RFC: Disable OHM v1 Migration Pathway

alinew

Summary

This proposal recommends permanently disabling the OHM v1 → OHM v2 migration pathway, which has been available for over 4 years at the time of writing.

Key actions:

Disable all remaining OHM v1 → v2 migration transactions.
Remove corresponding UI functionality to prevent further user interaction.
Implement the change 6 weeks after proposal passage to provide a notice period.

This action is required to reduce technical debt and eliminate security risks arising from maintaining an increasingly outdated dependency in Olympus’ expanding and complex codebase.

Motivation

Security & Codebase Maintenance

The OHM v1 migration pathway relies on legacy code that will become increasingly difficult to maintain securely in the context of Olympus’ evolving protocol. Recent rollouts, such as Convertible Deposits, and planned expansions will further increase code complexity. Continuing to support OHM v1 migration would expose Olympus to unnecessary security risk and operational overhead.

Historical Context

The OHM v1 → OHM v2 migration has been live for over 4 years.
The vast majority of active OHM holders have already migrated, and remaining v1 holders represent a small portion of the treasury and circulating supply, which has not taken the opportunity to migrate over a long time period.
Disabling the pathway now aligns with Olympus’ goal of consolidating around OHM v2 as the sole standard.

Strategic Alignment

Reduces attack surface by removing deprecated functionality.
Frees development resources to focus on new features and expansions without backward-compatibility constraints.
Provides clarity to users regarding supported OHM versions and improves treasury security posture.

Specification

Disabling Migration

Block all remaining OHM v1 → OHM v2 conversions at the smart contract level.
Remove any front-end UI pathways for migration.
Enforcement date: 6 weeks from proposal passage to provide adequate user notice in addition to the 4 years given to date.

Monitoring

Post-implementation monitoring to ensure no migration transactions can be executed.

Risk Management

Users who have not migrated will retain OHM v1 tokens in their wallets, but will no longer be able to convert to OHM v2, the token compatible with Olympus v2 functionality such as RBS, Cooler Loans, and Convertible Deposits.

Rationale

The legacy OHM v1 migration pathway is increasingly incompatible with the current and planned Olympus protocol codebase.
Maintaining the pathway poses a disproportionate security risk relative to its usage.
Disabling it consolidates Olympus’ ecosystem around OHM v2, simplifying development and reducing long-term operational risk.

Next Steps

Community discussion around timing, impact, and communication strategy.
Formalize into an OIP for execution if consensus is reached.
Coordinate front-end and smart contract updates to enforce migration deprecation on the 6-week timeline.

Relwyn

Cheers for the proposal and I am largely aligned.

As part of the RFC, one comment that I'd like to see integrated into the OIP is for us to clear out all remaining gOHM supply in the migration contract. This supply was pre-minted and put into the contract to service the migrations. To clean up the overhang, I'd like to see it pulled out of circulation as part of the efforts.

Also, just to ensure people have data around the migration itself, I've started putting together some Dune Metrics to facilitate the conversation and illustrate what the v1 to v2 migration has looked like over time.

https://dune.com/olympusfinance/ohm-v1-migrations

ChrisS

Hey,

I agree with closing this for security reasons. But closing without compensating the ohm v1 holders feels highly unethical as it’s essentially rugpulling everyone who didn’t catch the news for the benefit of everyone who did (everyone here. That’s why I can see why many would go along with that.)
Ohm v1 value will predictively go to 0 once the migration is closed. But these people originally paid for ohm with money that also benefited the treasury. Getting rid of their supply increases the share of everyone who migrate to v2 by essentially rugging everyone who didn’t.
You tell me if you think that’s ethical. Personally I think it’s not without some sort of compensation that this government proposal should account for.
E.G. what about airdropping the v1 holders the correct v2 amount on a cheap chain to do so, after having removed all that is left of v1 liquidity? Feels like a simple and fair solution to me. One could even deduct the transaction fees plus a little extra (like service fee) from the amount that is being airdropped.

Relwyn

[unknown]

Hey Chris. Fair points. I'm currently running a script that will show how many EOA's that hold sOHM v1 and have not migrated exist and what the OHM v2 equivalent would be.

I think it's important to be precise about scope which should help take out some of the subjectivity on the data. Will provide these details once the script is done.

Relwyn

Okay, here's what I came up with.

