What is Origin Protocol (OGN)?

Deep Dive

1. Purpose & Value Proposition

Origin Protocol aims to simplify access to DeFi yields while creating sustainable value for OGN holders. Its core products include:
- OUSD: The first yield-bearing stablecoin (launched 2020), which automatically generates returns from DeFi strategies.
- OETH: A liquid staking token for Ethereum, enhanced with strategies like leveraged staking via partnerships (e.g., Pendle, Morpho).
- Super OETH: A multichain variant optimized for higher yields on Layer 2 networks like Base.

Revenue from these products flows into OGN buybacks, creating a closed-loop system where protocol success directly benefits stakers.

2. Technology & Ecosystem

Origin emphasizes multichain accessibility and capital efficiency:
- Deploys yield strategies across Ethereum, Base, and Plume to reduce gas fees and broaden user access.
- Integrates with platforms like Silo and Sonic for optimized liquidity and risk management.
- Upgraded OETH uses Merkle proofs for validator balance verification (Origin Protocol), removing reliance on third-party oracles.

3. Tokenomics & Governance

• Supply: Capped at ~1.4B tokens, with 47.7M OGN (7.37% of circulating supply) bought back and redistributed to stakers as of November 2025 (Origin Protocol).
• Staking: Offers up to 37.5% APY, with 40% of circulating supply locked in staking contracts.
• Governance: OGN holders vote on critical proposals, such as treasury allocations and product upgrades (e.g., OUSD’s transition to a USDC-backed model).

Conclusion

Origin Protocol is a revenue-generating DeFi ecosystem that ties product success to tokenholder rewards via buybacks and governance. Its focus on multichain yield strategies and transparent value distribution raises a pivotal question: Can sustainable buyback models replace inflationary token emissions as the standard for DeFi incentives?