Why EXODIA is acquiring its first gOHM
Finally! In what appears to be a bear trend, there’s finally cause to celebrate.
Because the EXODIA protocol acquired its first tranche of gOHM, which is all the rage in the DeFi 2.0 world. And for good reason.
You see, late last month the Olympus DAO announced that it will be replacing its wsOHM token for the gOHM token, which will pave the way for other DeFi protocols, like EXODIA, to align more closely to the OHM community.
Despite similarities to the wsOHM token, gOHM enables holders to vote on governance matters, hence the ‘g’.
The benefits and why there’s reason to celebrate are simple.
Vote on DAO proposals and governance
The gOHM token will enable holders to vote on proposals that enhance and strengthen the OHM community. Think a community that’s bigger, better, faster, stronger.
And with EXODIA acquiring more gOHM, it can now help shape the future of DeFi by partnering with the OHM community. The EXODIA leadership team is comprised of some of the brightest minds in DeFi, so paired with the OHM community, you can expect big things. We’re talking Big Hairy Audacious Goals (or BHAGs).
By bridgeable, we mean that the gOHM can go cross chain, eliminating high gas fees. gOHM holders can hold staked OHM on other chains without having to pay fees or need to use the OHM DAO app to do anything. This flexibility is a massive plus for Ohmies and means they can use their staked token to do more, for less.
Bridging your gOHM over entitles you to earn income from:
i. Liquidity pools: Liquidity pools, if you don’t know, are pools of funds locked into smart contracts. Users contribute liquidity to the pools, by adding an equal value of two tokens in the pool to create a market. In exchange for providing liquidity, the users (in this case holders of gOHM) will earn trading fees from trades executed in their pool.
ii. Yield farming, also referred to as liquidity mining. Put simply, holders ‘farm’ their crypto to earn crypto or other rewards.
So, what’s the rub?
OK here goes. Staking your gOHM doesn’t mean you get more gOHM with every rebase. We know, we know. But….the price of your gOGM will increase with every rebase, based on the price of OHM X by the current index. And that’s a massive win.
That, and the reasons explained above, are why EXODIA is investing big into gOHM.
So, watch this space and get ready to hear more about this exciting new development.
And if you’d like to hear more about the growing EXODIA protocol and community of keen EXODIANS visit exodia.fi.
Alternatively, check out EXODIA’s growing discord group.
EXODIA is a decentralized reserve currency protocol based on the EXOD token. Each EXOD token is backed by a basket of assets (e.g. DAI, FTM) in the EXODIA treasury, giving it an intrinsic value that it cannot fall below. EXODIA also introduces unique economic and game-theoretic dynamics into the market through staking and bonding.