Update on Olympus DAO Incident: Funds Safe and Majority Returned
Update on Olympus DAO Incident: Funds Safe and Majority Returned
Olympus DAO reaffirms that deposited funds are safe, with only three markets affected and the majority already refunded. Validator payment loss amount is 91 ETH, efforts to fully repay users are ongoing, and the protocol is currently paused.
To quickly reiterate: Deposited funds are currently safe. Only three markets were affected and the large majority was already returned. Total validator payment (loss) is 91 ETH. We are getting in touch and aim for a full repayment to users as the goal. Protocol is paused.
Further details of the exploit: All of the drained funds were front run by @ coffeebabe_eth (not real twitter, not on socials) and are now safe in the Blueberry multisig, less the validator payment. The team is in contact with security and comms professionals and will attempt
OlympusDAO Convertible Deposits Proposal Goes Live for Community Vote
**OlympusDAO's Convertible Deposits proposal is now live** with voting beginning in 3 days. **What are Convertible Deposits?** - Transform idle stablecoins into productive, flexible capital - Preserve stability while offering conversion options to $OHM - Users receive receipt tokens and conversion rights when depositing stablecoins **Key Features:** - Receipt tokens can be used as collateral or traded - Conversion rights allow purchasing $OHM at predetermined prices - Provides liquidity without exiting positions **Benefits for different users:** - Stablecoin holders can earn yield and access liquidity - $OHM supporters lock in fixed conversion prices - Traders can capture arbitrage opportunities The proposal aims to activate idle capital while reinforcing the Olympus treasury. [Cast your vote](https://app.olympusdao.finance/#/governance/proposals/12) | [Learn more about Convertible Deposits](https://olympusdao.medium.com/convertible-deposits-8dee6537932b)
🏛️ Olympus Deploys $10M Treasury Funds
**Olympus has deployed $10M from its treasury into sUSDe** following a successful governance vote. This strategic move aims to: - Strengthen Olympus backing through diversified assets - Generate returns for the protocol - Deepen collaboration with Ethena Labs **Key security details:** - Ethena confirmed USDe overcollateralization with ~$66M buffer - Independent third-party verification completed - Focus on transparency and sustainable DeFi growth The deployment represents Olympus's continued evolution toward **purpose-built treasury management**, moving beyond idle assets to strategic yield generation. [Learn more about Olympus](https://docs.olympusdao.finance/)
🏦 Coinbase DEX Adds OHM
**OHM token gains Coinbase DEX support**, expanding access to millions of users through Base infrastructure. - **Progressive rollout** by geographic region currently underway - Integration provides **deeper liquidity** for the DeFi reserve currency - Backed by one of **DeFi's largest treasuries** - Strengthens OHM's presence where **retail meets institutional** infrastructure This follows previous Coinbase Wallet integration, marking another step in OHM's broader Coinbase ecosystem adoption. [Read full details](https://olympusdao.medium.com/coinbase-dex-supercharges-ohm-access-on-base-the-worlds-first-monetary-computer-powered-by-fc2d07e6ea41)
🏦 Rage Adds Middle Ground
**Rage** has added **1,500 $OHM tokens** to their treasury, positioning the asset as a strategic middle ground between volatile and stable holdings. The treasury now includes: - **wETH** (volatile asset) - **USDC** (stable asset) - **$OHM** (backed, liquid, uncorrelated) $OHM offers **backing and liquidity** while remaining **uncorrelated** to traditional volatile and stable assets, making it an attractive treasury diversification option. The move highlights growing institutional interest in **decentralized reserve currencies** as treasury management tools.
Cooler Metrics Dashboard Launch
Olympus DAO has launched their new Cooler Metrics Dashboard, providing enhanced transparency and data visualization for the protocol. Key Features: - Real-time protocol metrics - Comprehensive data tracking - User-friendly interface Access the dashboard at [Cooler Metrics](https://coolermetrics.olympusdao.finance) This release represents a significant step toward greater protocol transparency and accessibility for users.