V2 Migration Complete
It’s been a month since we announced our V2 migration and we are happy to conclude that the transition has gone well without any hiccups during the contract migration.
Upgraded V2 token design
While OHM and sOHM tokens are effectively the same as the V1 contracts, we have added gOHM (Governance OHM).
This new token brought cross-chain capabilities and on-chain governance to Olympus, while also replacing wsOHM as our wrapped token. The new token architecture also allows for gOHM to be staked directly from OHM similarly to how you would stake to sOHM from OHM.
We have migrated nearly all of our V1 liquidity over to V2 contracts except for a few remaining pools.
You can see the transfer of the liquidity from the V1 treasury to V2 treasury in the following transactions:
The liquidity that has not yet migrated is as follows:
- $37M in LUSD — OHMv1
- $17M in DAI — OHMv1
In order for us to migrate the remaining liquidity we are urging Abracadabra borrowers of MIM to pay off their debt by January 23rd, there is still $1.98M MIM borrowed. Abracadabra is using OHMv1 price oracles and without the OHMv2 oracle, a bad actor could come in and manipulate the price feed to wrongfully liquidate depositors that are currently borrowing MIM.
Note: This will not affect the new OHM price oracle as Chainlink has migrated us to OHMv2 price oracles.
Migration UX/UI Update
We have listened to the feedback of our community and input many fixes to our UX/UI to make the migration simpler for those that have yet to migrate.
You now have the option to migrate into sOHM and toggle into gOHM if you so prefer.
Along with the benefits disbursed above, we have also rolled out our V2 bond structure which brings a much-needed refresher to our bonds in the form of auto-staking capabilities and more flexibility when vesting.
Auto-staking will make it easier than ever before for our community to engage in bonding without having to re-stake midway through a vesting period, saving our users gas fees.
These bonds can also be held in multiple types and have more flexible vesting options than before, with the inclusion of fixed-term and fixed-expiration vesting variants. Check out our medium article linked above for more distinct information on the new bond capabilities.
Olympus is a decentralized financial reserve protocol that provides sustainable compounding interest through its community-owned and protected treasury.