On April 29th, the Eigen Foundation announced EIGEN, the universal intersubjective work token in EigenLayer. The highly anticipated token launch distributes 5% of the token supply in season 1, with 10% of the token supply to be distributed between seasons 2 and 3.
The snapshot for Season 1 was taken on March 15, 2024. Users who minted primeETH or swapped for primeETH on Uniswap before the snapshot date qualify for EIGEN during season 1 of the campaign. The majority of users qualify for Phase 1 of the Stakedrop, which is reflected on the eligibility tracker below.
LRT holders that interacted with advanced DeFi protocols, such as Pendle or Equilibrium, must wait until Phase 2 of the Stakedrop to view their allocation. Regardless of whether you qualify in Phase 1 or Phase 2, the amount of EIGEN earned is proportional to your EigenLayer Restaked Points.
Checking your EIGEN allocation is a straightforward process for users in jurisdictions where the Eigen Foundation claims page is accessible. Simply enter your wallet address on the Eigen Foundation claims page, and your token allocation will be displayed based on your wallet activity.
The Eigen Foundation has blocked certain jurisdictions from accessing the claims page, but other websites have added support to check your EIGEN allocation if you’re unable to access the Eigen Foundation website.
The simplest way to check your EIGEN allocation is through DeFi Llama’s airdrop dashboard. To view your eligibility, navigate to “check airdrops for address” and paste your Ethereum address into the popup tab.
Around 10% of the Season 1 EIGEN allocation will be dispersed as part of Phase 2 of Eigen’s Stakedrop. While most PrimeStaked users are eligible for Phase 1, certain users will need to wait until Phase 2 to claim their tokens.
Users who participated in complex DeFi transactions on unresolved contracts must wait for Phase 2 to claim their tokens. This includes users on Pendle, Equilibrium, Penpie and similar protocols that split LRTs into multiple assets or derivative assets.
For more information on Phase 2, check out Eigen’s FAQ doc.
EigenLayer’s Season 2 Stakedrop commenced on March 15th, following the snapshot for Season 1. Season 2 rewards will work similarly to season 1, with 5% of the total EIGEN supply being allocated to the next season. PrimeStaked users are automatically earning points towards the Eigen Foundation’s next Stakedrop, so no action is required to qualify for future EIGEN rewards.
EIGEN claims open on May 10th and will remain claimable for 120 days, until September 7th, 2024. At launch, EIGEN will be non transferable, which you can read more about here.
For further information, we encourage you to read EigenLayer’s resources regarding the EIGEN token generation event. Find some helpful resources below:
Origin’s ambitious new vision is coming closer to fruition with the successful passage of a key proposal detailing OGN’s post-merger tokenomics. At the close of voting on May 2nd, participants locked in a new conception for OGN, as both the sole governance and value-accrual token for Origin’s yield ecosystem.
Now that both the OGN and OGV communities have aligned on Origin’s new trajectory, the team is preparing to finalize migration mechanics for existing OGV holders. Stay tuned for further updates in coming weeks as we roll out the migration portal to finalize the OGN-OGV merger.
Following our migration audit scheduled for the week of May 13th, OGV will be able to be converted to OGN at a rate of 0.09317 OGN per OGV.
OGN’s updated tokenomics feature an overhauled staking model to boost usability and optionality for stakers.
Users can stake OGN to receive xOGN, representing economic and voting power over Origin Protocol. OGN can be staked for a duration of one month to a maximum of one year. Voting and economic power granted to stakers is relative to the amount of OGN staked and the chosen lock up duration.
Additionally, xOGN introduces the ability to exit stakes early in exchange for paying an early unstaking penalty. Users can now also add to existing stakes, allowing for far better capital management.
These mechanics complement OGN’s new value accrual structure, which channels a portion of protocol revenue from Origin’s products back to stakers. 50% of protocol revenue is distributed directly to stakers, while the remaining 50% funds the purchase of DAO-owned flywheel tokens to boost yield on Origin’s products.
The merger plays a pivotal role in Origin’s updated roadmap, which highlights bold new avenues for continued expansion.
Beyond OETH and OUSD, xOGN will also accrue value from the brand new Automated Redemption Manager (ARM), which offers LST holders seamless redemptions with zero slippage.
