OlyZaps: All-in-one swaps into sOHM
Lightning has struck again from Olympus — this time with a resounding ⚡ZAP⚡
Introducing OlyZaps: swap any asset into sOHM directly through the Olympus App
What Is OlyZaps
OlyZaps is a new feature in the Olympus App that introduces a “zapping” mechanism to provide easy access for staking or bonding OHM from any asset. Through collaborating with Zapper, this streamlined experience will save Ohmies time and effort by removing the need to go off platform to swap assets.
Zapping makes it easier for Olympus users to go from X to Y entirely within the Olympus app with:
- X is a token already held
- Y is the end result of staking (resulting in sOHM)
- Bond zapping will also be available in a future release (resulting in sOHM after 5 days and a selected bond LP-pair.)
Why we’ve added OlyZaps
Everything the Olympus team creates is designed with the community in mind, OlyZaps is no different.
For the new Ohmies, Olympus can appear complex and challenging. To get OHM (or other assets to bond) you need to leave the Olympus app and buy OHM or other assets on a DEX, then return to the Olympus app to stake or bond. You no longer have to do this, thanks to OlyZaps! Our new Ohmies can stake and bond directly in the Olympus app in fewer steps and without having to leave Olympus’ app. Instead of buying or exchanging tokens to OHM then staking, ohmies can now do this all in one transaction using “zapping”, on the Olympus app.
For our dedicated Ohmies, OlyZaps helps with a more streamlined and efficient staking and bonding experience because they can now stake or bond in one transaction (rather than having to buy or transfer to a specific token type off the Olympus app, then stake or bond back on the app). This provides Ohmies with greater transparency into the total cost of gas, which is the same or slightly lower than before because there’s less exposure to gas price volatility in executing a single transaction through OlyZaps.
Ultimately, OlyZaps will make the staking experience for all Olympus users easier, and more cost-efficient through Zapping within the Olympus App. In the future, we plan to enable similar functionality for bonding as well as for our Olympus Pro users.
How OlyZaps Works
Check out OlyZaps in action:
Zapper is an asset management platform for the decentralized economy. Their mission is to make Web3 accessible and easy to use. To advance this goal, they provide a dashboard that can be used to track and exchange >3000 digital assets, and they create and share educational resources on Zapper Learn to help demystify the complexities of the decentralized economy for newcomers. Read more about what a Zap is here.
Zapper is also very invested in amplifying the work of Web3 developers by integrating protocols with the Zapper dashboard, supporting builders who are using Zapper’s API, and advancing unique collaborative projects like OlyZaps.
Thanks to the Zapper team and OlympusDAO community for making this convenient feature possible.
Olympus is a decentralized financial reserve that provides sustainable compounding interest through its community-owned and protected treasury.