October 2026 Token Holder Update

Summary

This is the first Token Holder Update to include a note from the team. In place of the monthly community calls, this update is now where Origin's team speaks to holders directly each month, in a format every holder can read rather than only those who could join live.

Security leads this month, with a look at how Origin approaches it during a difficult month for DeFi and the broader tech ecosystem, followed by the WETH ARM crossing 100,000 ETH in trading volume. OETH also had the lowest net borrow rate of any ETH collateral on mainnet, and net protocol fees and DAO assets continued to fund OGN buybacks. Here is what happened across the protocol in October.

How Origin Approaches Protocol Security

October was a difficult month for DeFi security and the broader tech ecosystem. Attackers used compromised operational keys to move a staking token's exchange rate, and governance votes passed with borrowed tokens to drain treasuries. Neither kind of attack is caught by a code audit alone: each turns on who holds a key, what that key can change, or how a vote is counted.

That is the problem Origin's new article on protocol security addresses. An audit reviews a defined scope at one code revision, under stated assumptions. Origin treats security as an ongoing discipline that also covers design review, testing that scales with risk, controlled deployment, governance, monitoring, incident response and responsible disclosure.

Much of that is open to inspection. On Ethereum, approved governance proposals pass a two-day timelock before taking effect, while Guardian multisigs hold narrowly defined powers for time-sensitive actions such as pausing, which differ by product. Because OUSD, OETH and Super OETH share parts of their architecture, Origin's public audit applicability matrix maps each review to the components that use the reviewed code. The Immunefi bug bounty can pay eligible critical reports up to $1 million under the live terms.

Read How Origin Approaches Protocol Security

The WETH ARM Crosses 100,000 ETH in Trading Volume

The WETH ARM crossed 100,000 ETH in trading volume in early October, about ten weeks after its first trade, and has now processed 146,311 ETH in total.

The vault keeps a single WETH pool and quotes four liquid staking tokens against it: stETH, wstETH, eETH and weETH. Traders who want to exit any of them right away sell into the vault, the tokens are redeemed 1:1 through Lido or ether.fi, and the returned WETH funds the next quote. Between trades, idle WETH earns lending yield in the Morpho WETH ARM Vault.

Explore the WETH ARM

Ecosystem and Protocol Updates

OGN buybacks continue: Origin bought back 3.6 million OGN in October, bringing cumulative buybacks to 117.5 million, or 15.7% of circulating supply. Net protocol fees and DAO assets fund these buybacks. About 42.8% of total OGN supply is locked as xOGN, with max-locked positions earning 11.7% APY.
The lowest borrow rate on ETH collateral: the OETH/USDC market on Morpho averaged a net borrow rate of 2.0% in October, the lowest of any mainnet market lending stablecoins against ETH collateral with more than $1 million available to borrow on average. Borrow Booster rewards, paid from the yield on OETH posted as collateral, offset most of its 7.9% native rate. Rates vary with utilization.
Origin Sonic wind-down: following the governance vote to wind down Origin Sonic, OS and the OS ARM have stopped earning yield, and the underlying S has been unstaked and returned to the vaults. Withdrawals take two steps: request, then claim at least 10 minutes later, with payouts in wS. Dapp support will end soon, and the withdrawal guide shows how to withdraw directly through the contracts.

From the Team

Clément Moller, Smart Contract Engineer

The idea behind ARM Vaults, since the stETH ARM opened to outside depositors in October 2024, is that exit liquidity for a redeemable asset can be priced off its redemption path instead of paid for with incentives. Two years on, the best test of that isn't just APY. It's how hard the capital works. The WETH ARM has processed about 146,000 ETH since its first trade on July 27th, roughly 45 times the WETH it holds today. That turnover comes from cycling inventory through redemption, not from a deep pool sitting idle.

The WETH ARM taught us two things. Pooling helps: one WETH pool quotes four assets, so a quiet stETH market doesn't strand capital when eETH is active, while each asset keeps its own prices, limits and redemption path. And the vault earns most when exits are scarce. Volatility widens the gap between market price and redemption value, which is exactly when holders need a way out.

Looking ahead, we think the bigger opportunity is what a dependable exit makes possible. An asset that can be exited at a fair price is easier to hold, easier to integrate and easier to build on. That holds well beyond liquid staking, including the tokenized funds we wrote about in September. Our job is to make that exit dependable and measurable.

Product Metrics

View how Origin's products performed in October below:

Origin Ether (OETH): $50.3 million TVL at a 2.7% trailing 30-day APY
Super OETH (superOETHb): $19.7 million TVL at a 2.9% trailing 30-day APY
Origin Dollar (OUSD): $5.9 million TVL at a 5.8% trailing 30-day APY
WETH ARM: $7.4 million TVL at a 2.7% trailing 30-day APY

View live product performance on Origin Analytics.