Origin Protocol (OGN): Simplifying Your Web3 Experience

One of the reasons why blockchain technology and the web3 movement in general haven’t gained proper traction is because the majority of people don’t understand the technology behind them. From the ever-increasing novelty of the technical terms to the complex nature of crypto products, most investors shy away from crypto because of its fast-paced, highly technical and relatively volatile nature.

However, Origin Protocol is on a mission to onboard over 100 million users into the crypto space by simplifying entry into the two most explored niches — NFTs (non-fungible tokens) and DeFi (decentralized finance).

Let’s take a deeper look at how Origin is driving mass adoption through an innovative, user-first approach to all its crypto products.

Key Takeaways:

• Origin Protocol is designed to simplify DeFi through innovative yield-bearing products that automatically earn yields in your crypto wallet without the hassle of staking or lengthy lock-up periods.

• OTokens power Origin’s DeFi ecosystem, in which users can swap their stablecoins or ETH and liquid staking assets to act as collateral in various crypto lending platforms to generate yields.

• Origin’s decentralized NFT platform, Origin Story, allows users to redeem their NFTs for physical products and create online stores to sell their NFTs.

What Is Origin Protocol?

Origin Protocol is a user-centric web3 platform meticulously crafted to open the web3 world to the masses, with a primary focus on two pivotal spaces: DeFi and NFTs. With its broad vision of a fully decentralized future, Origin Protocol aims to equip the next wave of crypto adopters with the necessary tools to explore and exploit blockchain technology.

Established in 2017 by seasoned Ethereum enthusiasts Joshua Fraser and Matthew Liu, Origin has been innovating products designed to simplify DeFi. In 2020, Origin introduced its yield-bearing stablecoin OUSD to the world. OUSD lets you automatically earn yields in your Ethereum wallet, without staking or locking up tokens.

In May 2023, Origin announced its renewed vision for the DeFi world by adding ETH staking through Origin Ether (OETH) into its ecosystem, which opens up users to the blossoming world of liquid staking derivatives (LSDs).

Origin has also had a marked influence in the world of non-fungible tokens through its NFT arm, Origin Story, which includes a launchpad to create custom NFTs, an NFT marketplace, and many tools to help people navigate the confusing world of NFTs.

How Does Origin Protocol Work?

The main focus of Origin is to create transparent and open peer-to-peer marketplaces that allow users to freely engage in decentralized commerce. To achieve this, Origin combines their Javascript library, Origin.js, with the Ethereum blockchain and InterPlanetary File System (IPFS) to simplify the creation of decentralized applications (DApps) by developers.

Ethereum’s smart contracts help eliminate the need for intermediaries in Origin’s marketplaces, making them decentralized and open. Furthermore, developers can leverage the Origin.js library to engage with smart contracts without having to interact with underlying blockchains.

In order to secure and manage user identity on its platform, Origin supports the ERC-725 identity standard, which links your identity to your Ethereum wallet. Once you verify your profile, the information is published on IPFS, a filing system designed for true decentralized organizing and transfer of data, with the resulting hash stored on Ethereum for security.

Another critical component of the Origin-based marketplaces is the ratings and review feature, which helps build a user’s reputation and trustworthiness in the shared economy setup. Users are encouraged to leave reviews and rate products on the buyer’s and seller's sides.

Source: Origin Protocol blog

Origin Protocol Key Products

Origin Protocol adds value to DeFi users by providing secure, innovative and transparent products that accrue value and earn yields in various ways. The protocol has also developed a groundbreaking platform to help NFT enthusiasts explore the niche seamlessly. Let’s take a look at Origin’s core products.

Origin DeFi's OTokens

One of the flagship products of Origin is the OToken, which comprises a stablecoin, the Origin Dollar (OUSD) and Origin Ether (OETH). Both OUSD and OETH are ERC-20–compliant tokens designed to earn you yields directly from your Ethereum-compatible wallet. In addition, the two tokens feature a novel elastic rebasing mechanism that differentiates them from most other ERC-20 tokens.

In line with Origin’s mission of simplifying DeFi, the OTokens generate yields from ETH or USD through yield farming, without the often-confusing process of staking, lock-up periods and complex compounding structures.

The smart contracts for both tokens are governed through the staking of the Origin DeFi Governance (OGV) token, as stakers receive voting rights to proposals based on their locked tokens. OGV stakers can vote on which specific addresses will receive yields and fees charged, among other things, and receive rewards for doing so.

The functionality of the OTokens is based on the following key concepts.

• Buying OTokens: To obtain OTokens, you can upgrade your stablecoins (such as USDT, USDC and DAI) to OUSD, or your Ether to OETH. Powered by smart contracts, the upgraded assets start automatically earning yield and compounding.

• Automatic yield farming: Once you deposit collateral, the smart contracts deploy them to protocols such as Compound, Convex Finance and Aave, where they’ll generate yields through interests, fees and rewards. The system rebalances the assets and auto-compounds for optimal returns without much input from the asset holder.

• Selling OTokens: You can redeem your assets anytime. The Origin DApp provides you with the best available prices while accounting for exit fees, gas costs and slippage.

• Elastic supply: The OToken's value remains constant through the constant rebasing of the money supply based on the generated yields. Through this continuous rebasing structure, OUSD and OETH prices stay pegged to their respective values (1 USD and 1 ETH). At the same time, the balances in your wallet will dynamically adjust in response to the yields made by the protocol.

• Price oracles: To facilitate easy and optimized buying and selling of OTokens, Origin has integrated with Chainlink, enabling Origin users to mint or redeem their OTokens at more precise exchange rates while incurring reduced gas costs.

Origin Dollar (OUSD)

Origin Dollar (OUSD), launched in September 2020, is the first half of Origin’s DeFi token system. It’s a yield-generating, low-risk stablecoin deployed on Ethereum. To ensure its price stability, OUSD is backed 1:1 by USDT, USDC and DAI, the reserves of which can be verified on-chain and safeguarded through stringent security processes and audits.

In order to obtain OUSD, you can swap your USDT, USDC or DAI for OUSD, which is then deployed on-chain to generate yields that are sent directly to your Ethereum wallet and compounded automatically. Its governance is fully decentralized through the OGV token, eliminating centralized entities.

Yield sources for OUSD include automated yield-bearing strategies in various DeFi protocols, such as Compound and Convex Finance. Unlike other stablecoins that lose purchasing power with time, OUSD continues to automatically generate income into your wallet.

Origin Ether (OETH)

Introduced in May 2023, Origin Ether (OETH) tokens are the latest addition to Origin’s DeFi ecosystem. Since the Ethereum Shanghai Upgrade in Sept. 2022, liquid staking derivatives (LSDs) have increased in demand with copious potential in the world of DeFi staking. Meanwhile, OETH is pegged 1:1 to Ether (ETH), wrapped Ether (WETH) and liquid staking tokens like Lido Staked ETH (stETH ), Rocket Pool ETH (rETH) and Frax Ether (frxETH).

OETH was introduced to simplify liquid staking of Ethereum through risk-adjusted yield strategies spread across LSDs and DeFi protocols.

While OETH shares the same code as OUSD, the latter is denominated in Ether while OUSD conforms to the U.S. dollar. Therefore, it accepts collateral in ETH and WETH, as well as the LSDs that back it: stETH, rETH and frxETH.

Once you deposit your ETH, WETH or supported LSDs, they’re used as collateral and distributed across various crypto lending protocols, and the yields are sent directly to your wallet. Just as with OUSD, OGV stakers vote on how assets will be allocated to the different yield strategies.

Origin Story: Creating Bespoke White-Label NFT Marketplaces

Another Origin core product is Origin Story, a platform that allows NFT enthusiasts to create and sell, and to engage with their audience in an open and decentralized manner. Origin Story features include an NFT launchpad, a white-label NFT marketplace and aggregator, and a creator provenance feature to preserve the authenticity of minted NFTs.

The robust NFT platform lets people create their own NFT stores and sell their NFTs in three formats: 1/1 auctions, limited editions or open editions. While the NFT prices are denominated in ETH or USD, the platform supports various currencies, such as ERC-20 tokens and USDC, alongside the option of fiat and representative payment methods, such as credit cards. Additionally, since Origin is a multi-chain platform users can transact via Ethereum or Polygon.

Through Origin Story, the protocol hopes to increase the utility and value of the OGN token so that OGN holders can sell for free on the platform. Once a trade is made on Story, 15% of the proceeds can be swapped for OGN, which is then locked for six months before it can be withdrawn. Through this pricing model, millions of OGN tokens will be removed from the circulating supply over time, driving up its value.

