Every month, the Origin team publishes a monthly update to our token holders and broader community. Welcome to the December 2020 edition. We are eager to hear feedback and suggestions from our community. Please email [email protected] for support requests and [email protected] for general inquiries/comments.
Happy holidays from the entire Origin team. We wish all of our token holders the best during the holiday season and wanted to communicate our excitement for the beginning of 2021.
December marks the beginning of our “V-shaped recovery” after November’s OUSD hack. We’ve been hard at work to rebound from that unfortunate setback and are more motivated than ever to take Origin and OGN to new heights in the coming weeks and months.
Here’s a recap of this last month.
This month we launched OGN staking to enable OGN supporters to earn yield while holding OGN.
Our initial staking program offers three staking periods and respective yields:
Since launch a few days ago, we’ve locked up an additional 4.4M OGN, bringing total locked tokens to ~45M OGN. You can review additional token metrics at the OGN dashboard. You can also find OGN staking data on stakingrewards.com, one of the most trusted sources for information on staking opportunities.
The code for the OGN staking contract can be reviewed on our Github and on Etherscan. Further, the contracts were audited by Solidified, a respected third-party smart contract auditing firm.
This month, we spent considerable time analyzing the data regarding the OUSD hack. We then released a detailed plan to provide compensation equal to 100% of the value deposited to OUSD at the time of the exploit.
Approximately two-thirds of our users will receive full compensation in the form of OUSD when we relaunch the product in the very near future. The other affected users will receive 25% of their compensation in OUSD upfront and 75% of their compensation in OGN that is locked for a year. This OGN will be staked via the newly launched OGN staking program, providing an additional 25% yield on an OGN-basis.
Detailed calculations for each affected wallet are published in this compensation file for public review.
We are extremely excited to bring the OUSD product back online. We have now gone through multiple additional security audits and closed all known vulnerabilities.
OUSD will be relaunched imminently.
As a reminder, OGN is the governance and fee accrual token for OUSD. Over time, we believe fees generated by OUSD will deliver large amounts of direct financial value to OGN token holders.
OGN circulating supply is currently at just slightly over 200M tokens. It’s important to note that the recent increase in circulating supply includes 40M of OGN that we pre-funded to the OGN staking contract. While this OGN is now included in circulating supply, it is not actually OGN that is exchanging hands on centralized and decentralized exchanges. It is locked until staking users stake OGN and accrue interest over time. This 40M also includes all of the OGN that will be locked for the next year as part of OUSD compensation plan.
We welcomed TrustToken to our Dshop family earlier this month. TrustToken fans can now enjoy official TrustToken merchandise with $TUSD, $TRU, $OGN, $ETH, $DAI and credit card payments. We’re excited to introduce decentralized commerce to the TrustToken community.
We also recently launched our third Origin Genesis Ambassador Program in Korea. Please join us in welcoming 10 new ambassadors who will help us drive various efforts in community engagement, user growth and marketing.
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