Wrapped OETH (wOETH) is a liquid staking token designed to maximize your Ethereum staking rewards.
By using decentralized platforms like Euler, you can take your earnings even further by leveraging your wOETH to borrow more assets and compound your yield. This strategy, known as "looping," allows you to earn higher returns on your initial position. In this guide, we’ll explain how to use wOETH on Euler to boost your ETH yields.
Euler is a decentralized lending platform that allows users to deposit crypto assets, borrow against them, and earn yield. With wOETH, you can use Euler to multiply your staking rewards by borrowing and reinvesting assets, effectively leveraging your position.
The first step is acquiring Wrapped OETH (wOETH).
If you already hold OETH, you can convert it to wOETH using the Origin Dapp. Simply visit the platform, connect your wallet, and swap your OETH for wOETH.
If you don’t have OETH yet, you can acquire it here on the Origin Protocol platform using ETH. Alternatively, you can swap for OETH on a DEX like Curve. It’s important to note that Wrapped OETH accrues staking rewards directly to its price, rather than increasing in balance. This means that 1 wOETH is worth more than 1 OETH, so you will get less wOETH tokens than OETH due to its higher value.
Once you have your wOETH, the next step is to deposit it on Euler. Start by visiting the Euler platform and connecting your crypto wallet:
Navigate to the wOETH deposit section, choose the amount of wOETH you want to deposit, and approve the transaction. After depositing, your wOETH will begin earning yield from incentives on Euler, and you can now borrow against your position.
With your wOETH deposited, you can borrow against it. Euler allows users to borrow assets like ETH, USDC, and other stablecoins using their wOETH as collateral.
You can do this manually by selecting the borrow option, choosing wOETH as collateral, and specifying the asset and amount you wish to borrow:
Alternatively, platforms like Contango can automate the process, making it easier to manage your leverage. Instead of manually borrowing funds, Contango lets you choose your leverage and it creates your looped position in one click.
While looping wOETH can significantly increase your returns, it also comes with risks. Leveraging your assets can expose you to liquidation if the value of your collateral drops below the required threshold. However, this risk is mitigated by borrowing ETH, as wOETH increases in value relative to ETH, so liquidation risks are significantly reduced.
Additionally, price volatility in the crypto market can lead to sudden changes in the value of your borrowed assets, making it crucial to monitor your position closely.
However, these risks can be mitigated by carefully managing your loan-to-value (LTV) ratio and staying within a safe borrowing limit. Additionally, the deep liquidity of wOETH helps ensure a tight peg to ETH, reducing the risk of liquidation.
Always consider the potential risks before using a leveraged yield strategy, and only invest what you can afford to lose. By following these steps and managing your risk, you can use Euler to maximize your returns on wOETH and take full advantage of the opportunities DeFi has to offer.
Every month, the Origin team publishes an update to our token holders and the broader community. We hope you enjoy our September 2024 edition.
Welcome back to another Token Holder Update! September was a month of momentum for Origin Protocol, with significant progress made across our product suite. Super OETH leads the charge with rapid TVL growth and new integrations on Base. Origin Ether and Origin Dollar both maintained solid performance, while Origin Token (OGN) saw broader adoption alongside Super OETH's success. Below are some key highlights from September:
Without further ado, let’s delve into these updates and more in Origin’s September 2024 Token Holder Update.
Super OETH has quickly established itself as Origin’s fastest-growing product. With a total value locked exceeding $300 million and a double-digit APY that continues to attract liquidity, Super OETH’s trajectory has exceeded the team’s expectations. The superOETHb/WETH pool on Aerodrome is now the largest liquidity pool on the platform, continuing to expand as more users recognize its outsized yield and peg stability.
In addition to Aerodrome, Super OETH has made significant inroads on Ionic, a leading Base money market, where it has become the 2nd largest market by TVL. Users on Ionic can leverage their Super OETH positions through looping to maximize yield opportunities. Super OETH has also gained traction on Morpho, with TVL exceeding $2 million and a utilization rate of over 90% since launch.
Super OETH’s cross-chain capabilities expanded further in September, with cross-chain bridges like Symbiosis and Router Nitro now supporting transfers from various other networks. This enhanced interoperability makes it easier for users to bridge funds into Super OETH on Base, further driving adoption of our first Supercharged LST.