At the same time, participating artists also receive royalties for the resale of their NFTs in secondary markets, such as OpenSea. Royalties are set at 10%, of which 7.5% is allotted for the artist and 2.5% reserved for Origin. Eventually, Origin aims to let creators determine their preferred percentage.

Origin Story has already attracted the attention of the NFT community with its portfolio, consisting of NFT artists such as Trevor Jones, Don Diablo, Paris Hilton and George Lopez. The platform also broke a record by successfully selling a whiskey cask as an NFT at $2.3 million.

In August 2023, Origin Story added Redeemable NFTs to its features. Users can redeem NFTs for physical goods, from real estate and luxury fashion to digital items like tickets and discount codes. The innovative feature aims to make NFTs tangible in order to drive global adoption.

Source: Origin Protocol

The Tokens Governing Origin’s Products

Origin’s dual token system powers and governs the operations of its diverse products.

Origin DeFi Governance Token (OGV)

To promote long-term growth, Origin Protocol incentivizes its users through the Origin DeFi Governance token (formerly Origin Dollar Governance). Users who lock up their tokens (for a month to four years) receive voting power that’s represented as non-transferable, voter-escrowed OGV tokens (veOGV).

Not only does staking OGV tokens earn users voting rights to governance proposals, but it also attracts rewards through an inflationary structure so users can earn up to 102% APY by staking for a maximum of four years. Users can also delegate their OGV tokens, allowing others to become active voters.

The token allocation for OGV is as shown below:

Source: Origin Protocol blog

Origin's Native Token (OGN)

An ERC-20 token, Origin Token (OGN) is the utility and value accrual token on the Origin Story NFT platform. Through OGN staking, users can receive ETH and OGN rewards generated by Origin Story. The staking is organized into Seasons, whereby holders earn points for locking up OGN and receive bonuses at the end of the Season. Season 3 of OGN staking ended in July 2023, with Season 4 scheduled to begin in October 2023.

Origin Protocol (OGN) Price Prediction

As of Sep 5, 2023, OGN’s price was $0.075, a 97.76% drop from its ATH of $3.35 on Apr 8, 2021, and a 19.84% increase from its ATL of $0.063 on Jun 10, 2023.

Price analysts are cautiously optimistic about the future price of the Origin Token. According to PricePrediction's forecast for 2025, OGN could hit a maximum price of $0.29 and increase to $1.85 in 2030. Meanwhile, DigitalCoinPrice predicts that OGN’s price could hit $0.27 in 2025, and reach a maximum of $0.79 by 2030.

Is Origin Protocol a Good Investment?

From the onset, Origin Protocol has been community-focused, empowering its own by giving them a voice through voting for proposals. Furthermore, the platform has implemented an OGV airdrop to reward its users for contributing to the platform's growth.

Origin’s approach to simplifying DeFi with OTokens is innovative and much-needed in the niche. As web3's future continues to take shape, Origin’s platform will be instrumental in onboarding users worldwide into blockchain through simple and easy-to-understand products.

With this in mind, Origin Protocol is a good investment for a long-term investor who believes in the continued mass adoption of blockchain technology.

That said, the above isn’t financial advice. We highly recommend that you do your own research before investing in Origin or any other crypto project.

How to Buy Origin Protocol Token (OGN)

You can buy OGN as a USDT Perpetual Contract (OGNUSDT) on the Bybit exchange. First, sign up with Bybit to create an account, and then fund it with USDT. To open a position, click on the Derivatives trading terminal on Bybit, and choose USDT Perpetual from the drop-down menu. Click on Trade to open an order. 

You can select your order preferences (Order by Qty denominates the order in OGN tokens, while Order by Value denominates it in USDT). In addition, you can increase or decrease the margin mode of your position, depending upon your risk appetite.

Closing Thoughts

Origin Protocol stands as a beacon of innovation within the blockchain realm, working to bridge the gap between mainstream adoption and the intricate world of crypto. By focusing on user-friendly interfaces and simplified processes, Origin is reshaping the DeFi landscape and propelling the NFT sector forward. As the crypto space continues to evolve, Origin Protocol's commitment to accessible technology and user empowerment positions it as a key player in driving mass adoption of blockchain technology.

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