Deep Dive
1. eETH ARM Public Launch (Q1 2026)
Overview:
The eETH Automated Redemption Manager (ARM) is in private beta, generating a 6.4% trailing 30-day APY. The protocol plans a wider public launch after optimizing execution with partners like Pendle and Morpho.
What this means:
This is bullish for OGN because the ARM could attract more ETH deposits, driving protocol revenue and buybacks. Risks include competition from established yield platforms like EigenLayer.
2. OUSD Yield Strategy Expansion (2026)
Overview:
Following November 2025’s governance vote to back OUSD solely with USDC, Origin plans to integrate higher-yield Morpho lending strategies.
What this means:
This is neutral-to-bullish: simplified architecture reduces risk, but success depends on yield scalability. Enhanced OUSD utility could increase demand for OGN staking rewards.
3. OETH Institutional Adoption (2026)
Overview:
The November 2025 OETH upgrade introduced Merkle proof validation (via EIP-4788), removing oracle dependencies. Audits by OpenZeppelin and Nethermind are complete.
What this means:
This is bullish long-term, as institutions prioritize transparent staking. However, migration timelines and validator adoption remain key hurdles.
4. Continued OGN Buybacks (Ongoing)
Overview:
The DAO has repurchased 47.7M OGN (7.37% of supply) as of November 2025, distributing tokens to stakers at 37.5% APY. Buybacks are funded by protocol revenue from OETH, OUSD, and ARM products.
What this means:
This is bullish for supply dynamics but hinges on sustained revenue growth. A 40%+ circulating supply lock-up via staking could reduce sell pressure.
Conclusion
Origin Protocol is prioritizing yield product refinement and tokenomics tightening through buybacks. The shift toward institutional-grade staking (OETH) and simplified stablecoin architecture (OUSD) aims to deepen utility. However, execution risks and broader market sentiment will determine whether these upgrades translate to price traction. Can OGN’s revenue-driven buybacks offset its -47% 90-day price trend as the market remains in “Fear” mode?