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Wrapped Staked Olympus WSOHM
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Sobre WSOHM
Wrapped Staked Olympus (wsOHM) refers to OHM tokens that have been wrapped and staked on the OlympusDAO protocol. When you wrap your OHM tokens, they are converted into wsOHM, which represents your ownership of the staked OHM in the protocol. By staking your wsOHM, you contribute to the stability and liquidity of the protocol, and in return, you earn rebase rewards. Currently, wsOHM cannot be used for much on other chains, but it allows you to participate in the OlympusDAO ecosystem and earn rewards.
What makes Wrapped Staked Olympus unique?
Wrapped Staked Olympus (wsOHM) is a unique cryptocurrency because it combines the features of staking and wrapping into one asset. Staking allows users to lock their tokens and earn rewards, while wrapping enables the token to be used in other decentralized finance (DeFi) protocols.
In the case of wsOHM, it represents a wrapped version of the original OHM token, which is the native currency of the OlympusDAO protocol. By wrapping OHM into wsOHM, users can unlock additional functionality and liquidity for their tokens.
Unlike other cryptocurrencies, wsOHM specifically offers the ability to participate in OlympusDAO's bonding program. This program allows users to trade various tokens for OHM at a discounted price, contributing to the liquidity and stability of the protocol. Additionally, the majority of liquidity in the protocol is owned by OlympusDAO, ensuring deep liquidity for wsOHM.
Overall, wsOHM provides a unique combination of staking, wrapping, and participation in the bonding program, making it stand out from other cryptocurrencies.