Understanding an OHM Fork
Forks occur because the open nature of blockchain allows anyone to propose upgrades and modifications to the code.
Forking and Innovating
In the case of OlympusDAO, developers made updates to the existing codebase, leading to the creation of several new coins in the market.
Forking an existing blockchain enables the addition of new code without the need to completely rewrite the entire blockchain.
The success of OHM and its innovative liquidity-sharing rewards system, along with its decentralized autonomous organization (DAO) structure, inspired developers to create their forks based on the OHM protocol.
However, it’s important to note that not all OHM forks are officially recognized or backed by the original OHM token holders.
Some forks, such as AnubisDAO, initiated their own version of Olympus DAO but faced issues like security breaches.
This highlights the risk associated with unknown developers and the potential for unethical practices.
While the OHM forks have brought forth new tokens and expanded the DeFi 2.0 movement, there is a concern about the reliability and accountability of these projects.
If a protocol disappears or encounters issues, determining responsibility or taking appropriate action may be challenging.
Thus, while OHM forks can provide opportunities for innovation and experimentation, investors should exercise caution and conduct thorough research before engaging with these projects.