The Olympus DAO or OHM is an ERC-20-based utility coin issued on the Ethereum main net. It can be staked or traded on existing crypto marketplaces. The protocol will reward holders with treasury revenue, payment for resource contributions, and staking rewards.
The basics of OHM staking are pretty simple. If you own an OHM token, you can stake it to help run the network, and in return, you’ll earn rewards for doing so. The more OHM token you stake, the more chances you have of being chosen to validate a block and earn a reward, and the greater your reward.
Since staking requires locking up tokens for some time, it can help to prevent sell-offs and stabilize the discounted price of the Olympus system over the long term.
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.
Today’s Olympus v2 price is $12.90 with a 24-hour trading volume of $2,428,833. Olympus v2 is down 4.95% in the last 24 hours. The current CoinMarketCap ranking is #2884, with a live market cap of not available. The circulating supply is not available and the max. supply is not available.
- AnubisDAO, OlympusDAO’s fork, rug pulls investors approximately $60 million in Ethereum
- Olympus to debut in 2020 with fiat to crypto feature thats been long awaited
What is OHM staking?
OHM staking is a process by which users can earn rewards for participating in the security and maintenance of the Ethereum network. By locking up their ETH in a smart contract, users can help to secure the network and earn rewards in return. This process is known as proof-of-stake (PoS) and is an alternative to the proof-of-work (PoW) consensus algorithm used by Ethereum.
With PoS, users can earn rewards for participating in the network’s security. This is done by staking their ETH in a smart contract. The more ETH that is staked, the greater the reward. Rewards are earned in proportion to the amount of ETH staked.
So, OHM token staking may be a good option if you’re looking to earn rewards for participating in the Ethereum network. Remember, the more ETH you stake, your rewards will be greater.
How does OHM staking work?
The process of OHM staking is quite simple. All you need to do is hold your OHM tokens in a personal wallet that supports ERC20 tokens. Using MyEtherWallet, MetaMask, or Trust Wallet. Once your reserve currency is stored in one of these wallets, you can stake them by sending them to the OHM-staked smart contracts address. The contract address can be found on the OHM website.
Once you’ve decided how much to stake, you’ll need to choose a validator. Validators are the nodes on the network that validate transactions and add them to the blockchain. They’re also responsible for ensuring that all transactions follow the network’s rules. There are many validators, so research and select the one you trust.
After you’ve selected a validator, you’ll need to provide some basic information, such as your name and email address. You’ll also need to create a password. This password will be used to sign all transactions you send from your wallet, so be sure to choose a strong password that you won’t forget.
Once your Olympus tokens are in the staking contract, you will begin earning rewards immediately. The number of rebasing rewards you earn will depend on the amount of Olympus treasury staked. You can check your current staking balance and rewards by visiting the OHM staking dashboard. The dashboard will also show you the current total amount of OHM tokens that are staked and the total number of OHM token holders participating in staking.
You need to unstake your treasury balance from the contract to claim your rewards. This can be done at any time, and there is no minimum amount of time that you must wait before unstacking. However, if you unstake your treasury balance before the end of a reward period, you will forfeit any rewards that have not yet been paid out. The current reward period is 2 weeks, and OHM prices will go high.
How to Stake OHM with myetherwallet?
The process for staking OHM with myetherwallet is relatively simple. First, you will need to create a myetherwallet account if you do not already have one. Once you have created your account:
deposit some ETH into your myetherwallet account.
Click on the “Send Ether & Tokens” tab and unlock your wallet.
Click on the “Stake” button under the “OhmWallet” section.
Enter the amount of OHM you want to stake, and click the “Stake” button.
Confirm the transaction by clicking the “Submit” button.
Once the transaction is confirmed, your OHM will be staked, and you will begin earning rewards. Afterward, you can check the status of your staked OHM by clicking on the “View Stake” button.
OHM Staking through a Pool
There are many ways to get involved with Olympus protocol, but one of the most popular methods is through a pool. Pooled staking allows users to combine resources to increase their chances of being selected as validators and earning rewards.
Users must first find a reputable pool to join in staking through a pool. Once they have found a pool, they must deposit their discounted OHM into the pool’s smart contract. After that, they can start earning rewards based on their stake.
One of the benefits of staking through a pool is that it allows users to earn rewards even if they are not selected as a validator. This is because the rewards are distributed among all the pool members, not just the validators.
