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Every month, the Origin team publishes an update to our token holders and the broader community.
We hope you enjoy our June 2023 edition.
Origin Ether ranks top 3 in LST-Fi, and Origin Story launches its campaign with 0N1 Force.
Welcome to June’s token holder update. Origin’s monthly updates cover new collaborations, upgrades, and tokenomics data for Origin Story and Origin DeFi. This month, Origin DeFi expanded its ecosystem with dozens of integrations, helping OETH grow its TVL by over $25 million. Origin Story saw several marketplace updates this month, and the team launched a joint rewards campaign with 0N1 Force.
In case you’re strapped for time, here’s a birds-eye view of some of Origin’s most impressive achievements that are covered in June’s token holder update:
With the rapid growth of OETH, Origin DeFi now has over $73M in TVL!
Origin Ether is in the spotlight of LST-Fi, attracting attention from DAOs, DeFi investors, and CT influencers. Mochi and DeFi Dad showed OETH love on Twitter, while Popcorn DAO and Auxo passed proposals to purchase hundreds of OETH for their treasuries. Aided by its integrations with Lido, Rocket Pool, and Frax, Origin Ether has accrued over $50M in total value locked.
Origin Ether grew its TVL by ~18,000+ ETH in June, qualifying it as the 2nd largest LST-Fi yield aggregator, behind only yearn.finance. Origin DeFi’s aggregate total value locked (OUSD + OETH) now sits above $73 million, growing at an average pace of $1 million every 2 days in June.
As a reminder, OGV stakers reap the benefits of both of Origin’s OTokens. This month, the OGV DAO used Origin Dollar’s revenue to conduct an OGV buyback for stakers. Acquired through the open market, the OGV DAO used these treasury funds to purchase OGV. The newly purchased tokens were dispersed to OGV stakers in the form of extra yield.
Also this month, Origin DeFi released its first iteration of Proof of Yield. Proof of Yield takes on-chain data and makes it digestible for anyone, giving a birds-eye view of all pertinent information. Origin Ether’s Proof of Yield dashboard displays protocol revenue, fee generation, APYs, and a historical yield boost multiplier. Broken down by day, anyone can view how much OETH yield is generated, where it goes, and fees generated for the OGV DAO.
New strategies for Origin Ether launched in June. The Frax ETH upgrade allows strategists to deposit ETH and WETH into frxETH, then stake for sfrxETH to earn liquid staking yield. Thanks to the upgrade, less ETH will sit idle in the Origin Ether Vault, enabling higher yield for OETH holders.
Morpho, a preferred strategy for Origin Dollar, has been added to OETH this month. Morpho facilitates peer-to-peer lending on top of Aave, and it marks the 2nd DeFi strategy to be added to Origin Ether. Next up, Origin DeFi aims to add Balancer strategies, leveraging LSTs for liquidity in Balancer’s ecosystem.
Origin Ether is integrated with dozens of DeFi dapps, making it accessible within DEXs, yield farms, wallets, and analytics pages. Metamask, 1inch, Uniswap, Curve, yearn.finance, and dozens of others have joined OETH’s ecosystem – you can find the whole list on Origin Ether’s ecosystem page.
Creators are using Origin Story for bespoke trading campaigns; 0N1 Force launches 0N1 0R1G1NS.
Origin Story kicked off the month of June with an exciting campaign on 0N1 Force’s official marketplace. Origin’s community rewards platform launched with 0N1 Force, providing a platform for the 0N1 community to reap new benefits issued by both 0N1 Force and Origin Story. Traders on the 0N1 Force marketplace are slated to win IRL prizes, 0N1 Force NFTs, allowlist spots, and OGN by participating in the competition.
The 0N1 0R1G1NS campaign ends on July 8th at 12 am PT. There’s still time to climb the leaderboard, and everyone who participates earns prizes from the rewards pool. The 0N1 Force competition marks the first iteration of Origin Story’s community rewards platform, helping connect creators and their communities like never before.
