Summary
February was a strong month for Origin, driven by the expansion of the ARM and continued improvements to Origin Dollar’s yield architecture. The launch of the eETH ARM extended a proven arbitrage strategy into a new LST market, while both ARM Vaults generated elevated ETH-denominated yields as market volatility created consistent opportunities.
At the same time, OUSD expanded how capital is deployed onchain. New allocations on Morpho’s Base instance increased access to lending markets and contributed to higher yields. Participation also grew across Curve pools supported by Pool Booster, as users allocated capital to capture double-digit stablecoin yields.
Let’s dive into the details below:
ARM Performance and Expansion into eETH
February marked the launch of the eETH ARM, extending Origin’s Automated Redemption Manager to Ether.fi’s eETH. This deployment builds on the same arbitrage framework established with the stETH ARM, allowing the vault to capture arbitrage opportunities between secondary markets and redemption value while maintaining a conservative risk profile.
Across both the stETH and eETH ARMs, yields remained strong throughout the month. Both ARM Vaults generated returns in the ~7% range in February, consistently exceeding standard ETH staking yields by more than 2x. During periods of heightened volatility, arbitrage opportunities expanded significantly, with daily APYs peaking above 30% as LST pricing diverged from peg on secondary markets.
Capital continued to scale into the strategy, with combined TVL across both ARM Vaults nearly doubling in February. This growth reflects increasing demand for ETH-denominated yield strategies that are responsive to market conditions while maintaining a clearly defined risk framework.
Origin Dollar (OUSD) Expands Collateral to Base
Origin Dollar continued its transition toward a more flexible and scalable yield architecture in February, with expanded capital deployment across Morpho markets on Base. These changes allow OUSD to allocate capital more dynamically while benefiting from curated lending strategies and established risk management frameworks.
A key component of this expansion is the extension of OUSD’s capital into Morpho markets on Base. While OUSD remains on Ethereum mainnet, this integration enables capital to be deployed across networks with native USDC, increasing access to lending opportunities and improving overall capital efficiency.
As a result, OUSD yields increased meaningfully, with the 30-day trailing APY averaging 5.7% in February. Higher yields have contributed to renewed growth in participation, with users allocating capital into OUSD and OUSD pairs on Curve to capture stable, onchain returns.
Liquidity growth has also accelerated through Pool Booster. New and existing Curve pools pairing OUSD with other stable assets continue to attract capital through high yielding liquidity pools on Curve. These pairs forward OUSD rewards to pool incentives, supporting deeper onchain liquidity while offering double-digit APYs across select pools.
Together, these updates position OUSD as a more adaptable stablecoin, capable of sourcing yield across multiple venues while maintaining a simple user experience and consistent return profile.
Origin Token (OGN): February 2026
OGN continued to benefit from sustained protocol buybacks and high staking participation in February. The protocol continued to buyback OGN in February using protocol fees, with over 8 million OGN bought back last month. Cumulative buybacks have now surpassed 75 million OGN, representing 11.4% of circulating supply.
Staking participation remains strong, with 49.3% of OGN's circulating supply currently locked to earn protocol fees. Max locked xOGN holders are earning 16% APY. Together, these dynamics continue to reduce circulating supply while rewarding long-term participants with protocol earnings.
Product Metrics
Here’s how Origin’s products performed in February:
- Origin Ether (OETH): achieved a trailing 30-day APY of 2.6% at $53M in TVL.
- Origin Dollar (OUSD): achieved a trailing 30-day APY of 5.7% at $5.3M in TVL.
- Super OETH (superOETHb): achieved a trailing 30-day APY of 2.5% at $37M in TVL.
- stETH ARM: achieved a trailing 30-day APY of 7.4% at $8M in TVL.
- eETH ARM: achieved a trailing 30-day APY of 7.5% at $$2.1M in TVL.
In Case You Missed It
February included several key updates across Origin’s product suite, from the launch of the eETH ARM to continued improvements in Origin Dollar’s yield strategy. Each of these developments reflects ongoing work to expand product coverage and improve protocol performance across Origin’s core offerings.
In case you missed it, here are some of the key updates from February:
As always, we invite you to join our community on Discord and follow Origin Protocol on X for ongoing updates.