Another benefit of staking through a pool is that it can help users to diversify their holdings. This is because pools typically allow users to stake other assets besides discounted OHM, which can help to spread out the risk.
Staking OHM through a pool is a great way to earn rewards and diversify your holdings. However, you must make sure that you choose a reputable pool to join. There are many scams out there, so it is essential to do your research before you commit to anything.
How much can I earn with OHM staking?
When it comes to staking how much OHM, there are a few things you need to consider. With the amount of OHM you have it comes to staking, there is a lot of misinformation surrounding how much can be earned. The simple answer is – it depends. It depends on various factors, such as the amount of money you have to stake, the length of time you are willing to stake, and the interest rate.
Calculate how much you can earn by staking Olympus. Results vary based on the staking amount, term, and type selected.
There are two ways to earn from the OlumpusDAO protocol, you can either Stake OHM or participate in bonding by providing crypo assets in exchange for discounted OHM.
How to Stake OHM sampler
- To Stake OHM and start earning a “Sustainable Staking Reward” of over 7,000% at the time of writing, first go to their staking app.
- Make sure to have some OHM and ETH to cover gas fees in your Ethereum wallet such as Metamask.
- Connect to the staking contract, approve and confirm how much OHM you want to stake. Monitor your staking rewards on the dashboard and unstake when ready.
- You can connect your ledger hardware wallet to Metamask and stake OHM.
To give you an idea of what you could earn, let’s say you have 1,000 OHM you are willing to stake for 12 months. At a current interest rate of 10%, you would earn 100 OHM in rewards. However, the interest rate is subject to change, so your actual earnings may differ.
The bottom line is that if you want to earn extra money by staking your OHM, it is possible to do so. However, there is no guarantee of how much you will earn, as it depends on several factors. If you are willing to take the risk, then staking OHM could be a good option. But before investing, consult an expert.
Is OHM Staking profitable?
Yes, OHM staking can be profitable. Depending on the length of time you stake your coins, you could earn a good return on your investment. Do your research before selecting a pool to stake your coins with, as not all pools are created equal. With the right pool, stake OHM can be a great way to earn some extra income.
But on the other hand, it could also be a good idea to sell your stake in OHM coins if the price is high, as you may be able to get more return on your investment that way. It depends on the market conditions at the time and what your goals are. So, do your research and decide what’s best for you.
OHM Staking vs. Mining
In cryptocurrency, there are two main ways to earn rewards for participating in the network – mining and staking. Both have benefits and drawbacks, so it’s essential to understand the differences before choosing the one that is right for you.
Mining uses specialized hardware to verify transactions on the blockchain and earn rewards. It requires a significant up-front investment in hardware and energy costs but can be a very profitable way to earn cryptocurrency.
Staking is holding onto your coins to help verify transactions and earn rewards. It generally requires less up-front investment than mining, but the rewards are also lower.
So, which is better? It depends on your goals and circumstances. Mining is usually the better option if you’re looking to earn the highest possible rewards. However, if you don’t have the up-front investment capital or are not interested in dealing with the hassle of hardware maintenance, staking may be the better choice.
Benefits of OHM Staking
When it comes to staking OHM, there are a few key benefits that make this investment option especially attractive.
- Security – All stakeholder’s private keys are stored offline in air-gapped cold wallets. Stakeholders’ funds are never at risk.
- Transparency – All information about the status of the Ohm Network is available on-chain.
- Decentralization – The Ohm Network is powered by a network of speakers spread across the globe.
These are just a few reasons why staking OHM may be a good option for those looking to invest in the token. So, if you’re considering staking your decentralized finance, be sure to weigh these benefits of the federal reserve against the risks before making a decision.
Risks of OHM Staking
- Price Fluctuations – Staking your OHM can be a great way to earn some additional income, but it’s essential to be aware of the risks involved. There is always the risk that the price of OHM could go down, which would mean that you would lose money on your investment.
- Availability for use – Additionally, if the network experiences any technical problems, your staked OHM could be lost or unavailable for use. So, while staking OHM can be a great way to earn some extra income, it’s essential to be aware of the risks involved before you decide to do it.
Should you stake OHM?
The first consideration for Ohm staking is that 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.
Staking is a passive, long-term strategy. The increase in your stake of OHM translates into a constantly falling cost basis converging on zero. This means even if the market price of OHM drops below your initial purchase price, given a long enough staking period, the increase in your staked OHM balance should eventually outpace the fall in price.