TIME vs. OHM vs. HEC vs. BTRFLY vs. GYRO vs. SPA vs. KLIMA vs. WAGMI vs. FHM vs. MAG – Which is the best project? Where to invest? Background information and a real-time experiment!

There are so many OlympusDAO forks available. Many of them are legitimate, while other forks are scams. In this article, I have tried to gather eleven OlympusDAO forks that seem to be legit with an actual group of developers working on the platform. There are, of course, no guarantees of anything, but in this article, I will do my best to share what I have discovered about the different platforms and some of my thoughts about them. But, even more exciting – I will share you with my personal little experiment as well in which you can see how the different platforms are actually developing and growing (or disappearing).

This article was last updated

The autumn of 2021 has been crazy for many crypto-investors. We have seen an awesome price increase for many tokens, and the same has happened to many of the OlympusDAO forks. We can just think about OlympusDAO itself which went from $300 in August 2021, to more than $1200 at the highest level in October. KlimaDAO touched $3000 but is currently trading at $26. The first time I wrote about GYRO the price was $800. Afterward, it boomed to $3000, before it fell to approximately $45. HectorDAO went from $40 to $250 in a few days, but now it has dropped to $18. The most famous OlympusDAO fork Wonderland ($TIME) had an all-time-high of almost $10,000, but it is currently trading at $120. What does this mean? All these projects have had their highs, and most of them are currently in a valley of which I am not sure that all of them will be able to get out.

And yes, it is a fear in me, that not all of these projects will survive a bear market. That will all depend on the strength of the teams behind the projects and the community surrounding them. In other words, this is a very risky business. It should also be mentioned that a couple of projects are already getting close to the “treasury-backed-value” of the token, meaning that they shouldn’t be able to drop much further, simply because that is when the funds in the treasury are supposed to be used to actually back the price of the currency.

Which is the best OlympusDAO fork? Our little experiment!

On December 8th I decided to have some fun. I selected 11 different OlympusDAO forks and decided to add $1000 worth of DAI into every single one of them. I would have wanted to invest $1000 in OHM as well, but then I would have had to pay so much in Ethereum fees that I finally skipped that. I could, of course, have bought gOHM on Avalanche, but since it is much funnier to actually see your stack grow, I decided to skip that (for now). Since the start of the experiment, we have actually added OHM as well, and we have had to remove and add projects along the way due to rugs and as some protocols have left the entire rebase concept.

You might think by default that the project with the highest APY is the best project, but that is far from true. A high APY will cause inflation, which might force the price of the token down. So, sometimes, you might be better off with a lower APY and a higher buying pressure, than a giant APY with low buying pressure (and instead, a high selling pressure).

Here you can see the full stats of the experiment and how it has developed so far. If you want to read even more information about the different weeks, use the links further down. You can also read more about the different protocols included in the experiment further down in the article.

The big rebase-token war -> Which is the best performing token?

Here you can see the table presenting all the numbers and stats that you need to see how this experiment has evolved over time.

All the numbers from the period between December 8th (2021) and March 23rd (2022)

• Original investment: $7,443
• Current investment value: $1018

Reports from the different weeks

Would you like to read our reports from the different weeks where you can find more detailed information about the performances of the different tokens and what might have caused the changes to happen?

• Rebase-token battle, December 8th – December 15th
• Rebase-token battle, December 15th – December 22nd
• Rebase-token battle, December 22nd – December 29th
• Rebase-token battle, December 29th (2021) – January 5th (2022)
• Rebase-token battle, January 5th – January 12th
• Rebase-token battle, January 12th – January 19th
• Rebase-token battle, January 19th – January 26th
• Rebase-token battle, January 26th – February 2nd
• Rebase-token battle, February 2nd – February 9th
• Results from February 9th-February 16th
• Rebase-token battle, February 16th – February 23rd
• This just gets uglier and uglier, February 23rd – March 2nd
• Every project in loss, March 2nd – March 9th
• Finally some bright days for Hector and Klima, March 9th-March 16th
• Hector Finance had yet another week with nice gains, March 16th – March 23rd
• OlympusDAO in growth (again), March 23 – March 30
• Growth here and there, March 30 – April 6
• Wonderland was the biggest gainer between April 6th and April 13th
• The best performers between April 13th and April 20th
• Some thoughts about OlympusDAO, Wonderland, and Hector in June 2022.

Graphs showing the performance of the different rebase tokens

A graph showing the performance on a weekly basis

A graph showing the performance of the tokens in % compared to the initial investment value.

What are these projects all about? What is OlympusDAO? Some background information!

OlympusDAO has been a pioneer in the industry since the start of 2021. They created a treasury-backed currency, meaning that there is actual value backing every single $OHM token (unlike the Dollar which isn’t backed by anything). This is supposed to give it stability and value in the future. Currently, most tokens are trading at way higher values than the “backed” value, but in return, you receive very high interest/APY at the moment. If the value of a token should go below the treasury-backed value, the team should step in and use funds from the treasury in order to keep the price at the backed value. In other words, these are all supposed to be tokens with a real value and a backed value. Not long ago, we actually saw that the FortressDAO team spent money from their treasury to buy back $FORT tokens and later burn them, thus pushing the price upwards. In other words, this is a brilliant concept in theory, but how it will actually be in the future will very much depend on the teams working with the different projects.

Enough about the theory. Let us take a look at the coins that are a part of this OHM fork experiment!

Wonderland ($TIME) – Avalanche

I am starting with the biggest OlympusDAO fork, and one of the first forks. I guess the popularity of Wonderland is what made many other teams dream about making their own forks. Wonderland is running on the Avalanche network and there are way more people actually using Wonderland than OlympusDAO, something coming as a consequence of the very expensive transaction fees on Ethereum.

There is a good group of developers working with Wonderland and it is led by Daniele Sesta, making this one of VERY FEW forks that actually has a team with members that we actually know the identity of. This is for sure a plus, and he is turning into a leading character in the industry, not only working with Wonderland but also with Popsicle Finance ($ICE) and Abracadabra Money ($MIM).

This is probably one of the safest bets when it comes to OlympusDAO forks, and it has been quite stable so far. The APY is close to 80,000%, and if you combine that with a price not as volatile as many of the others, this should be a good investment. Time will show!ú

Gyro Money ($GYRO) – Binance Smart Chain

If you had asked me one week ago, I wouldn’t have included GYRO in this article. But, seeing that Gyro actually did quite a decent job while most other OHM forks fell in price, I was compelled to give it one more chance. They have a Twitter profile posting news and updates from time to time, but somehow, this is a project I also feel hesitant about. But, seeing that the price has dropped from $3000 on the top to $360 at the moment, and seeing that the team is still working on the project makes me feel that this might be alive and worth considering still.

Gyro is actually the most conservative of all when it comes to APY. It can also be seen that the size of the treasury isn’t especially big. Once again, I see lots of problems and lacks here, but if the team wanted to rug, then they would have done it as the price was $3000, and not as the price of the token has dropped to $350.

In other words, I am giving GYRO one more chance here.

Euphoria Money ($WAGMI) – Harmony

Euphoria Money is the only project that I have included from the Harmony blockchain. This is a project I actually like quite a lot, also because it isn’t the only project of the developers, who also run ViperSwap, a DEX on the Harmony blockchain. This gives an additional layer of security and trust to the team.

WAGMI started at $500, and reached $1800 in value on the top, and it is currently trading at $739. That is still quite far away from the actually backing per $WAGMI, so there might be a better risk here. There is, however, one thing that should be taken into consideration, and that is the really vibrant community supporting Euphoria Money. They are just really crazy about the platform and the project, and that is always giving credibility and making it easier to fall in love with a platform on your own.

The current rebase reward is approximately 0,8% of your token amount per rebase and the overall APY is 900,000%.

HectorDAO ($HEC) – Fantom

HectorDAO is a project that I really fell in love with as I learned to know it. They have a very enthusiastic community, it is running on the Fantom blockchain (which is cheap and fast), and they have developers working hard to really give progress to the platform. That is also how they became the first to ever launch what they call 4,4, meaning that you can buy bonds that immediately give you sHEC tokens, meaning that you are receiving the full amount at once and staking the amount from the first second. You are only allowed to claim them (which means also giving you the chance of selling) after 5 days, but if you don’t want to keep on claiming and staking every eight hours by buying the traditional bonds, the 4,4 is a great solution from HectorDAO.

HectorDAO is also about to launch the so-called HectorBANK and they are also getting ready for HectorPRO, so lots of things are coming up for this platform.

Despite all of this, HectorDAO has dropped a lot in value recently, and it is currently trading at $105 and the backing is at $86 per token. The rebase reward is at 0,75%.

Taking the current price into consideration, I clearly consider this to be one of the safest investments at the moment, but only time will show if I am right about that.

FantOhm ($FHM) – Fantom

This is what seems to be a quite standard OlympusDAO fork, but the team is really proud to be working hard and never giving up. One interesting thing is that this token can be bridged to Wanchain, something we don’t really understand why they would do, but it could be interesting and bring value to the Wanchain blockchain.

FantOhm has been around since the start of November 2022, and hopefully, they are here to stay. Is this a successful project? Is it a good investment? Follow this experiment, and you will find out!

[REDACTED] Cartel ($BTRFLY) – Ethereum

[REDACTED] Cartel is something as interesting as an OHM fork running on Ethereum and in very close relationship to OlympusDAO. The concept behind this project is the so-called Curve Wars. If you don’t know what that is, you better look it up, because it is essential to understand the strategy of [REDACTED] Cartel. In short, you can grow the treasury of [REDACTED] by bonding and then you bond CRV tokens, which is the Curve token. This is then ending up in the [REDACTED] treasury and then it is used to vote for protocols and projects on the Curve platform. There are giant rewards/bribes handed out related to these votes, and that is then growing the treasury of [REDACTED] even more.

[REDACTED] has a very exact concept and this can be very interesting, at least for as long as Curve is having the important role it has today.

KlimaDAO ($KLIMA) – Polygon

The eleventh and final project I will include in this little study and experiment is an official OlympusDAO fork, KlimaDAO. This is a fork with a purpose and with a team of developers that are doing a lot, not only to get rich but to get rid of CO2 from the air and to make the earth a better place to live. How are they doing this? Every single KLIMA token is backed by 1 TONNA of CO2 that is to be removed from the atmosphere. This can happen through removing METAN gas (for example), or by doing activities that will help reduce CO2 (for example, by planting trees).

KlimaDAO is a fantastic project and I really like it. It has, however, experienced some very volatile days, meaning that it has dropped from an ATH around $3000 to its current price at somewhere near $525. Seen from a financial perspective, many people are still at a loss with KLIMA based on the drop in price, but if you keep the long-term perspective, this should still be a good investment for most people.

Personally, I trust the team and the project, and even in the midst of the current volatility, they are working steadily on the platform and posting updates and improvements all the time. Hopefully, I might have caught the tokens somewhere near the bottom price with this little experiment!

OlympusDAO ($OHM) – Ethereum

This project wasn’t originally a part of this experiment, but as we removed SnowBankDAO from the project in the end of December 2021, we decided to give space for the mother of it all, OlympusDAO. This is the project that caused it all to start, and this might be the safest of all the protocols mentioned in this experiment, at least so we think. But, will OlympusDAO perform better than its forks? Now that we have included OlympusDAO in the experiment, we are about to find out!

OlympusDAO is running on Ethereum, but it has now been made easier and cheaper to use, as you can also buy gOHM on Avalanche and thus you will enjoy the rewards and the ride, just like you can on Ethereum, only with much lower fees.

MagnetDAO ($MAG) – Avalanche

MagnetDAO is a brand new project as of 2022, and it was added to the experiment on January 5th (taking the place of TaiChi that rugged). This is yet another clone of OlympusDAO, but they have one cool function and that is the locking of your tokens for the first ten hours after staking. This is to hinder people from just hunting rebase rewards (buying just before rebase and selling immediately after). This is something we still haven’t seen with any other fork, and it is a really nice and useful function. Does this mean that MagnetDAO actually has some developers working in the background with the protocol? Let us hope so!

What does the future hold for MagnetDAO holders? We have no clue, but being a part of our experiment, we are about to find out!

The projects that once were a part of the experiment, but thas has been removed from the experiment for different reasons!

Exodia ($EXOD) – Fantom – REDEMPTION START OF MAY 2020

Exodia has the goal of becoming the reserve currency for the Fantom Network. We included Exodia in this experiment due to some Exodia fans recommending it to us. We still don’t see exactly what makes Exodia stand out in the crowd, but we wanted to give it a chance no matter what (and we hope the fans will be proved right).

We like the feature at the Exodia website where they show the actual treasury and what it is in it. Currently, the biggest part of the Exodia treasury is made of Fantom and DAI (a good combination), but the problem is that the treasury isn’t very big ($3,750,000 currently). But, if the team will run this the right way and keep working through the hardships, this project has just as much potential as any other.

May 2020: Exodia finished the project and split the values from the treasury to the token holders. It was a fair exit, but still, investors, in general, came out with a giant loss.

Spartacus ($SPA) – Fantom – REMOVED APRIL 2022

Spartacus is also running on the Fantom network and they are already doing a very solid job. At the start of December, they launched the Spartacadabra, their very own banking system making it easier to lend money and use it to buy even more $SPA tokens. At that time, the price of one token was above $200, but currently, the price is 93. If you check the image below, you can see that the price is actually below the backing price, meaning that it shouldn’t be able to go much lower from here.

No matter what, Spartacus seems to be a very good project with a good community and developers working hard on the platform. Also taking the current price of the token into consideration, I have a feeling that this might end up as a good investment.

APRIL 2022 – WE REMOVED SPARTACUSDAO AS THEY ENDED THE PROJECT (it will continue as something else). But, they had a really fair exit and redemption, making our initial investment of $1000 turn into $994 (way better than all other tokens in the project). You can read more about the redemption here.

Invictus ($IN) – Solana – MARCH 30

We had to include the first and only rebase-token on Solana if we wanted to be fair to the experiment. Invictus has been around for a while, and it is the ninth-largest rebase-token protocol according to CoinGecko at the moment. One nice feature of Invictus is that they do not have to rebase every eight hours, but it is happening continuously. That truly makes it worth staking and removes the concept of rebase-trading.

Invictus is also having a product named Invictus Flare, which is very similar to OlympusPRO. This is a tool used to serve other protocols and help them have enough liquidity and own their own liquidity. There are several protocols already using this, something that once again also brings strength to the Invictus protocol itself.

March 30 – Invictus was removed from the experiment as they stopped their staking rewards and allowed users to redeem their IN tokens at a price of $38 per token. Our initial investment of $500 thus ended up paying us $200, giving us a total loss of $300.

FortressDAO ($FORT) – Avalanche – MARCH 23RD

This is a project that I have written about earlier in the IP Address Guide. I was quite skeptical at the start, and I would still be careful adding too much money to this project. However, it seems as if the developers are actually working quite hard on this, the Discord community is getting better and better, and they have done some cool stuff, like actually buying FORT tokens with money from the treasury and burning them in order to keep the price about the treasury-backed value. This is actually the first example I have seen of this with any fork so far, and that is actually something I really like.

FortressDAO currently runs with an APY of 500,000% and you get 0,78% of your investment in return per rebase. I consider this an interesting investment, it has a lot of potentials, but it also carries a big risk. If the community would grow and get some more attention, this is also a project that could explode (in a positive way).

March 23: FortressDAO has been a complete mess due to an internal mess between developers and others in the team. All rebases have stopped for this project, meaning that it is dead and not worth thinking about anymore!

PapaDAO ($PAPA) – Avalanche – NO LONGER A PART OF THE EXPERIMENT

Do you remember Simba in The Lion King who laughed as he faced danger? If you feel the same way, PAPA DAO might be something for you. This is a brand new project that launched in December 2021. It is currently trading at $16, but it has also been trading at $25. A few tweets from a couple of influencers or a good review somewhere, and this is a project ready to rocket launch. But, then you also have the risk that it might just fall apart and never get the attention.

The website is hundred percent a fork website, and they still haven’t done anything special to make them stand out in the crowd. But, it is still young and a lot might happen in the coming weeks and months. They recently tweeted about the fact that they will add the 4,4 option (developed by HectorDAO) soon. The goal is to back the metaverse and the GameFI projects.

Still, this is a big risk investment as we know very little about the team, and so far, we haven’t seen anything pointing in the direction that they are developing something new or doing things that others haven’t done before them. But, some fuzz about this on social media, and the price might boom quickly.

January 31 – PapaDAO decided to stop its protocol at the end of January 2022. They sold all tokens in the treasury and gave the funds to all token holders. This was a fair end, and our initial investment of $1000 turned into $488 in the end (thus performing way better than almost all the other tokens in our experiment taking the value of our investment on that day). You can read more about it right here.

MetaversePro ($META) – Binance Smart Chain – NO LONGER A PART OF THE EXPERIMENT

MetaversePro joined the experiment on January 5th in 2022, taking the place of Jade Protocol. MetaversePro has been around for some months, and it looks interesting, even though it doesn’t come with many functions that make it stand out in the crowd. They offer a special APY if you decide to stake your wsMETA tokens (meaning that you first stake them and then wrap them and then stake those wrapped tokens), and the goal here is to reward those really holding their tokens and not selling them. Will it be worth the ride? We will find out with this experiment.

