gOHM is here! the tokens you will see (as of 12/20/2021)
This article covers all the Olympus tokens that are live as of 12/20/2021.
What is OHM, sOHM, wsOHM, gOHM?
OHM: The base token for everything. Ultimately all roads lead to the OHM token. The “gold standard” for price reference will always be the thickest pool for OHM.
sOHM: The base “staked” OHM. This is the traditional staked OHM everyone is used to. At each rebase the amount of sOHM you have itself increases. can be unstaked to get OHM 1:1. Only available on ETH. You can keep holding this but ideally you should eventually migrate this to gOHM.
wsOHM: The wrapped staked OHM. Wrapped version of sOHM such that 1 wsOHM is always equivalent to Current Index worth of OHM. Does not have voting power. Can be taken cross chain, but will soon go out of “fashion” (you can continue holding it without loss of rewards but eventually you should migrate this to gOHM).
gOHM: This is the future of Olympus! The flagship wrapped staked OHM with governance power. It’s exactly the same thing as wsOHM but with voting power. Future protocol integrations and liquidity incentives cross-chain (Proteus) will all be with gOHM.
And now for details…
OHM v1 (legacy):
At the time of writing v1 OHM is still available and liquid (0x383518188C0C6d7730D91b2c03a03C837814a899) to make migration easy. As part of v2 launch all of this will eventually migrate to OHM v2.if you buy OHMv1 from a DEX you can stake/migrate it straight to gOHM on our website. If you have OHMv1 in your wallet the website will automatically prompt you to migrate to gOHM.
!Tip: you can check the contract address by writing ?ohm in #bot-channel in our discord.
OHM v2:
v2 OHM is now available and liquid (0x64aa3364f17a4d01c6f1751fd97c2bd3d7e7f1d5). the ticker OHM, now automatically refers to OHMv2. As part of v2 launch all liquidity will eventually migrate to OHM v2. if you buy OHM from a DEX you can stake it straight to gOHM on our website.
!Tip: you can check the contract address by writing ?ohm in #bot-channel in our discord.
sOHM (legacy):
This is the pre-migration version of sOHM. The contract address is (0x04f2694c8fcee23e8fd0dfea1d4f5bb8c352111f). If you’re holding sOHM you should migrate to gOHM (website will prompt you or you can manually go to the wrap tab). If you don’t you will not see rebases, however they will be backdated and honored whenever you migrate.
!Tip: you can check the contract address by writing ?sohm in #bot-channel in our discord.
sOHM v2:
This is the post-migration version of sOHM. The contract address is (0x04906695D6D12CF5459975d7C3C03356E4Ccd460). sOHM v2 behaves exactly like sOHM v1 in how it gets explicit rebases. You can get sOHM v2 by unwrapping gOHM on eth mainnet. Please note that this is not a necessary step for migration, if you have gOHM you are all set already.
!Tip: you can check the contract address by writing ?sohm in #bot-channel in our discord.
wsOHM:
ws stands for Wrapped Staked. If you hold wsOHM it receives the rebase rewards, you won’t see the amount rising but the amount each wsOHM is worth in OHM goes up every rebase.
‘a’ amount in wsOHM = ‘a’ x current index in sOHM.
You can find the current index on the main dashboard. Current index increases at every rebase based on the reward yield.
Example:
Let’s assume you had 80 sOHM, and the current index was = 40.
If you wrap this sOHM, you will get 80/40 = 2 wsOHM.
Let’s assume after 60 days the current index goes to 80.
You will still have 2 wsOHM, but it will be worth 2*current index = 160 OHM!
!Note: If you hold wsOHM right now you should migrate it to gOHM at your convenience. There is better liquidity available for gOHM, so if you plant to sell wsOHM, it’s recommended that you migrate it to gOHM and then sell the resulting gOHM.
Contract addresses:
- Eth mainnet: 0xCa76543Cf381ebBB277bE79574059e32108e3E65
- Arbitrum: 0x739ca6d71365a08f584c8fc4e1029045fa8abc4b
- Avalanche: 0x8CD309e14575203535EF120b5b0Ab4DDeD0C2073
!Tip: you can check the contract addresses and learn more about wsOHM by writing ?wsohm in #bot-channel in our discord.
gOHM:
The ‘g’ in gOHM stands for Governance. It is exactly the same mechanism as wsOHM i.e. it is staked and wrapped sOHM, but soon this will be the only staked OHM that would have voting power and will have integrations with other protocols. So if you want to actively participate in Olympus governance and take advantage of future protocol integrations you’d want to hold gOHM. Again, you can do this at your own time, your rebases are safe any way.
gOHM liquidity is being incentivized through our Proteus liquidity incentives program. So if you want to avoid eth gas you can directly buy gOHM on your favourite low gas chain. Right now the best liquidity is available on avalanche on traderjoe.xyz (analytics: gOHM-AVAX). Liquidity is now available and being incentivized on Arbitrum Sushiswap, Polygon Sushiswap, and Fantom.
Example:
Let’s assume you bought 2 gOHM, and the current index was = 40.
This gOHM is worth 2*40 = 80 OHM right now.
Let’s assume after 60 days the current index goes to 80.
You will still have 2 gOHM, but it will be worth 160 OHM!
Note: Arbitrage is responsible for maintaining the following equation:
Price of 1 gOHM = price of 1 OHM * current index
How to get gOHM:
You can currently get gOHM in following ways:
- Buy OHM (v1 or v2) on eth mainnet, stake it to get gOHM (same process if you already have sOHM). If you have v1 OHM or v1 sOHM, the website will prompt you to migrate. if you have v2 OHM you just need to stake it to get gOHM.
- Buy OHM on eth mainnet, stake it to get sOHM, wrap that sOHM to get gOHM (same process if you already have sOHM). You can do this at https://app.olympusdao.finance/#/wrap
- Have wsOHM. Website will prompt you to migrate to gOHM.
- Have sOHM v1 on Eth mainnet. Website will prompt you to migrate to gOHM.
- Buy gOHM directly on avalanche, polygon, ethereum mainnet or fantom networks. This is the least gas intensive option for new people who are starting small and want to avoid eth gas.
Contract addresses:
contract address on ETH mainnet: 0x0ab87046fBb341D058F17CBC4c1133F25a20a52f
contract address on Avalanche: 0x321e7092a180bb43555132ec53aaa65a5bf84251
contract address on Polygon (MATIC): 0xd8cA34fd379d9ca3C6Ee3b3905678320F5b45195
contract address on Arbitrum: 0x8D9bA570D6cb60C7e3e0F31343Efe75AB8E65FB1
!Tip: You can access more information about gOHM by writing ?gohm in #bot-channel
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