TLDR of Origin’s Community Call - 03/02/2026

Community Calls
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1. OGN Buybacks

  • Buyback Update: The program has now bought back over 76 million OGN, representing 11.5% of the circulating supply. All buybacks are funded entirely by protocol fees from OETH, OUSD, and ARM Vaults, and other Origin products.

  • February Buybacks: ~8.5 million OGN were bought back in February alone, putting the program on pace for over 100 million OGN per year at current protocol performance.

  • Staking Rewards: ~50% of the circulating supply is currently staked (xOGN). Max-locked OGN is earning ~17% APY with no new token emissions, all yield is funded by OGN Buybacks.

2. OUSD Performance & Expansion

  • Strong APY: OUSD’s 30-day APY is hovering in the 5.6% range, consistently outcompeting many similar low-risk yield-bearing stablecoins.

  • Base Expansion Now Live: OUSD’s Phase 2 upgrade is live and capital is now allocated to Morpho markets on Base in addition to Ethereum mainnet. About 25% of collateral is currently deployed on Base. Users still hold OUSD on Ethereum mainnet; yield is captured cross-chain.

  • AMO Rebalancing Focus: Increased emphasis on peg management and AMO rebalancing for OUSD. Onchain liquidity is expanding with new curve pools already accumulating over $3M TVL.

3. ARM Vaults (stETH ARM & eETH ARM)

  • Strong February Performance: Market volatility boosted ARM arbitrage yields significantly. The staked eETH ARM closed February in the 7% APY range which is roughly 3x the yield of simply holding a liquid staking token with a similar risk profile.

  • eETH ARM: The eETH ARM opened for deposits ~2 weeks ago and has already attracted over $2M in TVL. The 30-day average APY is ~6.8%, with a peak single-day APY of 30% on February 7th.

  • Upcoming Morpho Listings: Several Morpho curators are considering listing the ARM Vault token as collateral. At ~7% ARM yields, an ARM Morpho Market would enable double-digit ETH yields with a few loops.

4. Ecosystem & Integrations

  • superOETH/USDC Morpho Market: Net borrow rate of -2.67% (native rate 4.74% offset by superOETH yield of 6.42% + 1% OP rewards).

  • OETH/USDC Morpho Market: Net borrow rate of -6.27% (native borrow rate of 3.58%, OETH yield of 9.76%. A single loop nearly doubles OETH yield; five loops can approach 4x)

  • Leverage via Contango: All Borrow Booster markets on Morpho are supported on Contango for easy one-click leverage looping. Auto-deleverage protection is optional on Morpho to automatically unwinds positions if they approach liquidation thresholds.

  • New Morpho Market for wOUSD: For the first time, wrapped OUSD can be used as collateral to borrow USDC at ~3.01%. Auto-deleverage is not yet available but has been requested. Contango support coming in the next few weeks.

  • 4 New OUSD Curve Pools Launching: New pools incentivized this epoch include: OUSD/eUSD, OUSD/USDe, OUSD/pmUSD, and OUSD/avUSD.

5. Product Updates: OETH Compounding Validators Update

  • Why Compounding Validators: Origin is migrating OETH’s native staking infrastructure to EIP-7251 compounding validators. This condenses the validator set for better performance and enables partial withdrawals, eliminating the need to fully exit validators.

  • Current Status: 3 compounding validators are ready; a 4th comes online next week. Initial capacity is ~8,000+ ETH (~$16M). Full migration targeted for early June.

  • Benefits: More frequent yield distribution, simpler partial withdrawals, and improved validator performance. The Ethereum Foundation showed interest in Origin’s approach at ETHDenver.

6. Special Guest: EtherFi

Watch the full call: https://www.youtube.com/watch?v=QDKOK5szb_8

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