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.
Cuban obtained the OHM in a trade executed on the decentralized exchange SushiSwap. Soon after that, crypto trader Tyler Swope called out the transaction in a new video.
Cuban staked the OHM – locking up the crypto asset to earn rewards – and now has a total of 536 Staked Olympus (sOHM) worth about $298,552 at time of publishing, according to CoinGecko.
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