As the ecosystem grows to include more integrations across multiple blockchains, OGN stakers can look forward to even more revenue streams and governance opportunities.
Join the Origin discord and follow us on X to stay updated as migration rolls out!
With the merger finalized, OGN is almost ready to take its place as the sole value-accrual and governance token of Origin’s ecosystem.
A new proposal is live to determine OGN’s tokenomics in line with the merger. The proposed tokenomics update has been carefully considered to deliver maximum value to stakers. Users will be able to stake OGN and receive a new governance token, xOGN, in return, representing voting and economic power over Origin’s products.
Make sure to vote before the window closes on May 2nd at 2 pm EDT.
The proposal outlines key mechanics for xOGN staking:
A portion of protocol revenue from OETH, OUSD, and any future products will be taken as a performance fee. 50% of this fee will be used to buy back OGN and redistribute it to xOGN holders, while the remaining 50% will be used to purchase flywheel tokens (such as CRV and CVX), which generate additional yield across Origin’s products.
Upcoming product revenue scope for OGN stakers includes platforms such as PrimeStaked and the new Automated Redemption Manager (ARM). Looking further ahead, we anticipate that key components of our roadmap will all accrue value to OGN, such as multi-chain OETH derivatives and LSTs for other EVM chains.
The new OGN staking model carries a maximum lock of one year. With this implementation, loyal stakers can maximize rewards without being constrained by excessively long time horizons. Users will also be able to add to their existing stake at any time, streamlining the process for compounding rewards.
xOGN’s new staking model will include an early exit feature for greater capital control. This mechanism would allow stakers to exit early by paying an early unstake fee based on the remaining time for the stake in question.
We believe Origin’s token merger will serve as a major catalyst for the company’s long-term growth. Concentrating efforts on OGN empowers the team to build rapidly and focus on a clearly defined product roadmap that rewards all users, with a single token at the core of Origin’s sprawling ecosystem.
DeFi is ours to conquer, and the latest tokenomics proposal marks another stride toward a new, incisive chapter for Origin.
With its shift from proof of work (PoW) to proof of stake (PoS), Ethereum introduced a more energy-efficient and scalable framework. This transition fundamentally changed how transactions are verified and blocks are added to the blockchain.
The transition has also spurred the development of various staking methods, among which liquid staking emerges as a standout for its accessibility and flexibility.
Below, you’ll learn:
As we delve into the world of Ethereum staking, we'll explore how liquid staking tokens not only simplify the investment process but also enhance liquidity, making it easier for everyday investors to earn passive income.
Traditional ETH staking requires users to lock up a substantial amount of ETH, at least 32 ETH, to operate a validator node.
This high barrier not only restricts participation to those with significant capital, but it also demands technical acumen to manage the node’s operation and ensure security.
In contrast, liquid staking is a much more inclusive alternative. Liquid staking simplifies the process by allowing users to stake their ETH through a pooled mechanism without needing to run a validator node themselves.
Here’s how staking works:
As adoption grows, liquid staking is increasingly being recognized for its ability to democratize access to staking rewards.
Want to experience the benefits of liquid staking for yourself? Here’s how to get started:
To begin using liquid staking tokens, you first need to purchase Ethereum (ETH). Select a reputable crypto exchange that offers competitive fees and robust security measures.
After setting up and verifying your account, you can buy ETH using fiat currencies (like USD, EUR, or GBP) through various payment methods including bank transfers, credit cards, or even PayPal in some cases.
Once you’ve purchased ETH, the next step is to transfer it to a secure crypto wallet. Choose a wallet that supports Ethereum and its tokens (ERC-20).
In general, hardware wallets offer the highest security for long-term holdings, while software wallets provide convenience for more frequent transactions. Ensure your wallet is set up correctly and transfer your ETH from the exchange to your wallet address.
With ETH in your wallet, you are ready to swap it for a liquid staking token. Platforms like app.oeth.com facilitate this exchange. Simply connect your wallet to the platform, select the amount of ETH you wish to stake, and execute the swap.
In exchange for your ETH, you’ll receive an equivalent amount of the liquid staking token, such as OETH, which represents your staked ETH plus any accruing rewards.