Next up, we’re scoping out Super OETH on Optimism, capitalizing on the growth of Super OETH thus far and preparing our Supercharged LST to take over the Optimism Superchain.
Origin Ether (OETH) continued to provide consistent, above-average LST yield for its holders in September. Last month, Wrapped OETH was integrated with Euler Finance, allowing users to borrow against their wOETH to loop their yield or gain liquidity while maintaining exposure to ETH price movements.
Additionally in September, Bunni V2 integrated wOETH on its testnet where the protocol is developing Uniswap V4 hooks for capital rehypothecation. This will enable users to earn OETH yield on idle ETH sitting in Uniswap liquidity pools – a multimillion dollar opportunity. With the anticipated launch of UNI V4 in October 2024, we are looking forward to unlocking new yield opportunities for Uniswap LPs through rehypothecation to Origin Ether.
Thanks to its outsized yield and high total value locked, Super OETH is now Origin’s largest revenue-generating product. Impressively, Super OETH now generates more daily protocol revenue than Origin Ether and Origin Dollar combined. Currently, the protocol is holding this revenue in WETH, and plans are underway for a governance proposal in Q4 that will channel these funds to benefit OGN stakers.
In tandem with the Super OETH launch, OGN expanded to Base, making the token more accessible to a broader audience. The OGN/SuperOETHb pool on Aerodrome is now incentivized through bribes, encouraging liquidity providers to join. The pool has already attracted $13 million in total value locked, showing strong demand.
Additionally, Ionic integrated OGN, allowing users to increase their exposure through looping or access liquidity by borrowing against OGN. The loan-to-value ratio on the OGN market is 77%, providing users with attractive options for leveraging their OGN holdings.
Super OETH has seen exceptional growth throughout September, rising from less than 850 ETH in TVL at the beginning of the month to over 130,000 ETH by the month’s end. Super OETH’s 30-day trailing APY remains in the double digits at 15.3%, and the token has maintained a near-perfect peg to ETH, with just 1 basis point of slippage on swaps up to 8 figures on Aerodrome.
Origin Ether’s APY held steady at 4.35% over the 30-day trailing period in September. However, TVL dropped slightly by 10% to 30,700 ETH, which we attribute to users reallocating capital into Super OETH on Base to capture higher yields.
Origin Dollar’s 30-day trailing APY achieved 6.7% in September. The majority of OUSD funds are allocated to Morpho Aave, while DAI allocations benefit from MakerDAO’s DSR. OUSD backing remains diversified with 45% USDC, 31% USDT, and 24% DAI.
September was a month of expansion at Origin Protocol, and we invite you to follow along on our journey of providing the best risk-adjusted DeFi yield by joining our Discord. With Super OETH achieving new milestones, Origin Ether continuing to expand its presence on Ethereum mainnet, and OGN expanding its reach on L2s, we are well-positioned to close out 2024 on a high note.
Stay tuned for more updates as we roll out new features and governance proposals in Q4 to drive further value to our ecosystem and community.
Until next month’s update, here are some of our favorite blog posts from September:
Super OETH has quickly become a favorite for DeFi users seeking boosted yields, and it’s recent integration with Morpho enables users to further increase their earnings. This guide will walk you through how to deposit, borrow, and loop using Super OETH on Morpho to leverage your exposure for heightened yield.
Before diving in, it’s important to note that Super OETH must be wrapped into wsuperOETHb to be deposited on Morpho. Wrapping your Super OETH is a simple process that enables you to earn Super OETH yield while your tokens are held in Morpho’s smart contracts.
By default, Super OETH does not earn yield while held in smart contracts. Wrapped Super OETH, however, is an ERC-4626 vault that accounts for yield directly in the token’s price. Instead of your Super OETH balance increasing, Wrapped Super OETH increases in value as rewards are earned. This means that 1 Super OETH is worth more than 1 ETH, rather than holding a 1:1 ETH peg.
You can wrap Super OETH using the Origin dapp.
Super OETH on Morpho offers an attractive way to further boost your yields thanks to its underlying lending and borrowing mechanics. Users can deposit Super OETH to borrow against, borrow ETH, and acquire more Super OETH with the borrowed funds. In doing so, users can increase their Super OETH exposure to earn higher APYs than simply holding Super OETH.
However, keep in mind that liquidity has been fully utilized since launch due to the high demand for Super OETH on Morpho. This demand is driven by the high APYs currently available, which is among the most lucrative opportunities on Morpho. We are working to increase liquidity on the market, and you can check if liquidity is currently available here.
Let’s walk through the process to wrap your Super OETH and deposit it on Morpho.
Super OETH operates on Base. If you haven’t done so already, you’ll need to have funds on Base to get started. You can use a cross-chain bridge like Symbiosis to swap ETH on any chain for Super OETH on Base, or send ETH to Base from an exchange like Coinbase, then swap for Super OETH on Aerodrome.
Once your funds are on Base, the next step is to wrap your tokens.
Since Morpho uses Wrapped Super OETH (wsuperOETHb), you’ll first need to wrap your Super OETH. Visit Origin’s dapp, connect your wallet, and wrap your Super OETH.
Once wrapped, you’ll receive wsuperOETHb in your wallet, which is compatible with Morpho. Note that because Wrapped Super OETH accrues yield by increasing in value, 1 ETH will be worth less than 1 Wrapped Super OETH.
Head over to the Morpho app, select Base as the network, and connect your wallet. Once connected, navigate to the wsuperOETHb market. Here, you’ll be able to view the current borrow APRs and liquidity available for deposits.
After navigating to the Super OETH market, click Deposit. Enter the amount of wsuperOETHb you’d like to deposit and confirm the transaction from your wallet.
Once your transaction is confirmed, you’ll be able to borrow ETH from the market using your Super OETH as collateral. To loop your position, you’ll need to swap your borrowed ETH for Wrapped Super OETH, deposit it as collateral, and repeat the process. This can increase your Super OETH exposure over 5x, enabling you to increase your APYs in the process.
Keep in mind that the interest rates can fluctuate depending on liquidity and market demand, so it's worth checking in regularly.
Depositing wrapped Super OETH on Morpho is a straightforward way to increase your ETH yield. With a tight ETH peg and high base yields, using Super OETH on Morpho is a great opportunity to grow your holdings.
Super OETH is one of the best ways to earn high yield on ETH. But what if you could take those returns and multiply them? With Ionic, you can do just that by leveraging your Super OETH yield. By looping your position, you can borrow against your Super OETH and reinvest it, creating a cycle that maximizes your rewards.
In this guide, we'll walk you through how to use Ionic to get the most out of your Super OETH. Let's dive in.
Ionic is a DeFi platform that allows users to lend, borrow, and loop assets to increase yield.
By depositing your Wrapped Super OETH (wsuperOETHb) as collateral on Ionic, you can borrow against it and then reinvest the borrowed funds to multiply your exposure.
We’ll break down the process into simple steps.
To get started, you need to bridge your funds to the Base network.
You can use cross-chain bridges like Symbiosis or Router Nitro for this. These platforms allow you to swap ETH from other networks to Base, where Super OETH operates. If you already have funds on the Base network, you can skip this step.
Keep in mind that you will need a small amount of ETH on Base for gas fees.
If you don't have Super OETH yet, the next step is to swap your ETH for Super OETH on a decentralized exchange like Aerodrome or directly on the Origin dapp. Once you have Super OETH, you will need to wrap it. Head over to the Origin dapp to wrap your Super OETH into wsuperOETHb.
This wrapped version of Super OETH is what you will use on Ionic for looping. Instead of using rebasing to accrue yield, wsuperOETHb increases in value relative to ETH. This means a 1 ETH swap to Wrapped Super OETH will result in less than 1 wsuperOETHb token, albeit the same value as 1 ETH.
Once you’ve wrapped your Super OETH, the next step is to deposit it on Ionic. Go to the Ionic market and locate the wsuperOETHb pool, or just click here.
Deposit your wsuperOETHb as collateral to start earning interest and to enable borrowing against it.
To do so, you can just hit the green “Supply” button as shown:
Once your deposit is confirmed, you can borrow assets like ETH against your wsuperOETHb collateral.
The easiest way to loop Super OETH is by using Ionic's built-in looping feature. Here, you can choose your leverage, deposit collateral, and Ionic will automatically loop your Super OETH for you.
