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V2 Migration

Why do I need to migrate?

You don't have to, but we recommend you to do so. V2 migration introduces new features such as on-chain governance and auto-staking for bonds. You can read more about this on the Olympus Medium page.

What is the TLDR?

  • The wrapped sOHM token (wsOHM) will be replaced by Governance OHM (gOHM). They function exactly the same, but gOHM is set up for on-chain governance.
  • OHM and sOHM tokens will have their identical v2 counterparts. OHM becomes v2 OHM, and sOHM becomes v2 sOHM.
  • gOHM will roll out first ahead of v2 OHM and v2 sOHM.
  • After the migration, OHM pools such as OHM-DAI will utilize v2 OHM. This applies to new bonds as well. Partners like Abracadabra will only accept new deposits in gOHM. So, you will need to migrate if you want to use these features. Otherwise, you can sit tight and migrate only when you want to.
If you don't migrate, your sOHM balance will stop rebasing, but the difference will be honored when you migrate.

Gas fees are high now, will I lose my rebase rewards if I delay the migration?

No, you can migrate at your leisure once it goes live. The smart contract will keep track of your entitled rebase rewards so you wouldn't miss any of them.

What if I don't migrate?

You don't get to enjoy the new features introduced by V2. Some partners such as Rari Capital will only accept V2 tokens once they are deployed, so you would need to migrate if you want to spend more tokens (e.g. make new deposits) on these platforms.

What is the migration process?

When the migration is live, the Olympus front-end will be updated to allow the migration of all your v1 OHM tokens (i.e. OHM, sOHM, and wsOHM) to gOHM.
The migration process requires two steps: one to approve the contract for each of your v1 tokens, and another that actually migrates all your tokens to gOHM.
Each v1 token type requires its own approval step. For example, if you have OHM and sOHM in your wallet, you need to perform two token approvals, but only one migration operation.

Can I migrate a specific type of v1 token and leave out the others?

No. You can either migrate all your v1 tokens or none at all.

Can I switch back to v1 tokens after migrating them to gOHM?

No.

Can you walk me through an example of how much gOHM I can expect from the migration?

Assuming you have 20 OHM, 20 sOHM, and 20 wsOHM, and the Current Index is 10.
  • 20 OHM = 2 gOHM. Take your 20 OHM and divide it by the Current Index to get your gOHM.
  • 20 sOHM = 2 gOHM. Take your 20 sOHM and divide it by the Current Index to get your gOHM.
  • 20 wsOHM = 20 gOHM. 1 wsOHM is equivalent to 1 gOHM.

Will my gOHM still earn rebase rewards?

Yes. Although gOHM does not rebase like sOHM does, it still earns you rebase rewards. This is because the price of gOHM is tied to the Current Index:
gOHMprice=OHMpriceCurrentIndexgOHM_{price} = OHM_{price} * CurrentIndex
Every rebase event will cause the Current Index to go up, and your gOHM is worth more as a result (provided that OHM's price stays constant).

How are bonds affected after the migration?

In V2, you can purchase multiple bonds of the same type without resetting the bond vesting period.
Also, there is no need to claim bond rewards and stake them manually, as this process will be automated. The bonders will receive their entitled sOHM at the end of the vesting period.
Last modified 1d ago