The sink
pValhalla, pOHM, and how fees on a wrapper permanently strand ODIN. Built with Peapods Finance.
The sixteenth pool is not like the other fifteen. It's the supply-side mechanism — where ODIN goes to stop circulating.
Naming. This is the sink — the accurate word, because what it does is absorb. The pValhalla name is an artefact of the wrapper's deployment; the contract is immutable, which is rather the point.
What pValhalla is#
pValhalla is a Peapods Finance pod that wraps ODIN. Deposit ODIN, receive pValhalla; unwrap to redeem. pOHM is the same thing for OHM.
The sixteenth pool pairs the two wrappers: pValhalla/pOHM. Because pValhalla is wrapped ODIN, arbitrage keeps its price consistent with the other fifteen pools — which is what routes flow into the wrap/burn path.
pValhalla is not a wrapper for OHM. It wraps ODIN; pOHM wraps OHM. Two separate pods paired in one pool.
The fees#
| Event | Fee |
|---|---|
| Wrap / unwrap | 1% |
| Trading | 0.77% |
Distribution:
| Share | Destination | Effect |
|---|---|---|
| 50% | Burn pValhalla | The deflation channel |
| 45% | pValhalla/pOHM LP providers | Fee share |
| 5% | PEAS treasury | Supports Peapods development |
Set at construction, with no admin who can change the split.
How burning a wrapper strands ODIN#
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Fees burn pValhalla#
Half of every fee collected burns pValhalla tokens.
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The underlying ODIN doesn't leave#
When pValhalla burns, the ODIN backing it stays in the pod, redistributed across remaining pValhalla holders — every surviving pValhalla is backed by slightly more ODIN.
-
33,333,333 pValhalla sit at the dead address#
A permanently locked position that receives its share of every redistribution, forever.
-
That share is stranded#
ODIN accruing to a position nobody can redeem has left circulation permanently.
The chain: activity → fees → pValhalla burned → ODIN redistributed → the locked 33,333,333 absorbs its share → circulating ODIN shrinks. Nobody triggers it, no discretion shapes it. Same principle as the locked pools: convert activity into permanence.
Two things people get wrong#
Pool reserves are never burned
The burn only touches ODIN moving through the pValhalla contract. The ODIN in the sixteen pools stays put. Deflation shrinks circulating ODIN around the pools — they become a growing share of a shrinking supply without anyone moving anything.
LP-held ODIN benefits too
The value lift accrues to all remaining ODIN — in wallets and pool reserves alike. So the automated market makers quietly appreciate from the burn on top of compounding k from fees.
The rate, honestly#
This is slow, and it arrives in steps.
Across a trailing year the contraction is a fraction of a percent — and it's a staircase, not a smooth rate. Annualising a step produces a number that means nothing.
Permanent and one-way; neither makes it fast. Anyone presenting ODIN's deflation as a near-term driver is overselling a real thing — measure the window yourself.
The dependency#
The sink is the one part of ODIN that depends on someone else's live code.
pValhalla itself is immutable — non-proxy, no owner, no pause, fees fixed at construction, staking withdrawal restricted to each holder's own position. Verified against the deployed bytecode, not a repository branch (which has since moved to an upgradeable codebase).
The qualifier: Peapods' protocol-level fee router is admin-mutable. It touches the rewards leg — not principal, not the burn — but it's the largest single live dependency ODIN carries. We name it rather than round it away. Audits and dependencies.
Peapods documentation and audits: peapods.finance
The third channel#
pValhalla isn't the only supply sink. Every fully diluted pair strands k ÷ max_supply ODIN that nobody can buy out — and because k only ratchets, that quantity only grows. Same permanence as the dead address, reached by arithmetic instead of transfer, so it belongs on the same ledger.