To manually loop your position, you must borrow ETH against your wsuperOETHb collateral, use the borrowed ETH to acquire more Super OETH, wrap it into wsuperOETHb, and then deposit the new wsuperOETHb back into Ionic.
You can repeat this process to leverage your position up to 5x, depending on the Loan-to-Value (LTV) ratio, which is set at 80%.
Looping Super OETH is particularly advantageous compared to other assets because of its higher base yield and deep liquidity. Super OETH consistently provides higher APYs than other liquid staking tokens (LSTs), which allows you to maximize your earnings with each loop.
Additionally, Super OETH has the deepest liquidity on Aerodrome, meaning it has a tight peg to ETH. This is crucial because it minimizes the risk of liquidation and ensures that when you're ready to exit your position, you can do so at a 1:1 rate with ETH, avoiding any slippage.
By following these steps, you can effectively loop Super OETH on Ionic, multiplying your exposure and yield with minimal effort. With its high liquidity and superior APY, Super OETH stands out as the best choice for those looking to maximize returns in the DeFi space.
Super OETH is supported across various protocols on Base. To learn more about what you can do with Super OETH, check out our DeFi Opportunities Page.
With more than $3.6m in total borrows, the Morpho wOETH/WETH pool has been seeing sustained volume thanks to generous incentives and compounding opportunities.
Users can employ leveraged staking to maximize returns. This process involves minting wOETH, depositing it to the pool to borrow WETH, and using this WETH to mint more wOETH. Repeating these steps allows you to maximize position size and thus scale rewards earned from the pool.
Initially conceived as Oasis, Summer.fi spun out from MakerDAO, offering users a wide range of yield opportunities with automated DeFi strategies. Recognizing the growing demand for leveraged staking, Summer has developed a solution that allows users to loop pools seamlessly, with just a few clicks.
Summer.fi provides atuomated leveraged staking functionality in a carefully designed interface.
Users can deposit wOETH directly to the Morpho pool via Summer, and sit back while the protocol maximizes pool returns.
First, you’ll need to acquire wrapped OETH (wOETH). wOETH does not rebase – instead, the token accrues value relative to yield accrued.
Head over to Origin’s native dapp and connect your Web3 wallet to begin. You can swap ETH and OETH directly for wOETH. Additionally, you can bridge ETH or wOETH directly to Arbitrum in a single transaction.
Next, visit the official Summer.fi dapp and connect your Web3 wallet in the top right corner. Navigate to the Multiply tab and select the Morpho wOETH market.
Follow the prompts to create a Smart DeFi account and deposit your desired amount of wOETH. The dapp will display APYs and other relevant metrics to inform your strategy.
Leveraging wOETH on Summer allows you to maximize your leveraged staking returns through an accessible interface that addresses the pain points of manually looping funds.
Simply deposit funds and watch your wOETH grow as the protocol loops funds for you.
Super OETH is now live on Base with a trailing 24-hour APY of 13.5%!
We’re excited to announce the official launch of Super OETH, a novel Supercharged LST that offers DeFi users unmatched yield opportunities on Base. Built with OETH as its foundation, Super OETH maximizes staking rewards by capturing layer 2 incentives, resulting in significantly higher returns compared to traditional LSTs on Ethereum mainnet.
Super OETH is more than just a bridged LST on Base—it’s a new staking solution designed to enhance yield while maintaining the minimal risk associated with traditional LSTs. By tapping into Base’s L2 rewards, Super OETH holders earn far higher APYs than mainnet LST holders, unlocking a new era of efficiency in liquid staking. Supercharged LSTs stand to transform liquid staking on layer 2s, combining the utility of LSTs with increased rewards from L2 incentives.
Super OETH on Base, identified by the ticker superOETHb, is just the beginning of our initiative to provide enhanced liquid staking yield on layer 2s. With plans to expand to other L2 networks this year, we’re driving forward our mission to deliver cutting-edge yield opportunities to DeFi users across the globe.
Super OETH APYs were revealed on the Origin Dapp today, and our first Supercharged LST has offered a competitive 13.5% APY. With no leverage and minimal additional risk, this makes Super OETH one of the most compelling ETH yield products on Base. This impressive yield is achieved by combining Ethereum staking rewards with additional layer 2 incentives. By leveraging OETH as its foundational asset, Super OETH bridges Beacon Chain staking yield to Base, where holders can earn even more through Super OETH’s innovative LP integration.
