Origin Dollar

Yield Aggregator

Origin Dollar is a DeFi platform that has developed a new fully collateralized stablecoin that passively earns yield while held in personal wallets.

Risk Rating
Good
Protocol Code Quality
Protocol Maturity
Protocol Design
Summary
What we like
Origin launched its own fully collateralized stablecoin that passively earns yield through an elastic supply.
What we like less
The underlying collateral is exposed to third-party technical risks as it is deposited into lending platforms like Aave and Compound.
What it means for you
Offers you a great way to passively earn yield on your USD, while maintaining exposure to a non-volatile instrument to hedge your portfolio against market conditions.
Podcast
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Degen Responsibly
Origin: Passive yield on stablecoins
Our guest today is Origin Protocol, the creators of the yield-bearing stablecoin OUSD. Origin is simplifying the way users can access to stablecoin yields by simply holding OUSD in their wallet, while the protocol does all the heavy lifting.  In this conversation we explore, how Origin works, what makes them unique, and how this model improves upon the cumbersome process of yield farming across protocols and gas costs. We also dive into how Exponential is assessing the risks of Origin and the existing mechanisms to mitigate them. ----- Degen Responsibly is a series of live talks by Exponential DeFi and a guest protocol. In these conversations we explore some of the latest and greatest projects in DeFi, what makes them unique, their builders but also talk about the risks and what to watch out for. Our goal is to help investors make better informed decisions and help them save time as they do their own research. ----- Learn more about us at exponential.fi and follow us @exponentialdefi ----- Information provided here is presented for educational purposes only and does not consider financial advise or any offer or solicitation to buy any of the tokens or invest in any of the pools mentioned throughout the podcast.
Information
Exploit/Hacks
One
Info
  • Website
  • Token: OGV
  • Tags: Yield Aggregator
Key Metrics
  • TVL: $8.5M (Rank #149)
  • TVL Ranking by Yield Aggregator: #11
  • Blockchain: Ethereum
  • Chain TVL
    • Ethereum: $8.53M
Risk Assessment
Good
Protocol Code Quality
Protocol Maturity
  • Core protocol launched in 2021; maturity over one year minimizes technical risk as smart contracts are well battle-tested
  • Top 10% by total value locked reduces risk
  • Multisig wallet controls protocol upgrades
  • Multisig consists of at least 4 signers, which means the protocol is less susceptible to centralization risks
  • Timelock is at least 48hrs, which provides users with sufficient time to exit if any malicious upgrades are approved
  • Low voting power concentration reduces risk
Protocol Design
  • No death spiral concerns
  • Robust controls to mitigate oracle price manipulation
  • This protocol is susceptible to risks related to yield optimizers which deploy custom strategies to automatically manage user funds
Things to know about Origin Dollar

How Origin works

Origin Dollar (OUSD) is a fully collateralized stablecoin that is backed 1:1 by other stablecoins including USDT, USDC and DAI. Users can mint OUSD from the official Origin Dollar front-end app by converting their stablecoins. Once minted, the OUSD begins to immediately accrue compounded yield. The Origin app will automatically route user transactions to give them the best available price while taking slippage and gas costs into consideration. This means that sometimes it will encourage users to buy OUSD that is already in circulation versus minting new OUSD. Redeeming OUSD back for the underlying stablecoins is the same process but incurs a 0.25% exit fee upon vault redemption. This means the app will often route the user's transaction through an AMM to sell the OUSD instead if it is cheaper after accounting for slippage, gas costs, and the exit fee. This fee is distributed as additional yield to the remaining OUSD holders, as well as serves as a security feature to make it more difficult for attackers to take advantage of lagging oracle prices (incentivize long-term holders over short-term speculators). For redemptions, the vault determines which underlying stablecoin to return to the user. This also serves to protect the vault in the event any supported stablecoin loses its peg. OUSD is able to generate yield as the protocol deploys the underlying stablecoins to third-party DeFi platforms like Aave and Compound. The yield generated from interest, trading fees, and protocol rewards is pooled and converted to stablecoins to produce OUSD-denominated yield. This yield is passed on to OUSD holders through a constant rebasing of the token supply. This allows the OUSD price to stay pegged at 1 USD while the user's token balance adjusts in real-time to reflect the accrued yield.

How Origin makes money

The protocol collects 10% of all yield generated by OUSD as revenue. This revenue will be used to buyback OGV on the open market and distributed as additional rewards for stakers.

How you make money on Origin

You can deposit your stablecoins or buy OUSD on the open market to start earning passive yield directly to your wallet. You can also stake the OGV governance token to earn inflationary token rewards and a portion of future OUSD yield.

Additional Resources

Listen to our Degen Responsibly episode with Origin

Origin Dollar Pools
Origin Dollar USD Yield
OUSD
12.4%
Yield
$9M
TVL
Risk
C
Protocol
Origin Dollar
Chain
Ethereum
Details