Every month, the Origin team publishes an update to our token holders and the broader community. We hope you enjoy our September 2023 edition.
Origin Ether’s circulating supply hit an all-time high, Origin Story facilitated another NFT home sale, and Origin DeFi expanded into new ecosystems – all in the month of September!
Here we are again, ready to unpack another month of developments at Origin Protocol. In September, OETH reached an all-time high circulating supply, Origin Story sold another home on its NFT marketplace, and new integrations were made to expand Origin’s yield offerings. Before we dig deep, here's a quick look at some of the topics we'll be covering this month:
Buckle up as we explore these updates and more, underlining Origin's continuous push to innovate across Ethereum’s DeFi and NFT ecosystems.
The OGV DAO has been busy upgrading OETH. Check out what’s new!
Origin Ether’s Convex AMO strategy has been its most lucrative strategy to date. The strategy has yielded over 10% APY, thanks to the efficiency enabled by Origin’s AMO. In September, the OGV DAO approved AMO upgrades, allowing for the protocol to more efficiently manage OETH liquidity on Curve. Not only do these upgrades allow for better peg keeping, but OETH collateral can now be used more efficiently than ever before.
While Convex has been the primary DeFi strategy for Origin Ether, the protocol expanded into new DeFi ecosystems in September. Origin Ether’s yield strategy portfolio now supports Balancer, one of the leading liquidity protocols in the crypto industry.
Pursuant to the OGV governance proposal, OETH has entered Balancer’s rETH/WETH MetaStable pool with an initial allocation of up to $14M. This multi-faceted approach not only diversifies OETH yield sources but significantly boosts them. The strategy earns from Balancer, Aura, and importantly, continues to earn liquid staking rewards on Origin’s rETH collateral. Audited by OpenZeppelin, this upgrade elevates OETH's commitment to offering the best risk-adjusted yield on ether, reinforcing our leadership in the ever-evolving world of LSTFi.
Balancer leads the way for many LST pools, and we anticipate more Balancer strategies will pass through the OGV DAO in the coming months.
Deepening Origin’s ties to Frax Finance, we recently launched a frxETH/OETH liquidity pool on Curve. Our alliance with Frax goes far beyond the liquidity pool launch – both projects are some of the most influential CRV voters in the Curve DAO. Together, we aim to supercharge the frxETH/OETH Curve pool by leveraging our collective voting power to prioritize it in CRV gauge voting.
A proposal to make the pool eligible for CRV gauge voting passed through Curve DAO governance, so veCRV holders will now be able to vote on pool incentives.
What does this mean for our community of OETH holders? A potential surge in CRV rewards and, consequently, more robust yield. As we continue to focus on providing the best risk-adjusted yield, this alliance with Frax reaffirms our commitment to collaboration, community influence, and yield optimization—all while strengthening our foothold in Ethereum’s ecosystem.
Lastly, Origin Ether’s analytics dashboard was overhauled in September. The dashboard now distinguishes between circulating OETH supply and TVL, allowing holders to view how much OETH is currently in circulation. Circulating supply now sits at an all-time high of nearly 28,000 OETH, while the remaining 16,500 OETH is protocol-owned supply.
The analytics dashboard also supports new data, including information about The Dripper’s holdings, the OETH-ETH peg, and a dedicated page for protocol revenue. To dive into the data, check out the dashboard at www.oeth.com/analytics.
Check out how Pendle users are earning over 60% yield on OETH, thanks to our recent integration!
Origin Ether achieved a new integration with Pendle, a yield trading protocol that enables locking in yield and longing liquid staking rewards. Listed for less than a month, OETH already boasts over $2 million in TVL on Pendle.
The integration presents new optionality for OETH holders, and many are already taking advantage of these double-digit yield opportunities. Those looking to reduce yield volatility can lock in over 5.7% APY on OETH until December 2024, while those looking to long OETH yield can earn via OETH-YT.
Those that lock in yield on Pendle forgo the difference between the locked-in APY and the actual yield on OETH. Right now, the spread is significant: underlying APY sits above 8%, marking a 250+ basis point difference in yield. If OETH maintains its current yield until maturity, then OETH-YT holders will earn over 60% APY on their ETH!
Also in September, the Nouns DAO received a proposal to swap into OETH to earn yield on their treasury assets. Nouns is a leading NFT DAO, and the treasury currently sits on over 13,500 ETH. If the proposal passes, the DAO will begin earning yield via OETH, testing out Origin Ether before accumulating a more significant allocation to OETH.
