Every month, the Origin team publishes an update to our token holders and the broader community. We hope you enjoy our November 2024 edition.
Welcome back to another Token Holder Update! We’ll be covering a lot in this month’s update, so take a seat, grab your reading glasses, and get ready to learn about everything Origin worked on in November. Before we begin, here’s a birds-eye view of last month’s accomplishments:
Without further ado, let’s dive into these updates and more in Origin’s latest Token Holder Update.
During last week’s community call, we announced a groundbreaking feature that will soon be supported by OUSD, OETH, and Super OETH. Yield Forwarding is a new primitive that allows for greater flexibility on yield-bearing tokens, expanding the utility for LSTs and various other yield-generating assets.
Yield Forwarding rethinks how yield can be leveraged on AMMs. By implementing Yield Forwarding, our rebasing tokens can route yield to approved contracts, allowing protocols to distribute yield to their community, auto-incentivize liquidity pools, or help fund the project’s runway.
We’ve talked to several top protocols to implement Yield Forwarding, with our launch partners to be announced on X in the coming weeks.
The OGN DAO treasury grew substantially last month, largely due to the recent MORPHO unlock and appreciation of Convex (CVX).
As early adopters of Morpho, the OGN DAO received a substantial share of the initial MORPHO rewards allocation. Morpho unlocked its token on November 11th, and the OGN DAO received over 770,000 tokens worth $1.01 million at the time of writing.
The OGN DAO’s Convex (CVX) holdings also saw strong growth, appreciating over 205% in November. With over 277,000 CVX in its treasury, the OGN DAO’s CVX holdings ended the month with a valuation north of $1.3 million. In addition to the DAO’s growing CVX position, the protocol has accumulated substantial amounts of both veAERO and AERO from Super OETH.
Alongside regular OGN buybacks from OETH and OUSD fees, the OGN DAO has earned WETH from Super OETH and ARM revenue. These funds will continue to accrue in WETH until a governance proposal is set forth to use this WETH to further the growth of Origin Token.
Visit our new analytics dashboard to view more metrics regarding OGN, OETH, OUSD, and Super OETH.
Several new markets launched for Super OETH in November, including the wsuperOETHb/msETH Morpho market, the wsuperOETHb/USDC Silo market, and the Wrapped Super OETH market on Zerolend. These integrations provide access to leveraged staking opportunities, enabling you to increase your exposure to Super OETH up to 18x.
The wsuperOETHb/msETH Morpho market offers the highest LTV on Super OETH yet at 94.5%. This allows users to take on up to 18x leverage on their position, with minimal liquidation risk as msETH is hard-pegged to the value of ETH. The market has seen high utilization thus far – over $2.8M of liquidity has been supplied with $2.75M borrowed.
Also in November, Silo launched a market to borrow USDC against Super OETH. The market is a great choice for users who want to increase their exposure to ETH, benefiting from both ETH price action and Super OETH yield. Silo offers a 91% LTV on Super OETH, providing an opportunity to leverage exposure up to 10x while earning additional SILO incentives.
The ARM ETH Vault had its first full month in operation, achieving an 6.5% trailing 30-day APY in November. The vault generates yield by purchasing stETH at a discount and redeeming it 1:1 for ETH through Lido’s redemption queue. This single-asset ETH vault offers a low-risk opportunity to earn over 2x the yield of holding Lido stETH outright.
There is still 2.2K ETH capacity left on the vault before the deposit cap is reached – users can deposit today via the Origin Dapp. The ARM ETH vault currently holds around 2,800 ETH in TVL, and its deposit cap is set at 5,000 WETH.
Origin Ether total value locked grew substantially in November, increasing over 29% from the start of the month. This accounts for over 8.7K ETH in new TVL, or $29 million at the time of writing. OETH ended the month with a trailing 30-day APY of 3%.
Super OETH yield ended the month at a 8.4% trailing 30-day APY. Circulating supply increased over 10% last month, bringing in another 4K ETH ($13.5M) in Super OETH deposits.
Origin Dollar achieved a 15.8% trailing 30-day APY in November, marking a 110% month-over-month increase in yield. While the MakerDAO DSR increased its DAI interest rates in November, the majority of OUSD yield can be attributed to its Morpho strategies.
That’s all for November! We’re excited to roll out Yield Forwarding in the coming weeks, and we’ll be announcing our launch partners on our X account before the full launch of Yield Forwarding. To stay in the loop with the OGN DAO’s plans to leverage its growing balance sheet, be sure to join our Discord and follow along on the OGN Governance forum.
In the meantime, here is some of our favorite content from November:
