Hello Ohmies!

If you have not seen, we will be launching our V2 in the coming weeks. You can read more about this here.

This requires us to migrate to new contracts. Information about that migration process is as follows.

Please note: there is no time sensitivity to this process. If you are a passive staker or borrower, you do not need to do anything. Migration will only be required if/when you want to access liquidity or integrations. (This is slightly different from what was previously listed in the V2 announcement. We reworked the migration design after hearing concerns about having a time constraint).

TL;DR:

  1. 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.
  2. OHM and sOHM tokens will have identical v2 counterparts (OHM, sOHM, wsOHM -> OHM, sOHM, gOHM).
  3. gOHM will come first, and serves as the vessel upon which we migrate.
  4. The actual migration is all in the backend. The only thing you will notice is that sOHMv1 stops rebasing, OHM-DAI/OHM-FRAX pools + treasury move, and new bonds will only be offered on V2.
  5. After the migration, if you want to access liquidity or integrations, you will need to migrate. If you're just sitting tight, you don't need to move until you want to. Important: your sOHM balance will stop changing, but the difference will be honored when you migrate.

The migration process is split into two parts: pre-migration, and post-migration.

Pre-Migration:

The gOHM token will be deployed onto main net when it clears the current audit. gOHM will exist as a wrapper, just like wrapped sOHM does right now. gOHM serves as our bridge between V1 and V2.

During the pre-migration phase, V1 contracts will continue to function as they do now. However, we will work with integrated protocols (i.e. Fuse, Abracadabra) to only allow the use of gOHM going forward. Existing users will be unaffected.

Pre-migration serves as a nice transition period. Activity can be diverted to gOHM instead of V1 tokens, even though nothing has really changed. Users can always move between gOHM and V1 tokens.

Migration:

The actual migration sits between the pre-migration and post-migration phases. At this point, V1 contracts will be replaced with V2 contracts. This process includes: migrating treasury, migrating liquidity, updating the website.

Migrating your tokens means interacting with a contract that will take your OHMv1, sOHMv1, or wsOHM and give you back gOHM.

Note that the OHM-LUSD pool will remain on V1 to prevent any scares if someone is unaware of the migration and tries to access the pool.

Post-Migration:

At this point: treasury assets are in the V2 treasury; OHM-DAI and OHM-FRAX pools use OHMv2; V2 staking is enabled; bonds are run only for pools with OHMv2.

During the post-migration phase, rewards will be disabled on V1. However, the migration contract will be funded so that your stake awaits you in the migrator contract. Whenever you choose to migrate, you will receive the same amount of gOHM that you would have if you had migrated immediately. You will not miss rewards, and there is no rush to move. This also means that borrowers do not need to move their position. It is only when adding that you will need to acquire gOHM or sOHMv2 instead of wsOHM or sOHMv1.

Timeline:

  • gOHM is included in the ongoing audit with Runtime from OIP-23. It will be out sooner than V2 contracts, allowing us to start laying the groundwork. We hope to be able to deploy this by early next week.
  • V2 contracts are still pending audit, but prospects look good. We hope to be good to go on the actual migration within four weeks.

A note for liquidators:

  • Once it occurs, you may want to include migration logic into your liquidator. OHM-LUSD liquidity will persist for OHMv1, but trade execution may be worse than if you bridge first. Documentation for integrating this will be provided in a timely fashion to ensure you are prepared.

    Thanks for taking time to come down from the mountain 🙏

    Zeus i want to migrate right away, can this be done next week when gohm is deployed?

    Thanks for the details. Will there be a maintenance window while service is unavailable? If so, for how long each of the phases?

    In simple terms, what I have to do to migrate if I only own fsOHM-18?

    Repay borrowed assets to withdraw deposited sOHM on Fuse? And only then being able to migrate it to v2? 😨

    Thx king.

      Vanadio You don't need to, unless you want to borrow more:

      This also means that borrowers do not need to move their position. It is only when adding that you will need to acquire gOHM or sOHMv2 instead of wsOHM or sOHMv1.

      Thx for reply. So v2 will add to my v1 collateral or will I need to first close v1 position to be able to add collateral or borrow more? Having to repay would be a pain.

      Will the migration require a eth transaction(with gas) ?

      Zeus Migrating your tokens means interacting with a contract that will take your OHMv1, sOHMv1, or wsOHM and give you back gOHM.

      Currently i have staked and i have sOHM. When i migrate, i will get gOHM and staked reward will be in gOHM ? If this is the case what is the used of sOHMv2 ?

      Zeus "This also means that borrowers do not need to move their position. It is only when adding that you will need to acquire gOHM or sOHMv2 instead of wsOHM or sOHMv1."

      What does adding mean here? Does it mean when borrowing or when depositing into the fuse pool?

      For example, say I have 100k of OHM deposited into fuse pool 6 and I borrowed 20k against it. Does this mean that I can't borrow or deposit anymore and that the deposited ohm will not be growing on fuse? that is my borrowing power will be frozen?

      "sOHM balance will stop changing"

      isn't this a problem if you have a loan out on fuse? If the balance stops changing you will no longer be able to have your liquidation point go down as time goes on.

      So basically we are now stuck at a fixed liquidation point based on the current amount of OHM we have and the rebases will no longer help us lower that? So the only thing that will affect our liquidation is the price of ohm?

      Or will fuse still acknowledge the rebases?

      Someone on the team had said you'd offer flash loans to help migrate? Is that still gong to be offered?

        cabanaboy1977 Yup this in particular interests me… do we need to somehow settle the Fuse loan and migrate or will the sOhm pool be migrated by Rari?

        I think the 9,9 scenario on fuse pool should be explained better. It’s not clear if we have to repay debt to have a migrated position and being able to borrow again. Also if v2 will add to v1 as collateral on the fuse pool, if v1 collateral will still rebase, etc. thx.

          Vanadio i think only way out is to migrate to v2 to use fuse or any other medium for that matter.

            That's the thing, say the fuse pools are going to be v2, wouldn't it be easiest for Rari to migrate the pools?

            @Zeus can you please clarify for fuse (please see previous comments).

            Thank you sir for your time!

            The vast majority of OlympusDAO investors just stake to earn rewards. We would really like to know exactly how this migration will unfold and this post does not adequately explain it.

            You say we don't need to do anything unless we want to "access liquidity or integrations." What exactly does that mean?

            So, assuming a normal staker just wants to keep staking and not "access liquidity or integrations" (whatever the hell that means), you also say that our sOHM rewards will stop increasing. but the difference will be honored when we migrate. But you just said we didn't need to do anything - now you are saying we have to do something (migrate)? Do we migrate? Do you migrate for us? When will we see our sOHM balance be corrected to reflect the rewards we should have gotten during this migration process.

            Please explain in more detail.

              Can you also outline the migration scenario for people with collateral on fuse, some dollar borrowed and willing to continue to get rebases and the option to potentially borrow again from pool? @Zeus

              19 days later

              Noob here. If I purchase some Ohms today, will they be v1 or v2? Thanks.