RFV/OHM: This is the most basic backing metric for OHM. RFV is Risk Free Value, or the amount of crypto ‘dollars’ that Olympus holds through stablecoins. RFV/OHM is basically the ‘true floor’ for OHM. The price should never cross below this threshold, as it would literally be trading cheaper than the underlying assets that Olympus holds.
P / BV: I like to consider the current multiple at which Olympus is trading relative to their ‘book’ or the amount of their treasury. With a market cap of ~$4.2bn at the moment and a treasury of ~$910mn, OHM's multiple would be about 4.6x. This helps contextualize how rich OHM is trading relative to the treasury’s assets.
The best metric, in my opinion, is considering Backing or Market Value per OHM. MV/OHM includes stablecoins, but also includes the assets that have market exposure - think Ethereum. At this point, even trading under MV/OHM would be odd, especially as Olympus collects more and more market assets through bonding and Olympus Pro.

Stay up to date

The Tie Research

Olympus DAO: DeFi’s Answer to Mercenary Liquidity