Origin Protocol November Update: Record Buybacks and Major OETH Upgrade

**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 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.