What is Origin Protocol (OGN)?

Deep Dive

1. Purpose & Evolution

Origin Protocol's mission is to unlock DeFi's potential for everyday users by providing superior yield and liquidity. It evolved from launching the first yield-bearing stablecoin, Origin Dollar (OUSD), in 2020 to a broader suite of multichain yield products (Binance News). This shift addresses market needs for better capital efficiency and accessibility beyond a single blockchain.

2. Core Products & Technology

The protocol's flagship products are Origin Dollar (OUSD) and Origin Ether (OETH). OUSD is a stablecoin that automatically earns yield from underlying DeFi strategies. OETH is a liquid staking token (LST) that represents staked Ethereum and its rewards. A key innovation is OETH's use of Ethereum's EIP-4788 to verify validator balances on-chain with Merkle proofs, removing reliance on third-party oracles for greater security and transparency.

3. Governance & Value Accrual

OGN functions as the governance token for the Origin DAO. In a major strategic shift, the DAO unanimously approved allocating 100% of protocol revenue to buying back OGN on the open market (Origin Protocol). All repurchased tokens are distributed to users who stake OGN (xOGN holders), directly linking staker rewards to the protocol's financial performance and aiming to reduce circulating supply.

Conclusion

Fundamentally, Origin Protocol is a DeFi ecosystem that turns standard stablecoins and staked assets into automatic yield generators, governed and economically reinforced by its OGN token. How effectively can its proof-based staking and revenue-sharing model set a new standard for sustainable DeFi?