At Origin Story, we're proud to be part of some of the most significant events in the NFT ecosystem. Through our continued collaboration with NFT creators like 0n1 Force and Pudgy Penguins, we're reshaping how value is perceived and exchanged. We're especially thrilled about our continued work with Roofstock onChain, which recently marked its third successful home sale on Origin Story’s NFT marketplace. This milestone is a testament to the boundless possibilities NFTs can offer beyond digital art, and we're eager to unlock more such opportunities.
Our partnerships continue to expand. With the recent integration of Spottie Wifi's exclusive marketplace and our support for beloved collections such as Roo Troop, Chubbiverse, and The Alien Boy, it's evident that the potential of NFTs is only beginning to be realized.
Our most recent endeavors, including delving into redeemable NFT infrastructure, underscore our belief in the transformative trajectory of this domain. As we pave the path forward, we invite you to journey with us. Stay connected and informed about the latest advancements and milestones within the Origin ecosystem.
Check out the latest yield opportunities, staking updates, and tokenomics data for Origin’s tokens.
The fourth season of OGN staking is in full swing and is set to conclude next month on November 3rd, 2023. In the previous month, the Origin Foundation bolstered the OGN staking pool with a subsidy of 500,000 OGN. For OGN holders, it's important to note that the staking lock-up period begins shortly on October 4th, 2023.
To reap the maximum rewards, ensure you stake your OGN prior to this cutoff. This action ensures continued point accumulation until the end of the season. Demonstrating strong confidence in the protocol's potential, an impressive 69.6 million OGN has been committed by stakers at the time of writing.
Due to increased OETH adoption, the OGV DAO continues to grow its revenue. Origin Ether’s performance fee accrues to the OGV DAO, helping boost rewards earned by veOGV holders. The OGV DAO has earned over 1.25 ETH per day in September from Origin Ether alone. Including fees from OUSD, the DAO accrued over $69,000 in value last month.
OGV DAO revenue from OETH is highlighted in pink below, showcasing the revenue growth since launching in May.
A couple weeks back, a snapshot proposal was voted on to swap the majority of Origin Ether’s ETH collateral into LSTs. This reallocation will allow the protocol to start earning a higher percentage of its yield from native staking rewards instead of OGV incentives. OGV incentives help enhance yield from Origin Ether’s Convex AMO strategy, but these incentives also cause sell pressure on OGV. Signaling the community’s desire to reduce this sell pressure, the snapshot vote passed by a large margin.
OGV stakers can earn up to 56% vAPY, varying based on the length of time they stake their tokens. Over the trailing 30-days, OETH and OUSD holders have earned 7.6% and 4.7%, respectively. For a more detailed overview of Origin DeFi’s performance, check out the summary below.
We’re ramping up Origin’s presence in Asia. Meet our new Senior Community Manager for China!
This September has been another stellar month for the Origin community as our reach and influence continued to expand in multiple dimensions.
Origin’s Head of Sales, Andra Nicolau, spoke at this year’s LSTfi Summit to discuss the transformative potential of liquid staking and OETH. This momentum was sustained with a collaborative Twitter spaces session with TokenPad, emphasizing the intricacies of DeFi Analytics. The spotlight on knowledge-sharing was further intensified when Rafael Ugolini, Origin's Head of Engineering, addressed Web3FC, sharing his expertise on building efficient teams in DeFi.
Our devoted community managers, Moises Sosa and Ricardo Quintero, organized Twitter Spaces throughout September. Their primary mission was clear: to foster deeper connections with our Spanish community members, reiterating our unwavering commitment to a globally inclusive outreach. This month also marked the end of our Zealy campaign sprint, resulting in the final top 10 on the leaderboard reigning victorious and receiving some epic rewards.
Moreover, the induction of Brighton To as our China Community Manager marked a new chapter in our global aspirations. With Brighton's rich experiences in community growth and a passion for crypto, especially within DAOs and DeFi, we’re excited about the potential avenues he will open for us to magnify our community presence and footprint in China.
A lot went on last month, especially in regards to Origin Ether. If you missed any of our announcements, we encourage you to check out some of our favorite blog posts below. Interested in getting updated in real time? The best way to do so is in our Discord and on Twitter. Otherwise, we’ll see you back here next month for October’s token holder update.
