Every month, the Origin team publishes an update to our token holders and the broader community. We hope you enjoy our August 2024 edition.
We’re expanding our products with a new launch on Base, additional ARM support, and more OETH yield integrations.
Welcome to Origin’s August Token Holder Update — we’ve got a lot of ground to cover from a jam-packed month. August featured several milestones at Origin, including the announcement of Supercharged LSTs, expanded OETH restaking support, and a new pool deployed on our Automated Redemption Manager (ARM).
At a glance, here’s what we accomplished over the last month:
Let’s dig into these developments and explore what September has in store for the Origin community.
The 1st Supercharged LST makes its debut on Base under the ticker superOETHb.
Last month, we announced that Super OETH is coming to Base in September. Super OETH is the first Supercharged LST of its kind, initially launching on Base before expanding to other layer 2s this year. By leveraging Origin Ether’s design and incentivized L2 ecosystems, Super OETH will offer an unmatched opportunity for ETH holders to earn enhanced yield with minimal risk.
Super OETH is designed to supercharge ETH yield by combining OETH staking rewards with additional incentives available on Layer 2 networks like Base. Origin Ether’s Beacon Chain staking yield is bridged to L2s, allowing Super OETH holders to tap into both ETH staking yield and the higher returns available on incentivized liquidity pools. Aerodrome is the central liquidity hub for Super OETH on Base, doubling as an avenue for enhanced yield generation through AMM incentives. Once incentives begin streaming in the coming days, Super OETH APYs will be revealed on Origin’s dapp.
The launch of Super OETH is a strategic move that directly benefits OGN holders. By introducing a new class of yield-bearing tokens on emerging Layer 2 networks, Origin is expanding its offerings to a new audience while also driving increased utility for OGN. As Super OETH gains traction, it will attract a new category of users to Origin’s ecosystem, further solidifying OGN's role as our core value accrual token.
While the contract address for Super OETH is already live on Base, our full launch is anticipated for early September. Currently, Super OETH offers yield comparable to OETH, but as L2 incentives begin streaming, we expect yields to increase steadily, stabilizing by mid-September.
Additionally, we’ve initiated conversations with leading DeFi protocols on Base to integrate Super OETH in lending markets, looping protocols, and beyond. Keep an eye on our channels as we announce further integrations and opportunities for Super OETH holders in the coming weeks.
Restake Wrapped OETH on Karak to earn KARAK XP.
Wrapped OETH is now live on Karak Network, one of the space’s breakout restaking protocols. Karak has amassed more than $1B in TVL since its soft-launch in April, highlighting consistent demand for the protocol’s unique utility. Karak is positioned as DeFi’s universal restaking layer, offering multi-asset restaking to bolster security on Ethereum and beyond.
With Karak still working toward its full public launch, this integration allows wOETH users to start earning KARAK XP ahead of the protocol’s TGE.
Learn more: https://www.originprotocol.com/woeth-listed-on-karak
Migrate primeETH today to be eligible for YND airdrop Season 1 and retroactive rewards exclusively for PrimeStaked users.
Last week, the PrimeStaked migration portal opened to allow users to migrate primeETH to YieldNest’s LRT, ynLSDe. YieldNest aims to be the most community-centric liquid restaking platform, allocating over 60% of its token supply to the community in the form of airdrops and bonus incentives.
All primeETH XP holders will be eligible for a retroactive YND airdrop during YieldNest’s token generation event. PrimeStaked users that migrate to ynLSDe will receive additional incentives for YND Season 1, including a 5% Seeds boost and additional boosts for those that claim YieldNest’s Pioneer NFT.
YieldNest innovates on LRTs with ynLSDe by offering curated AVS exposure to restakers. Users can choose to allocate to specific AVS categories, such as co-processors, interoperability, and rollup services. In doing so, users can gain targeted exposure to potential ecosystem airdrops and other restaking rewards.
As an additional benefit, OGN stakers will be eligible for the YND airdrop based on TVL migrated from primeETH to ynLSDe.
The ARM expanded its reach with its new pool that offers instant, zero-slippage redemptions for OETH.
The Automated Redemption Manager (ARM) has seen significant growth in recent months, indicating the market’s demand for our specialized DEX built for redeemable assets. Over half a billion dollars in volume has been routed through the ARM’s stETH/ETH pool, giving instant liquidity to stETH holders looking to exit their LSTs without facing slippage.
Origin’s ARM added support for the OETH/ETH pool in August, enabling instant, 1:1 redemptions on Origin Ether. The pool grants unique privileges on OETH swaps to ensure no price spread between ETH and OETH, making OETH truly interchangeable with ETH at a 1:1 basis.
For the first time, OETH holders can instantly sell their LST for an equal amount of ETH, ensuring that OETH holders retain 100% of their capital when exiting their positions.
Origin Ether's support on the ARM broadens its appeal as the go-to LST for DeFi protocols to acquire. The OETH pool on the ARM unlocks new opportunities for capital rehypothecation, allowing protocols to hold OETH in smart contracts with confidence. When liquidity is needed, OETH can be swapped back to ETH without incurring a loss, enabling protocols to maintain liquidity while putting their idle ETH to work.
Visit our DeFi Opportunities page to discover new yield opportunities for OETH.
August saw two new Wrapped OETH pairs launch on Fraxlend, offering users even more ways to compound wOETH returns. Check out the wOETH/FRAX and wOETH/frxETH pools. Check out our Fraxlend guide to get started.
Meanwhile, wOETH’s presence on Dolomite has expanded significantly. With more than $2.1M in supply liquidity, wOETH is now Dolomite’s sixth largest market. Learn more on the Dolomite dapp and get started today.
Wrapped OETH’s Silo market has also observed consistent utilization, with more than $4.5M in TVL. Silo Finance enables users to loop wOETH to maximize returns. Take advantage of $1.6M in available ETH borrow liquidity by visiting the Silo Finance dapp.
Learn how OETH and OUSD work nonstop to deliver passive yield to your wallet.
Origin Ether’s 30-day trailing APY sat above 4.5% in August, marking a 50% month-over-month increase. Origin Ether’s yield has improved from harvesting SSV rewards from its distributed validator technology (DVT) implementation, as well as from its higher allocation to Beacon Chain staking.
Origin Dollar’s 30-day trailing APY achieved 8.2% in August. Nearly half of Origin Dollar’s collateral is allocated to the Morpho Aave USDC strategy, which earned lending APYs and an allocation to MORPHO at TGE. 32% of OUSD collateral is used in the Morpho Aave USDT strategy, while Origin Dollar’s DAI collateral has earned yield through the MakerDAO DSR.
Thanks for reading through our August Token Holder Update, and we hope to see you back here next month for September’s edition! We look forward to the full roll out of Super OETH and its impact on OGN; for the latest information on Super OETH, we invite you to join our Discord.
In the meantime, here are some of our favorite blog posts from August:
If you haven’t already, be sure to follow Origin on X for the most up-to-date information on our products, partnerships, and yield opportunities.
