Billionaire entrepreneur Mark Cuban is accumulating a new decentralized finance (DeFi) asset.
A dive into one of Cuban’s publicly known Ethereum wallets shows the Shark Tank star added 75 Olympus (OHM) to his portfolio on Saturday.
This particular wallet became public when Cuban showed off his non-fungible token (NFT) portfolio on his crypto collectible platform, Lazy.
OHM is the native token of OlympusDAO. The project describes itself as an experimental attempt to create a decentralized, algorithmic reserve currency that maintains its purchasing power over time without utilizing any pegs to fiat currency.
The crypto asset launched in March and hit an all-time high of $1,479 one month later, before the crypto market downturn in May. Since hitting a May low of $164, OHM has rebounded and is now trading at $558.99 at time of writing.
The wallet that holds Cuban’s staked OHM has 93 other ERC20 tokens as well. Much of the wallet’s value comes from Ethereum-based utility coin Global Messaging Token (GMT) and RARI. RARI is the governance asset of non-fungible token (NFT) marketplace Rarible.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Anastassiya Bezhekeneva