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. The gOHM currently in the migration contract will be burned.
Key actions:
Disable all remaining OHM v1 → v2 migration transactions.
Burn all gOHM remaining in the migration contract after 6 weeks.
Remove corresponding UI functionality to prevent further user interaction.
This action is required to reduce technical debt and eliminate security risks arising from maintaining an increasingly outdated dependency in Olympus’ expanding and complex codebase.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.
Burn all remaining gOHM in the migration contract by sending it to the burn address.
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.
gOHM left in the migration contract will be burned to eradicate risk of old, deprecated contracts being exploited in future.
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
- OIP open for 3 days
- The proposal will be posted to OCG