By holding the liquid staking token, you automatically earn staking rewards. These rewards are typically distributed periodically (e.g., daily or weekly) and are added to your token balance.
The advantage of liquid tokens is that while you earn rewards, you can still use your tokens for other purposes like trading or collateral in DeFi applications.
As liquid staking platforms on Ethereum gain traction, several tokens have emerged as popular choices for users looking to earn passive income from blockchain networks without the complexities of traditional staking.
Among these, three notable tokens stand out:
As the landscape of Ethereum staking evolves, these tokens play pivotal roles in enhancing accessibility and efficiency, with OETH leading the way in innovation and potential returns.
Origin Protocol's OETH token is designed to not only streamline the staking process but also to significantly enhance the returns on staked ETH.
Utilizing the Algorithmic Market Operations (AMO), OETH offers a sophisticated mechanism to optimize earnings:
Bottom line: OETH’s integration with leading DeFi protocols under a single, coherent framework makes it a superior choice for anyone looking to maximize their Ethereum staking rewards.
Like any investment, liquid staking tokens have risks. We’ve covered the benefits but you should also be aware of the risks involved:
Despite these risks, Origin Protocol’s OETH is designed to mitigate many of these concerns.
Here’s why:
So while there are risks to consider, the strategic advantages and security measures associated with OETH provide a compelling case for its use as a preferred decentralized liquid staking solution on Ethereum.
You can start liquid staking with as little as 0.01 ETH on most platforms, making it accessible to a wide range of investors.
Your ETH is pooled with other investors' assets and staked on the Ethereum network. In return, you receive liquid staking tokens that represent your share of the pooled ETH plus any accruing rewards.
Choose platforms that are well-established and have a strong track record. Always ensure that the platform's smart contracts have been audited by reputable security firms.
With Bitcoin exchange-traded funds (ETFs) receiving approval earlier this year, billions of dollars in new capital have been invested into the cryptocurrency sector. Such a victory is exciting for crypto traders, but it also presents an interesting question. Will the long-awaited Bitcoin ETF approval lead to an Ethereum ETF approval in 2024?
Under Securities and Exchange Commission (SEC) Chair Gary Gensler, the spot Bitcoin ETF approval means that investors can invest in Bitcoin through their traditional stock exchange without investing in the actual asset. Instead, they’re investing in a fund that holds Bitcoin, such as the Bitwise Bitcoin ETF (BITB), through their brokerage account. That fund then follows the price of Bitcoin.
A spot Ethereum ETF is the same idea, only it’s a fund that tracks the price of Ethereum’s native cryptocurrency, ether.
Ethereum exchange-traded funds are important for Ethereum’s long-term success. Here are a few reasons why:
Note: Investing in spot Ether ETFs does not mitigate the risk and volatility typically associated with cryptocurrencies.
Asset management firm BlackRock filed for approval of its iShares Ethereum ETF last November. It was one of the first to push for and receive the approval of spot Bitcoin ETFs and the first to hit $1 billion in assets.
BlackRock’s support of an Ethereum ETF is vital for gaining traction for the instrument. The management firm is one of the world’s largest, and receiving regulatory approval would surely pave the way for other Ethereum ETFs.
BlackRock’s application is one of many. Investment firms VanEck and ARK Invest were the first to put forth their Ethereum ETF applications, and as of April 3, Bitwise, Grayscale Investments, and Fidelity have also put their applications forward. The SEC will solicit comments on the matter for three weeks, though the commission’s decision will likely take longer.
The commission’s current deadline is May 23.
Gensler has said the spot Bitcoin ETF approval is not an endorsement of crypto. The SEC Chair is frequently critical of cryptocurrencies and has done little to progress the conversation regarding Ethereum ETFs – a stark contrast to the Bitcoin ETF approval process. This lack of discussion could be problematic.
Grayscale’s Chief Legal Officer, Craig Salm, sees hope in the SEC’s muted response. Salm claims that the conversation already happened with Bitcoin ETFs, and we shouldn’t retread that ground with an ETH ETF.
