Summary
September marked another strong month for Origin. Protocol fees continued to compound into OGN buybacks, with staking rewards on max-locked xOGN nearing 40% APY. Origin launched Borrow Booster in September, extending the use case for Yield Forwarding to lending markets. Super OETH got a new market on Morpho that utilizes Borrow Booster, offering some of the lowest USDC borrow rates in DeFi.
Meanwhile, the stETH ARM continued to scale, generating competitive returns through its new integration with Morpho and YO Protocol. Across all products, Origin is reinforcing its position as a reliable engine for yield, with OGN stakers positioned to reap the rewards.
Origin Token (OGN): September 2025
- Over 6 million OGN was bought back in September, bringing the cumulative buybacks to 29.8 million OGN (4.56% of circulating supply).
- Max-locked xOGN staking rewards remain near 40% APY, with strong demand driving total locked supply higher.
- Protocol revenue surpassed $2 million in September, with annual revenue above $22.5M from the previous 365 days.
Super OETH Momentum
- Borrow Booster rolled out on the new superOETHb/USDC Morpho Market, offering negative borrow rates and attracting $300,000 of liquidity in the first week.
- Super OETH TVL held steady around $120 million (29.5K ETH), representing ~40% of Origin’s aggregate total value locked.
- Protocol revenue from Super OETH has outpaced OETH, generating nearly $1 million in yield for holders in the month of September.
- Super OETH yield remained strong, achieving a trailing 30-day APY of 4%.
stETH ARM Performance
- TVL climbed to $21.4 million, reflecting continued demand from both retail and institutional allocators.
- The trailing 30-day APY remained resilient at ~4%, supported by ETH lending APYs on MEV Capital’s Morpho Vault when arbitrage opportunities aren’t present.
- DeFi integrations of ARM vault tokens are gaining traction with new Pendle markets and YO Protocol integrating the ARM, expanding use cases and liquidity pathways.
Ecosystem Updates
September brought several new integrations that strengthened Origin’s reach across DeFi:
- Yearn launched a new Super OETH market on Morpho that utilizes Borrow Booster to incentivize borrow rates. With negative borrow rates, users are currently getting paid to borrow USDC.
- Ceres launched a Wrapped OS vault on Sonic, creating a passive yield strategy that provides liquidity to Metropolis to farm Sonic staking rewards, LP yield, and Sonic points.
- Super OETH was listed as a collateral asset on Ripe Finance, a lending protocol on Base that enables users to take stablecoin loans against diversified portfolios.
- ETH Strategy, an onchain digital asset treasury allocated to Origin Ether, announced it’s exploring additional Origin products to allocate to on our Alpha Access Livestream.
Product Metrics
See the table below for updates on total value locked and APYs for each of Origin's products:
In Case You Missed It
That’s all for September. With continued product expansion and protocol fees scaling, Origin is building durable value for OGN holders. In case you missed it, here are some of our favorite pieces of content from September:
- Borrow Booster: Get Paid to Borrow USDC on Morpho
- Alpha Access Livestream: Digital Asset Treasuries Allocate to OETH
- New OGN Dashboard: Track Buybacks, Staking Rewards, and More
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