Suffice to say that when you start hearing 1 million percent guaranteed returns trouble can only knock on that door real soon!
OlympusDAO pays 4,000% APY.
An eye-watering number by any measure.
However, in the world of DAOs, 4000% is basically chump change.
In the last week, I’ve spent a lot of time researching these projects..
And seeing returns of 500,000% to 4,000,000% feels like I’m looking at internet pop-ups from 1998.
The truth is many of the DAOs out there are in fact scams.
And these organizations have become the newest way to lure eager investors into rug-pulls.
But I don’t want to ignore the space completely – because the tech at play here could go so far as to redefine not just finance… but the way we organize communities in general.
This is a Decentralized Autonomous Organization,
You can think of this as the blockchain equivalent of a horizontally structured community. A blockchain commune, if you will.
Or as Forbes describes it… “an internet community with a shared bank account”.
The idea is a community where no one member influences what the organization does without the consent of the majority.
Most DAOs have their own governance tokens, which act as a sort of voter’s ID in currency form.
DISCLAIMER: Please be advised that nothing in this video shall be construed to be financial, legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor. All personal opinion is intended for general information purposes only.