An acronym that was used to describe The Purple Dragon in Avatar The Last Airbender. Originally, OLAF was derived from 'OLAFTW', which meant 'Overly Long Acronyms For The Win'.
Then a serious fan of the show on one of the forums had a spaz moment and called the dragon OLAF. And it's been set in stone for us fandom people since.
Recently, people have also been turning OLAF into an Acronym for the dragon:
'Our Large Animal Friend'
An acronym within an acronym, to quote a paradox.
1. Where Did Olaf Go?
~Where Did The Dragon Go?
~Overly Large Acronyms for the Win