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Every month, the Origin team publishes an update to our token holders and the broader community. We hope you enjoy our September 2024 edition.
Welcome back to another Token Holder Update! September was a month of momentum for Origin Protocol, with significant progress made across our product suite. Super OETH leads the charge with rapid TVL growth and new integrations on Base. Origin Ether and Origin Dollar both maintained solid performance, while Origin Token (OGN) saw broader adoption alongside Super OETH's success. Below are some key highlights from September:
Without further ado, let’s delve into these updates and more in Origin’s September 2024 Token Holder Update.
Super OETH has quickly established itself as Origin’s fastest-growing product. With a total value locked exceeding $300 million and a double-digit APY that continues to attract liquidity, Super OETH’s trajectory has exceeded the team’s expectations. The superOETHb/WETH pool on Aerodrome is now the largest liquidity pool on the platform, continuing to expand as more users recognize its outsized yield and peg stability.
In addition to Aerodrome, Super OETH has made significant inroads on Ionic, a leading Base money market, where it has become the 2nd largest market by TVL. Users on Ionic can leverage their Super OETH positions through looping to maximize yield opportunities. Super OETH has also gained traction on Morpho, with TVL exceeding $2 million and a utilization rate of over 90% since launch.
Super OETH’s cross-chain capabilities expanded further in September, with cross-chain bridges like Symbiosis and Router Nitro now supporting transfers from various other networks. This enhanced interoperability makes it easier for users to bridge funds into Super OETH on Base, further driving adoption of our first Supercharged LST.
Next up, we’re scoping out Super OETH on Optimism, capitalizing on the growth of Super OETH thus far and preparing our Supercharged LST to take over the Optimism Superchain.
Origin Ether (OETH) continued to provide consistent, above-average LST yield for its holders in September. Last month, Wrapped OETH was integrated with Euler Finance, allowing users to borrow against their wOETH to loop their yield or gain liquidity while maintaining exposure to ETH price movements.
Additionally in September, Bunni V2 integrated wOETH on its testnet where the protocol is developing Uniswap V4 hooks for capital rehypothecation. This will enable users to earn OETH yield on idle ETH sitting in Uniswap liquidity pools – a multimillion dollar opportunity. With the anticipated launch of UNI V4 in October 2024, we are looking forward to unlocking new yield opportunities for Uniswap LPs through rehypothecation to Origin Ether.
Thanks to its outsized yield and high total value locked, Super OETH is now Origin’s largest revenue-generating product. Impressively, Super OETH now generates more daily protocol revenue than Origin Ether and Origin Dollar combined. Currently, the protocol is holding this revenue in WETH, and plans are underway for a governance proposal in Q4 that will channel these funds to benefit OGN stakers.
In tandem with the Super OETH launch, OGN expanded to Base, making the token more accessible to a broader audience. The OGN/SuperOETHb pool on Aerodrome is now incentivized through bribes, encouraging liquidity providers to join. The pool has already attracted $13 million in total value locked, showing strong demand.
Additionally, Ionic integrated OGN, allowing users to increase their exposure through looping or access liquidity by borrowing against OGN. The loan-to-value ratio on the OGN market is 77%, providing users with attractive options for leveraging their OGN holdings.
Super OETH has seen exceptional growth throughout September, rising from less than 850 ETH in TVL at the beginning of the month to over 130,000 ETH by the month’s end. Super OETH’s 30-day trailing APY remains in the double digits at 15.3%, and the token has maintained a near-perfect peg to ETH, with just 1 basis point of slippage on swaps up to 8 figures on Aerodrome.
Origin Ether’s APY held steady at 4.35% over the 30-day trailing period in September. However, TVL dropped slightly by 10% to 30,700 ETH, which we attribute to users reallocating capital into Super OETH on Base to capture higher yields.
Origin Dollar’s 30-day trailing APY achieved 6.7% in September. The majority of OUSD funds are allocated to Morpho Aave, while DAI allocations benefit from MakerDAO’s DSR. OUSD backing remains diversified with 45% USDC, 31% USDT, and 24% DAI.
September was a month of expansion at Origin Protocol, and we invite you to follow along on our journey of providing the best risk-adjusted DeFi yield by joining our Discord. With Super OETH achieving new milestones, Origin Ether continuing to expand its presence on Ethereum mainnet, and OGN expanding its reach on L2s, we are well-positioned to close out 2024 on a high note.
Stay tuned for more updates as we roll out new features and governance proposals in Q4 to drive further value to our ecosystem and community.
Until next month’s update, here are some of our favorite blog posts from September:
