1. OGN Buybacks & Staking
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OGN buybacks hit 47.7 million total, with 8.5 million OGN bought back in November alone.
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Total OGN bought back now represents 7.37% of the circulating supply.
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Staking APY remains strong at 37.5% for max lock, with 39.7% of the OGN supply currently staked.
2. OUSD V2 Upgrade
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OUSD is now fully backed by USDC, simplifying design and enabling native multi-chain expansion without bridge risk.
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Partnering with Yearn Finance to curate a single, high-quality Morpho Vault for yield generation.
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Plans to use Curve’s Pool Booster to bootstrap sustainable on-chain liquidity.
3. OETH Staking Upgrade Progress
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The first deposit to the new validator system was successfully confirmed, allowing the team to ramp up the migration.
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The upgrade to 0x02 validators (holding up to 2048 ETH each) enables fully on-chain verification via Merkle proofs, removing oracle reliance, improving security, and enabling auto-compounding & partial withdrawals to shorten exit queues.
4. ARM Vaults Expansion
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The new Ether.Fi ARM has completed testing, achieving 6.5% APY in its first 30 days. It will open for public deposits soon.
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Development has begun on a USDe (Ethena) ARM, which will use Aave for lending market integration, marking the ARM’s first expansion into stablecoins.
5. Ecosystem & Integrations
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Compound Listings: Governance proposals passed to list Super OETH on Compound’s USDC and USDs markets on Base, with supply caps of ~$6M each and an 80% LTV.
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Borrow Booster Markets: The incentivized markets on Morpho continue to offer negative borrow rates. Users are currently paid ~2% to borrow USDC against OETH on Ethereum and ~1.3% on Base against Super OETH.
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New Feature: Auto-deleverage is now live on both Morpho Borrow Booster markets, helping users avoid full liquidation.
6. Watch the full call: https://youtu.be/QUCq7aW1kP0
Update 12/2/2025: The Compound proposals that passed were canceled and will need new recommendations from Gauntlet before going back up for vote