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Every month, the Origin team publishes an update to our token holders and the broader community. We hope you enjoy our November 2023 edition.
DAO proposals, DeFi integrations, and a growing user base. November gave us a lot to be thankful for!
Welcome to Origin's November Token Holder Update! Last month, we saw major steps forward within Origin’s ecosystem, characterized by influential DAO proposals, significant traction for OGV, and an exciting upcoming listing with Eigenlayer.
The Origin DeFi DAO voted on several key upgrades, passing new proposals and executing two OGV buybacks. Following the OGV buyback proposal, these tokenomics upgrades caught the attention of Crypto Twitter, leading to a surge in OGV holders and heightened interest in OETH. Additionally, Origin Ether (OETH) set records with its highest-yielding day and expanded its reach through winning an integration with EigenLayer.
Origin Token (OGN) extended its utility with notable listings and integrations, increasing its accessibility worldwide. This expansion underscores our ongoing efforts to enhance OGN's utility and accessibility across platforms.
On the NFT front, Origin Story continues its alignment with industry leaders and innovators that redefine the potential of NFTs. Our partnership with key players like Pudgy Penguins and Roofstock OnChain exemplifies our drive to merge NFTs with real-world utility.
As we wrap up an eventful November, join us in this update as we delve into:
Upcoming rewards tokens, new governance proposals, and Crypto Twitter talking about OGV. Check it out!
Origin DeFi’s ecosystem continued to grow stronger in November. Continuing its progress, the Origin DeFi DAO passed new proposals for funds management, new yield strategies, and collateral reallocations. Also last month, OETH had its highest yield earning day, and Crypto Twitter caught wind of OGV. Let’s take a closer look at these developments below.
Origin DeFi Governance (OGV) gained new momentum in November. Following the successful OGV buyback proposal, over 45 ETH in fees has accrued to the Origin DeFi DAO. Crypto Twitter quickly picked up on our new value-accrual mechanism, as influencers published in-depth analyses on Origin DeFi’s ecosystem. Thanks to this increased exposure, OGV gained hundreds of new holders, and OETH became top-of-mind in the realm of LSTfi.
The smart contract responsible for OGV buybacks was upgraded last month, setting the groundwork for further automation and increased transparency. The contract hardcoded the 50/50 split between OGV buybacks and CVX accumulation, eliminating the need to rely on strategists. The contract also ensures that all DAO-owned CVX is vote-locked to further boost OETH yield.
The Origin DeFi DAO passed more proposals in November, including a funds management proposal that sets a framework for how OETH collateral is managed. The proposal enables more predictability for yield strategy and collateral allocations, and it lays the groundwork for further automation for yield optimization.
Origin Ether’s Balancer strategy has started collecting AURA and BAL rewards, which have accrued to the contract since deploying funds to the rETH/WETH pool in October. Paired with the profitable adjustment to the Curve AMO on November 19th, trailing 30-day yields on OETH have increased over 50 bps in November.
Origin Dollar has maintained a trailing 30-day APY of 4.85% in November, thanks to collateral reallocations that take advantage of heightened USDC rates on Morpho Aave. The MakerDAO DSR and Morpho make up the vast majority of strategy allocations, with USDC being the highest allocated stablecoin at 40%.
Origin Ether continues to expand to the hottest DeFi protocols, and OGN gets listed on new dapps.
On November 9th, EigenLayer announced that OETH won their listing competition. As such, OETH will be listed on the platform as a restaking asset. Enabling boosted rewards via restaking, EigenLayer has seen huge demand from DeFi users. EigenLayer’s total value locked sits at over 160,000 ETH, even as the protocol set caps for the amount of LSTs deposited into their smart contracts.
The upcoming EigenLayer integration is a huge win for Origin Ether. As demand for restaking continues to grow, these users will now have access to earn compounded rewards through Origin Ether restaking.
Those looking to leverage their OETH now have the opportunity to do so through Interest Protocol, a money market for interest-bearing assets. Users can deposit their OETH to take out loans in USDCi, allowing them to unlock liquidity while earning yield on OETH.
Similarly, OGN has broadened its presence through several integrations across DeFi. In recent weeks, OGN has been added to Koala Wallet, enhancing user experience by providing users the convenient ability to securely manage OGN within their app. Additionally, OGN has expanded its reach into the world of DeFi analytics with a De.Fi integration. De.Fi is a comprehensive portfolio tracker known for its suite of innovative and user-friendly tools.
Looking forward, Origin is dedicated to further advancing the accessibility and utility of OGN. We’re strategically focusing on key integrations to ensure that OGN is increasingly available across platforms, thereby strengthening its positioning in the broader digital asset landscape.
