1. OGN Buybacks & Staking: One-Year Milestone
- One year of buybacks: Program just passed its first anniversary. Over $3.5M in protocol fees spent buying OGN on the open market.
- Past 12 months: Over 90M OGN bought back.
- Cumulative: 106.5M OGN bought back from the open market to date. 4.6M OGN in July alone.
- xOGN APY: Up to 10.5% for a one-year lock, with zero new token emissions.
- Funding: All buybacks funded by protocol fees from ARM vaults, OETH, Super OETH, and OUSD.
- Locked supply: 47% of circulating OGN currently locked as xOGN.
2. Multi-Asset WETH ARM is live!
- Launched: Live ~7 days. Single ARM now serves 4 assets: stETH, wstETH, eETH, weETH.
- Capital efficiency: Same liquidity trades both base and wrapped versions. Previous ARMs relied on DEX aggregators for wrapped assets, removing Origin from direct markets.
- Addressable market: Prior stETH ARM + eETH ARM combined market was ~$850M. Wrapped token market adds ~$1.9B — a 3.24x expansion.
- Dynamic allocation: Shared liquidity pool with asset-level control. Each lane carries separate pricing and liquidity limits, plus per-asset exposure caps to contain risk on future assets.
- Early yield: ~4% trailing yield plus 1.5% incentives = 5.8% for LPs on a strong recent day. Incentives run for one month.
3. sUSDe ARM: First Stablecoin ARM
- APY: 8.4% on USDe over the past month.
- Volume: Already attracting significant trading volume on the pair.
4. eETH ARM – Paused & Migration
- Status: Contracts paused last week following an Immunefi bug bounty report.
- Cause: An upgrade to the EtherFi redemption system introduced an accounting bug on Origin’s side. No funds lost, no funds at risk.
- Resolution: Not patched in place — replaced by the new multi-asset ARM, which does not carry the issue.
- Current yield: eETH ARM now functions as a wrapper on lending market yield only, roughly 1–2% APY via Morpho. No arbitrage yield.
- Action: Migration to the WETH ARM strongly encouraged. Extra incentives added through August 2026.
5. OUSD – Above-Market, Low-Risk Yield
- APY: 5.5% 30-day trailing average. Above 5% for several consecutive months.
- Upgrade impact: APY was ~3.5% before the start-of-year upgrade — a ~200bps increase, held consistently.
- Allocation: Positions across OETH, cbBTC, cbXRP, and Hyperliquid Morpho markets.
- Distribution: USDC deployed across Ethereum, Base, and Hyperliquid.
6. Ecosystem & Integrations
- Mintly: Uses the Virtuals AI protocol to allocate across OETH, the Lido ARM, the EtherFi ARM, and OUSD. Built solely on Origin products — 10 ETH deposited into Mintly is 10 ETH of TVL for Origin. Robinhood Chain deposit support added, bridging funds from Robinhood Chain to Base for allocation into Origin products.
- **OpenCover:** Insurance cost is deducted from yield rather than paid upfront, with no duration selection. Roughly 20 ETH covered in the Lido ARM, with large available capacity. Support for the new ETH ARM and the stablecoin ARM still to be added.
7. Morpho Borrow Booster Markets
- Mechanic: Collateral yield is forwarded entirely to the borrow side as an incentive. Depositors who do not borrow forfeit that yield to those who do.
- **Super OETH (Base):** 5.39% incentive rate against a 3.82% borrow cost = -1.57% net. Borrowers are paid to borrow USDC.
- OETH (Mainnet): 6.11% native rate offset by 4.87% in OETH yield = 1.23% net. Utilization at 90.1%, above target. Market size above $10M.
- Historical range: OETH market typically sits between 0% and 1%. Among the lowest borrow rates in DeFi at this size.
- Claiming: Incentives are claimed through Merkl.
- Passive alternative: Non-borrowers should use the wrapped token markets, which pay yield on the supply side.
- wOUSD market: Borrow rate currently elevated on high utilization, close to the OUSD yield itself, limiting looping. Talks underway with additional curators to allocate more USDC and bring the rate down.
Watch the full call: https://www.youtube.com/watch?v=aDmQkcxtDjI