In this blog post, I will be sharing the migration process from Olympus V1 to V2. Olympus V2 is a massive step forward for the protocol.

If you want to do a quick read about what OlympusDAO is and what features are coming in Olympus V2. I would recommend reading this thread 😃.

Before How, let see why?

• Olympus V2 brings a more on-chain governance-based structure to Olympus. It is crucial for the future operations of the protocol, and the roadmap it has set itself to.
• No wait time for the purchased bond to complete vesting. V2 auto stakes bonds on purchase so that users can earn staking rewards until the vesting period is done.
• Lots more features are coming for bonding. like being able to hold bonds as NFTs (could enable a secondary bond market), Newer term periods for bonding (fixed-term & fixed-expiration).
• The transition from sOHM (v1) to gOHM (v2) enables the purchase of multiple bonds at once, instead of one at a time limitation with V1.

How to migrate?

• Once V2 is live, the Olympus front-end will update to allow users to migrate all V1 assets to gOHM.
• Users have to approve the contract once for each V1 token they own (OHM, sOHM, wsOHM) and finally approve one more time for the actual migration of assets to V2.
• Once the user initiates migration to V2, then all tokens must be migrated. any partial migration is not allowed. And after migration to V2 is done, the assets can’t be rolled back to V1.

Useful information for the upgrade to V2

• wsOHM V1 will be replaced by gOHM (same, but built with a focus on governance), OHM & sOHM will have V2 counterparts. For V2, the ticker remains the same, just update the V2 token contract in the wallet for the assets to properly reflect.
• While migrating OHM V1 & sOHM V1 it will be converted to gOHM. the gOHM token balance received will differ but its $USD value will remain the same.
• If you are migrating 50 OHM, 50 sOHM you will receive 10 gOHM totally given that the current index is 10. Whereas migrating 50 wsOHM will give 50 gOHM as it's a non-index-based token. (note that after migration the $USD value will remain the same even though the token value is reduced)
• gOHM will still earn rebase rewards even though its quantity doesn't change after rebasing like sOHM. It is because it is tied to the current index. (gOHM price = OHM price * current index)
• All V2-related contracts are live, and some of them are still under the audit process. Once all the audits are done they will be updated here.

What if I don’t migrate?

• Users will have 2 months' time to migrate to V2 after the update goes live, Partial liquidity will remain in V1 to ease the process for users to migrate to V2 once they are able.
• But, once the V2 update goes live some pools and partners will only accept V2 assets live gOHM, and all V2 feature like the auto-staked bond is exclusive. To be able to use those features, the user has to update to V2.

For more updates on Olympus v2 do not miss out on the Migration AMA event.

FOHMO4 date: Dec 12

Event Overview: Learn about the Olympus ecosystem, alpha leaks, industry speakers, v2 migration