Some believe the SEC is waiting for an official classification of Ethereum. There’s still debate on whether Ether is a commodity or a security, and the SEC is currently investigating the Ethereum Foundation to help make this decision.
Whether Ethereum has an ETF approved in 2024 is still up for debate. Yet, even if the SEC decides against Ethereum ETFs this go-around, investment firms are bound to keep their applications coming. Persistence worked for Bitcoin. There’s no reason to think it won’t work for Ethereum.
An Ethereum futures ETF is a fund that holds futures contracts rather than ether itself. These contracts are agreements to buy or sell an asset at a predetermined time and price point, speculating on an asset’s future.
While futures ETFs enable some form of Ethereum investment without direct exposure to the asset, they don’t follow Ethereum’s price movements like a spot ETF would. SEC-approved Ethereum futures ETFs are already available on various stock exchanges.
Predicting Ethereum’s price movements is impossible, as the crypto market is generally unpredictable. However, the spot Bitcoin ETF approval led to massive price jumps as investment firms spent hundreds of millions establishing their funds. One may expect the same behavior for Ethereum, should ether ETF applications receive approval.
At the start of April, we proposed a bold new vision for Origin’s future trajectory. The community’s positive reception to our new roadmap has further cemented our conviction in the protocol’s new direction.
The proposed merger to absorb OGV into OGN saw two governance votes in recent weeks. The initial proposal for the OGN community was followed by another submission to align OGV stakers. We’re excited to announce that both proposals have passed, placing OGN at the core of our diverse yield ecosystem.
This merger offers significant benefits for all stakeholders, solidifying Origin as a dominant player in the yield generation arena.
Until now, OGV has governed both OETH and OUSD, earning stakers a share of protocol revenue from both products. However, OGV remains severely mispriced, with a far lower market cap to TVL ratio than other competitors in DeFi.
Placing OGN at the heart of the ecosystem marks a vital step toward focusing Origin’s offerings under one, unified banner — accruing yield from all of Origin’s products. This renewed focus allows the team to concentrate on building with confidence, while also cultivating a clear, robust narrative for the community to rally behind.
As a result of the merger, OGN holders will directly benefit from governing 9 figures in TVL and earn a share of protocol revenue from OETH and OUSD. At the same time, existing OGV holders will benefit from the increased liquidity and support offered by OGN. OGN’s utility expands along with Origin’s product suite. The token will also govern PrimeStaked, a robust liquid restaking platform launched at the start of 2024.
Excitingly, OGN will also serve as the sole value-accrual and governance token of Origin’s brand new Automated Redemption Manager (ARM), placing it at the center of a cutting-edge hub for seamless LST liquidity.
In the near future, users will have the opportunity to vote on a governance proposal regarding OGN’s upgraded tokenomics. If approved, migration mechanisms will be implemented to allow OGV holders to convert their holdings to OGN.
A new era of OGN is upon us, and we’re immensely thankful for the community’s continued support as we embark on this journey.
Join Origin’s Discord and follow us on X to keep up to date with new announcements!
With EigenLayer’s mainnet having launched this week, restaking has once again captured the spotlight. Alongside a frenzy of releases, the restaking protocol has once again reopened LST deposits while also removing all caps for LSTs.
As an innovative liquid restaking platform, PrimeStaked offers users a seamless restaking experience for native ETH and Origin’s flagship LST, Origin Ether (OETH).
PrimeStaked users can deposit either token to mint an equivalent USD value of primeETH, which accrues value from ETH staking, restaking, and other incentives. This empowers depositors to retain full capital control, while also earning diverse rewards.
Above base staking rewards and EigenLayer Restaked Points, users also earn primeETH XP – a secret ingredient with future benefits.
With PrimeStaked, OETH holders have front row seats to one of DeFi’s most dominant narratives. This marks one of many expansive integrations that have rendered Origin Ether one of the space’s most versatile LSTs.
There’s a lot in store for OETH and the Origin ecosystem as a whole in the near future. From multichain expansion and LST derivatives, to a brand new Automated Redemption Manager, Origin’s product suite is growing rapidly.
Check out our recent announcement for further insight into the road ahead.
