Origin

Origin Protocol is a decentralized finance protocol that has operated since 2020, offering yield-bearing tokens and automated vault strategies for holders of ETH and stablecoins. Its core products are ERC-20 tokens that compound in the holder's wallet: Origin Ether (OETH), an Ethereum liquid staking token with automated yield optimization; Super OETH (superOETHb) on Base; and Origin Dollar (OUSD), which generates USD yield through Morpho lending vaults across EVM chains.

Alongside the yield tokens, Origin operates ARM (Automated Redemption Manager) vaults, which earn returns by purchasing discounted redeemable assets and redeeming them for underlying collateral, capturing arbitrage on liquid staking tokens and real-world assets. Vaults listed include WETH ARM, Lido stETH ARM, Ethena sUSDe ARM and Ether.fi eETH ARM. The protocol also offers programmatic yield mechanisms: Yield Forwarding, which routes staking rewards to other contracts for greater efficiency in AMMs and lending markets; Pool Booster, which directs yield to gauges to incentivize liquidity providers; and Borrow Booster, which sends yield to Merkl to subsidize borrow rates. Governance runs through the OGN token, which holders stake to earn protocol fees and vote on protocol decisions.

Business model

Origin earns fees from its yield-bearing products. Per the company, those fees are used to buy back the OGN governance token on the open market, and OGN stakers receive protocol fees; the protocol positions OGN as backed by protocol revenue.

Protocol fees generated by the yield-bearing tokens and ARM vaults, which are recycled into OGN open-market buybacks and distributions to OGN stakers.

Traction

As reported on the company's site: Origin Ether supply of roughly 36.5K ETH and about $59.97M TVL; Origin Dollar supply of about $6.2M and $5.69M TVL; ARM vaults with roughly 5.51K ETH TVL and $2.9B cumulative trading volume. Quoted APYs range from 1.59% (Ether.fi ARM) to 7.16% (Ethena sUSDe ARM).