Understanding the OHM Fork

A fork refers to the process of modifying the code of a blockchain protocol. When significant improvements are made to a blockchain network, it results in forks, creating two parallel variants of the blockchain. The open source code allows for contributions and enhancements to the code.

New forks often lead to the creation of new cryptocurrencies. One common approach is to create a fork in the existing Bitcoin blockchain. This is also observed with the OlympusDAO codebase, which has given rise to numerous additional forks.

Developers have updated OlympusDAO’s codebase, resulting in the creation of several new coins. Forking an existing blockchain enables the addition of new code without the need for a complete rewrite.

The success of OHM has inspired the development of various OHM-related projects. Its innovative liquidity rewards sharing technique and DAO organization have motivated developers to work on their own forks.

The OHM protocol-owned liquidity model has been instrumental in the DeFi 2.0 movement. Wonderland, another Olympus fork, has achieved significant market capitalization and success with its TIME token built on the Avalanche blockchain.

$KLIMA, an official OHM fork supported by OHM token holders, is a cryptocurrency based on Polygon and backed by digital carbon credits. It offers a high APY, similar to the OHM coin, making it potentially profitable for investors.

AnubisDAO initiated a fork of Olympus DAO after a significant amount of ETH was stolen from the system. The objective was to combine the liquidity bonding mechanism introduced by Olympus with a Shiba Inu token-based treasury.

This incident highlights another case of a rug pull, where unethical coders exploit pre-existing codebases like the OHM fork to facilitate their actions.

The success of OHM and its liquidity protocol has led to the creation of many other tokens. However, most of the developers behind these tokens remain unknown, raising concerns about accountability if the protocol were to disappear.

This issue is not exclusive to Olympus DAO but also applies to Klima DAO and Wonderland (TIME), an unofficial OlympusDAO fork.