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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 May 2023 edition.
OETH is here! Origin Story unveils a new phygital experience with Pudgy Penguins.
Welcome back to another Origin Protocol token holder update! May was packed with announcements from both Origin Story and Origin DeFi, with new product launches on both sides of the business. Origin Story announced its largest NFT marketplace to-date, in collaboration with Pudgy Penguins. The Pudgy Toys marketplace is home to over half a million NFTs, with an anticipated collector base in the tens of thousands. As always, 100% of marketplace revenue is routed to the OGN staking pool.
In May, OGV rebranded from Origin Dollar Governance to Origin DeFi governance. This came in preparation for Origin’s OETH launch, which officially went live for users on May 16th. Origin DeFi empowers anyone to earn exceptional yield on ETH and stablecoins, directly to their wallets.
Origin Ether launched on Mainnet in May, attracting over 8,000 ETH in TVL.
Previously Origin Dollar Governance, OGV has rebranded to Origin DeFi. In light of Origin Ether’s Mainnet launch, Origin DeFi now encompasses Origin Protocol’s yield-bearing products, OETH and OUSD. OGV holders now govern both OTokens (OUSD and OETH). Just as veOGV stakers have earned yield from OUSD fees, the token’s utility has expanded to work as the value-accrual token for Origin Ether.
On May 16th, Origin DeFi announced that OETH is live on Mainnet. OETH is Origin’s foray into the world of liquid staking, aggregating yield from a basket of blue-chip LSTs and DeFi strategies. Since launch, OETH has attracted over 8,000 ETH TVL, growing consistently since the token went live. OETH holders currently earn more than twice the APY offered by leading liquid staking tokens. The current OETH APY can be found on the Origin Ether website.
Even though Origin Ether reuses 95% of Origin Dollar’s code, it underwent its own audits by OpenZeppelin and Narya. The auditing firms found no critical or high severity issues within Origin Ether’s codebase, greenlighting the token for launch. The OpenZeppelin audit flagged minor potential issues with Origin Ether’s smart contracts, none of which could result in a protocol exploit. Origin has since resolved these issues which OpenZeppelin will soon review.
Now that OETH has launched, Origin DeFi’s next priority is to add more yield-bearing strategies to its OTokens. A Uniswap strategy for OUSD has already been audited by OpenZeppelin, and the team is exploring the strategy’s applicability to Origin Ether. Over the coming weeks, OGV voters will likely see more proposals regarding new strategies pass through governance.
We’ve made it easier than ever to get onboarded to NFTs via the Pudgy Toys Traits marketplace.
Origin Story’s long standing partnership with Pudgy Penguins took a step forward in May with the launch of the Pudgy Traits marketplace. The Pudgy Traits marketplace is the largest NFT collection Origin Story supports to-date, with over 500,000 NFTs and an anticipated user base in the tens of thousands.
The Pudgy Toys Traits marketplace aims to onboard new users to NFTs through a streamlined, web2-like experience while retaining the benefits of decentralization. Users can sign into the marketplace using their email address, thanks to Origin Story’s integration with Magic Link. Magic Link creates crypto wallets for users without using seed phrases and passwords, eliminating one of the largest barriers to entry currently plaguing the space.
Moreover, users don’t need to own crypto to buy Pudgy Traits for their Pudgy Toys. Instead, users have the option to purchase with credit cards, powered by Crossmint. These features, paired with the scalability of Polygon’s network, have created the most seamless NFT marketplace to-date.
The Pudgy Toys launch gained press from top-tier crypto media, and excitement on crypto twitter brewed as the collection started to ship toys to users. TechCrunch and Decrypt both covered the launch, bringing attention to the new collection and Origin Story. While marketplace volume remains low, Origin Story attributes this to users not yet receiving their shipments of Pudgy Toys. In the coming weeks, Origin Story anticipates a large spike in volume from the Pudgy Toys marketplace.
Also in May, Origin Story launched The Carton marketplace for Lyrical Lemonade. Lyrical Lemonade is a multimedia company that became famous for its music videos for Juice Wrld, Chance The Rapper, and Eminem. The Carton NFTs were incubated by Lyrical Lemonade’s technology arm L3mon Worldwide, offering a limited collection of 500 NFTs to Lyrical Lemonade’s fanbase. Each NFT entitles holders to 3 years of access to Lyrical Lemonade’s Summer Smash festival, with performing artists including Kid Cudi, Playboi Carti, and Future.
