasing the size of the treasury quickly.
Why is this? I believe it is as simple as the blockchain, and I would also add the important role of Daniele Sesta and the Frog Nation in all of this.
1. Wonderland on Avalanche is just awesome!
If you want to invest in OHM, you will most likely spend at least $250 on nothing… that is, on transaction fees on Ethereum. First, you have to have a wallet ready with some Ethereum in it, and then DAI or ETH with which you can buy the OHM tokens. Just sending the tokens to your wallet will cost you at least $20 to $30, possibly way more.
Now you head over to SushiSwap and before buying your OHM tokens, you have to approve that you can trade with the token on Sushi. That is one more transaction. When the approval has happened, you can do the actual trade. An easy trade like that can easily cost you at least $100 with the current Ethereum transactions fees.
Now you have your OHM tokens ready and you go to visit the OlympusDAO website. Before you can stake your tokens, you have to send an approval transaction to the website. And when this is done, it is time to finally stake your tokens (which is one more transaction).
What is the result? You have most likely spent at least $250 just paying for your transaction fees.
Then you have Avalanche and Wonderland. You have to do the same transactions also on Avalanche, but in the end, you have most likely paid somewhere between $2 and $3 for the entire fun. In other words, you have $240 extra that you can use to actually buy tokens instead of paying for stupid transaction fees.
And I forgot to mention, on Ethereum you will often have to wait for minutes for your transactions to happen. On Avalanche, you will normally have your transaction confirmed within less than 10-15 seconds.
This is also vital in the price increase of the AVAX token itself
Since I started doing transactions on the Avalanche blockchain, I have fallen in love… with the blockchain! And to be honest, I really feel like it is a Lamborghini compared to the Ethereum blockchain (which reminds me of a Lada in comparison). What is the result? I have great expectations for the future of the Avalanche blockchain, and thus, like many other investors, I have actually bought AVAX tokens, because I believe this is going to be big in the future. I guess I am not alone about that because the price of AVAX has really exploded in the last couple of months.
2. Daniele Sesta and the Frog Nation
I am a big fan of the OlympusDAO team and I love how they develop and work with the platform at all times. But, they lack something that Wonderland has… Daniele Sesta, a face to the outside, and a guy that is actually building trust in the product itself. Not only is he becoming a legend on Twitter, but he is a leading figure of the Frog nation, a picture of small investors growing big together.
Somehow this has turned into a fantastic community backed by a leading figure in the industry, and the result can clearly be seen today!
Don’t throw away the Lada even though you like the Lambo better!
This article is not meant to say that OlympusDAO is bad, because it isn’t. It is just running on a platform making it all the more difficult and expensive to use it. What is the best thing you can do? I will just keep my OHM tokens working, I will take some profit from now and then, and then I will just wait for Ethereum 2, something that will hopefully make it all way cheaper and faster, more similar to Avalanche! And who knows, maybe my OHM tokens will be worth a lot more by then!