A normal person's guide to staking $OHM for 8,269% APY
(THREAD)
(THREAD)
DeFi opens a world of financial mechanics up to anyone who wants to play ball, and sets a stage for entirely new ones. To start to understand it, you have to get some skin in the game.
Olympus and OHM are fascinating and easy to execute.
So let's push in some chips, shall we?
Olympus and OHM are fascinating and easy to execute.
So let's push in some chips, shall we?
For the feds -
This is not financial advice.
(3,3)
This is not financial advice.
(3,3)
1 - Onramp
First, you need ETH.
Sign up for Coinbase or Gemini to buy.
It's going to cost you $2-$400 in gas to do this, so even if you're just dipping your toe, I'd start with at least $1,000.
Buy your ETH, might take a few days to clear if it's a new account.
First, you need ETH.
Sign up for Coinbase or Gemini to buy.
It's going to cost you $2-$400 in gas to do this, so even if you're just dipping your toe, I'd start with at least $1,000.
Buy your ETH, might take a few days to clear if it's a new account.
2 - Get a wallet
There's an app, but go to metamask.io on your computer with Chrome.
Click download, install the Chrome extension. Pin it.
Record your secret phrase somewhere safe.
Meta Mask is your wallet and it's how you'll operate in web3 for now.
There's an app, but go to metamask.io on your computer with Chrome.
Click download, install the Chrome extension. Pin it.
Record your secret phrase somewhere safe.
Meta Mask is your wallet and it's how you'll operate in web3 for now.
3 - Send your ETH to your new wallet.
Copy and paste the address from your Meta Mask extension as the receipient in Coinbase.
Always Copy/Paste!
The ETH will show up in a few minutes.
Copy and paste the address from your Meta Mask extension as the receipient in Coinbase.
Always Copy/Paste!
The ETH will show up in a few minutes.
4 - Exchange your ETH for OHM
Head over the Uniswap.org.
Import the OHM and sOHM tokens. You can also import on Olympus if unsure. (both shown).
DO NOT do your Max available ETH. We're gonna need as much as .07 ETH ($300) in gas for 2 transactions to get this done.
Head over the Uniswap.org.
Import the OHM and sOHM tokens. You can also import on Olympus if unsure. (both shown).
DO NOT do your Max available ETH. We're gonna need as much as .07 ETH ($300) in gas for 2 transactions to get this done.
Quick note for normies:
Gas is the processing fees we pay to transact, and they are insanely high on the Ethereum network right now. That's another thread.
You don't give a damn, you're here to get some skin the game. For the culture.
Let's do this.
Gas is the processing fees we pay to transact, and they are insanely high on the Ethereum network right now. That's another thread.
You don't give a damn, you're here to get some skin the game. For the culture.
Let's do this.
4 Continued -
My .2 ETH = .99 OHM.
Click Swap and your Meta Mask wallet will open up.
It'll show you how much gas you need for the transaction and you'll click to Confirm it.
Wait a set, and now you've got OHM!
My .2 ETH = .99 OHM.
Click Swap and your Meta Mask wallet will open up.
It'll show you how much gas you need for the transaction and you'll click to Confirm it.
Wait a set, and now you've got OHM!
5 - Let's stake!
Go to olympusdao.finance, enter the app, go to the "Stake" page.
Connect your wallet, click "Max", "Approve", and finally "Stake OHM".
MetaMask will pop open again, confirm the transaction.
You did it. Now what?
olympusdao.finance
Go to olympusdao.finance, enter the app, go to the "Stake" page.
Connect your wallet, click "Max", "Approve", and finally "Stake OHM".
MetaMask will pop open again, confirm the transaction.
You did it. Now what?
olympusdao.finance
If you imported the sOHM token to your wallet when we imported OHM, you will now see the exact quantity 1:1 that you just staked in in your wallet in sOHM. OHM will be zero.
Click the MM icon, click the Assets tab. There shit is.
That's it, you did it. You're DeFi now baby!!
Click the MM icon, click the Assets tab. There shit is.
That's it, you did it. You're DeFi now baby!!
So what now?
On every rebase, your sOHM balance will increase.
So sit back and watch it go up.
To Unstake just click the "Untake" tab in Olympus and your sOHM will convert back to OHM 1:1. You can head back to Uniswap if you want to exchange it for for another token.
On every rebase, your sOHM balance will increase.
So sit back and watch it go up.
To Unstake just click the "Untake" tab in Olympus and your sOHM will convert back to OHM 1:1. You can head back to Uniswap if you want to exchange it for for another token.
My name is Colin, I build businesses and tweet about it every day. I do thread breakdowns and tactical how to's like this 2-3 times/wk.
Come follow along if you don't already!
> @landforce <
Here's a little more about me:
Come follow along if you don't already!
> @landforce <
Here's a little more about me:
https://twitter.com/landforce/status/1382061877895835651
TLDR: How to Stake $Ohm
- Onramp into ETH w/ Coinbase
- Transfer out into a MetaMask wallet
- Go to Uniswap to swap for $Ohm
- Go to Olympus DAO to stake
This is not financial advice.
Hit me w/ a RT on the first tweet in this thread if you got any value out of it.
- Onramp into ETH w/ Coinbase
- Transfer out into a MetaMask wallet
- Go to Uniswap to swap for $Ohm
- Go to Olympus DAO to stake
This is not financial advice.
Hit me w/ a RT on the first tweet in this thread if you got any value out of it.
If you wanna dive in and learn about Olympus, this thread is comprehensive.
Don't let this reading material get in the way of getting your hands dirty!
Don't let this reading material get in the way of getting your hands dirty!
https://twitter.com/bork_eth/status/1457402180416286722
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