Every month, the Origin team publishes an update to our token holders and the broader community. We hope you enjoy our July 2023 edition.
Welcome back to another token holder update! Since June, Origin has made new partnerships, saw an influx of deposits to OETH, and added key features to its product suite. We’re thrilled to dive into the details, but before we do, here’s a breakdown of what to expect in this month’s update:
Without further ado, let’s dive into Origin’s products, tokenomics, and community initiatives, highlighting what’s new in July.
Bankless and Binance caught on to OGV. Origin DeFi’s new attention drives deposits to OETH.
Origin DeFi continued its aggressive growth last month, growing its total value locked by over 57% in the first 30 days of July. On July 30th, OETH withdrew funds from its DeFi strategies in reaction to the Curve Pool Reentrancy Exploit bug that ultimately drained funds from the CRV/ETH, alETH/ETH, msETH/ETH, and pETH/ETH pools. The OETH/ETH pool on Curve was not susceptible to these vulnerabilities.
All funds are safe, and OETH remains 100% backed by ETH and LSTs. Withdrawing funds from all DeFi strategies caused all protocol-owned OETH in Origin’s AMO to be burned, temporarily dropping aggregate TVL until funds are redeployed into the strategy.
Thanks to OETH, Origin DeFi briefly reclaimed $100 million in TVL for the first time since March 2022. We anticipate reaching a 9-figure TVL again once Origin Ether fully redeploys funds into its DeFi strategies.
Origin Ether received several large mints in July. These deposits can be attributed to increased media attention, organic growth, ecosystem integrations, and new deposits from liquid staking token holders. Firstly, OETH attracted new eyes from being featured in a Binance Research report that highlighted OETH’s growth. The Bankless list of most promising new liquid staking protocols featured OETH as well, bringing even more users to Origin DeFi.
Also helping TVL growth, many liquid staking token holders swapped for OETH in July. With Origin Ether offering a yield around 2x that of LSTs, it’s clear that many liquid stakers are seeking higher yields via OETH. An aggregate of 3,000+ rETH was sent to the Origin Ether vault in July, along with multiple stETH and frxETH deposits.
In order to maintain APYs, OGV stakers voted to reallocate rETH collateral. A recent proposal passed to swap 50% of Origin Ether’s rETH position to fund our Convex AMO strategy, which accounted for over $4 million in collateral. The swap boosted OETH yield by an estimated 38 basis points, while retaining a diversified position across our three supported LSTs.
Origin Ether’s algorithmic market operations (AMO) strategy is the most lucrative and heavily-allocated strategy within OETH’s yield suite. The strategy permits the protocol to pre-mint OETH into the Convex AMO strategy alongside a proportional amount of ETH. If withdrawn from the pool, pre-minted OETH is burned to ensure that each OETH in circulation is backed 100% by ETH and LSTs.
In turn, the AMO earns fees incredibly efficiently when paired with Origin’s CRV and CVX holdings. The strategy also deepens liquidity, and helps OETH maintain its ETH peg, even under strenuous market conditions.
Origin DeFi integrated into dozens of dapps last month, making OTokens more accessible than ever. The Safe (FKA Gnosis Safe) app has integrated with OETH, enabling multisig wallets to accrue yield on both OUSD and OETH. OUSD, OGV, and OGN are now available on Atani, an exchange aggregation platform offering deep liquidity and low fees. Origin Ether is now listed on several new DEXs, aggregators, and cross-chain AMMs, such as Interport Finance, CoW Swap, LunarCrush, and Maverick Protocol.
For a full list of OETH integrations, check out the OETH ecosystem page.
Security is a top priority at Origin Protocol. We’ve made this clear with our 10+ audits from leading security firms and by enforcing strict guidelines for upgrading our protocols. As such, we’re proud to have earned AAA security ratings for both OUSD and OETH! Cer.Live is a leading provider of DeFi security ratings, and just 12 other protocols have earned a AAA rating thus far.
The 0N1 community rewards competition has ended. The next chapter of Origin Story starts soon.
Rewards have been claimed! The 0N1 community rewards trading competition closed on July 8th at 12 AM PT. For all participants who were eager to claim their hard-earned OGN rewards, we opened the claim window on July 16th at 12 AM PT, which remained accessible until July 30th at 12 AM PT. Keep a close eye on 0N1 Force’s announcement channels for details regarding the availability of the 0N1-specific prizes, which include 0N1 Force NFTs, custom collectibles, and a trip to comic-con!
