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May 2024 Token Holder Update

June 4, 2024
Token Holder Update

Every month, the Origin team publishes an update to our token holders and the broader community. We hope you enjoy our May 2024 edition.


Here’s a birds-eye view of Origin’s developments in May 2024.

Welcome to our May Token Holder Update! Last month was a pivotal time for Origin Protocol, with the OGN-OGV migration now live, Arbitrum expansion in full swing, and a brand new dapp that brings together all of Origin’s products.

In case you missed the announcements from our X account, here are some of May’s highlights to catch you up to speed:

  • Origin’s new dapp went live alongside the OGN-OGV migration portal
  • 185,000 ARB (~$210,000) will be distributed to wOETH users on Arbitrum
  • Balancer, Gyroscope, and Ramses added support for wOETH on Arbitrum
  • Morpho integrated wOETH on Ethereum mainnet for lending and borrowing

Let’s delve into these developments and more below, giving you the full scoop on what went down at Origin in May.

OGN and OGV Have Merged

One vision, one token: OGN and OGV have merged to unify Origin Protocol.

Following successful governance proposals from OGN and OGV stakers, the OGN-OGV token merger is now live. OGV and veOGV holders can now migrate their positions at a rate of 0.09137 OGN per OGV on Origin’s dapp.

Those who hold OGV have one year to migrate their tokens to xOGN or OGN using the migration portal. xOGN is the new value accrual and governance token for all of Origin’s products, and stakers will earn 100% of protocol revenue as well as OGN incentives funded by Origin’s treasury.

The OGN DAO has absorbed assets held by the OGV treasury, including over $400,000 of CVX and north of 900,000 OGN. As Origin’s new products mature, we expect the OGN DAO to vote on a fee switch to direct revenue to stakers. The Automated Redemption Manager will likely be the first of these new products to begin directing value to xOGN holders.

The New Origin Dapp

Origin’s brand new dapp has arrived alongside the OGN-OGV migration portal!

The team has spent the past few months overhauling the user experience for Origin’s products. Our brand new, all-in-one dapp offers users a single gateway to Origin’s products, making it easier than ever to explore Origin’s feature set.

The new dapp is home to OETH, the wOETH <> Arbitrum Bridge, OGN, and OUSD. Not only does this streamline the user experience for governance and staking, but we believe the new dapp will lead to better discoverability of our product suite.

The OGN-OGV migration portal is live on the dapp, allowing you to seamlessly migrate your OGV holdings and stakes. While the portal will remain open for a year, you can start staking your OGN for xOGN immediately and start accruing yield from a share of revenue generated by all of Origin’s products.

Check out the dapp now: https://originprotocol.eth.limo/

Incentives for wOETH on Arbitrum

ARB rewards are being distributed to wOETH users on Arbitrum – learn how to get started today.

Last week, we announced our launch partners for wOETH on Arbitrum. To deepen its liquidity on the network, wOETH is now available on leading Arbitrum DEXs Ramses Exchange and Balancer (via Gyroscope). ARB incentives are being directed to liquidity providers on both platforms, so you can earn bonuses by providing liquidity to the wOETH/ETH pools. To learn more about the 185,000 ARB in incentives (~$210,000) that OETH received from the Arbitrum DAO, be sure to read our full blog announcement.

Wrapped OETH (wOETH) will be integrated on Silo Finance once sufficient liquidity is established on the aforementioned DEXs. Given Origin Ether’s unique use case and ARB incentives, we anticipate ample liquidity on these AMMs in the coming weeks. Following our integration with Silo Finance, over 10,000 ARB per week on average will be distributed to those who use the wOETH money market on the platform.

Morpho x wOETH: Borrow and Lend on Ethereum

Origin Ether’s utility on Ethereum expanded in May with the integration of wOETH on Morpho. Morpho is a peer-to-peer lending platform with over $1.8 billion in TVL, and the integration of wrapped OETH made its debut with ample WETH liquidity for borrowing against it.

wOETH is now a collateral asset on the Re7 MetaMorpho vault, providing depositors diverse exposure to staking yield through a basket of LSTs and LRTs. Additionally, Re7 provides WETH liquidity to those who seek to borrow against their wOETH.

Users can now leverage their wOETH by depositing their tokens on Morpho, earning interest, token incentives, and staking rewards while unlocking liquidity to borrow against their positions for additional WETH.

OETH and OUSD Metrics

Learn how OETH and OUSD work nonstop to deliver passive yield.

Origin Ether’s trailing 30-day APY ended May at 3.9%. While yield was temporarily reduced due to divestments of LST collateral, OETH still yielded 25% higher APY than stETH last month. Origin Ether’s transition to Beacon Chain staking using DVT is slated to finalize in June, with these new mechanics expected to contribute to heightened staking yield on OETH.

Origin Dollar’s trailing 30-day APY was 8.6% APY at the end of May. Origin Dollar’s DAI allocation currently earns yield through the MakerDAO DAI Savings Rate (DSR), while its USDC and USDT are lent on Morpho Aave to earn interest and a future allocation to MORPHO.

In Case You Missed It

That’s all for May! With major product updates now finalized, we look forward to building out more features on our Automated Redemption Manager, expanding Origin Ether to Base, and continuing to grow our DeFi integrations across Ethereum and beyond.

Looking for more details on the updates highlighted in May’s Token Holder Update? Here are some of our favorite pieces of content from May:

If you haven’t already, be sure to join our Discord to be the first to know about new developments regarding OETH, OUSD, and our Automated Redemption Manager.

Ryan McNamara
Ryan McNamara
Originally released by Origin Protocol
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