Every month, the Origin team publishes an update to our token holders and the broader community. We hope you enjoy our December 2023 edition.
We’re pulling back the curtains on OGN – get ready for an exciting start to 2024.
With upgrades to Origin DeFi and a revamped OGN coming on the horizon, we’re ending 2023 focused on delivering even more value to our token holders. In December, we launched a new frontend for OUSD, joined EigenLayer’s restaking ecosystem, and teased our new unified dapp that will host OGV governance, OETH, and OUSD all in one place. Some other developments from December include:
At the same time, our most seasoned developers and leadership team came together to work on adding new utility and mechanics to Origin Token (OGN). We’ve made significant progress in December, and a major announcement regarding OGN is slated for next month.
Our devs haven't touched grass in months – get ready for a supercharged OGN in 2024.
You might have sensed it already – an exciting development for OGN is just around the corner. Our team has been working diligently behind the scenes to catalyze new value for OGN.
Considerable progress has already been made, and we are eagerly preparing to share the big news with you.
The upcoming launch in 2024 will significantly improve OGN tokenomics and supercharge the token’s utility beyond our Origin Story marketplaces. While Season 5 OGN staking is currently paused, an exciting new value-accrual mechanism is in the works.
As we step into this new era, we invite you to join us and follow along for updates. More to come.
December marked another month of growth for the Origin DeFi DAO. OGV stakers were rewarded with two OGV buybacks in December, amounting to 4.37 million OGV being redistributed to stakers. Alongside these buybacks, over 10,000 CVX was acquired by the Origin DeFi DAO last month. Impressively, the Origin DeFi DAO saw an approximate 21% increase in revenue from November to December.
We’re delighted to see that the DAO’s growing revenue numbers are getting noticed by accounts on Twitter, including Alex Wacy and Crypto Nova. A few threads on OGV went viral last month, which led to hundreds of new OGV holders and stakers. As we continue to improve our reach, we’re excited to find new ways to reward our growing community.
With over 80% of OGV’s supply staked, the vast majority of tokens remain locked in the Origin DeFi DAO. Along with governance rights over crucial protocol upgrades, OGV stakers can earn up to 28.2% vAPY on their tokens.
Also in December, our community got a sneak peek at a brand new dapp for OETH, OUSD, and OGV. For the first time, OGV will live alongside Origin Ether and Origin Dollar, helping increase its discoverability among our OToken holders.
By merging Origin’s products into one ecosystem, users will be able to manage their OTokens, swap and stake OGV, and vote on DAO proposals all through the same dapp. Furthermore, the dapp provides new pages for OToken yield, analytics, and staking metrics. The new Origin DeFi dapp is slated to launch early next year, so stay tuned to our Twitter for more updates.
Extra rewards tokens and AMO rebalances earned OETH holders higher yield in December.
Origin Ether’s 30-day trailing APY sat comfortably above 6% for the majority of December, marking a 150 basis point increase from the 30-day trailing APY at the end of November. Around 50 basis points can be attributed to BAL and AURA tokens harvested from the rETH/WETH Balancer strategy. Additionally, the OETH AMO was able to profit from an imbalance in the OETH-ETH Curve pool, netting a daily APY over 25% on December 13th.
Origin Dollar’s 30-day trailing APY neared 6% in December, up around 80 basis points from the previous month. The majority of collateral is currently being used within the Morpho Aave and Morpho Compound strategies, while the majority of Origin Dollar’s DAI collateral earns yield via MakerDAO’s DSR. Not only does Morpho provide higher capital efficiency for OUSD collateral, but the Origin DeFi DAO has been able to earn a substantial allocation to future MORPHO tokens.
Also in December, Origin Ether’s Dripper was upgraded, increasing the distribution time for harvested yield from 3 days to 14 days. By dripping these funds over a 2-week period, OETH yield becomes more predictable and less volatile. After the upgrade passed governance, the Dripper began distributing BAL and AURA rewards from Origin Ether’s first Balancer farming strategy.
Last month, Origin Ether earned its largest integration yet with its listing on EigenLayer. Just two days after re-opening deposits, EigenLayer surpassed $1 billion in TVL, and over 11,300 OETH has been restaked on the platform. EigenLayer enables restaking of OETH, which will eventually let users earn staking rewards from multiple networks. Currently, EigenLayer users are earning restaking points, which have caused the community to speculate on a future airdrop.
OETH recently achieved another major integration, becoming an approved collateral source on tai.money following a successful governance proposal. This integration unlocks new liquidity for our token holders, as OETH holders can now borrow against their Origin Ether while continuing to earn yield.
Excitingly, we're also expanding the utility of OGN, OETH, OUSD, and OGV through a new integration with Donorship. This allows token holders to support over 1,000 charities, including Crisis Text Line, American Cancer Society, PAWS, and Saving Nature.
To cap off this month's ecosystem updates, Origin's tokens are now supported assets on the Coin98 wallet. Additionally, we integrated Origin’s tokens with other key wallets like Ramper and StrikeX, significantly broadening global user access and convenience.
We’re expanding globally, and we’ve begun our search for our next giga-brain Solidity developer.
Origin is excited to announce that we added two new Community Managers to our team last month. Kevin.btc will lead our efforts in the Vietnam region, while Zyaad Labib will be the first Community Manager to pioneer Origin’s Dubai/MENA community which you can follow on their new Twitter and Telegram channels.
In December, Origin’s regional accounts hosted a series of AMAs, spotlighting Origin's innovative products and deepening our global connections. Highlights include the Spanish team's AMA with Atani that attracted over 4000 participants, and Origin China joining Frax for an AMA on how OETH uses sfrxETH to earn higher yields. Around the same time, our Head of BD Amit Patel joined a Twitter Spaces roundtable with several leaders in DeFi, including yearn.finance.
Wrapping up the month, our co-founders Matt and Josh were busy at Taipei Blockchain Week events, speaking at both Sora Summit and the Curve Finance Summit to share their insights into web3 infrastructure, LSTs, and OETH's potential in rehypothecation for protocols. Keep an eye out for their talks to be posted soon!
On the recruiting front, we’re looking to hire a Senior Smart Contract Engineer with a focus on protocol security. The ideal candidate has experience overseeing the development of smart contracts that hold significant value, and they must have a deep understanding of smart contract security. Sound like someone you know? Send them our way, and if they join the team, we’ll make it worth your while!
That’s all for now! We look forward to sharing more information about OGN’s new product with you in the near future. For real-time updates, be sure to join our Discord and follow us on Twitter. In the meantime, we invite you to read up on our blog to learn more about the new developments made in December.