The enhanced APY is driven by Super OETH’s participation in liquidity pools, starting with Aerodrome. Super OETH integrates directly with Aerodrome’s superOETHb/WETH liquidity pool, where token holders benefit from protocol-owned liquidity that maximizes capital efficiency. In addition to Ethereum staking rewards, Super OETH holders receive additional yield from AERO incentives, further boosting their overall returns. These AERO rewards are automatically compounded back into Super OETH, enhancing the APY and delivering steady, compounding growth on your ether.
By holding Super OETH, users benefit from both Ethereum’s Beacon Chain yield and layer 2 incentives, ensuring consistent returns in a highly efficient manner.
Coinciding with the launch of Super OETH, we’ve deployed Origin Token (OGN) on Base, with ample liquidity on Aerodrome. Extending OGN to Base brings Origin Token to a new audience, allowing more users to participate in Origin's ecosystem and benefit from its staking rewards and governance features.
Like Origin Ether, Super OETH will utilize a performance fee that accrues back to OGN stakers. In the case of Super OETH, the performance fee is used to acquire DAO-owned AERO tokens. By building a war chest of AERO, Origin will be able to continuously route incentives to the Super OETH pool, enhancing yield for holders.
As Super OETH matures, a fee switch may be set forth by OGN stakers to change how Super OETH’s performance fee is utilized. This could take form as additional rewards for OGN stakers, or regular OGN buybacks using revenue generated from the protocol.
Getting started with Super OETH is simple and can be done in a few steps. The easiest way to acquire Super OETH is by swapping WETH for Super OETH on the Origin Dapp, which routes trades through Aerodrome. To acquire Super OETH, navigate to the Origin dapp, connect your wallet (on Base), and execute a swap between WETH and Super OETH.
Alternatively, users can also swap to Super OETH on Aerodrome. By connecting your wallet to the dapp, you can easily convert your WETH into Super OETH in just a few clicks. The dapp interface is user-friendly and optimized for a seamless experience, giving you another straightforward way to start earning high yields with Super OETH.
Since Super OETH operates on Base, you will need to ensure that you hold funds on Base before swapping to Super OETH. If your assets are currently on another network, you can bridge them over to Base using a multi-chain bridge, such as Across. You can also send funds directly to Base from a centralized exchange like Coinbase, which supports Base withdrawals. Once your assets are on Base, you’re ready to swap for Super OETH and start taking advantage of its enhanced yield opportunities.
Origin’s long-term vision for Super OETH is to make it the top-performing liquid staking token across all major layer 2 networks. With our launch on Base, we’ve taken the first step toward that goal by providing users with a product that offers higher ETH yield with minimal additional risk. Next up, we’ll be expanding Super OETH to Optimism, where it will be traded under the ticker superOETHo, further extending our reach and offering new yield opportunities on another leading layer 2.
In addition, we’re actively working on integrations with top Base protocols. These integrations will unlock new ways for Super OETH holders to earn rewards, whether through lending markets, looping strategies, or other DeFi applications. By collaborating with these platforms, we aim to ensure that Super OETH remains the most flexible and lucrative LST available.
Keep an eye on Origin’s updates on X for the latest on these exciting integrations and future network expansions.
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.
The time has come to migrate primeETH to ynLSDe!
In accordance with the OGN governance proposal, PrimeStaked is merging with YieldNest’s ynLSDe. Both PrimeStaked users and OGN stakers will be eligible for YieldNest’s YND airdrop, which is explained in detail below.
YieldNest innovates on liquid restaking with ynLSD by providing curated exposure to actively validated services (AVSs). This design enables restakers to target certain AVS categories, optimizing restaking exposure for potential airdrops and higher yields.
ynLSD will have two tokens: ynLSDe (EigenLayer LRT) and ynLSDs (Symbiotic LRT). PrimeStaked users will be able to migrate to ynLSDe, maintaining exposure to EigenLayer’s restaking ecosystem.
YieldNest aims to be the most community-centric LRT platform, allocating at least 60% of the YND token supply to its users. Excitingly, both primeETH and xOGN holders will be eligible for a retroactive airdrop at TGE.
