General Documentation
  • 📜INTRODUCTION
    • Protocol Overview
  • 🔷The Second Fold (V2)
    • Getting Started
    • What's New in V2
    • How Does a Leveraged Origami Vault Work?
      • Targeted Exposure
      • Rebalancing Down
      • Rebalancing Up
      • Vault Limits
    • Collection and Vault User Guides
      • What Are Collections?
        • lovOlympus Collection
          • hOHM
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
        • lovBERA Collection
          • oriBGT
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
          • oriBGT Smart Leverage (Tulipa Cluster)
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
          • OHM-HONEY (Origami LP Auto-Compounder)
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
          • rUSD-HONEY (Origami LP Auto-Compounder)
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
          • BYUSD-HONEY (Origami LP Auto-Compounder)
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
          • wBERA-iBERA (Origami LP Auto-Compounder)
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
          • wBERA-HONEY (Origami LP Auto-Compounder)
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
          • wBERA-iBGT (Origami LP Auto-Compounder)
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
          • iBERA-osBGT (Origami LP Auto-Compounder)
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
          • eWBERA-osBGT (Origami LP Auto-Compounder)
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
        • lovPendle Collection
          • PT-sUSDe-May 2025 7x
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
        • lovEthena Collection
          • PT-sUSDe-May 2025 7x
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
        • lovStables Collection
          • Sky Auto-Farm
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
        • lovUsual Collection
          • USD0++ 10x
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
        • lovETH Collection
          • wstETH 14x
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
          • wstETH 11x
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
    • Risks
      • Liquidation Risk
      • Third-Party Risks
      • Interest Rate / Liquidity Risk
      • Vault Deprecation Risk
      • Smart Contract Risk
    • Rewards
    • What Fees We Collect
      • Performance Fee
      • Deposit and Exit Fee
    • Vault Fee Schedule
    • Deprecated Vaults
      • wOETH 5x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • wstETH 11x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • PT-sUSDe-Oct 2024 5x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • USDe 5x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • USDe 7x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • lovTendies Collection
        • What are directional vaults?
        • wETH-DAI-long 2x (Vitalik Bullterin)
          • Vault Synopsis
          • Token Flow
          • dApp Instructions
          • Fee Schedule
        • wETH-SDAI-short 2x (Vitalik Bearterin)
          • Vault Synopsis
          • Token Flow
          • dApp Instructions
          • Fee Schedule
        • AAVE-USDC-long 1.5x (Just Use Aave)
          • Vault Synopsis
          • Token Flow
          • dApp Instructions
          • Fee Schedule
        • wETH-cbBTC-long 3x
          • Vault Synopsis
          • Token Flow
          • dApp Instructions
          • Fee Schedule
      • PT-sUSDe-Mar 2025 7x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • PT-USD0++-Mar 2025 5x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • sUSDe 5x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • sUSDe 7x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • sDAI 11x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • rswETH 11x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • weETH 4x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • lovBTC Collection
        • PT-eBTC-Dec24 8x
          • Vault Synopsis
          • Token Flow
          • dApp Instructions
          • Fee Schedule
        • PT-cornLBTC-Dec24 8x
          • Vault Synopsis
          • Token Flow
          • dApp Instructions
          • Fee Schedule
  • 🔷The First Fold (v1)
    • What Is an Origami Vault (ov)?
    • Origami Vault Tokens (ovTokens)
    • Origami Tokens (oTokens)
    • Relationship Between Token, oTokens, and ovTokens
    • Rewards
    • ovToken Fees
  • 🐻Boyco
    • Origami USDC Boyco Overview
  • 🖲️Technical Reference
    • Audits
    • Contracts
    • Legacy Contracts
    • Admin Controls
  • 📘References
    • Disclaimer
    • Resources
    • Brand Kit
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  • OHM Looping Powered by Lov
  • Welcome hOHM
  1. The Second Fold (V2)
  2. Collection and Vault User Guides
  3. What Are Collections?
  4. lovOlympus Collection
  5. hOHM

Vault Synopsis

The hOHM Vault tokenises leveraged OHM generated against perpetually maximised Cooler debt.

PrevioushOHMNextToken Flow

Last updated 4 days ago

OHM Looping Powered by Lov

hOHM delivers a new DeFi primitive for a liquid, maximally leveraged OHM token by taking advantage of new features introduced in the new Cooler V2 from OlympusDAO and building atop the robust foundation of Origami's battle-tested automation backend for looping money market applications. hOHM also drew inspiration from ,

Welcome hOHM

Olympus' Cooler Loans V2--also known as MonoCooler--unveiled key improvements over Cooler V1. Specifically for hOHM, the two most important additions for Cooler v2 are:

  • Single, consolidated USDS loan position for each user instead of multiple positions.

  • Origination Loan-to-Value (OLTV) increases automatically to a fixed target over time.

hOHM introduces a tokenised Balance Sheet framework that maintains reserve assets and liabilities without relying on any external oracle pricing. The vault share price is seeded upon initialisation and dynamically tracks both gOHM/hOHM (collateral balance) and USDS/hOHM (debt). The unique oracle-free feature of hOHM allows scaling beyond traditional liquidity pool and price impact constraints.

Vault Action
User Deposit
User Withdraw

mint ()

gOHM

USDS, hOHM

redeem ()

USDS, hOHM

gOHM

hOHM cannot be minted out of thin air by elevated access. Each hOHM in circulation was minted by providing the vault reserve gOHM and incurring the reserve USDS debt on a per share basis.

The Uni V3 sUSDS/hOHM liquidity will be bootstrapped by TempleDAO, one of the largest gOHM holders and a strategic Partner to Origami Finance.

While there is no mint fee for hOHM, users who wish to exit the vault will incur a 1%exitFee (updatable) to withdraw their gOHM collateral on top of repaying the then-current USDS debt. This fee is also referred to as a Retention Bonus as the retained hOHM is removed from circulating supply for the benefit of existing hOHM holders i.e. reserve backing will rise for remaining hOhmies.

Through governance, OlympusDAO will approve a sensible OLTV target to be reached by a certain date and the current OLTV will rise linearly until the target OLTV is reached. This new OLTV drip mechanic is derived from . Users who want to maximise their exposure to OHM premium by taking out a USDS loan up to the maximum OLTV would have to do so continually and manually manage their debt position. hOHM steps into the void to meet this need.

The hOHM vault will always max out the OLTV and maintain a nominal amount of surplus USDS. Idle USDS is deposited into the to earn yield on idle funds at a risk-free rate. When below the threshold, the USDS buffer would support interest repayments under zero OLTV growth scenarios. Once the USDS buffer is above a policy threshold, funds will be deployed towardssweeps() i.e. repurchase of hOHM from a . Up to 3.3% of the repurchased hOHM will be sent to Origami as a performance fee, while the remaining 96.7% of hOHM will be burned to increase gOHM backing (and USDS debt) per hOHM.

🔷
TempleDAO's Treasury Price Index
Origami sUSDS+s Vault
sUSDS/hOHM Uni V3 pool
TempleDAO Protocol's battle-tested lending smart contract