TLDR of Origin’s Community Call - 05/04/2026

Community Calls
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1. ARM Vaults – Yield Spike from LST Volatility

  • stETH ARM Peak APY: Nearly 100% APY on April 22nd, driven by 50–60 bps stETH peg variation on AMMs.

  • eETH ARM Peak APY: Close to 50% APY a couple of days earlier in April.

  • Trailing 30-Day Avg: ~6% APY, more than 2x standard liquid staking.

2. OGN Buybacks & Staking

  • Total Buybacks: Over 90M OGN repurchased to date, ~13% of circulating supply. All funded by protocol fees.

  • April Buybacks: 4.8M OGN distributed to xOGN stakers.

  • Max-Lock APY: Up to 14.4%, fully buyback-funded with zero new emissions.

  • Staked Supply: ~49% of circulating supply locked as xOGN.

3. Ecosystem & Integrations

3.1 Morpho Markets – Borrow Booster & Looping:

  • Mainnet OETH/USDC Borrow Booster: $8M+ total market size, the largest Origin Morpho market. Rate temporarily elevated due to 95% utilization; KPK rebalancing incoming.

  • Base Super OETH Market: Net borrow rate still negative.

  • wOUSD/USDC Market: First-ever OUSD borrow market. Borrow rate 4.53% vs. OUSD yield 5.4%+; 5x loop targets >10% APY at 80% LTV. Borrowable capacity ~$400K.

  • ARM LP Markets (stETH ARM, eETH ARM): Borrow rates currently elevated; profitable looping still feasible on Lido side given recent ARM yields.

  • Euler stETH ARM Market: Deployed last week by AlphaGrowth curator. 90% LTV vs. 91.5% on Morpho. Awaiting initial supply.

3.2 Dapp + Analytics Refresh: New look, daily APYs, historical data, additional community-requested metrics. Live at analytics.originprotocol.com.

3.3 Fusion by IPOR Vault for wOUSD Looping: Whitelist mode now; will auto-loop and auto-deleverage. Liquidity bottlenecked until additional curators onboard USDC vaults.

3.4 OpenCover Insurance: stETH ARM is the only ETH product listed across all chains. Coverage fee deducted directly from ARM yield (e.g., 6.34% gross → 5.01% net at 1.33% fee). Capacity over $3M.

4. Product Updates

4.1 OETH – Compounding Validators Migration

  • Progress: Over 50% of OETH collateral migrated. Completion targeted end of Q2.

  • EIP-4788: On-chain validator state verification via cryptographic proofs, reducing oracle reliance.

  • EIP-7251: Auto-compounding rewards inside the validator; enables flexible partial withdrawals without 32 ETH threshold.

  • Constraint: Network-wide 62-day entry queue currently delays new staking yield for all LSTs.

4.2 OUSD – Hyperliquid Expansion & New ARM

  • New Allocations: Now deploying USDC into wHYPE and kHYPE markets on Hyperliquid, alongside Ethereum and Base.

  • 30-Day Trailing APY: 5.4%, with current yield closer to 6% and dripper queued at 6.1% for the next 3.6 days.

  • sUSDe ARM Audit Underway: Will arbitrage sUSDe vs. USDe. Internally tested with own capital; Ethena’s faster withdrawal queue boosted recent stablecoin ARM APYs (~6% on Ethena ARM).

5. Special Guest: Darren – Fusion by IPOR

  • Fusion: Institutional, non-custodial vault infrastructure for lending optimization, leverage looping, and carry trades across multiple markets. 15+ ecosystem operators including LlamaRisk, Tesseract, ClearStar.

  • Architecture: Modular “fuses” wire vaults to specific assets, markets, and actions; flash-loan-enabled migration between Morpho/Euler; full balance-sheet and leverage transparency on-chain (negative yield never hidden).

  • Origin Vaults in Pipeline: wOUSD and wOETH leverage looping vaults across Morpho (and likely Euler). Wired up, in test/whitelist mode. Curator confirmation pending — possible launch by end of week.

Watch the full call: https://www.youtube.com/watch?v=Xf2NZa9R7eQ