In early 2021, OlympusDAO became the hottest new thing in on-chain finance — enchanting the crypto crowd and the community. This DeFi protocol was truly ahead of its time. It kindled an optimism that we, too, could create a new code of finance, that protocols could possess agency, that consensus could hard fork into radical governance. The community came out and fought for OHM, forking and deeply embedding their values across thousands of wallets.

Those halcyon times of OHM are long gone. Fast forward to 2025 and we see the creation of a new organization – PHI. It has become the torch bearer for all things decentralized, pushing ahead with an apparent singular mission of making a better civilization.

The Rise and Fall of OHM

What made OlympusDAO stand out was its creative approach to decentralized finance. Each staking and bonding development was like a new institutional lab rat. The community was passionate, committed, and went all-in to support the project. OlympusDAO bridged this gap with the idea of “protocol-owned liquidity,” which offered a new vision of a more sustainable and decentralized financial ecosystem.

OHM did not create overnight millionaires. However, it created tremendous community and shared purpose. More than anything though, the project gave us the hope that we could collectively start to change the financial ecosystem one local effort at a time.

The Emergence of PHI

Now, PHI has come on the scene, marking perhaps the next step in the evolution of the ideals that first inspired the creation of OHM. Information on PHI is still largely lacking. As long as its expressed aim is to advance culture, it suggests ambitions beyond purely economic instruments.

The allusion to an Olympus Pact serves to reinforce the idea of a continued community-driven focus that marked OlympusDAO. From what we can tell, PHI is looking to further the work started by OHM.

sovereignty confirmation + institutional incentive + governance power

Together these two statements really get at the heart of the Olympus Pact. Critical to this vision is the need for empowerment – both people and institutions – through a decentralized governance structure.

Navigating the Future of Decentralized Finance

The swap from OHM to PHI marks just one chapter in the exciting and evolving world of decentralized finance. As the physical and technological space continues to leap forward, projects like this one will undoubtedly see opportunities, but also pitfalls. We will soon learn whether PHI is able to meet that standard of community engagement that made OHM so special and successful. Innovation, above all else, will be the determining factor to their success.

The success of PHI will depend on its fortunes in realizing its radical and hopeful vision of civilized independent living. It has to encourage the growth of a deep, grassroots, decentralized movement. The success of the project will depend on its vigorous adherence to the fundamental principles. These are establishing sovereignty, supplying institutional incentives, and increasing governance capacity.