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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 August 2023 edition.
NFTs get real with Origin Story’s Redeemable NFT Platform, and the OGV DAO increases OUSD yield with new strategies. Check it out!
August marks another productive month for both Origin Story and Origin DeFi. From bringing new yield strategies to OUSD to launching Origin Story’s Redeemable NFT platform, Origin’s products and tokenomics have seen meaningful improvements. Here's a sneak peek at what this month's update will cover:
Sit tight, as we delve into Origin DeFi’s and Origin Story’s accomplishments in August.
The OGV DAO upgrades OUSD: The MakerDAO DSR and Flux Finance are now part of Origin Dollar.
August saw major upgrades to OUSD after OGV stakers approved the Flux Finance Liquidity Provision Strategy and the MakerDAO DSR. Largely thanks to the MakerDAO DSR, the trailing 30-day APY on Origin Dollar has increased by 150+ basis points since August 1st.
Flux, a novel lending protocol developed by the Ondo Finance team, differentiates itself through collateralization by the Ondo Short-Term Government Bond Fund (OUSG). This offers OUSG holders a liquid connection to an ETF of short-term US Treasuries. OUSD's integration with Flux allows it to earn compelling APYs from lending stablecoins into Flux liquidity pools.
Due to its structural similarity to Compound V2, the integration process was streamlined, though rigorous reviews were conducted to ensure robust security standards.
Further enhancing OUSD's suite of strategies, an OGV governance proposal passed to integrate MakerDAO’s DAI Savings Rate (DSR) with Origin Dollar. Launched in 2018, the DSR supports DAI's stability by enabling users to earn interest on deposits, currently providing a robust 5% APY.
The implementation of the DSR strategy allows OUSD holders to reap the high yield without additional risk. This addition complements OUSD's existing portfolio, emphasizing the project's commitment to offering the best risk-adjusted stablecoin yields in DeFi.
The integration of both Flux Finance and MakerDAO's DSR reflects Origin DeFi's consistent dedication to security, risk management, and seamless usability. Both strategies were carefully assessed and chosen for their potential to add value for OUSD holders without compromising on the platform’s security. OUSD holders continue to enjoy best-in-class security and user-friendly experiences, now with more yield-earning mechanisms contributing towards OUSD APYs.
Origin Ether continues to leverage its Convex AMO as its primary strategy. With strong liquidity on Curve, swappers can now swap 7-figures of liquidity with minimal slippage. Rocket Pool ETH (rETH) is Origin Ether’s second most heavily allocated strategy, with nearly 10% of OETH collateral being deployed to rETH.
Origin Ether’s next yield strategy is under audit by OpenZeppelin, and the core team aims to present the upgrade to OGV governance in the coming weeks. This upgrade lays the groundwork to expand Origin DeFi’s AMO, helping OETH become even more capital efficient on various AMMs.
Origin DeFi continues to broaden its accessibility and increase its tokens’ utility through various ecosystem integrations. The new yearn.finance OETH vault offers a streamlined method to compound OETH-ETH LP rewards and boost yield opportunities.
Further strengthening Origin's analytic capabilities, integrations with LunarCrush and Dexscreener enable users to access critical metrics on OGV, OUSD, and OETH. Additionally, Origin’s integration with Oku, a cutting-edge trading platform built atop Uniswap v3, unlocks advanced trading functionalities such as limit orders on OETH, OUSD, and OGV.
These integrations offer new ways to buy, hold, and manage Origin DeFi’s tokens, making them more accessible than ever before. To view the full list of ecosystem integrations, check out the OUSD and OETH ecosystem pages.
NFTs just got real with Origin Story’s Redeemable NFT platform. Stay tuned for phygital drops from new and existing partners!
Origin Story unveiled a huge evolution in its offerings this August with an all-new Redeemable NFT platform. Designed to bridge the gap between tangible assets and the digital realm, the platform is a testament to the endless possibilities and myriad of benefits that NFTs offer. It amplifies transparency in ownership and provenance, providing a high level of assurance in markets where the authenticity of assets is critical.
With the launch of this new development, brands have a unique opportunity to recognize and honor their most loyal followers. This isn't just about rewarding dedication; it's about reimagining what brands can offer. Envision a world where physical and digital treasures find their way seamlessly to your doorstep or become tradable commodities on bespoke marketplaces offered by Origin Story.
