Nowadays, it’s common to see APYs ranging from 500% to 500,000,000% with DAO websites. There are plenty of sites to choose from but today, I’ll be showing you exactly how to stake OHM with OlympusDao.
I am currently invested in OlympusDao and have been staking OHM for the last few months. These are the steps I took to start the staking process.
The easiest way to stake OHM is (scroll for more detail):
- Download and install MetaMask or another WalletConnect wallet. Here’s the list of available wallets: https://walletconnect.com/registry/wallets
- Get some Ethereum (ETH). You can buy ETH from any of these sites: FTX.us, Binance.com, Binance.us, Coinbase, KuCoin, Voyager, or any other preferred exchange.
- Transfer ETH to MetaMask/WalletConnect wallet.
- Use Sushi.com to swap ETH for OHM. Pay all associated fees.
- Use OlympusDao.Finance. Click “Enter App,” click “Stake” and connect your wallet. Make sure you’re on the Ethereum network. Approve & complete the Transaction.
- Sit back and relax while you question whether spending $250 in fees was worth it 😂
PLEASE KNOW: Every time you visit a new site to either Stake/Convert/Swap cryptocurrency, you’re going to pay 2 fees:
- Approval fee
- Transaction fee
These fees give permission to the site to make the trade/swap and allow them to actually make the trade/swap for you.
Also know: you will only pay the Approval fee once per site. The Transaction fee will be every time.
Disclosure: The article includes referral links because even though they don’t cost you anything extra, they do offer us both a Bitcoin bonus for signing up and depositing/trading $100. I appreciate the support if you use them. Thanks!!
Staking OHM on OlympusDao
Unfortunately I don’t know any other way to buy OHM directly (which would save a bit of money in conversion and swap…