Our partners are rethinking the way NFTs are used; here’s what could be next for the industry.
November brought a refreshing surge of activity to the NFT market, which had experienced a period of relative quiet in the preceding months. In a recent discussion with TheNewsCrypto, Josh Fraser, co-founder of Origin, shared insightful perspectives on the future of the NFT space. He reaffirmed Origin's steadfast belief in the long-term potential of NFTs and expressed confidence in the market's resurgence.
However, he also noted that the nature of this revival might differ from the patterns observed in the previous bull market, suggesting a possible evolution in the way NFTs are perceived and utilized.
Origin Story has been working to innovate and adapt to the rapidly changing trends of the market as we approach the end of 2023. Our previous endeavors have spanned from assisting artists and celebrities in launching their NFTs, complete with extraordinary prizes that go beyond the digital, including real-life experiences and tangible items, to spearheading groundbreaking sales. Notable examples include the record-setting $2.3 million Macallan Whiskey Cask sale and the staggering $11.7 million auction for 3lau’s Ultraviolet Vinyl NFT drop.
Our collaborations extend to empowering creative visions for entities like Pudgy Penguins and 0N1 Force. Moreover, our partnership with Roofstock OnChain aims to disrupt the traditional real estate markets, valued at $11 trillion, by facilitating property sales through NFTs.
At Origin, we pride ourselves on being at the vanguard of advancing NFT technology. Our commitment to innovation and our ability to anticipate and lead market trends underscore our role in shaping the future of NFTs and their real-world applications.
Check out the latest yield opportunities, staking updates, and tokenomics data for Origin’s tokens.
OGN volume has increased alongside a broader market resurgence, and the number of token holders surpassed 45,500 in November. Additionally, OGN is available across more than 50 centralized and decentralized exchanges, including the most popular platforms like Coinbase, Binance, and Uniswap.
At Origin, our strategic focus is firmly set on cultivating long-term value. We prioritize sustainable growth and robust utility for OGN over fleeting speculative gains. This approach ensures that our developments are aligned with the enduring success and evolution of the Origin ecosystem.
OGV staking rates remain strong, with nearly 80% of the total supply staked. Stakers have accrued extra OGV rewards from buybacks, with current APYs ranging up to 27.6%. As a reminder, OGV buybacks and CVX purchases occur every two weeks; the last event happened on November 22nd. During the last buyback, 1.9 million OGV and 3,990 CVX were purchased using OToken performance fees.
OGV liquidity has improved on DEXs, and the OGV holder base grew significantly in November. It’s important to note that higher OGV values impact OETH yield, creating a flywheel effect. As OGV increases in value, Curve bribes become more impactful, which leads to higher OETH yield and more revenue generation for the Origin DeFi DAO. 3
November was a bustling month for the Origin community and team, marked by a series of engaging and insightful events.
Throughout the month, Origin actively participated in various Twitter Spaces, showcasing the depth and diversity of our initiatives. Notably, our BD Manager Peter Gray contributed his expertise in sessions with VaultCraft, DIA, and Koala Wallet, bringing valuable insights to the table. Simultaneously, our Senior Community Manager, Brighton To, delved into the nuances of community building by hosting TaskOn on Twitter Spaces during our campaign. This collaboration with TaskOn's platform successfully introduced new members to Origin across our online communities.
In a dynamic collaboration with Curvance, we provided our community members a unique opportunity to engage with our community rewards program in our Discord. By earning the 'explorer' role, members gain access to Curvance’s incentivized testnet.
Also last month, Origin’s co-founder Josh Fraser graced TheNewsCrypto’s podcast, discussing pivotal topics like digital ownership, liquid staking, and DeFi security. The insights shared there are available in a detailed transcript, offering our community a deeper understanding of these critical subjects.
Lastly, we launched a new Zealy sprint, active until mid-January. This initiative invites our community members to participate in tasks, accumulate points, and ascend the leaderboard. The top 20 participants will be rewarded with token prizes, with the top prize being $250 in Origin Ether, fostering a spirit of healthy competition and engagement.
As we close another eventful month, our commitment to fostering a vibrant, knowledgeable, and connected Origin community remains stronger than ever.
That’s all for November! We hope to see you back here in January for our December Token Holder Update, where we’ll cover Origin’s accomplishments in 2023. In the meantime, we invite you to join our Discord for real time updates and follow us on Twitter for major announcements.
If you’d like to read more about the developments mentioned in November’s Token Holder Update, we’ve compiled a list of some of our favorite content from November 2023 below:
