Everything the dashboard does, explained calmly and with the formulas. Examples use live data from right now.
OHM is a treasury-backed token: today each OHM has $12.04 of real assets behind it (the “backing”). The market almost always pays above that backing — that gap is the premium. The strategy: accumulate when the premium is low and use a loan from the protocol itself (Cooler V2) that lets you pull almost all of the backing in stablecoins with no liquidation risk. That way your possible loss is capped on the downside and, while you wait, the borrowed money earns yield.
Cooler V2 lends you ~95% of the backing against your OHM, at 0.50% a year, and it's non-recourse: if OHM collapses you can walk away from the collateral and keep the borrowed money. That's equivalent to being able to sell your OHM to the protocol at $11.31 no matter what. So below $11.31 you don't lose any more, and that floor rises every day: it's $11.31 today and climbing linearly toward $11.60 by 27 Oct 2026 (OIP-194a on-chain drip, +$0.0027/OHM per day, up-only). Holding longer = lower possible max loss.
It's not a magic date: it's the end of a ~6-month linear ramp the protocol uses to raise the borrowable floor gradually instead of in one jump, so nobody can front-run the backing increase. On that day the floor reaches its target ($11.60/OHM) and then holds flat there — up-only, never down — until governance ratifies more backing and starts a new leg. In practice: the “free” shrinking of your max loss is guaranteed until 27 Oct 2026; after that your floor freezes at $11.60 unless a new ratification comes. The dashboard reads this schedule on-chain on every load, so if governance re-points it (raises the target or moves the date — always upward) everything updates on its own.
How much you pay above backing. Lower = cheaper entry.
Where the premium sits in its yearly range. The timing signal.
Your real max loss per OHM. You don't lose more even if OHM goes to zero.
Park the loan in sUSDS (3.6%) and pocket the spread while you wait.
If you reinvest the loan into more OHM, you multiply exposure and ROI.
The max(…, Floor) is the safety net: below the floor the result stops getting worse.
1) You risk less. Possible loss = price − floor; with a low premium the price sits near the floor.
2) More upside. It has more room to revert to its median or high.
3) Carry yields more. You borrow roughly the same wherever you enter, but your capital at risk is smaller → that carry is a bigger % of your money.
• Conservative (carry): park the loan in sUSDS. Max loss capped at $5.95/OHM (~34.5%).
• Loop (leveraged): use the loan to buy more OHM (and if it drops, improve your entry), then repeat. Exposure and ROI multiply (2.9× now). It raises max loss to 100% of capital (at the floor), but never more and with no liquidation: leverage with a bounded loss.
• Thin liquidity: DEX volume is low (~$10K/day). You can always pull the backing (via Cooler), but realizing the premium at size moves price → enter and exit in tranches.
• Reflexivity: ~70% of the treasury is the Cooler loans themselves → in a panic the floor is softer than it looks.
• Smart-contract and Sky/USDS dependency. And there's no yield from just holding.
Not investment advice.
Backing, treasury and supply: Olympus official Treasury API. Price: CoinGecko. Cooler, Emissions and YRF: direct on-chain reads from the contracts on Ethereum.