Every month, the Origin team publishes an update to our token holders and the broader community. We hope you enjoy our March 2024 edition.
We marched through the month with Layer 2 expansion, PrimeStaked upgrades, and continued TVL growth for OETH.
Welcome to Origin’s March Token Holder Update! Last month, we increased Origin’s accessibility, made major product improvements, and prepared for Origin Token’s big reveal. Alongside these developments, Origin DeFi continued to increase its total value locked, surpassing $200 million across OETH, OUSD, and primeETH.
Major developments from March include:
Before diving into these developments, we have exciting news regarding OGN and its product roadmap. The wait is over!
We’re ready to reveal what’s been going on behind the scenes for OGN.
Origin’s gearing up for its next product launch, which will feature new tokenomics, a refreshed brand image, and multiple new products in the realm of DeFi. Inching closer by the day, the new product for OGN will be revealed in Q2, 2025…
April Fools! Before you throw your device at the wall – good news. A governance proposal highlighting the next era for OGN will be posted tomorrow.
Origin DeFi Governance (OGV) showed strength in March, reaching over 4,000 on-chain token holders for the first time. With protocol revenue increasing to nearly $5,000 per day, OGV tokenomics have greatly improved year-to-date.
Several OGV governance proposals were passed last month. The most notable proposal aims to Simplify and Strengthen Origin Ether, upgrading its design to be more akin to a true LST. As such, OETH will soon support native ETH staking, while keeping its peg-keeping and enhanced yield functionalities.
Thanks to this new simplified design, Origin Ether’s redeem fee will no longer be necessary. Put in place to mitigate volatility risk from LSTs held as collateral, the redeem fee acts as a line of defense against arbitrage. OGV stakers passed a proposal to lower the OETH redeem fee from 0.5% to 0.1%, with plans to eliminate the redeem fee completely once OETH completes its transition to a true liquid staking token.
Also last month, OGV stakers passed a proposal to upgrade its buyback contracts to use 1inch. As the leading DEX aggregator on Ethereum, Origin can take advantage of deeper liquidity and less slippage by routing token buybacks through 1inch. This results in larger buybacks for both OGV and CVX on a unit basis.
Here’s how OETH and OUSD are working nonstop to earn you passive yield.
Origin Ether’s 30-day trailing APY sat over 4.1% in March. Its trailing 7-day APY has seen steady improvements, tapping 6% APY on March 23rd. As LSTs are divested in accordance with the recent proposal to strengthen OETH, ETH will continue to get reallocated to Origin Ether’s highest-yielding strategy.
Origin Dollar’s 30-day trailing APY saw a substantial increase in March. Its 30-day trailing APY came in at over 13%, marking a 100% month-over-month increase. Stablecoin lending rates have shown strength with new demand for leverage, and OUSD has taken full advantage. Currently earning the lion’s share of yield from its Morpho Aave strategy, Origin has also earned a significant MORPHO allocation in the process.
Learn how you can get involved in our expanding LST ecosystem, both on Arbitrum and Ethereum Mainnet.
Origin began its Layer 2 expansion in March by launching wOETH on Arbitrum. Our multichain initiative is powered by Chainlink CCIP, the industry standard for secure cross-chain communication. Arbitrum is the leading layer 2 by several metrics, and its established DeFi ecosystem enables new use cases and yield sources for OETH holders on the network.
OETH received its first centralized exchange listing last month, with several other CEXs in the pipeline for 2024. Origin Ether is now listed on Poloniex, further expanding Origin’s reach to new audiences. Founded in 2014, Poloniex is an OG in the space with daily trading volumes reaching over $1 billion per day.
On the PrimeStaked front, support for native ETH restaking was made possible through P2P.org and ssv.network. P2P.org is a leading staking provider with over $4 billion in AUM––the platform also integrates with ssv.network to support distributed validator technology (DVT). Our integration with ssv.network makes primeETH holders eligible for SSV token incentives, while also reducing fault tolerance for a more robust staking experience.
We’re expanding regional efforts and rolling out new campaigns for Origin OGs!
Origin’s APAC presence is expanding significantly with new localized platforms for our Chinese and Korean communities. Subscribe to our Chinese YouTube channel for fresh content and join the Chinese Telegram group to participate in regional campaigns. Also, make sure to be on the lookout for a new Zealy sprint and more opportunities for rewards in the coming weeks.
Looking to contribute more to Origin? Build with us! We’re on the hunt for a Senior smart contract engineer to join our all-star engineering team, as well as a freelance content writer to take charge of our SEO efforts.
Thanks for reading through our March Token Holder Update! We’re incredibly excited to share our new vision, products, and roadmap for Origin Protocol, which will be made public tomorrow. To stay in the know, be sure to follow us on X and join our community on Discord.
Want to learn more about what’s going on at Origin Protocol? Here’s a list of some of our most popular blog posts from March:
