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Every month, the Origin team publishes a monthly update to our token holders and broader community. Welcome to the January 2021 edition. We are eager to hear feedback and suggestions from our community. Please email [email protected] for support requests and [email protected] for general inquiries/comments.
Happy new year to the entire Origin community! At the close of last year and in the beginning of this year, we have seen unprecedented coverage of cryptocurrencies by the mainstream media and an inflow of capital from institutions.
The narrative all points to traditional capital flowing into cryptocurrencies as the US Fed continues to print money with reckless abandon, devaluing the US dollar and driving more and more institutions to invest in Bitcoin. Meanwhile, Robinhood showed this week that the equities markets are rigged for hedge funds and institutions. The time for decentralized cryptocurrencies and associated technologies to take the world by storm is now. We believe 2021 is going to be a great year for OGN and the broader cryptocurrency market.
This month, our team has been working at a furious pace to enact our “V-shaped recovery” from last November’s OUSD hack and subsequent decrease in OGN market performance. We have made tremendous ground in re-launching OUSD and winning back the confidence of our hundreds of thousands of OGN community members. We believe we have now positioned ourselves for a strong growth trajectory for the rest of this quarter in terms of both token performance and product traction.
OUSD is back and stronger than ever. We’ve now surpassed the all-time high in circulating supply prior to the hack ($7M+) and are showing great trajectory to increase OUSD adoption faster than ever. New and existing users can automatically earn at a current APY of over 50% just by holding OUSD in their wallets. You can mint OUSD in a matter of minutes at www.ousd.com. Alternatively, you can purchase at low gas costs and minimal slippage on our Uniswap pool where we’ve supplied ample liquidity.
To provide more detail, OUSD was re-launched shortly after the new year began with a comprehensive set of engineering changes and security processes to ensure user funds are safe and that we are never hacked again.
Notably, OUSD has now been audited by both Trail of Bits and Solidified. Two additional audits have been scheduled in Q1, including with OpenZeppelin, one of the top auditing firms in our industry.
Further, last week we launched our first partnership with a DeFi coverage provider, Cover Protocol. OUSD holders can buy smart contract coverage to cover any losses that might result from any bugs or vulnerabilities in the OUSD contracts, including economic exploits (such as flash loans attacks). In addition, anyone who wants to make a financial bet on the security of our contracts can earn a yield by providing coverage. We anticipate adding additional coverage providers in the near future. We’ll also be focusing on forging new OUSD partnerships and implementing integrations with wallets, exchanges, and other DeFi platforms. As another example, OUSD has been re-listed on VirgoX in concert with the successful re-launch of the protocol.
Perhaps most importantly, we stood by our commitment to make affected users whole. We launched our compensation plan that returns 100% of the pre-hack value of OUSD to affected users. Two-thirds of users were compensated fully in OUSD immediately, with the remaining users receiving OGN that will earn interest at 25% a year before being unlocked.
The Dshop team has continued to make substantial progress as well even though there have not been any public announcements this month. The team is hard at work on several exciting product advancements that will be launched in February and March to serve new categories of merchant partners that will accrue value directly to OGN.
This month, we wanted to highlight that the number of locked and staked OGN continues to rise. Currently, there are nearly 40M OGN locked through voluntary investor and team lock-ups (on top of the normal lock-up schedule) and 35M staked tokens in the OGN staking program launched last month.
Circulating supply is currently at 207M compared to a projected 245M tokens. The circulating supply number includes the nearly 35M that is currently staked in our staking program, reducing the actual float further.
Recently, our long-time partner and supporter, Luca De Giglio from TripsCommunity, conducted an interview with me around OUSD. We discussed bringing DeFi to the masses as well as what cryptocurrencies mean for the travel and hospitality industries.
We’re looking for an experienced Senior Growth / Marketing Engineer and a Senior Solidity Engineer. Check out our job postings, and come join us or refer your friends!
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