Summary
August brought two major infrastructure milestones for Origin. The multi-asset WETH ARM opened for deposits, giving one ARM Vault access to redemption-arbitrage opportunities across stETH, wstETH, eETH, and weETH. Origin Ether also completed its migration to compounding validators, moving its live staking architecture onto Ethereum's post-Pectra validator standard.
Origin also joined the Blockworks Token Transparency Framework, Borrow Booster markets on Morpho continued to offer the lowest USDC borrow rates, and protocol fees continued funding OGN buybacks. Here is what happened across the protocol in August.
WETH ARM Now Open for Deposits
The multi-asset WETH ARM opened for public deposits in August. It expands on Origin’s single-asset ARM design by supporting stETH, wstETH, eETH, and weETH in one ARM Vault, broadening the arbitrage opportunity set across Lido and ether.fi markets.
By supporting four assets from a shared pool of WETH, the WETH ARM can address a market more than three times larger than single-asset ARM Vaults. This broader market creates more potential arbitrage opportunities for depositors. As of September 1st, the WETH ARM held over 3,100 WETH in total value locked ($7.7 million). The vault has generated 4.46% APY for depositors since launch.
The multi-asset WETH ARM is replacing the eETH ARM, and LPs are encouraged to migrate to the new vault. The stETH ARM remains operational for depositors who prefer single-asset exposure.
OETH Completes Migration to Compounding Validators
Last month, Origin Ether completed the migration of more than 13,000 ETH from over 500 legacy validators to 13 compounding validators. Rewards can now compound within each validator in 1 ETH increments, replacing the previous process of sweeping rewards and waiting to redeploy them in 32 ETH batches.
Alongside support for compounding validators, OETH now uses EIP-4788 Merkle proofs to verify validator balances and withdrawal credentials directly against Ethereum consensus data. This provides an onchain source of truth for validator accounting, reducing the protocol’s reliance on external reporting.
OpenZeppelin and Nethermind reviewed Origin Ether’s new validator design, while Sigma Prime completed the full audit prior to deployment. Read the OETH Staking Upgrade article, or watch our video on X to learn more about Origin Ether’s new design.
Ecosystem and Protocol Updates
- Origin joins the Blockworks Token Transparency Framework: Origin and Blockworks published an OGN disclosure covering governance, allocations, risks, and the relationship between protocol revenue and xOGN rewards. The filing reaches more than 350,000 Bloomberg Terminals worldwide.
- OpenCover expands Covered Vault support: OpenCover lets depositors fund coverage through vault yield while protection is active. In August, OpenCover added Covered Vaults for the WETH and sUSDe ARM Vaults.
- Borrow Booster keeps USDC borrowing costs low: Borrow Booster routes OETH and Super OETH collateral yield to borrowers through Merkl. In August, the OETH/USDC Morpho market had a borrow rates as low as negative 0.33%, while the Super OETH market on Base reached negative 2.2%. Rates vary with utilization.
- OGN buybacks continue: Origin bought back 4.7 million OGN through August 31st, bringing cumulative buybacks to 111.3 million, or 16.2% of circulating supply. About 47% of OGN supply is locked as xOGN, with max-locked positions earning approximately 10.6% APY.
Product Metrics
View how Origin’s products performed in August below:
- Origin Ether (OETH): $58 million TVL at a 2.65% trailing 30-day APY
- Super OETH (superOETHb): $21.5 million TVL at a 2.85% trailing 30-day APY
- Origin Dollar (OUSD): $5.6 million TVL at a 5.5% trailing 30-day APY
- WETH ARM: $7.7 million TVL at 4.4% APY since launch
- stETH ARM: $4.7 million TVL at a 2.5% trailing 30-day APY
- sUSDe ARM: $509,000 TVL at a 7.0% trailing 30-day APY
View live product performance on Origin Analytics.
In Case You Missed It
In case you missed it, here are the key updates from August:
- Introducing the Multi-Asset WETH ARM
- OETH Compounding Validator Migration
- Origin's OGN Token Transparency Filing
- August Community Call Recap
As always, we invite you to join our community on Discord and follow Origin Protocol on X for ongoing updates.
