Every month, the Origin team publishes an update to our token holders and the broader community. We hope you enjoy our February 2024 edition.
Welcome back to another Token Holder Update! In this edition, we'll delve into the impressive launch of PrimeStaked, which drew a significant influx of ETH assets. We'll also highlight our strategic partnership with Chainlink's CCIP, aiming to extend OETH's reach across various layer 2 solutions.
Key highlights from February:
Join us as we explore these developments and more, highlighting a month of strategic growth for Origin Protocol.
PrimeStaked saw substantial inflows during its initial 4 day deposit window, with over $30 million in ETH assets deposited for primeETH. This rate of growth was 8 times quicker than Origin Ether's path to $30M in TVL and nearly 60 times faster than that of OUSD!
Deposits on PrimeStaked are scheduled to reopen next week, which will include support for native ETH deposits. We’re collaborating with P2P and ssv.network for native ETH restaking, which remains uncapped for restaking on EigenLayer. By integrating ssv.network, primeETH holders now earn even more from their holdings. Each month, PrimeStaked will accrue SSV token incentives, enhancing ETH staking APYs up to 40%.
There will be ongoing incentives for primeETH holders, including SSV token incentives, a 1.5x multiplier on primeETH XP, and bonus EigenLayer Points coming soon. Users who deposit ETH or swap for primeETH on Uniswap will qualify for Eigen Bonus Week, earning their share of 1 million EigenLayer Restaked Points starting on March 6th.
Early depositors stand to gain the most significant rewards. For the first 24 hours of Eigen Bonus Week, depositors will earn a 4.20x boost on their EigenLayer Restaked Points. For the following 3 days, primeETH holders will receive a 1.69x boost on their Restaked Points, which will decrease to a 1.420x boost for the final 3 days of the campaign. The campaign will last for a maximum of 7 days, but it could end sooner if all 1 million EigenLayer Points are allocated before the week’s end.
It's important to note that only newly acquired primeETH is eligible for PrimeStaked’s Eigen Bonus Week – both minting primeETH and swapping on Uniswap qualify you for up to 156 Bonus EigenLayer Points per primeETH held.
The next era for OGN will come with fundamentally strong products backed by the most compelling narratives that have emerged this cycle. There have been exciting new developments since the decision was made to launch a DeFi product for OGN, and the scope of the project has expanded significantly.
We're committed to ensuring that every facet of OGN’s new product exceeds your expectations. To achieve this, we're taking a bit more time to refine and perfect the details, ensuring that what we deliver is nothing short of exceptional. This is a testament to our dedication to quality and innovation, rooted in our belief that excellence is worth the wait. Stay tuned for updates, and thank you for your continued support and understanding.
In February, Origin DeFi’s ecosystem grew to $165 million in TVL. Thousands of new OETH were minted during EigenLayer’s most recent deposit window, with a significant portion of this newly minted OETH being deposited to PrimeStaked.
This increase in TVL has led to a growth in OGV buybacks and CVX purchases. Last month alone, over $120,000 was utilized to buy back OGV and acquire DAO-owned CVX. The Origin DeFi DAO now owns over 140,000 CVX, which has appreciated considerably over the last month. For a real-time view of the DAO’s treasury holdings, check out the Zapper Dashboard.
We've made strides in enhancing the logic behind OGV buybacks, per our recent governance proposal. Discussions are ongoing in our Discord, where we've outlined a strategy to use fees to bolster OGV liquidity by placing buy orders at 30-day local lows. These limit orders will be executed through an AI agent, developed using OLAS.
Here’s how OETH and OUSD are working nonstop to earn you passive yield.
Origin Ether’s 30-day trailing APY in February moved between 4% and 5%. OETH continues to maintain significantly higher yields than its underlying LSTs: stETH, rETH, and frxETH. Total supply grew by more than 4,000 OETH over the course of the month, thanks to increased PrimeStaked adoption during the latest EigenLayer deposit window.
Origin Dollar’s 30-day trailing APY held steady above 6% across February. OUSD’s reserves continue to accrue significant points for users thanks to Morpho and Ondo integrations, positioning users well for future token rewards.
Learn how you can get involved in our expanding restaking ecosystem, earning points along the way.
EigenLayer’s latest deposit window reignited interest in novel restaking mechanics. EigenLayer added nearly $3B in TVL during the week-long campaign, closing out February with more than $7.7B in restaked assets. More than 20,000 OETH has been restaked, with nearly half of all restaked OETH being deposited through PrimeStaked.
As you may know, Origin’s standards for protocol security are incredibly high. As such, we’ve patiently waited for cross-chain infrastructure that meets our security standards. We’re excited to announce that we’ve found a proper solution–Chainlink’s Cross Chain Interoperability Protocol (CCIP)!
As a CCIP launch partner, OETH is going cross-chain very soon. We’ve been working closely with Chainlink to leverage the protocol’s industry-leading interoperability mechanism. Harnessing CCIP allows OETH to expand to leading Ethereum L2s securely, enabling millions of L2 users to gain access to Origin Ether.
Deploying wOETH on layer 2s allows Origin Ether to tap billions of dollars in idle capital and pursue new yield generation opportunities. At the same time, these deployments broaden accessibility and drastically reduce transaction costs for users.
OETH boasted several more integrations in February, including a presence on Davos Protocol. Launched in early 2023, the next-gen lending platform accepts LSTs and LRTs as collateral for its Collateralized Debt Positions (CDPs). Users can lock holdings of ETH assets including OETH to borrow the platform’s omnichain stablecoin, DUSD.
Meanwhile, Web3 wallet provider SafePal has been integrated across Origin’s Dapps. Check out our quickstart guide to harness all OTokens with SafePal.
Some familiar faces have joined the team – welcome (back) to Origin Protocol, Dev and Anna!
Origin has grown this month with two new additions to the core team. Having first contributed to Origin’s success back in 2018, Anna Wang has returned to spearhead efforts in the APAC region as Head of Asia. We couldn’t be more excited to see what magic Anna has in store!
Alongside Anna, we’re also thrilled to welcome Yasthiel Devraj as our new content marketer. Dev has been crafting long-form content for Origin since 2022 and will be contributing to content marketing in his new capacity.
Additionally, our newest community has seen impressive growth this month, with MENA community manager Zyaad Labib leading the charge with engaging AMAs from Kucoin to Web3 Global. This momentum is mirrored across our global and regional channels growth this quarter and further amplified by our core team's presence at ETHDenver this week, where they are spreading the word about Origin and its upcoming developments.
Watch our Spanish community managers in action during an event with Happ3n here.
Thanks for reading through February’s edition of our Token Holder Update! As the broader market shows a resurgence, we’re getting ready to ship our biggest product overhaul to-date. To stay in the know, be sure to follow us on X and join our community on Discord.
Hungry for more? Here are a few of our favorite pieces of content from February:
