Every month, the Origin team publishes a monthly update to our token holders and broader community. Welcome to the October 2020 edition. We are eager to hear feedback and suggestions from our community.
October has been an exceptionally eventful month. We have made rapid progress advancing both our Dshop e-commerce platform and our new yield-earning stablecoin, the Origin Dollar (OUSD).
Importantly, we announced that Origin Token (OGN) will serve as the governance token for the OUSD protocol. This gives our token holders the ability to create and vote for proposals as OUSD eventually transitions towards decentralized governance. In addition, OGN holders will participate in future OUSD monetization mechanisms.
Unfortunately, the macro altcoin market has turned bearish, and OGN performance has been negatively impacted alongside many other top altcoins. That being said, the team is extremely excited about our product roadmap and BD/sales pipeline for the rest of Q4 and Q1. We are very confident in long-term value creation for OGN holders.
Even though OUSD is barely one month old, we’ve already completed several iterations to improve the product. Most importantly, we’ve dramatically increased our APY from a modest launch number of 2–3% to now 10–20% in the last several weeks.
This was made possible by adding several strategies to both increase yield and add diversification beyond our initial Compound strategy.
We’ve added Curve’s 3pool for trading fees and CRV rewards tokens as well as Aave’s lending pools to build a significantly more sophisticated and balanced product. In the coming months, we anticipate completing integrations with Uniswap, Balancer, dydx, and other platforms to further optimize OUSD.
We’re also highly focused on security and gas efficiency so that we can soon cross the chasm to more mainstream crypto users. This month we also made improvements to our rebasing techniques and automatic rewards token liquidation process on Uniswap.
Perhaps most importantly, we announced how OGN and OUSD will work hand-in-hand going forward. We believe OUSD has massive value accrual potential for existing OGN holders. Expect to hear updates in this area in the next several weeks as we expect to significantly increase OUSD’s circulating supply. Thereafter, OGN holders will participate in any upside from fee generation on the OUSD protocol.
Our Dshop team also continues to make rapid strides. After hearing feedback from many of our early merchant partners, we’ve now added customization capabilities to all Dshops. Dshop partners can now select from one of four base themes, then further enhance and customize their storefronts.
We’re excited to deepen our partnership with Blockchain.com by having OGN listed on their new exchange. Blockchain.com Ventures has been one of our earliest and most valuable investors, and we’re excited for even deeper integrations in the coming months to bring OGN and OUSD to their broad global market.
Going forward, we’ll also begin to ramp up efforts to make OUSD available to global audiences on both centralized and decentralized exchanges/swap sites. This month, we collaborated with VirgoX to make OUSD available to their stablecoin exchange. In a few short days, users of the new stablecoin automated market maker, SnowSwap, will be able to stake OUSD to earn the protocol’s incentive and governance token, SNOW.
Going forward, we expect to intelligently use liquidity mining and other incentive mechanisms to drive usage of both OGN and OUSD.
In an effort to add additional flexibility and customization capabilities to Dshop, we partnered with cryptocurrency payment provider Uphold. Uphold has powered over $4B in transaction volume across dozens of countries, so we are excited to work closely with them to make it increasingly easier for buyers and sellers to transact with cryptocurrencies. In addition, Dshop is now listed in the Uphold app store.
DeFi users are amongst the most passionate, with many projects developing cult-like followings. You can now participate in the movement with more than your capital by using the loldefi Dshop to support your favorite DeFi projects, using a variety of ERC-20 tokens in the process.
Circulating supply remained virtually flat this month at just over 130M tokens in circulation. Similar to other quarters, we’ve been able to maintain over a 20% delta from our initially projected circulating supply.
As usual, we’ve had multiple community events and mentions this month. Here are a couple quick highlights.
Pantera Capital’s partner, Paul Veradittakit, wrote a detailed report on OUSD while Dapp.com also recognized OUSD as the number 1 interest-generating DeFi project of the week.
Josh, my co-founder, was featured on the MikoBits YouTube show, where he discussed Origin’s vision and products in detail.
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