Meanwhile, Origin Story upgraded its marketplaces with a slew of updates in June. Story’s marketplaces added support for collection-wide and per-trait offers, fostering better liquidity for sellers and more optionality for bidders. Story’s marketplaces also added a feature enabling users to honor full royalties even on aggregated listings that didn’t initially include royalties. While this is an optional setting, it provides a way for loyal community members to support creators, and encourages creators to continue providing value to their community.
For you high-rollers out there, Origin Story also added a new floor sweep feature in June. The feature allows users to purchase a set number of NFTs on the floor, streamlining the buying process for those looking to purchase multiple NFTs.
Check out the latest yield opportunities, staking updates, and tokenomics data for Origin’s tokens.
Last month, The Securities and Exchange Commission targeted Coinbase and Binance with allegations of selling unregistered securities. In response, the altcoin market bled while Bitcoin and ether remained relatively flat. More recently, Bitcoin and Ethereum have appreciated over 10%, marking June as a month of growth for the crypto markets.
The price of OGN fell around 6% in June, in line with the broader altcoin market. Impressively, OGV has more than doubled in price since February, holding its value through the month of June. Token prices aside, let’s dive deeper into the tokenomics of Origin’s tokens.
Season 3 OGN staking was locked on June 7th. Over 66.7 million OGN was staked during season 3, accounting for about 13% of OGN’s circulating supply. As of writing, Season 3’s reward pool consists of 559,000 OGN and 16.07 ETH. Rewards from this season will be eligible to claim on July 6th, 8 pm UTC. Pre-staking is open for season 4, and in order to reap the most rewards from the season, stakers can pre-stake their tokens from now until season 4 commences.
Last week, OGV stakers received new governance rights over Origin Ether. Before the hand-off, the protocol was operated by a multi-sig wallet. Now in the control of stakers, the OGV DAO can vote on collateral allocations, new yield strategies, and how to best utilize the OGV DAO treasury.
OGV staking continues to lock the majority of tokens in circulation with over 80% of OGV staked. Stakers earn up to 29% variable APY on their staked tokens, adjusted based on the amount of time staked. Many stakers have chosen the maximum 4-year lock up period, granting them the most governance rights from their tokens.
As a reminder, OGV holders can earn boosted rewards via the OGV-ETH and OETH-ETH Curve pools. Thanks to boosted CRV emissions, OGV-ETH LP’ers can earn up to 76% tAPR, while OETH-ETH liquidity providers can earn up to 14.6%.
Origin Ether’s 30-day trailing APY is over 8%. This is substantially higher than Lido’s 3.8% APY, Rocket Pool’s 3.1% APY, and Frax’s 5.2% APY. With a total value locked over $50 million, Origin Ether has scaled successfully as investors deposit more ether and LSTs into the vault. Currently, Frax and Rocket Pool make up the majority of LST collateral, accounting for over 20% of OETH’s backing. Most of OETH’s collateral is currently being utilized in Origin’s AMO strategy, using ETH and OETH to provide liquidity on Curve.
Thanks to Origin Ether’s widespread integration, users have various options to earn yield on OETH. Harvest Finance launched an LP farm for OETH-ETH liquidity providers, earning users nearly 9% APY. Beefy Finance and yearn.finance also support Origin Ether pools, offering 9.2% and 14.2% APYs, respectively.
Origin Dollar’s 30-day trailing APY currently sits around 4.5%. The majority of OUSD collateral is currently held in USDT, followed by USDC, then DAI. The OUSD Morpho strategy remains the leading yield source for Origin Dollar with over $19M allocated to the protocol. The benefits of the Morpho strategy are 2-fold: OUSD achieves higher APYs through peer-to-peer matching, while OGV stakers accumulate MORPHO tokens ahead of the token being distributed via airdrop. The OGV DAO is among the largest holders of Morpho, accumulating more than 2% of tokens distributed via rewards.
Thanks for taking the time to read through June’s update, and remember to come back at the beginning of August for July’s token holder update. In the meantime, you can check out further reading on some recent developments below:
That’s all for June! Stay tuned to our Twitter for real-time updates, and be sure to join our Discord if you haven’t already.