Restake OETH with PrimeStaked: app.primestaked.com
Mint OETH: app.oeth.com
This week, the Origin core team put forth a governance proposal to merge OGN and OGV in an effort to consolidate governance and economic rights behind a single token. We are committed to building permissionless DeFi protocols that will enable open finance, starting with yield-generating tokens like OETH and OUSD. Collectively, our existing products span the liquid staking and yield aggregator categories.
Today we are announcing an early-stage experimental product, the Automated Redemption Manager (ARM). The Automated Redemption Manager is designed to allow for zero slippage swapping for redeemable assets, starting with LSTs. You can think of the ARM as a cross between an AMM and an isolated money market.
Unlike a DEX that uses a bonding curve to price assets, ARM prices are determined by the current market rates of the underlying collateral and the length of the redemption queue. Protocol revenues generated by the ARM will accrue value to OGN.
We quietly launched an alpha version of this product on Ethereum Mainnet. Early results are highly promising, with over $100M of trading volume occurring on just a single pool. While it is still early, we are hopeful that the ARM can mature into a powerful new DeFi primitive.
Imagine if you went to the bank and asked to withdraw $100. Your banker tells you they can either give you $99 today or debit your account for $100 today but only let you pick up the cash in a few days. That’s essentially how LSTs work today.
While you can instantly mint OETH or other LSTs with ETH, redemptions oftentimes take one unstaking epoch (27 hours) and can extend to multiple days during times of high market volatility. Users wishing to exit LSTs must either wait for the unstaking period to get back out to ETH at a 1:1 ratio or swap into ETH at a loss.
This is due to the fact that AMMs charge trading fees and because most LSTs trade slightly below peg to account for the time value of money. LSTs that permanently trade below peg essentially have a hidden exit fee. As an example, frxETH consistently trades ~0.25% below peg. This means you need to stake frxETH for around 3 weeks to break even with the yield earned through staking. This tradeoff might be tolerable for individuals who are okay being long-term holders, but it’s completely unacceptable for protocols wanting to rehypothecate their users’ funds for additional yield.
There are billions of dollars worth of ETH sitting idle on bridges, DEXs, and all over DeFi. The only way any of these protocols can reasonably rehypothecate these funds is if they have a credible way of returning 100% of those funds whenever their users ask for them back. Just like a bank doesn’t keep 100% of the funds on hand at all times, it is neither possible nor necessary to offer instant redemptions for the full amount of capital being staked. You just need enough exit liquidity to handle typical withdrawals.
Today’s AMMs mostly rely on pricing assets through bonding curves. When an asset is sold into a typical AMM pool, the supply of that asset increases and pushes the price down on a bonding curve. When the asset is bought, supply in the pool diminishes and the price is pushed up.
The ARM can be thought of as an AMM that prices assets without a bonding curve. Instead, because the focus is on redeemable assets like LSTs (redeemable for ETH), pricing is determined by the time value of money of “borrowing” ETH. Pricing can be benchmarked against the lending rate on popular money markets such as Aave. In the case of OETH, the fees can even be set to free to create a powerful differentiator and incentivize more adoption.
As a concrete example, imagine that a user wants to swap out of stETH into ETH. That user can currently unstake from Lido and receive ETH 1:1, usually after several days. Or, they can swap stETH instantly for ETH on Curve or Uniswap, incurring transaction fees and slippage. For larger swaps, the slippage can be considerable, penalizing the trader for wanting to get out of a large position.
With the ARM, traders will get a far more competitive price at virtually 1:1 between stETH and ETH. The ARM can quote these prices based on the the cost of “loaning” out ETH to the trader at a very low interest rate. In practice, this almost always beats the pricing of AMMs like Uniswap, Curve, etc. Further, gas optimizations and an intentionally modest trading fee in the ARM ensure the best possible prices for traders looking for instant exit liquidity.
Our vision for OETH is for it to become the most trusted money lego for those seeking to earn yield on their ETH. Our thesis is that having a perfect peg and strong guarantees around instant redemptions will be critical features for other protocols that are looking for a way to put their idle capital to work. On a broader level, we believe that ARMs can serve as third-party, decentralized peg-keepers for popular LSTs and LRTs in the future. The entire industry will benefit from lower-loss redemptions between derivative tokens and ETH.
We first deployed the ARM as a small experiment 3 months ago. Despite not even having a frontend UI or any public marketing, over $100M of trading volume was quietly generated on a single stETH/ETH pool.
DEX aggregators like 1inch and CoWSwap have already integrated with our ARM smart contracts. We’ve heard from top CoWSwap solvers like Barter that there is strong demand for our novel instant liquidity redemption pools, and early traction proves this thesis out with the ARM outcompeting traditional AMMs for a significant number of trades. The entirety of our trading volume is currently coming silently from these DEX aggregators and MEV bot operators. Further, the ARM is extremely capital efficient with a Liquidity Turnover Ratio (LTR) of 0.56.
The LTR is a measurement of how much daily trading volume occurs relative to a given amount of liquidity. For comparison, Curve is one of the top AMMs for ETH/LST pairs, but it’s global capital liquidity turnover ratio for Q1 2024 was 0.103 according to DeFiLlama. This means that the Origin ARM is 5.4x more capital efficient, indicating that future LPs will also get higher trading fee APYs for supplying liquidity. Origin started as the only liquidity provider and has already earned 9% APY on the ARM because of this high capital efficiency.
We are getting ready to launch more pools and to open up to external LPs. We will be prioritizing Origin assets, starting with OETH, but also increasing the surface area of LSTs and LRTs supported over time based on market demand.
If results continue to be compelling, we will expand the offering as a full-blown complementary product to OETH and our other yield-generating tokens. In the future, the protocol could be used for any type of redeemable asset. It has vast potential applications across a variety of verticals, potentially even spanning the world of real world assets and stablecoins.
Our long-term vision is to take our Automated Redemption Manager multi-chain, enabling seamless cross-chain transfers for redeemable assets.
To our Origin Community,
After building relentlessly through the last bear market cycle, we are excited to present our renewed vision and product roadmap. In addition, we want to share our proposed tokenomics improvements, starting with the unification of OGN and OGV.
Origin’s vision is to build open, permissionless protocols that increase economic opportunity for all. We started Origin with a desire to get rid of middlemen and gatekeepers, and we’re still committed to that mission today. We imagine a future world where hundreds of millions or billions of users are active within our DeFi ecosystem, using our multi-chain yield generating products for positive financial outcomes.
Today, we are laser focused on creating powerful money legos that can be adopted by both end users, other protocols, and businesses alike. Our financial primitives, whether liquid staking tokens (LSTs), liquid restaking tokens (LRTs), yield aggregators, and other future products, will always be permissionless and easily composable.
Our first, and perhaps most exciting announcement to kick off Origin’s new roadmap is the proposal for OGN to merge with OGV. With our high-conviction focus on DeFi, we believe the core team and community are best-served by aligning under a single value accrual and governance token for all of our present and future initiatives. This token should be OGN, Origin’s original token that benefits from a very wide diverse set of holders, high liquidity and trading volume across over 70 centralized and decentralized exchanges, and a global community numbering in the hundreds of thousands.
The decision to make this proposal was not taken lightly. We have heard strong calls for a merger from internal team members as well as members of our community, including early investors and active governance participants. Based on extensive analysis and community input, we believe this decision will create the most value for all Origin token holders.
Feedback and governance participation from the community is highly encouraged. We won’t pursue this new vision, roadmap, and tokenomics revamp without broad community alignment and support. Please see more on the proposed token merger below, but first let us introduce you to the exciting suite of products that will be accruing value to our token holders.
Origin has a renewed focus on building financial primitives for Ethereum and the greater EVM ecosystem. We believe we have an edge to create the best multi-chain yield ecosystem. In the last couple of years, we have demonstrated product-market fit and compelling traction with our suite of yield-bearing tokens, and now is the time to leverage our expertise and aggressively expand across multiple vectors.
Using the OETH model that we have proven on Ethereum, we have the exciting opportunity to launch native LSTs on other EVM-compatible chains. We are already working with a notable Ethereum sidechain to create our first toehold in this expansion strategy, with a target launch date in the next quarter.
The longer-term goal is to create the flagship liquid staking model for generalized LSTs across multiple networks, capturing market share in nascent markets where Origin will power the de facto LSTs on these chains. We have already proven our technical model out, and we believe scaling this to multiple EVM chains will result in at least a high 9-figure TVL opportunity.
We’ve recently partnered with Chainlink CCIP to bring OETH to layer 2s. To start, wrapped OETH on Arbitrum (wOETH) will launch in April with integrations by a top money market and other protocols, giving users the ability to lend and borrow OETH.
In the upcoming months, we will also be launching OETH derivatives on L2s that will give users the ability to earn supercharged yield across other chains as well. To maintain the low-risk profile of our successful Mainnet product, we will create a derivative specific to each chain. These derivatives will offer high yield and deep liquidity for other protocols to utilize. They will use Mainnet OETH as an initial building block but will safely deliver 2-3x the yield of holding just an LST. Given the substantial yield, we will be able to both buy back OGN and build a war chest of flywheel tokens. Acquiring flywheel tokens like AERO and VELO on L2s will enable us to generate deep liquidity for our governance token pools and any new product launches.
We will target Base and Optimism for our initial launches of these new derivative tokens. Similar to Mainnet OETH, end users only need to hold these new yield-bearing tokens in their wallets to automatically and passively earn industry-leading APYs.
We are excited for the Mainnet launch of EigenLayer and accompanying AVSs to open new opportunities for yield generation and composability for our liquid restaking token, primeETH. The restaking narrative and paradigm might be the most consequential change to Ethereum this market cycle, and we are well-positioned to capture value in this quickly growing vertical.
primeETH leverages SSV’s distributed validator technology (DVT) network, shielding it from centralization risks faced by other LRTs and enabling primeETH to farm SSV tokens as additional rewards for holders on top of native OETH yield, EigenLayer points, and primeETH XP.
Origin Ether’s new design will dramatically increase its integrations across EVM chains, giving it more utility and liquidity. This will allow end users to borrow against OETH in money markets, mint stablecoins with CDPs, and increase earnings through leverage. Protocols will also be able to use OETH and OUSD for capital rehypothecation, allowing them to earn more yield for their end users or DAOs. One of the top multi-chain AMMs is our first protocol partner for this initiative, with a target launch date in Q2 with new pools using OETH and OUSD that give liquidity providers extra yield on top of trading fees.
We’re unveiling a new DeFi product for OGN this week. Stay tuned for all the details about Origin’s new ARM. IYKYK. 💪
The core team is officially putting forth a decentralized governance proposal for OGN to acquire OGV. If the proposal passes, OGN will serve as the backbone for all of Origin’s current and future products. Protocol revenues would directly benefit OGN and all products would be governed by OGN, accruing immense value to OGN holders and ensuring Origin’s products are open, decentralized, and accessible to all.
We encourage the community to read through and vote on the proposal given significant changes to tokenomics and mechanisms are proposed. The core team believes this is the best path forward for all token holders and will position the token economy for healthy growth post-merger.
If both the OGN and OGV communities accept the merger proposal, the entire Origin ecosystem will be centered around OGN. OGN will command 9-figures of current TVL, with more resources to bring Origin’s aggregate TVL into the billions. Flywheel tokens like CVX and additional rewards tokens like MORPHO that were being controlled by the OGV community will also be migrated to the OGN community. OGV holders will have an opportunity to migrate their positions to an equivalent value of OGN, which benefits from deep liquidity and a broader base of token holders. Our product roadmap will become more cohesive, with new product launches and feature upgrades compounding on the effort of our prior work.
OGN will adopt veToken governance and economic properties similar to OGV/veOGV and other DeFi tokens. This model has proven to be effective at maximizing protocol security and rewarding long-term supporters.
We would also take this opportunity to introduce exciting new tokenomics features to OGN that our community has been asking for, including token buybacks and the ability to unlock staked tokens early. More details on these mechanics will come in a future governance proposal if the initial merger proposal passes.
We’re still in the first or second inning of enabling open finance and commerce. The best is yet to come, and we are committed to impacting the world for the better with revolutionary products in DeFi while capturing value for Origin’s token holders. There is at least a 100x opportunity to serve active customers of our products and to generate protocol revenues in the next few years.
Josh, Matt, and the entire Origin team
