Origin Token Holder Update: April 2026

Summary

Origin's products held steady through a volatile month for DeFi.

A KelpDAO bridge exploit on April 18th triggered cascading bad debt across Aave and DeFi's major lending markets, dropping total DeFi TVL by more than $13 billion in two days. Origin had no exposure.

The LST price dislocations that followed drove the stETH ARM to a 98.8% daily APY on April 22nd and the eETH ARM above 47% on April 20th; trailing 30-day yields for both vaults are now substantially above standard ETH staking rates. OETH's compounding validator migration is well underway, OUSD began deploying capital into HyperLiquid Morpho markets, and 4.8 million OGN was bought back in April, bringing cumulative buybacks to 88.2 million tokens.

LST Volatility & ARM Yields

The KelpDAO exploit pushed LST pricing out of alignment on secondary markets. As Aave froze rsETH positions and protocols reduced their LST exposure, stETH and eETH traded at widening discounts to ETH on AMMs. Origin’s ARM vaults buy discounted LSTs and redeem through the Lido and Ether.fi withdrawal queues at par. When the discount widens, so does the yield generated.

The spread widened during the 3rd week of April:

stETH ARM: Peaked at 98.8% APY on April 22nd; purchased stETH at ~50 bps discount.
eETH ARM: Peaked at 47.8% APY on April 20; purchased eETH at ~53 bps discount.

The stETH ARM's trailing 30-day APY is now 6.4%, while the eETH ARM is at 5.9%. Both are running meaningfully above standard ETH staking rates.

Between arbitrage events, both ARMs route idle WETH into Morpho lending markets. Morpho utilization has been elevated in recent weeks, with borrowing activity shifting to Morpho and pushing lending APRs higher. Morpho markets are live for both ARM positions, giving depositors a way to loop their exposure.

Explore Origin’s ARM Vaults on the Origin Dapp.

OETH Migration to Compounding Validators

Origin Ether is migrating to compounding validators (0x02 withdrawal credentials) via EIP-7251, introduced in Pectra. With this setup, staking rewards accumulate directly inside the validator rather than being swept and redeployed externally.

53% of Origin Ether’s staked ETH collateral has migrated. The remainder is expected to complete by end of Q2 2026.

The migration also removes the 32 ETH top-up constraint on additional deposits. EIP-4788-based onchain balance verification confirms consensus-layer validator balances without an external oracle, cutting trust dependencies and making protocol accounting more predictable. The depositor experience is unchanged.

Read the full breakdown on X.

Origin Dollar (OUSD) expands allocations to HyperLiquid

OUSD had no exposure to rsETH or the affected lending markets.

Origin Dollar’s HyperLiquid Morpho vault, built with initial markets for WHYPE/USDC and kHYPE/USDC, began actively deploying capital in April. About 6% of Origin Dollar’s USDC collateral is now earning on HyperLiquid, with both markets currently yielding above 6-7.5% APY.

Some of that return reflects current market conditions. Morpho utilization rates have risen since the Aave bad debt situation, as borrowing activity moved to alternative venues, and the HyperLiquid positions are earning higher lending APRs from that demand.

Origin Token (OGN): April 2026

4.8 million OGN was bought back in April. Cumulative buybacks now stand at 88.2 million tokens, representing 13.1% of circulating supply. 100% of net protocol fees are routed to OGN buybacks. As protocol revenue grows, buyback volume does too. Here are some metrics as of May 2026:

49% of circulating OGN supply is currently staked as xOGN
Max locked xOGN stakers are earning 14.6% APY
Daily protocol fees peaked at ~$31,000 on April 22nd

Origin Dapp & Analytics Dashboard Updates

The Origin analytics dashboard received a refresh in April. The dashboard tracks protocol revenue, TVL, token supply, and per-product metrics across OETH, Super OETH, OUSD, ARM vaults, and OS in one place.

The dapp also received an update. It now breaks down individual rebase events, tracks accrued rewards and pending yield, and shows historical APYs on the swap page — giving depositors full visibility into their onchain yield without leaving the app.

Product metrics

Here’s how Origin’s products performed in March:

Origin Ether (OETH): achieved a trailing 30-day APY of 2.4% at $64M in TVL.
Super OETH (superOETHb): achieved a trailing 30-day APY of 2.7% at $29.5M in TVL.
Origin Dollar (OUSD): achieved a trailing 30-day APY of 5.3% at $5M in TVL.
stETH ARM: achieved a trailing 30-day APY of 6.1% at $9.8M in TVL.
eETH ARM: achieved a trailing 30-day APY of 5.8% at $3.9M in TVL.

In case you missed it

April was a stress test across DeFi. Origin had no exposure to the KelpDAO exploit or Aave's bad debt, and the ARM vaults hit their highest daily APYs since launch. The OETH migration, OUSD's HyperLiquid expansion, and product updates kept moving through all of it.

In case you missed it, here’s some of our content highlights from April:

As always, we invite you to join our community on https://discord.gg/ogn and follow Origin Protocol on X for ongoing updates.