Every month, the Origin team publishes an update to our token holders and the broader community. We hope you enjoy our June 2024 edition.
Things were heating up in June with wOETH growth on Arbitrum and a potential partnership for PrimeStaked.
Welcome to Origin’s June Token Holder Update! Last month, we made substantial progress on OETH money market integrations, grew our liquidity on Arbitrum, and kicked off an exciting new partnership proposal that incentivizes both primeETH XP and xOGN holders.
In case you missed the announcements from our X account, here are some of Origin’s highlights from June:
With that, let’s dive deeper into each of these updates, keeping you in the know on everything Origin accomplished in June.
A new governance proposal aims to join forces and reward primeETH XP.
Last week, YieldNest set forth a governance proposal to merge primeETH with its upcoming LRT, ynLSD. The proposal details the proposed partnership, suggesting that OETH becomes the go-to LST for YieldNest’s restaking products. Additionally, YieldNest has proposed an airdrop allocation to both primeETH XP and xOGN holders if the proposal is successful.
YieldNest is backed by top leaders in DeFi, including the founders of Curve, Convex, Frax, and Kyber. The protocol innovates on existing LRTs, offering curated exposure to restaking AVSs, focusing on categories such as data availability, coprocessors, oracles, and others. If the proposal passes OGN governance, YieldNest will take over as the primary development team for Origin’s restaking products to ensure the PrimeStaked community stays at the forefront of the restaking industry.
The voting period on the proposal ends today at 2 am UTC (10 pm ET). We encourage you to vote on the proposal and provide your feedback in Discord. If the proposal passes, a migration portal will be created to migrate primeETH to ynLSD, combining the protocols’ TVL under YieldNest’s upcoming LRT.
Stay in the loop with Morpho’s new wOETH market, enabling up to 20% ROE via summer.fi.
Morpho is one of the largest money markets on Ethereum with $1.8 billion in total value locked. Over the course of June, wOETH users have taken advantage of our newly launched Morpho wOETH market to leverage their staking yield and gain liquidity from their wOETH holdings.
Re7 Capital is the primary liquidity provider with 1,000 WETH currently provided to the Morpho wOETH market. Over $2.9 million has already been borrowed, and $2 million in liquidity is currently available to borrowers.
With an 86% loan to value (LTV) on the wOETH market, users have the ability to leverage their holdings up to 6.67x. Looping wOETH manually requires multiple transactions and incurs high gas costs, so we’ve secured several integrations to streamline the process.
Summer.fi and Contango are both great options for users looking to loop wOETH. Both protocols allow you to select the amount of leverage you’d like to take on, executing the trade through Morpho in one transaction.
wOETH liquidity on Arbitrum is growing. The wOETH/ETH pair is now the largest liquidity pool on Gyroscope!
ARB incentives began streaming to wOETH users on Arbitrum in early June. These incentives have bootstrapped DEX liquidity on Arbitrum, as well as incentivized deep liquidity on Arbitrum’s leading money market, Silo Finance.
The wOETH market on Silo Finance allows users to deposit wOETH, ETH, and USDC.e to earn up to 15.5% APY on their deposits. For the first time on Arbitrum, wOETH depositors can loop their positions to leverage their staking yield and ARB rewards. Max looped wOETH currently earns 154% APR at 6.67x leverage.
Since launching on Silo Finance, the wOETH market has accrued over $2.4 million in liquidity, with 700 ETH worth of deposits between wOETH and ETH.
Wrapped OETH DEX liquidity grew significantly in June with incentives streaming on Gyroscope. wOETH holders can use Gyroscope to provide liquidity to the wOETH/ETH pool on Balancer, earning trading fees, ARB incentives, and staking yield. With over $800,000 of liquidity, the wOETH/ETH pair is now the largest liquidity pool on Gyroscope by TVL.
Check out our bridging guide to get started using wOETH on Arbitrum today.
Learn how OETH and OUSD work nonstop to deliver passive yield to your wallet.
Origin Ether’s 30-day trailing APY sat above 3.9% in June, earning holders 30% more yield than Lido’s stETH and Rocket Pool’s rETH. As Origin Ether transitions to a pure LST, yields have temporarily decreased due to the protocol’s LST divestment. OpenZeppelin’s audit of Beacon Chain staking for Origin Ether has completed, and we expect OETH to begin earning more validator rewards in the coming weeks.
Origin Dollar’s 30-day trailing APY achieved 8.7% in June. Origin Dollar’s USDC, USDT, and DAI collateral sat at 44%, 32%, and 24%, respectively. USDC and USDT collateral currently earns yield through the Morpho Aave strategy, while DAI collateral earns yield through the MakerDAO DSR.
That’s all for June’s Token Holder Update! We’re excited to see the final results of the YieldNest proposal, and we look forward to rewarding our community in new, exciting ways. As a reminder, ARB incentives will continue to be streamed to wOETH users until August, so it’s not too late to bridge funds to Arbitrum. Here are a few pieces of content to get you up to speed on the topics discussed above:
As always, we invite you to join our Discord where we build in public, answer the community’s questions, and host Community Calls the first Monday of each month.
