A Guide to OlympusDAO V2 Migration
The future of Olympus and DeFi 2.0 is here! This week OlympusDAO will complete it’s migration to V2. There are a lot of questions regarding Olympus V2 migration. I’ll do my best to address all questions/comments and concerns myself and the other Sherpas have come across over the past few days and help you get migrated.
What is V2 migration?
Olympus has created gOHM to replace wsOHM and serve as an alternative to sOHM. To implement this, the smart contracts need to be changed, migration is the process of moving to new smart contracts.
Why are there so many different tokens, what do I need to do?
I know, all of these different tokens can be confusing, let’s have a look at what they are and your course of action for each token you hold. If you are collateralized on Rari or Abracadabra you don’t need to do anything. I will include a guide with pictures farther down the article on how to migrate:
- OHM: The native token of Olympus. This is what you stake to earn rebases.
Hopefully, you don’t hold OHM and have wrapped or staked it. If not you are missing out on your rebases.
- sOHM: “staked” OHM is essentially an IOU, a receipt that shows you have staked OHM. This increases in amount as you accumulate staking rewards. When you unstake you burn sOHM in exchange for OHM.
You can wrap sOHM to gOHM or, in a few days, switch to sOHM V2. Going forward, sOHM will have little use, other than holding. sOHM V2 still receives rebases.
- fsOHM: “Fuse staked” OHM is OHM being used as collateral in a Rari fuse pool
You don’t need to do anything. This will be handled on the back-end.
- wsOHM: “wrapped staked” OHM is staked OHM that has been wrapped so it can be moved off of Ethereum. wsOHM is deprecated by gOHM.
Convert or swap to gOHM.
- gOHM: “governance” OHM replaces wsOHM. gOHM will enable Olympus to have on-chain governance and to be truly cross-chain. Rather than the amount of gOHM increasing, like with sOHM, the value in your wallet does as the price of gOHM increases with every rebase. gOHM = OHM price * index.
You have already migrated; (3,3) and chill.
Why gOHM over sOHM V2?
gOHM supports governance votes, is available on many chains, will have most liquidity for direct swapping, and will be supported by other DeFi projects. sOHM v2 won’t have that much use in the future but it can still be used for holding. Essentially if you want to do anything with OHM, other than stake and hold, you will want gOHM. To reiterate, you still receive rebases if you hold sOHM V2 but integrations will be limited.
How is V2 an improvement?
There has been a lot of confusion and FUD surrounding V2 migration. gOHM is an upgrade in every sense and is by no means a bearish event. V2 accomplishes a few goals of Olympus and addresses some of the largest concerns from the community.
Benefits of gOHM
gOHM resolves the infamous multi-sig FUD. Over the past few months there was worry and significant FUD from a few very vocal CT influenzas regarding contract multi-sigs and centralization. As of V2 this is no longer an issue as Olympus will migrate from the old contracts to on-chain governance.
gOHM enables Olympus to take OHM fully cross-chain. This is a major step towards Olympus’ goal of being the decentralized reserve system of web3.
Cross-chain resolves another common user complaint, high Ethereum gas fees. gOHM can be held and obtained on other chains with far lower fees, helping existing users and lowering the barrier of entry for those who did not want to pay $200 to buy and stake OHM.
As of now, Dec 14, 2021, Olympus has gOHM pools on four other chains:
- Avalanche — Avax/gOHM pool on Pangolin and Trader Joe
- Fantom — on Spiritswap
- Polygon — wETH/gOHM on Sushiswap
- Arbitrum — wETH/gOHM on Sushiswap
You can expect more pools and chains, including Moonriver and Terra, as Proteus bootstrapping continues.
V2 Bonding Improvements
V2 also improves bonds, especially for Ethereum users. Bonding and the (4,4) strategy has had a high barrier of entry due to the fact that efficient bonding strategy requires multiple contract interactions, this means a lot of gas. Now bonds are automatically staked at purchase, significantly reducing gas fees and requiring less attention and management. There will also be different bond terms and options to share bonds with others.
This is the tip of the iceberg for V2. There are so many new and exciting use cases with OHM via gOHM in the pipeline.
How do I migrate?
Migration is remarkably simple and can be done in minutes.We have been fortunate some of the lowest gas fees in months have happened at the same time as migration; now is as good a time as ever to migrate but, to be clear, migration is not time-sensitive, nor will it ever be. If you choose to wait that’s ok, but be aware, your sOHM balance will stop increasing in your wallet. Worry not, you are not missing rebases, they will be realized when you migrate or unstake your sOHM but number not go up.
Migrating is as simple as selecting the token you want to wrap on the Olympus site, approving, and wrapping; there is no need to unstake.
Please double-check you use the real Olympus website. There have been multiple fake sites and web apps that scam users.
note: if you are doing this at time of migration (~Dec 14th, 2021) it is possible sOHM V2 is not live yet.
Once you navigate to Olympus:
- Navigate to the “Wrap” page.
2) Then select the token you want to wrap to gOHM, in this case, sOHM. For most of you this will be your first time and you need to approve your wallet to interact with the Olympus smart contract. Avalanche and Arbitrum users can do this on those respective chains without bridging.
Very important: your sOHM is notwrapped , you are not finished!
3) Select the amount of sOHM you want to wrap. Click, “Wrap to gOHM”.
That’s it, you have officially migrated to gOHM and Olympus V2.
You can add gOHM, or any other Olympus tokens to your wallet, by clicking the small “i OHM” icon in the top right corner.
You can find further resources on Olympus docs or #migration-info on Discord. You can also check out the Sherpa Library, a new initiative by Olympus to create a library and archive of resources for all.
I hope this helps Ohmies. Markets have been pretty shaky, stay strong! Trust that OlympusDAO is hard at work. Contributors are constantly building, innovating and creating new utility for OHM and expanding the Olympus ecosystem.
