🛡️ OpenCover Launches Insurance for stETH ARM Deposits

Origin Protocol's eETH Automated Redemption Manager (ARM) integrates Morpho lending to maintain consistent yields when arbitrage opportunities are scarce. **How it works:** - Primary strategy: arbitrages eETH price differences across AMMs and Ether.fi withdrawal queue - When eETH trades below peg, ARM buys discounted eETH and redeems 1:1 to capture spread - During idle periods, capital automatically routes to Morpho for lending yields **Performance:** - 5.7% APY over past 30 days - Outperforms base eETH staking (~3% APY) - Peak volatility periods have generated 30%+ daily APYs The strategy builds on Origin's proven stETH ARM, which has processed $2B+ volume over 2 years with 5.6% recent APY. Audited by OpenZeppelin and yAudit. [Explore eETH ARM](http://app.originprotocol.com/#/arm/1:ARM-WETH-eETH)

**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)

**Morpho's Borrow Booster markets** are offering negative interest rates on USDC loans, meaning borrowers get paid to borrow. **Key Details:** - Available on Base and Ethereum Mainnet - Base Super OETH market offering ~9.7% APY to borrowers - Higher LTV loops earn more rewards - Auto-deleverage feature reduces liquidation risk **How it works:** - OETH and Super OETH yield subsidizes borrow costs - Borrowers effectively earn money on USDC loans - Risk management through automatic deleveraging **Available Markets:** - [Base Super OETH](https://app.morpho.org/base/market/0x67a66cbacb2fe48ec4326932d4528215ad11656a86135f2795f5b90e501eb538/superoethb-usdc) - [Ethereum OETH](https://app.morpho.org/ethereum/market/0xb8fef900b383db2dbbf4458c7f46acf5b140f26d603a6d1829963f241b82510e/oeth-usdc) Check out these markets to explore earning while borrowing.

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.