Get Ready for Olympus V2 Migration
Olympus is proud to present the Olympus V2 migration. In this article, we will outline the key changes and important points you need to know so that you can be ready for the V2 migration.
Key features of V2 include:
- On-chain governance via gOHM
- Automatically staked bonds
- Cross-chain functionality through gOHM
Am I going to lose money if I don’t migrate now?
No, there is no penalty and further, no action required if you simply want to stake and chill. All rebases will be accounted for when/if you choose to migrate, which we recommend if you want to sell.
Note: fees to migrate your balances are very low, and if you use our migration tool, you do not need to unstake and restake. The migration tool will go live upon the launch of V2.
What does this mean for me?
Ohmies everywhere can now take advantage of gOHM which will operate alongside the Proteus initiative to take gOHM — our governance token — cross chain. Enjoy the perks of owning Olympus on chains other than Ethereum such as low fees and fast transactions.
Of course, gOHM will also be available to everyone on Ethereum via an all new migration page.
Here you will see a banner and a link, which will show that you have the original version of OHM and sOHM (further referenced as V1OHM and V1sOHM). These can then be converted into V2sOHM or gOHM. With this migration there will be a change in the way we view our token holdings visually, so we will make sure by the end of this article you understand how indexing works.
I’m conscious about fees; how can I buy gOHM on AVAX?
Olympus can be purchased on AVAX through traderjoe.xyz. Don’t have any AVAX? You can onboard directly to the AVAX network through Olympus Pro partner Pangolin and swap into AVAX which you may use to then swap into gOHM.
I want to convert my V1OHM on the Ethereum network; what do I do in order to get gOHM?
You can click on the migration page and you will be able to see your V1OHM balance alongside your V1sOHM and wsOHM balances. There you will have the option to convert all of your OHM to gOHM.
With the V2 migration it is now possible for you to directly purchase V2OHM or gOHM.
If you already own wsOHM on another network such as Avalanche, simply connect to the Olympus page via Avalanche network and you will be able to migrate there.
This means that V2sOHM will be something that will have very few beneficial use cases due to the fact that we are encouraging the migration to gOHM. If you have gOHM and unwrap it, you will be given V2sOHM.
Why does it look like I have less OHM after I migrate to gOHM?
Remember that the price of gOHM differs from the price of V1OHM. It is calculated as the index (Purchase of one OHM at the launch of the protocol multiplied by the amount of all rebasing that would have occurred since then — this number is represented as a decimal.) multiplied by current V2OHM price.
Do I still get rewards?
Yes! You’re still collecting rebase rewards just like you would if you had V1sOHM. The only difference is that you won’t see your token balance increase every epoch. Instead, the current index increases each rebase which gets factored into the price of gOHM. As an added bonus, you get the advantage of using gOHM across blockchains.
It’s important to note that rewards will be represented in the price of V1sOHM since the V1 smart contract will stop emitting V1sOHM after V2 is launched. This means that instead of receiving more V1sOHM, you will instead see the value of rebasing represented in the price of V1sOHM. The system automatically calculates the amount of gOHM your V1sOHM converts to, when you migrate.
To put it plainly, while the quantity of your V1sOHM will not increase after launch with every epoch, your price will be impacted by the dollar value of that epoch based on market conditions.
How can I move my newly minted gOHM from ETH to AVAX, Fantom, Polygon, or others and vice versa?
We have created an easy way to make the move via our bridge link which will take you to Synapse Protocol’s OHM bridge. Learn more about how this works via their documents page here.
Tell me more about Bonding under the Olympus V2
In V1, Ohmies would pick a bond and then exchange their tokens and vest it over 5 days. During that time, many Ohmies would choose to claim and restake their rewards over the course of that 5 day period but high gas prices on the ETH network have made bonding pricey for some users. V2 introduces a new feature for 4,4 — which is the ability to Bond and have your vesting tokens staked automatically, maximizing your gains and reducing your gas fees. A win for the treasury, Ohmies and the popularity of bonding in general.
During the 5-day period, your funds are locked up and therefore withdrawals are not possible. Your entire vested balance will be available at the end of the bonding period.
What happens to my current OHM, sOHM and wsOHM?
Once we deploy V2 all emissions will be in the V2 version of OHM. Your V1 tokens will still be redeemable for V2 and will continue to enjoy rebase after the launch of V2.
Here is what you need to know:
1. V1OHM and V1sOHM will be redeemable for gOHM upon launch of V2
2. wsOHM will be able to convert to gOHM
3. Unwrapping wsOHM will yield you V1 tokens which you can then migrate. This is only a smart contract interaction, we recommend migrating wsOHM to gOHM.
4. Once you’ve converted to V2 tokens or gOHM, our front end will not allow you to go back to V1 or wsOHM. However, there will be a smart contract interaction allowing you to do so.
What are the relevant v2 addresses?
Olympus is a decentralized financial reserve that provides sustainable compounding interest through its community-owned and protected treasury.