sOHM is the staked version of OHM. Check out my article explaining OHM here.
Using sOHM as collateral and Borrowing MIM USD
ETH gas fee calculator/tool + how to borrow against sOHM
Gas fee calculator
Borrowing against your sOHM requires a lot of transactions and therefore high gas fees, so the calculator below can help you get an estimate of what the gas fees will cost you in USD.
All the gas fees were inputted by me today on November 4, 2021. Some of the gas fees I tested out to see the cost, others I estimated based on what similar transaction types cost. The majority are the actual fees and not estimates.
I have linked the google sheet here
To use the sheet, make a copy of it
How To Do It
If you have sOHM is it very easy to borrow against it while also continuing to earn interest from staking. You will need to use https://abracadabra.money/
Once you open the app go to borrow>sOHm>wrap, then wrap your sohm, then choose the amount you want to borrow in MIM USD and then borrow it! To exchange your mim USD go to https://curve.fi/ > home > swap, and choose mim and then the token you want to exchange your mim into. You can then do whatever you want with your token!
One of the risks is obviously if Ohms price reaches the liquidation threshold, you will be liquidated so borrow wisely, but one of the advantages is since it is an interest-bearing token, your liquidation threshold can also go down as the amount of ohm you own goes up.
This article and the spreadsheet were made to the best of my knowledge and ability, this is not financial advice, always do your own research.
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