This thread has been created in order to discuss the possible addition to Hundred finance deployments of gOHM (Governance OHM), the non-rebasing wrapper used to transfer staked OHM across chains.
Key points:
- The deployments currently under consideration are Arbitrum and Fantom.
- gOHM requires a new and specialized mechanism for establishing its price at the protocol level due to it being a wrapped version of a rebasing asset.
- In order to calculate the gOHM price, two Chainlink Price Feeds are multiplied to generate it. These two feeds being:
- In order for Hundred Finance to establish the gOHM price, a new and original contract would thus need to be deployed by the team that calculates the figure using these two feeds.
- gOHM is bridged between chains using Synapse. Unlike a regular pool, however, they mint the token directly. This would therefore involve trusting the protocol to not overmint the supply on integrated chains.
Motivation:
gOHM is the primary cross-chain utility token of Olympus DAO and thus has a significant number of holders throughout the multichain ecosystem. As a result, offering a means of collateralizing the token/providing single-sided yield could draw substantial new users to the Hundred Finance platform. For example, Vesta Finance has acquired over 43% of the Abritrum supply of gOHM (worth over over 8m USD at today’s prices) through offering a pool that currently pays out 11% to suppliers. Given that yield-generation opportunities from using tokens that can be borrowed from Hundred Finance often exceed such a level, capturing a share of this market and gOHM held elsewhere could draw significant liquidity to the protocol and incentivize revenue-generating loans.
Useful Links:
- Olympus DAO documentation on gOhm