Metaverse doesn’t have much to do with the actual Metaverse at this moment, but who knows what the future will bring.

January 12th, 2022 – This project was removed as it has stopped functioning. Instead, it will soon relaunch on Ethereum with another name.

Jade Protocol ($JADE) – Binance Smart Chain – NO LONGER A PART OF THE EXPERIMENT

Jade Protocol is closely related to SMRT and SMRTr, and it is led by the same team. Soon the entire SmartFarm project will disappear and it will culminate into Fair Launch Foundation (FLF), a project meant to launch forks and projects in a fair way, without presales to big investors and influencers who later dump the tokens at 10x price to the actual people who are happy and enthusiastic about the projects. Jade has been like a roller coaster lately when it comes to the price and it has been moving between $250 and $600 in the last couple of days. I believe this will continue, especially as SMRTr will come to an end around December 17th. Many investors will then move their funds toward FLF or JADE (I believe), so this can get interesting.

As you can see above, the APY with Jade Protocol is just insane, and currently, you receive 1,5% of your investment in return per rebase, meaning that 100 tokens will turn into more than 200 in less than 20 days (at the current rate). Jade has also made promises of weekly airdrops to people staking without unstaking (that is, invest and hold their funds), and that is actually one of the big ideas and concepts with Jade and with SMRTr, that is, to reward those who are faithful to the platform and not just dumping their tokens all the time.

Jade is a really interesting protocol and this can get interesting. There is, for sure, a good group of developers in the background, so this might be a game-changer.

January 5th, 2022 – Jade has stopped with rebasing rewards and they are entirely changing the project. As a result, we have removed it from our experiment!

SnowBankDAO ($SB) – Avalanche – ENDED THE PROTOCOL ON DECEMBER 29TH, 2021

I was very hesitant about adding this project. Not long ago, the price of an $SB token was $3000, and currently, it is trading at around $600. What happened? They had a crazy game called SnowDogDAO which ended with a disaster and many accused them of foul play. It was in the aftermath of this that the price dropped a lot. Why did I choose to invest $1000 in this project? There are a couple of reasons.

• I wanted to give the team the benefit of the doubt.
• The price is very close to the backed price, meaning that the price shouldn’t be able to drop much further.

As you can see above, the SB price at the time writing this is $539 and the backing per SB token is $482. That is only a 10% difference, meaning that this shouldn’t be a risky investment considering the APY. I also have the impression that the team is actually working quite hard with the protocol and that they are really sorry about what happened to SnowDogDAO. So, this might actually come up with some potential unless the team should abandon the ship, something I personally doubt that they will.

SnowBankDAO decided to make giant changes to the project and the protocol by the end of December 2021. It will be reshaped into something else, and we don’t know what that is yet. As a result, we have removed SnowBankDAO from this experiment.

TaiChi ($TAC) – Binance Smart Chain – PROJECT RUGGED LATE DECEMBER 2021! FORGET ABOUT THIS ONE!

This is probably the highest risk project I have entered for this experiment. TaiChi launched at the start of November and the price even touched $1500. Now it is selling at $36, and what makes it quite interesting/terrible is the fact that the backed price of the token is $56. What is going on here? Either this is a scam and a rug, or the team should really start increasing the token price.

I have done some further research on this, and according to some of the moderators in the Discord channel, the team is doing buybacks from time to time, but they are not always giving out information about it. That makes it hard to track and follow, so once again, not making it very convincing. They are also speaking about adding $TAC to centralized exchanges, but how that will help the price remains very unclear to me.

What do I make of this? This is just super-high risk, and seeing that the rebase reward is at 0,70%, I would definitely feel more comfortable buying $TIME, $JADE, or almost any other currency mentioned in this article compared to $TAC. But, I hope time will prove that TaiChi is a project worth taking into consideration.

PROJECT RUGGED AND IS NO LONGER AVAILABLE

I hope you have learned something! Add a bookmark to this page and come back for updates!

I hope you have found the content of this article interesting. There is a lot of information here about the different protocols, but if all you care about is numbers, then just stay at the top of the article.

Do you have a favorite OlympusDAO fork yourself? Which is your favorite? Do you have any thoughts on my experiment or do you want to share your experience with one of these or some other platform? I would love to hear your thoughts and your comments!