Summary
September was the first full month for the multi-asset WETH ARM, which passed $220 million in cumulative trading volume and grew into Origin's largest ARM Vault.
Borrow Booster continued to incentivize USDC borrowing on Morpho, and net protocol fees continued to fund OGN buybacks. Here is what happened across the protocol in September.
WETH ARM Completes Its First Full Month
The multi-asset WETH ARM finished September with $8.5 million in total value locked and a 2.8% trailing 30-day APY. One pool of WETH quotes prices for stETH, wstETH, eETH and weETH, so depositors earn from redemption arbitrage across Lido and ether.fi markets through a single ARM Vault position.
Cumulative trading volume through the vault passed 93,800 ETH ($224.8 million), with a single day in September reaching $10.4 million. When arbitrage opportunities are quiet, idle WETH is lent through the Morpho WETH ARM Vault, so the vault keeps earning between redemption cycles.
Origin Dollar Yield Continues to Grow
Origin Dollar (OUSD) earned 6.5% over the trailing 30 days, up from 5.5% at the end of August.
OUSD lends native USDC through Morpho on Ethereum, Base and HyperLiquid, with allocations rebalanced toward the strongest risk-adjusted markets. Yield earned on Base and HyperLiquid is bridged back to Ethereum mainnet through Circle's CCTP, and it rebases directly into holders' balances with no action required.
Ecosystem and Protocol Updates
- Borrow Booster incentivizes USDC borrowing: Borrow Booster routes OETH and Super OETH collateral yield to USDC borrowers on Morpho as Merkl rewards. Borrowers still pay the market rate, and the rewards kept the net rate on the Super OETH/USDC market on Base negative throughout September, reaching as low as negative 3.5%, while the OETH/USDC market on Ethereum averaged a net rate of 1.7%. Rates vary with utilization.
- Origin metrics on Blockworks: following the OGN disclosure filed in August, Origin's protocol and token metrics are now tracked on a Blockworks dashboard.
- OGN buybacks continue: Origin bought back 2.6 million OGN through September 30th, bringing cumulative buybacks to 114.0 million, or 16.5% of circulating supply. Net protocol fees, after operating expenses, fund these buybacks. About 46% of total OGN supply is locked as xOGN, with max-locked positions earning 11.2% APY.
Product Metrics
View how Origin's products performed in September below:
- Origin Ether (OETH): $59.6 million TVL at a 2.7% trailing 30-day APY
- Super OETH (superOETHb): $24.0 million TVL at a 2.8% trailing 30-day APY
- Origin Dollar (OUSD): $5.5 million TVL at a 6.5% trailing 30-day APY
- WETH ARM: $8.5 million TVL at a 2.8% trailing 30-day APY
- stETH ARM: $5.3 million TVL at a 2.3% trailing 30-day APY
- sUSDe ARM: $238,000 TVL at a 6.6% 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 September:
As always, we invite you to join our community on Discord and follow Origin Protocol on X for ongoing updates.