As Origin Story expands its partnerships and marketplace offerings, OGN stakers receive 100% of the marketplace revenue generated by Origin Story marketplaces. As of May 2023, Origin Story supports over a dozen official storefronts for NFT collections, including Pudgy Penguins, RoofStock onChain, 0N1 Force, The Doge Pound, Roo Troop, and beyond.
Check out the latest yield opportunities, staking updates, and tokenomics data for Origin’s tokens.
Origin DeFi’s OETH has seen impressive growth since its launch, allowing OGV stakers to earn higher rewards from fees earned by the protocol. There is currently the opportunity to earn boosted yield via the OGV-ETH Curve Pool, increasing the liquidity and trading volume for Origin DeFi Governance in May.
OGN Season 3 staking is underway, and participation continues to increase ahead of staking being locked in June. Let’s dive into each token’s yield opportunities, staking updates, and tokenomic data in the month of May.
OGN Season 3 staking is in full force, with over 64 million tokens staked to earn rewards. Earlier this year, OGN governance passed a proposal to subsidize rewards, helping boost staking APYs while Origin Story expands its partnerships with 0% marketplace fees.
There is currently over 550,000 OGN and 15+ ETH in rewards for Season 3. As the season progresses, rewards will accumulate to OGN stakers proportional to the amount of time and number of tokens users stake. The deposit window for staking closes on June 6th, and Season 3 rewards can be claimed at the end of the season on July 6th, 2023.
Origin DeFi Governance (OGV) gained fresh utility in May with the launch of Origin Ether. Now acting as the value-accrual and governance token for both OUSD and OETH, OGV stakers receive protocol fees from both of Origin’s OTokens. Adding to the lure of OGV, DAO governance passed a vote to increase protocol fees on OUSD from 10% to 20%. These extra funds will be used to buy CRV and CVX tokens, boosting yield on Origin’s Curve strategies.
Origin DeFi Governance has a market capitalization of $5.2 million. With nearly 80% of OGV staked, most tokens are not currently in circulation. This has led to increased volatility – OGV appreciated over 40% leading up to the launch of Origin Ether.
OGV stakers can receive up to 29.55% APY by staking their tokens in Origin DeFi’s governance portal. Similar to Curve’s governance model, investors that stake OGV for a longer period are entitled to greater yield. Those who are uninterested in governance may prefer to stake OGV in Curve’s OGV-ETH liquidity pool, where liquidity providers can earn up to 35% APY.
With over 8,000 ETH ($14.9m) in total value locked, Origin Ether has seen early success. Since launch, OETH holders have earned over twice the APY offered by Lido stETH, with the current trailing 7-day APY sitting above 12%. As of writing, the majority of liquid staking token (LST) deposits have been in frxETH and Lido stETH. These deposits make up around 35% of OETH collateral, with the remaining 65% consisting of ETH, WETH, and rETH.
Over the last 30 days, Origin Dollar has yielded 4.5% APY. The majority of collateral is currently being utilized in Origin’s Morpho Aave strategy, with over $19 million in stables deployed to Morpho. Over 20% of Origin Dollar’s collateral is currently earning yield in Origin’s Convex strategy, with the remaining 7.5% of collateral earning yield directly on Aave.
Origin Protocol got together in person to discuss strategy and celebrate the OETH launch.
As a fully distributed team, Origin rarely gets to spend time together in person to collaborate on Origin’s vision for the future. In May, the Origin Protocol team was able to get together to prepare for new product launches, spending time ideating on big bets for the protocol.
The Origin DeFi team prepared for OETH’s launch and spent time ideating new yield strategies for Origin DeFi. Simultaneously, the Origin Story team got together to assess OGN tokenomics, ideating on big bets to take for Origin Story. From new NFT standards to integrating more deeply with Origin Story’s key partners, Origin Story was able to set ambitious goals for the coming months during the team’s get together.
While we’ve filled most open positions with top-tier talent, we’re still in search of a stellar product manager for Origin’s DeFi. Our ideal candidate has a wealth of experience building DeFi products, has immense knowledge of Ethereum’s ecosystem, and is obsessed with data-driven decision making.
Think you got what it takes? Shoot us a message in our Discord, or apply directly through our job listing.
Origin Protocol had several major announcements for Origin Story and Origin DeFi last month. In case you missed any of Origin’s updates, fret not! Check out some of Origin’s blog posts below to read up on our recent announcements:
That’s it for May! Stay tuned to our Twitter for real-time updates, and we’ll see you back on July 1st for the next token holder update.
Want to get in touch with us to launch your NFT marketplace? Looking to demo a product we made during innovation week? Hit us up at [email protected] to get in touch with our team!
