Origin Ether
Origin Ether is a DeFi platform that has developed a fully collateralized, ETH liquid staking derivative that passively earns yield while held in personal wallets.
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- Documentation
- Auditors
- Please see our FAQ on experienced auditors
- Website
- Token: OGV
- Tags: Staking
- TVL: $103.4M (Rank #88)
- TVL Ranking by Staking: #0
- Blockchain: Ethereum, Base
- Chain TVL
- Ethereum: $99.54M
- Base: $3.84M
- Code reviewed by several experienced auditors; OETH shares 95% of the same codebase as OUSD which has been extensively audited, with the new changes audited by OpenZeppelin
- Public team promotes accountability
- No documented protocol hacks since launch
- Latest protocol version launched in 2023; maturity over one year minimizes technical risk as smart contracts are well battle-tested
- Top 10% by total value locked reduces risk
- Requires members of a DAO to vote on-chain for approving contract upgrades
- 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
- No death spiral concerns
- Robust controls to mitigate oracle price manipulation
- This protocol is susceptible to risks related to staking a token to secure a network, such as slashing events
What is Origin Ether
Origin Ether (OETH) is a liquid staking token fully collateralized 1:1 by ETH. Unlike earlier versions, OETH now exclusively uses native staking through the SSV Network for validator operations and eliminates previous exposure to liquid staking derivatives (LSDs) like stETH, rETH, and sfrxETH. OETH operates with a decentralized validator technology (DVT) that enhances fault tolerance and security by distributing validator keys across multiple non-custodial nodes. Users can mint OETH by depositing ETH through the Origin app, which automatically routes transactions to ensure the best price by factoring in slippage and gas costs. Redeeming OETH returns ETH via a 0.1% exit fee, which is designed to reduce the risk of exploitative trades and incentivize long-term holding. The protocol generates yield from staking rewards, including native ETH rewards and validator incentives via SSV Network, along with yield farming strategies that maintain the OETH-ETH peg.
How Origin Ether makes money
OETH generates yield through native staking rewards earned on the Beacon Chain via SSV Network. It also profits from liquidity provisioning in Convex-Curve pools, earning trading fees, CRV, and CVX tokens. The protocol distributes this yield through a rebasing mechanism, allowing the OETH token price to maintain its 1:1 peg to ETH while continually increasing the token supply based on accrued rewards. The protocol has plans to introduce a 10% performance fee to fund additional rewards for stakers, which would be used to buy back OGN governance tokens on the open market.
How you make money on Origin Ether
You can earn passive yield by minting OETH through ETH deposits or by purchasing OETH on the open market. The yield is generated from validator rewards and market-making activities and is distributed via the constant rebasing of OETH. Additionally, you can stake OGN governance tokens to receive rewards from OETH and OUSD performance fees. If you hold OETH, you benefit from accrued staking rewards and protocol yield distributed in real-time as your token balance adjusts.
