They say crypto never sleeps, and this year was proof of that. As the dust settles on 2024, we’re taking a moment to reflect on how Origin Protocol has evolved and the impact we’ve made on the broader industry.
With TVL near all-time highs, a growing list of integrations, and increasing protocol revenue, 2024 was the year that Origin solidified its position as a leader in secure, multichain DeFi yield. Let’s dive into Origin’s breakout moments in 2024 below.
Super OETH took center stage in Q3, launching on Base and quickly becoming a top-10 protocol by total value locked on the network. Achieving more than twice the yield of traditional LSTs, Super OETH has attracted thousands of users and 9-figures in deposits. With a circulating supply above $130 million, Super OETH has become Origin’s largest product by revenue accrual to the OGN DAO and 2nd largest product by TVL.
OETH also showed strong growth through 2024, adding over $60 million to its total value locked. After transitioning Origin Ether to a true liquid staking token in Q3 2024, we saw increased integrations from top protocols, especially lending markets. Origin Ether’s TVL growth came from new integrations, additional chain support, and Super OETH collateral held in OETH.
Earlier this year, Origin Ether went multichain with its debut on Arbitrum. Wrapped OETH made its way to Arbitrum utilizing Chainlink CCIP for secure cross-chain transfers, and adoption was incentivized by Arbitrum’s long-term incentives program. Since launching on Arbitrum, wOETH gained major integrations with top protocols, such as Balancer, Gyroscope, Dolomite, and Silo.
In Q4, Origin’s Automated Redemption Manager (ARM) opened its ETH Vault to the public, quickly gaining $10 million in deposits. The ARM offers instant liquidity on stETH with zero slippage, allowing stETH holders a way to exit their positions at extremely low costs. LPs in the ARM ETH Vault generate yield from passive arbitrage of stETH, earning a 30-day trailing APY above 8.5% that considerably beats staking ETH on the Beacon chain.
The ARM ETH Vault’s integrations with platforms like 1inch and CoWSwap have solidified its role as a key piece of DeFi infrastructure, driving over $1 billion in stETH/ETH volume and becoming a top-10 contract for stETH redemptions. By providing liquidity, reducing friction, and enabling arbitrage opportunities, the vault has not only empowered users but also strengthens the efficiency of the broader liquid staking space.
This year, Origin reached a new all-time high in circulating supply on its yield-bearing tokens. Surpassing the previous high of $298 million, Origin’s products now have a total value locked above $320 million.
Origin’s product suite is becoming increasingly valuable with over $6.4 million in yield distributed to users of Origin’s products this year. Of this, around $3.2 million was distributed to OETH holders while around $2.4 million was distributed to holders of Super OETH. This marks close to a 3x year-over-year increase in yield distributions.
Origin’s presence across DeFi reached new highs in 2024, with notable integrations and partnerships across Ethereum Mainnet, Base, and Arbitrum. Origin deepened its integrations with top protocols such as Chainlink, Pendle, Morpho, and EigenLayer, further solidifying Origin’s products across DeFi. Moreover, lending markets saw impressive growth for OETH and Super OETH, with over $40 million in value locked across Morpho, Silo, Ionic, and other lending markets.
The assets under the OGN DAO’s control grew considerably in 2024. The OGN DAO has continued to acquire and vote-lock CVX, which has appreciated nearly 150% in Q4. In November, the OGN DAO was rewarded for its Morpho integration and received 770,000 MORPHO worth over $2 million.
The OGN DAO’s growing treasury grants us the opportunity to further the growth of OGN by utilizing these assets for strategic initiatives. OGN stakers can vote to use these assets to fund buybacks, increase staking rewards, or incentivize the growth of Origin’s products.
Alongside this growing pool of funds, the value proposition for staking OGN has strengthened with increased protocol revenue. Total protocol revenue surpassed $3.5 million this year, with an annualized run rate of $4.5 million. This marks a 360% year-over-year increase in protocol revenue, which accrues to the OGN DAO and xOGN.
As we close out 2024, we’re incredibly proud of the milestones we’ve achieved and the momentum we’ve built. From record-breaking TVL and protocol revenue to groundbreaking integrations across multiple chains, Origin Protocol has not only grown but also redefined what’s possible in DeFi yield.
Looking ahead, 2025 promises to be a year of even greater innovation and expansion. With a growing community, a robust treasury, and a clear vision, we’re poised to make an even bigger impact in DeFi. We can't wait to share what's next on our journey – to follow along with us as we build in public, we invite you to join our community on Discord.