Further marking Story’s accomplishments this month, we're excited to announce the launch of a dedicated NFT marketplace for the rising web3 rapper, Spottie Wifi. Built with the precision and expertise that Origin Story is known for, this platform offers fans and collectors a curated space to engage with Spottie Wifi's unique creations.
Origin Story’s entry into redeemable NFTs isn't just about innovation; it's a continuation of our legacy, known for making history in the NFT landscape. From the groundbreaking 3LAU music NFT drop to the trailblazing real estate NFT transactions with RoofStock onChain, Origin Story’s journey has been about pushing boundaries. The dive into the redeemable sector is yet another step in this direction.
With a firm belief in the potential of tokenizing Real World Assets (RWAs), we envision them reshaping verticals from luxury goods to real estate.
For those visionaries eager to explore the possibilities of redeemable NFTs, get in touch with us here.
Check out the latest yield opportunities, staking updates, and tokenomics data for Origin’s tokens.
The launch of the redeemables platform elevates the OGN ecosystem. Each collaboration brings volume, and OGN stakers will earn from sales that occur on the secondary marketplaces following a redeemables drop. This increased activity will translate to tangible ETH rewards for our community, claimed at the end of each season.
To bolster adoption on Origin Story’s redeemables platform, there’s a temporary 0% marketplace fee on redeemables marketplaces. To compensate for the loss of revenue in the short-term, the Origin Foundation will subsidize the Season 4 pool with boosted OGN rewards.
Season 4 of OGN staking is actively underway and will end on November 3rd, 2023. OGN holders are reminded that the lock-up phase commences on October 4th, 2023. Thus, to maximize benefits, it's crucial to ensure OGN is staked before this date. Doing so will allow stakers to continue accumulating points through the season's conclusion. Underscoring a deep-rooted belief in the protocol’s future trajectory, approximately 69.4 million OGN has already been staked at the time of writing.
For a comprehensive overview of OGN tokenomics in real time, please refer to the OGN dashboard.
Origin DeFi Governance (OGV) continues to show strong fundamentals, accruing value to stakers via fees from OETH and OUSD. In the month of August, the OGV DAO earned around $2,000 per day from these fees.
As shown by the Token Terminal daily revenue chart, the OGV DAO earned less than $500 per day from Origin Dollar earlier this year. After OETH launched on May 16th, DAO revenue increased nearly 4-fold in a matter of months. As Origin’s OTokens continue to capture TVL, OGV Stakers reap the benefits of this growth through the OUSD and OETH performance fee.
As a testament to the community’s belief in Origin DeFi, over 80% of all OGV has been staked for veOGV. veOGV holders currently earn up to 54.5% APY on their tokens, earning yield from OToken fees and OGV incentives.
Origin Protocol expanded its team in August with a frontend engineer and Korean community manager.
Last month, Origin DeFi hired a new frontend developer, Antoine Codogno. Antoine has years of experience building in web3, previously working at mStable with Origin DeFi’s Head of Engineering Rafael Ugolini. Previously, Antoine worked at Frax, a leading liquid staking and stablecoin protocol on Ethereum. Origin DeFi is thrilled to have another veteran web3 builder join the team as we expand yield-bearing tokens throughout Ethereum’s ecosystem.
Also in August, Origin Protocol hired a Korean community manager, Minsu Ji. Before joining Origin, Minsu grew his own crypto community in Korea, with over 20,000 members joining his group for insights into the blockchain ecosystem. As Origin Protocol expands globally, we’re confident Minsu will revitalize Origin’s presence in Korea and the broader Asia community.
Origin’s blogs were revamped in August, starting with the Origin Protocol and Origin Story websites. Internationalization is now supported on these pages, allowing Origin’s global community to receive product updates as they are announced. Currently, Origin’s product announcements are being published in English, Spanish, Vietnamese, Turkish, Russian, and Korean.
Thanks for reading up on all things Origin Protocol! Origin has been hard at work making its platforms more accessible than ever, enabling new use cases for NFTs and novel yield mechanisms in DeFi. Last month, we made new announcements you may have missed. If you did, we got your back! Check out the most important announcements from August below:
Want to get more involved with Origin Protocol? Join Origin’s Zealy board and Carma Community to earn OGN rewards, among other prizes. We hope to see you back here at the same time next month for September’s Token Holder Update!
