July 2026 Token Holder Update: Origin Protocol

Summary

Welcome back to Origin's monthly Token Holder Update. July brought new product development, steady performance across our yield products, and more ways to use Origin assets throughout DeFi.

Origin deployed the WETH ARM in July. The new multi-asset WETH ARM Vault has been audited, and the WETH ARM is now available for public deposits. The sUSDe ARM completed its first full month with a trailing 30-day APY of 8.3%. OETH and OUSD continued earning through their core strategies, while new integrations expanded support for Origin assets across DeFi.

Multi-Asset ARM Vault development

The WETH ARM is Origin’s first multi-asset ARM Vault. Previous ARM Vaults each supported one redeemable asset against one base asset. The new architecture allows several assets to share the same base liquidity.

The WETH ARM quotes shared WETH liquidity across stETH, wstETH, eETH, and wETH. When traders swap against the vault’s quotes, acquired assets pass through their respective redemption process and the returned WETH cycles back to the vault. The spread accrues to WETH ARM Vault depositors as yield.

The multi-asset USDC ARM was built alongside the WETH ARM in July, initially supporting PYUSD and USDG, which share Paxos as their issuer-redemption rail. Both vaults have completed audits and are now operational. Public deposits for the USDC ARM will open after live pricing and redemption settlement have been tested. Users can now deposit to the WETH ARM via the Origin Dapp.

Ethena sUSDe ARM: one-month recap

The sUSDe ARM completed its first full month of public deposits in July, reaching $660,000 in TVL and processing $6M+ in volume. The vault generated a trailing 30-day APY of 8.3%.

Traders and arbitrageurs swap sUSDe against the ARM’s USDe quotes, and the acquired sUSDe passes through Ethena’s unstaking process. Idle USDe routes to Aave V3 between arbitrage cycles. Yield therefore comes from both the redemption spread and USDe lending demand, with variable returns alongside market conditions.

wOUSD incentives through Merkl provided additional yield to LPs in July. The campaign will continue through August, boosting yields for depositors up to 2% above the vault’s organic earnings.

Explore the sUSDe ARM on the Origin dapp.

OETH and OUSD: July performance

Origin Ether (OETH) generated a trailing 30-day APY of 2.5% at $48M in TVL. The OETH/USDC Morpho market ended July at $10.3M, with 89.8% utilization and a net borrow APR around 1%. Borrow Booster continued routing OETH staking yield to borrowers through Merkl, lowering the USDC borrow rate to near zero. OUSD collateral currently lends USDC to the OETH/USDC market, earning a gross APY above 5.5%.

Origin Dollar generated a trailing 30-day APY of 5.5% at $5M+ in TVL. Its collateral continued earning through the exclusive Morpho Vault built with Yearn, with allocations across Ethereum, Base, and HyperLiquid.

Origin Token (OGN) buybacks

4.6 million OGN was bought back in July, bringing cumulative buybacks above 105M OGN, representing 15.5% of circulating supply. Origin routes 100% of net protocol fees to OGN buybacks.

47% of circulating OGN is currently staked as xOGN
Max locked xOGN stakers are earning 10.4% APY
Daily protocol fees peaked at 4.6 ETH on July 13th

Ecosystem updates

July brought several updates across Origin integrations:

Morpho: The OETH/USDC and superOETHb/USDC are currently the cheapest way to borrow USDC with size on Morpho at 1.1% and -1.5%, respectively.
Curve: LPs on the OUSD/USDT and OUSD/USDe pools are earning up to 10% APY with incentives.
Pendle: The Pendle wOUSD market offers a fixed 5.05% APY on OUSD until December 2026, and 5.7% APY for wOUSD LPs on the market.
Mintly: Mintly launched support for Robinhood Chain in July, enabling users on the network to route funds to Origin’s ETH and USD yield products without needing to manually bridge assets.

In Case You Missed It

July moved Origin's ARM roadmap forward while work continued across OETH, OUSD, and the broader ecosystem. If you missed any of the updates along the way, here's what to catch up on:

As always, we invite you to join our community on Discord and follow Origin Protocol on X for ongoing updates.