In an effort to amplify Origin Story’s mission and commitment to creators, our co-founder, Matthew Liu, joined forces with 0N1 Force in co-hosting a special Twitter space on July 5th. The event saw an ensemble of guest creators from esteemed NFT projects and Origin Story partners such as SupDucks, POGs, Cereal Club, San Sound, and Chubbiverse.
Beyond the 0N1 rewards campaign, the Origin Story team is heads-down working on exciting new utility that we believe will drive mass adoption of NFTs. Stay tuned, because we’ll be making an announcement regarding a new product for Origin Story in the very near future.
Check out the latest yield opportunities, staking updates, and tokenomics data for Origin’s tokens.
Season 3 of OGN staking ended on July 7th, 2023, ushering in the opportunity to claim ETH rewards from July 6th at 8 PM UTC. A grand total of 66.7 million OGN was staked, embodying 13% of OGN’s circulating supply, underlining our token holders' trust in the protocol.
Season 4 has now been launched and will run until November 3rd, 2023. With the lock-up period scheduled to begin October 4th, 2023, any OGN staked before this date will continue to earn points until the end of the season. In a promising start to the new season, over 68.1 million OGN has already been staked, reflecting the unwavering commitment from our token holders.
Recently, OGN saw a dramatic increase in trading volume in both spot and perpetuals on the weekend of July 23. Volatility has been high, but it’s clear that there is more community attention on Origin of late. We’ve seen commensurate increased activity in our community channels (e.g. Discord, Telegram, Twitter). We’re excited to welcome new participants to the Origin ecosystem and are even more excited to unveil new product launches and partnerships to further invigorate the community in the weeks and months to come.
Also last month, Binance enabled a new yield feature for OGN holders. Currently, holders who use the Binance Earn feature can earn yields between 2.9% and 18% APY. Huobi also added a new feature for OGN in July, adding OGN into its USDT-margined perpetual futures, marking yet another milestone in our market expansion journey.
OGV incentives is a key aspect of Origin DeFi’s growth. Currently, OGV-ETH liquidity providers can earn up to 71% tAPR on Curve, making it an attractive option for OGV holders looking to earn yield on their tokens. Moreover, liquidity providers depositing to the OETH-ETH Curve pool can earn over 19.5% tAPR, taking little impermanent loss thanks to Origin Ether’s tight peg to ETH.
As shown on Origin Ether’s Proof of Yield dashboard, the OGV DAO has accumulated over 1 ETH in fees per day. Extrapolated out over a monthly basis, that’s over $50,000 per month accruing to OGV stakers. Adding in the revenue earned from Origin Dollar, the OGV is growing at the quickest rate it has all year.
Right now, the OGV DAO accumulates CRV and CVX to its treasury to further boost OETH yield. These tokens are owned by OGV stakers, and anyone with 10,000 or more tokens can submit a proposal to update how treasury funds are used.
As Origin DeFi’s TVL grows, so do the fees generated by the OGV DAO. With over 80% of OGV staked, most tokens are currently locked out of circulation. Moreover, veOGV holders receive hefty staking rewards, earning upwards of 50% variable APY on their tokens.
Bonjour, Ethereans! Check out what the community and core teams were up to in July.
Last month, the Origin team had the opportunity to attend ethCC and surrounding events. The events were energetic, and we were able to meet many of our partners and investors while on the ground. Our senior engineer and security expert Daniel Von Fange presented at The DeFi Security Summit, while Origin DeFi’s Andra Nicolau spoke at Polygon Guild London days earlier.
As a reminder, Origin is hiring! We’re looking for top-notch talent to help build Origin Protocol, including community managers for Korea and China. If you’re interested in joining some of the brightest minds in web3, join our Discord to get in touch!
On the community front, Origin launched new community programs to reward and engage our most loyal community members. Origin Points launched in the last week of July, enabling Discord members to claim points for their activity on Twitter, Discord, and Telegram. Points can be redeemed for Origin Swag, and special roles are awarded to the highest-ranking community members. Alongside Origin Points, we’ve launched new campaigns on Zealy and Galxe, allowing members to earn OGN and OETH for helping to spread the word about Origin Protocol.
Thanks for taking the time to read July’s token holder update! Stay tuned to our Discord for real-time announcements; we can’t wait to share what’s in store for August. In the meantime, here are some of our favorite articles from July, in case you missed them!
