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 inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Anastassiya Bezhekeneva
