You will need Coinbase and Metamask accounts to buy OHM on Avalanche.
It is important to note that when you buy OHM on the Avalanche network, you buy staked(and wrapped) OHM known as gOHM. To buy OHM without staking it or to stake OHM on the Olympus Dao app, you must buy OHM on the Ethereum Network
To buy OHM on Avalanche, you need to do the following:
- Buy Avax on Coinbase
- Transfer Avax to Metamask
- Buy gOHM on TraderJoe
Buy Avax on Coinbase
You can join Coinbase here and purchase the Avalanche(Avax) Token.
Set up your Metamask Wallet
You can download the wallet here and download the chrome extension or for whatever browser you are using.
Transfer Avax to Metamask
The first thing you need to do is to connect the Avalanche Network to your Metamask Wallet.
Connecting Avax network to Metamask
Click on the button at the top of your Metamask.
Then click “Add Network” at the bottom.
Fill in the details of the Avalanche network which you can find here.
Network Name: Avalanche Network
New RPC URL: https://api.avax.network/ext/bc/C/rpc
ChainID: 43114
Symbol: AVAX
Explorer: https://snowtrace.io/
Click on Save and now you have connected Avalanche to your MetaMask.
Send Avax from Coinbase to Metamask
Go to your Coinbase and click “Send/ Receive”
Select your Avalanche(Avax)
Copy your address from your Avalanche wallet in Metamask into the address and click continue.
You will then be asked to confirm your fees and use a 2 step verification from Coinbase.
You should see your Avax in your Metamask Waller within seconds.
Buy gOHM on TraderJoe
First go to the trader joe website: https://traderjoexyz.com/
Connect your MetaMask Wallet (Make sure you are connected to the Avalanche Network)
Click Connect to a Wallet on the TraderJoe and website and click MetaMask.
Click Next and Connect.
The next step is to go to the Trade Section on TraderJoes.
Select how much AVAX you want to trade and then you need to search for the gOHM token in the token section that you want to swap.
You then need to confirm the transaction on the Trader Joe website and with your MetaMask wallet.
So there you go, you have gOHM on the Avalanche Network.
Can I stake OHM on Avalanche?
The only option to buy OHM on Avalanche is to buy gOHM (formerly known as wsOHM). This version of OHM is staked and wrapped. When you buy OHM on the Ethereum Network, you can stake it on the Olympus Dao app, and then when you have a certain amount of staked OHM, you can wrap it.
Is gOHM staked?
Yes, gOHM is already staked. You still collect rebase rewards just as if you had staked OHM, but you won’t see your token balance increase because the increase in value is based on the Current Index at the time of purchase and sale
What are the rewards I get with gOMH?
It is important to know that gOHM is staked OHM so you will receive rewards accordingly. Your number of gOHM will not increase but rather the value of gOHM will increase over time.
What is the difference between wsOHM and gOHM?
wsOHM and gOHM are essentially the same thing in terms of rewards(wrapped and staked OHM). gOHM is a version 2 of wsOHM and also allows you some governance rights and the ability to use sOHM on different blockchains such as Avalanche.