Buying and Staking Guide for Olympus

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This is a how to guide for buying and staking $OHM in the Olympus protocol to earn passive income. Olympus DAO is one of the most popular DeFi projects off all-time and runs on the Ethereum network. Olympus aims to become the world’s first, decentralized reserve currency backed by a treasury owned liquidity.

Learn more about staking crypto here.

What is Olympus DAO?

Olympus is building a community-owned decentralized financial infrastructure to bring more stability and transparency for the world.

Olympus is a decentralized reserve currency protocol based on the OHM token. Each OHM token is backed by a basket of assets (e.g. DAI, FRAX) in the Olympus treasury, giving it an intrinsic value that it cannot fall below. Olympus also introduces unique economic and game-theoretic dynamics into the market through staking and bonding. Read more about the game theory aspect of Olympus in one of our blog posts.

Quick rundown on how Olympus works:

  • Bonds & LP fees – Olympus has a Treasury owned that earns revenue through bonds and LP fees. These assets lock in liquidity and help control $OHM supply.
  • Treasury Growth – As the Olympus Treasury grows, the inflow of revenue increases the treasury balance and helps to back the floor price of outstanding $OHM tokens. This helps regulate staking APY interest rate rewards that are distributed to $OHM token holders.
  • OHM Tokens – OHM tokens earn interest by means of auto-compounding yields through its treasury backed currency with real-world value.

What you’ll need to follow this guide

  • MetaMask wallet
  • $ETH token
  • $OHM token

Steps for staking $OHM on Olympus

Follow these steps for the traditional method of buying and staking OHM. However, it’s important to note that you can save a significant amount by avoiding ETH gas fees if you follow this guide to investing in Olympus the easy way instead.

1. Create and setup a MetaMask wallet (available as a web browser extension and mobile app).

2. Buy some $ETH from CoinBase or your preferred exchange (Binance and KuCoin are great options too).

3. Send your purchased $ETH to your MetaMask wallet.

4. Swap your $ETH for $OHM through the exchange SushiSwap.

There will be an approval fee to allow SushiSwap to spend the $ETH in your wallet. There will be another fee for the actual swap. These fees will vary depending on the current price of ETH gas.

swap eth for ohm sushiswap
How to swap $ETH for $OHM and add the contract to your wallet
Don’t swap all the $ETH in your wallet. Save at least $100 worth of $ETH for gas fees.

5. Add the $OHM (V2) contract address to your wallet: 0x64aa3364F17a4D01c6f1751Fd97C2BD3D7e7f1D5

6. Add the $sOHM (V2) contract address to your wallet: 0x04906695D6D12CF5459975d7C3C03356E4Ccd460

You can find the official Olympus contract addresses here.

7. Go to the staking page of the Olympus dApp and connect your wallet. Enter the amount of $OHM you want to stake or click “max” to stake all the $OHM in your wallet. Approve the staking contract to spend the $OHM in your wallet. Then click the button to stake your $OHM.

staking ohm
Staking OHM with Olympus

Note – If this is your first time staking $OHM, you will have to pay a one-time staking approval fee. Any time you stake after that, you will only have to pay the gas fee to cover the staking transaction.

You should now see a balance for your staked $OHM as the receipt token $sOHM on the dashboard and in your wallet.

Congratulations, you have successfully staked $OHM.

If $OHM or $sOHM doesn’t show in your wallet, make sure you’ve added the correct contract addresses and that you are on the ETH mainnet network.

Note – OHM recently rolled out the V2 protocol. Any $OHM that is purchased and staked should be the V2 token (not the V1 token). If you are holding $OHM or $sOHM V1, you will need to migrate to $gOHM for V2.

Additional Olympus DAO Resources

Current Token Prices

Exchanges to buy ETH (Ethereum)

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