Summary
January marked a strong start to the year for Origin, with continued execution across product development and OGN value accrual. Protocol buybacks surpassed 10% of the circulating supply, staking participation remained high, and Origin Dollar entered its next phase of yield optimization through a new Morpho Vault curated with Yearn.
Product updates in January emphasized more resilient yield generation and broader onchain distribution. OUSD yields increased meaningfully, new Curve pools began onboarding liquidity through Pool Booster, and the stETH ARM advanced with new onchain liquidity. These updates supported protocol revenue and sustained buyback activity in January – let’s dive into the details below.
Origin Token (OGN): January 2026
OGN continued to benefit from sustained protocol buybacks and high staking participation in January. Cumulative buybacks surpassed 10% of circulating supply, reflecting continued protocol revenue generation and consistent execution of the buyback program. In total, 68.3 million OGN has now been repurchased, with more than 8 million OGN bought back in January alone.
Staking participation remains strong, with 49.6% of OGN’s circulating supply currently locked to earn protocol rewards. For users with max locked xOGN, rewards are currently exceeding 20% APY. Together, these dynamics continue to reduce circulating supply while rewarding long-term participants with protocol earnings.
Origin Dollar (OUSD): Yield Updates and Pool Booster
OUSD yields improved in January following the launch of the new OUSD Morpho Vault curated in collaboration with Yearn. The 30-day trailing APY rose above 4.5%, representing a month-over-month increase of more than 150 basis points. This upgrade simplifies OUSD’s yield strategy while benefiting from active market curation and established risk frameworks managed by two long-standing DeFi teams.
Liquidity expansion also progressed through Pool Booster. New Curve pools began launching to support OUSD trading and adoption, including the frxUSD/OUSD pool, which exceeded $1 million in total value locked within its first week. These pools forward OUSD rewards to incentivize liquidity, aligning incentives with deeper onchain liquidity.
Phase 2 of Origin Dollar’s roadmap is currently under audit and expected to launch in February, introducing multi-chain yield sourcing through Morpho markets on other networks with native USDC. In parallel, OUSD’s improved yields and growing adoption contributed to a significant increase in Origin Dollar’s protocol revenue in January, with over 80% month-over-month growth.
ARM: Onchain Liquidity Now on Curve
The stETH ARM reached an important infrastructure milestone with the launch of the OETH/ARM-WETH-stETH pool on Curve. This pool provides new onchain liquidity for accessing the stETH ARM Vault, complementing direct vault deposits with secondary market liquidity.
This deployment also establishes the groundwork for future lending and borrowing integrations that depend on liquid onchain markets. Pool Booster has been configured to forward OETH rewards to pool incentives, directly supporting liquidity growth. The pool currently holds over $250,000 in liquidity, with LPs earning up to 10% APY in ETH-denominated returns.
Product Metrics
Here’s how Origin’s products performed in January:
- Origin Ether (OETH): achieved a trailing 30-day APY of 2.6% at $76M in TVL.
- Origin Dollar (OUSD): achieved a trailing 30-day APY of 4.1% at $5M in TVL.
- Super OETH (superOETHb): achieved a trailing 30-day APY of 2.4% at $55M in TVL.
- Origin Sonic (OS): achieved a trailing 30-day APY of 4.5% at $870K in TVL.
- stETH ARM: achieved a trailing 30-day APY of 1.8% at $7.2MM in TVL.
In Case You Missed It
January included several meaningful updates across Origin’s product suite, from OUSD’s new Morpho Vault to the launch of ARM liquidity on Curve. These changes reflect continued progress toward a more scalable and interconnected product architecture.
In case you missed it, here are some of our favorite pieces of content from January:
As always, we invite you to join our community on Discord and follow along with Origin Protocol on X.
