💰 Negative Rates Alert

**Pendle Finance** now offers the first-ever **stETH volatility trading** market. - ARM protocol captures the spread between different stETH positions - Pendle transforms this into a tradeable market for users - Traders can now directly trade volatility exposure on staked Ethereum This creates a new DeFi primitive allowing users to speculate on or hedge against stETH price movements without holding the underlying asset. [Trade stETH volatility on Pendle](https://app.pendle.finance/trade/markets/0x53f940db819400f226466f5ad330c177a4be6b3c/swap?view=pt&chain=ethereum)

Origin Protocol has completed a **50 million $OGN token buyback**, with 80% of the volume occurring in the last six months following the approval of their buyback proposal. **Key developments:** - Protocol fees now directly fuel the buyback program - Staking rewards have significantly accelerated - Maximum locked $xOGN tokens currently earn approximately **33% APY** The buyback mechanism represents a shift in how the protocol redistributes value to token holders. By using protocol-generated fees to purchase tokens from the market, Origin creates consistent buying pressure while rewarding long-term stakers. The **33% APY** for maximum locked positions makes $xOGN one of the more attractive staking opportunities in DeFi, though returns likely vary based on lock duration and market conditions. Origin has set their sights on reaching **100 million tokens** in total buybacks, suggesting this program will continue as protocol revenues grow.

Origin Protocol delivered strong November results across multiple fronts. **Record Token Buybacks** - 8.4M $OGN bought back in November - Total buybacks now at 47.7M (7.37% of supply) - Max-locked $xOGN earning **37.5% APY** - Nearly 40% of circulating supply locked **Product Updates** - **eETH ARM** posted 6.4% trailing 30-day APY in private beta - Won $1.3M+ in trading volume through aggregator routing - **$OUSD redesign** now live, fully backed by USDC for simplified architecture - Enables expansion into higher-quality Morpho strategies **Major OETH Upgrade Underway** - All three audits complete (Nethermind, OpenZeppelin, Sigma Prime) - Validator migration started - New features: EIP-7251 support, safer key management, partial withdrawals - **Native Merkle proof validation** removes oracle dependencies - Sets foundation for institutional allocation **Financial Performance** - $710K product revenue generated in November - ~$150K distributed to $OGN stakers Read the [full Token Holder Update](https://www.originprotocol.com/blog/november-2025-token-holder-update?lang=en&category=all&page=1) for detailed APYs and TVL data.

**Origin Dollar (OUSD) has received a Low Risk rating** from BlueChip, placing it alongside established stablecoins like DAI and USDC. The rating recognizes OUSD's: - **Strong peg stability** - **Transparent onchain reserves** - **Comprehensive security audits** This classification positions OUSD as a credible alternative for users seeking **passive yield on stablecoin holdings**. Users can swap to OUSD through the [Origin Protocol app](https://app.originprotocol.com/#/ousd/) to start earning yield automatically.