OlympusDao recently announced their Proteus Program, which means we can get OlympusDao on the supported chains soon! No more expensive ETH fees :). And AVAX is the first chain that they are rolling out to.
When you buy gOHM, you are buying staked OHM. You do not have to re-stake gOHM. You gOHM will accrued staking rewards every 8 hours. ELI5 version is, your gOHM should increase in value as time goes by, assuming that OHM price stays the same. The number of gOHM you have will not increase.
So here’s how to get your gOHM on AVAX. This is my suggested route to buying gOHM.
Binance.com -> Buy AVAX -> Transfer via Avalanche C Chain to Metamask wallet (or any wallet that supports Avalanche C Chain) -> Buy gOHM on TraderJoe
1. Buy AVAX from Binance.com (or any other exchange that supports Avalanche C Chain network).
2. Withdraw AVAX using AVAXC (AVAX C-Chain) network. (Find out how to withdraw when Binance’s C chain is suspended)
3. On MetaMask wallet, Click the Network drop-down -> Select Custom RPC and Add the following
Network Name: Avalanche Network
New RPC URL: https://api.avax.network/ext/bc/C/rpc
4. After adding the Avalanche Network, you should see the AVAX token show on your metamask.
5. Go to TraderJoe to buy gOHM Token
gOHM contract address on AVAX: 0x321e7092a180bb43555132ec53aaa65a5bf84251
(Remember to have at least 0.2 AVAX in the wallet for transaction fees)
6. Once the transaction completes successful, you should see your gOHM token in your metamask wallet
Do this if you don’t see the token on your wallet.
And that’s it. You are earning the staking rewards just by holding gOHM.
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