As part of the YieldNest and PrimeStaked merger, YieldNest has offered Origin’s community an airdrop allocation at TGE. PrimeStaked XP holders will receive a retroactive airdrop proportional to their XP balance (a snapshot of XP balances was taken when the migration portal opened). Users who migrate primeETH to YieldNest will be eligible for additional airdrop seasons and exclusive perks. PrimeStaked holders that migrate to YieldNest will earn a 5% points boost, and users that migrate 5+ primeETH are eligible to claim the Pioneer NFT for further rewards.
OGN stakers will be eligible for YND based on TVL migrated from primeETH to ynLSDe. As detailed in the governance proposal, OGN stakers will receive 0.25% of the total YND supply per 2,250 ETH of value migrated to ynLSDe. The YND airdrop allocation for OGN stakers is capped at 2.5% if 22.5K ETH is migrated to YieldNest’s LRT.
To qualify for upcoming YND airdrop seasons, primeETH holders must migrate their tokens to ynLSDe. Migrating primeETH is a fairly straightforward process and can be done through the PrimeStaked dapp. Here’s how to get started:
First, visit the PrimeStaked migration portal at: https://app.primestaked.com
To get started with your withdrawal, connect your wallet in the upper-right hand corner of the page. From there, you’ll be able choose the amount of primeETH to withdraw based on the primeETH balance in the wallet you’ve connected.
To begin the withdrawal process, click “get started” on the PrimeStaked migration portal. From there, you’ll be prompted to chose an amount of OETH you wish to withdraw. Each withdrawal can either be migrated to ynLSDe or claimed for Origin Ether, so if you plan to migrate a portion of your primeETH holdings, you must initiate two separate withdrawals.
The EigenLayer withdrawal period is 7 days, so you’ll need to wait one week before migrating your tokens. Users that claim OETH instead of migrating will still be eligible for retroactive YND rewards based on their XP balance, but they will not be eligible for YieldNest’s Season 1 airdrop.
You’ll be able to migrate to ynLSDe instantly following EigenLayer’s seven-day withdrawal queue. Users who migrate to ynLSDe receive exclusive perks, including a 5% Seeds Boost for Season 1 and a 15% Seeds Boost in perpetuity for those that claim YieldNest’s Pioneer NFT by migrating 5+ primeETH to ynLSDe.
Season 1 of YieldNest’s airdrop campaign is now active, with at least 4% of the YND token supply allocated to ynLSD holders in the first season. As YieldNest’s seasons progress, the team anticipates larger token allocations as TVL grows. In an effort to become the most community-centric liquid restaking platform, YieldNest plans to allocate over 60% of the total token supply to the community.
We’re excited to continue rewarding our community in unique ways, with the YND airdrop being among the first initiatives to bring new value to OGN stakers and the broader Origin community. With backers including the founders of Curve, Frax, Convex, Algorand, and Yearn, YieldNest is well-positioned to continue delivering innovative LRT products that maximize risk-adjusted returns.
Have further questions or want help migrating primeETH? Join the Origin Discord and become part of our growing community!
Boasting more than $40M in TVL, dHEDGE offers tokenized vaults supporting more than 100 assets on leading L2s.
The protocol’s new Ethereum Yield (ETHy) vault on Arbitrum supports collateral in the form of wrapped Origin Ether (wOETH), offering users a low-risk opportunity to stack APYs and limited-time ARB incentives on the pool.
Managed by Toros Finance, the vault incorporates an array of DeFi strategies to earn increased APYs on users’s ETH.
For example, vault provides liquidity for ETH pairs on leading decentralized AMMs like Uniswap.
Assets are also supplied as collateral on Compound, generating yield from interest rates and by liquidity mining borrowed assets.
These blue-chip markets are ideal platforms for consistent yield generation with a low risk profile.
In addition to returns from vault strategies, users can also deposit wOETH to stack ARB incentives until the end of August.
Unlike OETH, wOETH does not rebase. Instead, the token accrues value from the staking yield earned over time. This design makes it an ideal asset for integrations across DeFi.
You can acquire wOETH via Origin’s all-in-one dapp. Explore our bridging guide for step-by-step instructions.
Origin Ether’s DeFi integrations offer users unique opportunities to earn superior yield. Visit the DeFi opportunities page to discover lucrative markets. Follow Origin on X and join us on Discord to keep the conversation going.
