First published 16 December 2021, the day after the v2 migration opened. Expanded in October 2026 so a rebase is not described as a savings account, and so v1 is not described as this token. OHM is an Ethereum token. Olympus DAO shipped it. The person most associated with the early project used the name Zeus. The project counts its launch from March 2021, when a test balance called alphaOHM was migrated. The design mints OHM when the protocol takes in assets. Early on, that asset was often Dai. What is Dai (DAI)? is that token. OHM is not Dai. The treasury is the backing people argue about. Backing is whatever the treasury holds. It is not a promise that one OHM redeems for one dollar.
Staked OHM was built to rebase. A rebase changes the balance without a transfer. Early pages showed enormous yearly rates. A rate on a page is not a rule, and a larger balance is not a dollar you can withdraw from a bank. The (3,3) slogan is a meme about everyone staking. It is not a plan. Staking is a lock and a queue, not a savings account. This page will not walk through a bond.
On 15 December 2021 the project opened a migration to v2. The price row for this page is that v2 token. v1 was still labeled OHM in many wallets. A v1 balance is not automatically v2. gOHM is a wrapped form that folds the rebase into the price instead of the balance. The project published an index for the migration day, so the count of tokens changed. A different count is not, by itself, a different pile of dollars. ETH pays the fee. The wrong network is still the wrong city. Nothing here is an instruction to stake, to migrate, or to buy OHM.