We're gonna eliminate these top two because it's the v1 Staking Contract (Which doesn't migrate) and the Migration Contract (Which is OHM v1 that's already migrated)

1 0xfd31c7d00ca47653c6ce64af53c1571f9c36566a 9,150,504.49 33,986.4228 $ 106,547,435.62 2 0x184f3fad8618a6f458c16bae63f70c426fe784b3 105,994.39 393.6799 $ 1,234,186.62

That leaves us with the remaining balances, by EOA, that I will drop below.

This leaves us with about 106.18 gOHM worth of liability, at a net present value of ~$333k (The irony).

Here are the splits:

Here are the specific details, by account:

Rank Address 3 0x98e48d7835202ae8e64c012dfe23366d93a0077f 4 0x1d3db45f912c74de554409c1ad0d27dbcb26b726 5 0xea1feb9a9a006a7fc253c6ca87349be0da072f25 6 0xeba9acecaeb6118a645fa4106af214c9cf53d46a 7 0x5c05e39e9a77087e2dd94083852d9fb554396122 8 0x053c56ebdb02997ff817d1cb5bb62cf5f96ff31f 9 0x3c2fe74daee9d18d777ca39b9c26d4547f39290e 10 0x5ae7d1c67bb65751379c895e74ae9a8bdd71d8d2 11 0x6b27e75bffa03521fe692a170329ab2640aeaa2c 12 0x66d30263d3e33df6fecafb89cc6ef6582b248bcc 13 0x62d480bfa42f7d396cb3a98fda161d72c6da8344 14 0xda3d8e3ee7a9599cfdf9235bb3dadaa5749ccfc6 15 0xd39094f59d880866e1246958f2fe682602a83efc 16 0x662dfaf8267114a29533ffc3c1eba18687aa077e 17 0x7a82e190de770788aea8e5b3da7bd7e1f3866295 18 0xf9729701adb2bb6261f3df1701fd3e57b282bf15 19 0x27537c09b79f3a5934006ffeb18f1665fe43fa84 20 0x0602b60e609fd897f8b19e0cec517bf6520659c8 21 0xf13f7bf69a5e57ea3367222c65dd3380096d3fbf 22 0x6bf8f2438491ba0c0af8c57c9e53ddaf644a736e 23 0xdf92e0312faf75eb4776fbb220775dda650e8879 24 0xd1156c8d306b75a40f96d0e51d23b39f5572ab8b 25 0x04f2694c8fcee23e8fd0dfea1d4f5bb8c352111f 26 0xe4bee23e1a6376e2387231dc495b26777d183414 27 0xeb52d1f025dd6f17dcfa38221044b324e495cc46 28 0xa50f5620d8fd9e144960333773a5be69c2d80264 29 0x1ec8700c30186b28c17edc29c82ccbc3d8daa1b8 30 0x66ab3988d11b493cbe632c7d4471a68350a786e9 31 0x4ddcdc7404233772a8887fa89bfb4ae41b47a087 32 0x112ac5e8012a1239c26a8db4eb18d8f9733f70d6 33 0x652151c8521a46bea762624726214fadd2e666cc 34 0x57f45ba87506b0cda2fa93a403b155077d41ec80 35 0xc54e7c7c1d9257cd525ed2c49eab7a72a82013c6 36 0x7d1c2dd8e546175d810e2af4528f6527b1c16ebe 37 0x38293902871c8ee22720a6553585f24de019c78e 38 0x0dd9c423cff307258306209dcbda817ed5f8f90a 39 0xf826beca08dc522d986483b0b76f7a66eac4270b 40 0xc2bbe34359ff91658ffbbb28c87fbeacc645509b 41 0xe038e0e87ce30e4d28b3fe7d491e594c632090e8 42 0x9d52ec2d3a875a0f09cd336f30e01301310d9cda 43 0x8f6e1e5069b336ae553f463d2c0924674e8471fc 44 0xecb616eae6c7fe2f98f7256dc235a897f2d0afca 45 0xffc19d527e58baa3851351bda4101a2d9c81585f 46 0xe270c9e41ece1a4403c424bec1eba2dc13e359b5 47 0x8feb5aa7fb65e725bda59ab4401311388a98aa2c 48 0x0d8d4e2e77ec835379f8ee5736777665493fd708 49 0xd94bfb4d9beba0a596c041cfb5bfe5ffb20fb519 50 0x758e83c114e36a28ca1f31c4d2adb5ec7c04c578 51 0xf3c6f9a0bbb660bc1adeda07e61ce0df89ac69d9 52 0x56882736249d351be5083000817219332fcd9376 53 0xfa74c47c581e4fa099883c6d81925024d57ef829 54 0xf09cec0c27f2826ead0e577bb49dbf838264c19d 55 0xd4a17ad38d5264d165db58e72a8cbe715d7dbcf7 56 0xe3d45984c62da14962a1e3371121c7934d72d2b0 57 0x6ad9a8b10f8e8e3883acabbbf3d808b156e33ec7 58 0x6c6cd46976ea4a5cb759e2ad58cbee20d3ce907b 59 0xf4607f7cbc730bef201ac403775ac61c0f6245aa 60 0x0d7ea0f2bb5ecc1b3c6f84eb9a9e5aa1f1bb6942 61 0xac071fc03a3f980bab8b5ac52cc5ee4f558f21f4 62 0x2422bb4a159a1919d230987f2954bdc36fee246a 63 0x0423ba84bd3dd01c3729738d4de0e5f2493f444f 64 0xd8ac158aa24131e3538f3305183833b76cc5214f 65 0xc829ba841d2ccbbcc62da3b75be7e1412496b1a8 66 0x3b8e136eb3313b7372c7805044a918eed4c5a75e 67 0x531ffce7b7509e18297ed469bba3a879cd1daf37 68 0xf6e8ab9ccd09f0e65764bbfb28230b31cc8b465f 69 0xa9ec77a7aad69280e8b75e474a45a887307be706 70 0xc4ff9c9eea29f7651befb755681023bb393a4fd7 71 0x1d9329f4d69daf9e323177abe998cbde5063aa2e 72 0x0b6e29eb3a63f5b62bfcd71bc2b8eec3478335e5 73 0xa367986becdcb4de1629f55af5171a26c6a82728 74 0xd49de408f89ec4de1f7c02daac6fcd8f0707c372 75 0x88f7c5a29d8455cc5a801a8461e5eea903188881 76 0x0362e0e4f135d2b06ac2baf176a9b4b9578c3c03 77 0x41a870419d4fab4e85cebcc62a91ccac81162691 78 0x2ac0757842a29ae403a33d118f3a6a1c5b149293 79 0xe93d910c5fc44d31fbf64c61ada8dd7c603f1048 80 0xb389efe19da39ded65657736e4ed298017d9238c 81 0xfcb2229fb2da163b50f09de04cc1980de76f343c 82 0x08aca3cd6dc93198823525b3a79b4a71d0962982 83 0xe6bfe84e42a9f6aaebd037e7445ed59d95ab8063 84 0x105eb02b7738c4977dff4fed389e30bd5231772e 85 0xc0c0a8261b04e171bfe59c3628d69b5568cfa316 86 0x3ca93fb07dcb334fe9230d7e791f603b343a0464 87 0xfb583187c615d943067443a406719d67b7d4d379 88 0x230ef60d5d738f3f7ec101e8957d55da2c87d7e4 89 0x9dfac9823955e939ffcfd90adb362facf37249bc 90 0x2b774ae83b165bfc48f91004c4ae146189d249aa 91 0x93be98584778dc13951346cce989ec62357dc430 92 0xb62afbae10e411ea7994dab7480ebbdd1b7c24d5 93 0x4e924efc2b1af4e3a6142fbbd3fb809af5a89cea 94 0x526e5b753fb5c6be209bba79e7e71e1377e6f653 95 0x90b5c6f7cea163b02c20ba18785fc5f64bf32c53 96 0xe2626fbb35c6ce84962e1c8e8adcef1d00247477 97 0x04613eff9c2197d7260a89c3b5c451960b8c525e 98 0xd4471f9a2a4722e68bff162dc835d9107db8e134 99 0x28e684f260780b1182956cfd9028196ab26483f8 100 0x06af88a0d6a772e560252f4fecb791acbadaa553 sOHM Balance gOHM Liability USD Value 4,942.92 18.3588 $ 57,554.75 4,287.46 15.9243 $ 49,922.75 1,962.86 7.2904 $ 22,855.29 1,407.89 5.2291 $ 16,393.33 728.59 2.7061 $ 8,483.62 658.00 2.4439 $ 7,661.68 631.59 2.3458 $ 7,354.17 623.78 2.3168 $ 7,263.21 470.00 1.7457 $ 5,472.63 422.37 1.5687 $ 4,918.01 386.73 1.4364 $ 4,503.00 364.40 1.3534 $ 4,243.03 362.48 1.3463 $ 4,220.71 349.48 1.2980 $ 4,069.32 338.65 1.2578 $ 3,943.22 335.15 1.2448 $ 3,902.42 329.00 1.2220 $ 3,830.82 300.05 1.1144 $ 3,493.75 297.29 1.1042 $ 3,461.61 294.29 1.0930 $ 3,426.71 289.75 1.0762 $ 3,373.78 257.84 0.9577 $ 3,002.31 241.29 0.8962 $ 2,809.56 225.66 0.8381 $ 2,627.50 220.21 0.8179 $ 2,564.09 214.09 0.7952 $ 2,492.88 194.48 0.7223 $ 2,264.47 166.12 0.6170 $ 1,934.23 157.39 0.5846 $ 1,832.59 154.81 0.5750 $ 1,802.58 152.50 0.5664 $ 1,775.70 150.76 0.5599 $ 1,755.41 147.99 0.5497 $ 1,723.22 143.09 0.5314 $ 1,666.07 140.91 0.5234 $ 1,640.74 139.89 0.5196 $ 1,628.84 135.82 0.5045 $ 1,581.52 134.68 0.5002 $ 1,568.15 134.00 0.4977 $ 1,560.28 131.55 0.4886 $ 1,531.79 128.28 0.4765 $ 1,493.72 127.05 0.4719 $ 1,479.40 125.67 0.4667 $ 1,463.26 125.22 0.4651 $ 1,458.02 124.84 0.4637 $ 1,453.64 121.00 0.4494 $ 1,408.91 120.75 0.4485 $ 1,406.03 118.50 0.4401 $ 1,379.85 114.13 0.4239 $ 1,328.93 113.60 0.4219 $ 1,322.77 113.16 0.4203 $ 1,317.65 112.05 0.4162 $ 1,304.68 110.76 0.4114 $ 1,289.65 108.59 0.4033 $ 1,264.37 107.73 0.4001 $ 1,254.41 105.76 0.3928 $ 1,231.48 102.69 0.3814 $ 1,195.70 102.57 0.3810 $ 1,194.28 101.38 0.3765 $ 1,180.46 99.68 0.3702 $ 1,160.61 99.05 0.3679 $ 1,153.30 98.80 0.3670 $ 1,150.43 97.30 0.3614 $ 1,132.98 96.16 0.3571 $ 1,119.64 95.58 0.3550 $ 1,112.92 95.45 0.3545 $ 1,111.39 95.31 0.3540 $ 1,109.78 95.22 0.3537 $ 1,108.77 95.16 0.3534 $ 1,108.01 93.65 0.3478 $ 1,090.45 93.05 0.3456 $ 1,083.47 90.66 0.3367 $ 1,055.62 90.17 0.3349 $ 1,049.90 89.02 0.3306 $ 1,036.59 88.60 0.3291 $ 1,031.68 88.29 0.3279 $ 1,027.99 88.25 0.3278 $ 1,027.54 87.79 0.3261 $ 1,022.25 87.36 0.3245 $ 1,017.21 86.61 0.3217 $ 1,008.50 86.53 0.3214 $ 1,007.58 84.96 0.3155 $ 989.22 83.60 0.3105 $ 973.38 83.43 0.3099 $ 971.42 83.28 0.3093 $ 969.74 82.53 0.3065 $ 960.93 81.74 0.3036 $ 951.73 81.69 0.3034 $ 951.13 81.19 0.3016 $ 945.42 81.11 0.3013 $ 944.47 78.47 0.2915 $ 913.71 76.74 0.2850 $ 893.52 76.17 0.2829 $ 886.97 75.67 0.2810 $ 881.05 73.54 0.2731 $ 856.27 72.91 0.2708 $ 849.00 71.98 0.2673 $ 838.07 71.83 0.2668 $ 836.41

crypto337

So where does that leave this? Is the plan to airdrop to the previous holders of V1?