Every month, the Origin team publishes an update to our token holders and the broader community. We hope you enjoy our January 2024 edition.
You heard that right. Listen up because a lot is cooking. 🥩
Juicy yields, juicy rewards! Rumor has it a new LRT is launching on Monday called Prime Staked ETH or primeETH for short. This new liquid restaking token is launching Monday in alignment with EigenLayer deposits reopening at 12pm PT that will provide a great way for EigenLayer fans to stack ETH yield, earn EigenLayer points, and additional experience point (XP) incentives!
If you’re currently staked on EigenLayer, you might want to hit that unstake button ASAP. A better way to stack EigenLayer points is coming, and you won’t want to miss it! Don’t say we didn’t warn you!
In addition, OGN is getting an exciting new DeFi product soon. We’re shipping at a blazing speed this quarter to drive new value to all of our users, partners, and tokens! Learn more about our progress in January below.
Welcome to our first Token Holder Update of 2024! Just a month into the year, we’ve made substantial progress on our products, working towards greater accessibility and generating new value for our community. Last month, the team passed new governance proposals, launched a new dapp for OGV, and made significant progress on a new product for OGN.
Some highlights from January include:
Let’s delve into these developments further, highlighting the progress we’ve made thus far in 2024.
Welcome to DeFi, OGN.
Two days ago, we announced OGN will be getting a new product in the realm of DeFi. We’ve been building behind the scenes, remaining laser focused on accruing new value to OGN and elevating it to new heights.
Over the course of the next few months, we’ll be introducing an innovative new product which serves to grow Origin Protocol into a comprehensive DeFi ecosystem. Origin’s upcoming product is set to drive new value to OGN while also complementing our other offerings, creating a powerful flywheel for Origin. It's a major step that will not only enhance OGN, but also boost OETH and OUSD.
What’s coming isn't just an extension of Origin DeFi; it's an exciting, new product we believe will unlock new use cases, starting with LSTs and extending to various other asset classes.
The current Total Addressable Market (TAM) for DeFi is over $60 billion, dwarfing that of NFTs. With this strategic addition for Origin Token, OGN investors will now gain exposure to both these vibrant segments. This dual exposure positions OGN as a more versatile asset, tapping into the vast potential of both DeFi and NFTs.
The new product is in its intermediate stages of development, and we're nearly ready to spill the beans on a major move that's set to supercharge OGN in 2024. Stay tuned, as we’ll be announcing more on OGN’s new product this quarter.
Get liquidity from restaking, earn EigenLayer points, and level up with XP by holding primeETH.
As EigenLayer’s deposit window nears, a new way to access EigenLayer points is coming. Get ready, as we’re gearing up for the launch of Prime Staked ETH (primeETH) on Monday, February 5th.
Prime Staked ETH is a liquid restaking token built on top of EigenLayer that keeps deposits liquid while participating in Ethereum’s restaking ecosystem. By holding primeETH, you’ll earn EigenLayer points, staking yield, and XP points. At launch, primeETH will support deposits for OETH, stETH, and other LSTs supported on EigenLayer. Excitingly, the Origin community will receive unique benefits, such as an XP multiplier for depositing OETH.
Experience Points (XP) measure your contribution to this new restaking ecosystem and will hold several benefits moving forward. By holding primeETH, users can accrue XP from the campaign’s outset, leaving you well-positioned for future rewards. A points multiplier will be granted for early depositors, which we’ll be sharing more details on soon.
As a reminder, it takes 7 days to withdraw from EigenLayer. If you plan to use LSTs that are already restaked, be sure to enter the withdrawal queue before 12pm PT on Friday to deposit into primeETH before EigenLayer’s restaking window closes on 2/09 at 12 pm PT. If you withdraw after Friday at 12 pm PT, your funds will be stuck in the withdrawal queue during the deposit window!
There’s a new dapp for OGV – it’s our final step before a unified experience for OETH, OUSD, and OGV!
We’re thrilled to have launched a new dapp for Origin DeFi Governance last month. The dapp now mirrors the aesthetics of our OToken dapps and uses similar architecture across all three platforms. Along with this reskin comes tons of new features, including historical voting activity, a new governance proposals tab, and a better staking experience.
Excitingly, the new OGV dapp marks our last step before releasing the new Origin DeFi dapp. This new unified experience will showcase OETH, OUSD, and OGV in one place, leading to better discoverability and an enhanced feature set.
Also in January, OGV stakers passed a proposal to improve OGV buybacks. The proposal aims to integrate an OLAS (prev. Autonolas) service agent to intelligently purchase OGV based on market conditions, optimizing buybacks to accrue the maximum amount of OGV for stakers. Alongside improving buybacks, the Origin DeFi DAO stands to earn OLAS incentives by creating a service agent. These incentives could accelerate the DAO’s revenue, leading to extra value for stakers.
Our community of token holders remains committed to our long-term success, with over 80% of OGV supply staked. Stakers enjoy up to 29.2% vAPY on their veOGV, as well as governance rights that determine the future of Origin DeFi.
Here’s how OETH and OUSD are working nonstop to earn you passive yield.
Origin Ether’s 30-day trailing APY in January sat between 4.5% and 5.5%, achieving higher yield than stETH, rETH, and frxETH. While yield decreased from December, this is primarily due to a temporary pause in Curve incentives that occurred in early January. Our AMO strategy on Curve is earning incentives once again, leading to increased rewards tokens being harvested for OETH holders. As such, we expect Origin Ether’s yield to increase in February.
Origin Dollar’s 30-day trailing APY continued to increase in January, thanks to a rising demand for stablecoins in DeFi. At the end of the month, Origin Dollar’s trailing 30-day APY sat above 6.3%. The potential rewards for OUSD holders, however, has increased well beyond its underlying APYs. OUSD collateral has earned substantial points from its Morpho and Ondo allocations, creating potential asymmetric upside when these protocols distribute their tokens. Adoption for Morpho and Ondo has increased substantially since OUSD integrated these protocols, with a combined TVL of over $900 million.
Learn how you can get involved in our expanding restaking ecosystem, earning points along the way.
In December, Origin Ether was added to EigenLayer’s restaking ecosystem. Over 11,300 OETH is restaked, and EigenLayer paused deposits nearly a month ago. We expect this number to start climbing on February 5th, as EigenLayer plans to reopen OETH deposits for a 4-day window.
OETH restakers have already gotten rewarded for their participation. Wallets that accrued at least 720 restaking points before January 17th qualify for the AltLayer airdrop, a restaked rollup launching with support from EigenLayer and Celestia.
Users looking to leverage their OETH can now do so on Timeswap and MYSO Finance. Timeswap is a money market protocol that promises zero liquidations, using fixed maturity dates for loans. Similarly, MYSO offers zero-liquidation loans via covered call options. By integrating OETH on these protocols, holders can leverage their position, earning the extra yield that comes from increased exposure.
We’re looking for a unicorn. Have you seen one that’s well versed in Solidity?
As we stepped into 2024, we’ve been dedicated to deepening our global community connections. Our Zealy sprint wrapped up in January, highlighting the two-month journey with rewards for the top 20 achievers. In a spirit of collaboration, we partnered with Vaultcraft, engaging members from both communities in activities that led to a random distribution of 10,000 oVCX tokens. Looking ahead, we're excited to organize more interactive events across the Origin community, particularly through our Origin community rewards program on Discord.
As a reminder, we’re looking to hire a Senior Smart Contract Engineer. Our 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! February is set to be an exceptional month for Origin, with primeETH launching and the full reveal of OGN’s new product just around the corner. To be the first to know, be sure to join our weekly Community Call on Discord and follow us on X.
Curious to learn more about Origin’s developments? You can read more about the updates mentioned above on our blog. We’ve linked some of our favorites from January below:
