Origin Protocol

**Origin Protocol has upgraded OUSD to earn yield from Morpho markets on Base while users remain on Ethereum.** Key features of the integration: - Capital automatically allocates to Morpho lending markets on Base - Yield bridges back to Ethereum using Circle's Cross-Chain Transfer Protocol (CCTP) - User balances update automatically without manual bridging - Currently delivering 5.5% APY over the trailing 30-day period The upgrade also enables wOUSD as collateral on Morpho (curated by Yearn), allowing users to borrow USDC at 3.01% against their OUSD holdings. This marks Origin's first step in expanding yield sources across multiple chains through its collaboration with Yearn and Morpho. [Read the full technical update](https://www.originprotocol.com/blog/ousd-v2-upgrade?lang=en&category=all&page=1)

**New OUSD/USDe Pool Launches on Curve** Origin's OUSD stablecoin has paired with Ethena's USDe on Curve Finance, offering enhanced incentives for liquidity providers. **Key Features:** - Pool Booster technology increases LP APYs - USDe deposits receive a 30x points multiplier - Additional incentives designed to bootstrap liquidity **Growing Ecosystem** This launch continues OUSD's expansion across Curve, following recent pairings with: - pmUSD (10.6% - 26.6% APY) - USDnr (LST-backed stablecoin) - frxUSD (up to 18% APR) - crvUSD and msUSD Pool Booster routes OUSD yield directly to pool incentives, creating higher returns for LPs while deepening onchain stablecoin liquidity. [Start providing liquidity](https://www.curve.finance/dex/ethereum/pools/0xdbdc27b649239f9c5afdc92e57c2601a0ce71a89/deposit)

A significant upgrade introduces a novel approach to yield generation in DeFi: **Key Changes:** - Yield strategies can now operate across multiple blockchain networks - User assets and interface remain anchored on Ethereum mainnet - This creates a separation between where assets are held and where yield is generated **What This Means:** Users can access yield opportunities from various networks without moving their actual tokens off Ethereum. The upgrade maintains the security and familiarity of Ethereum while expanding yield possibilities across the broader blockchain ecosystem. This architecture could reduce the friction and risk typically associated with bridging assets to other chains for yield farming.

Ether.fi and Origin Protocol are collaborating on a new product called **eETH ARM** that aims to deliver **2x ETH staking yield** for participants. The partnership was announced during an OGN community call, where both teams discussed the mechanics and benefits of this enhanced staking solution. **Key Points:** - The eETH ARM product targets doubled returns compared to standard ETH staking - Collaboration between Ether.fi's liquid staking infrastructure and Origin's DeFi protocols - Details shared during live community call for OGN token holders The initiative represents a significant development in liquid staking derivatives, potentially offering ETH holders improved capital efficiency while maintaining staking rewards. [Watch the community call](https://x.com/i/broadcasts/1rxmqopzjanxy)

Harvest Finance has introduced a simplified farming solution for the frxUSD/OUSD Curve pool, enabling users to swap directly from assets like USDC and ETH into the pool in a single transaction. **Key Features:** - One-transaction farming from multiple asset types - Automated compounding functionality - Current yield: 7.48% APY **What This Means:** The new autocompounder removes technical barriers for liquidity providers by consolidating multiple steps into one action. Users can now participate in Curve pool farming without manually managing swaps or reinvesting rewards. The frxUSD/OUSD pool pairs two stablecoins, offering a relatively stable farming opportunity compared to volatile asset pairs.

Origin Protocol's eETH Automated Redemption Manager (ARM) integrates Morpho lending to maintain yield generation during periods without arbitrage opportunities. **Key Performance Metrics:** - 5.7% APY achieved over the past 30 days - Outperforms standard eETH staking (~3% APY) - Built on 2-year proven technology from stETH ARM ($2B+ volume processed) **How It Works:** - Primary strategy: Arbitrages eETH price differences between AMMs and Ether.fi withdrawal queue - When eETH trades below peg, ARM buys discounted eETH and redeems 1:1 for profit - During low arbitrage periods, capital automatically routes to Morpho for lending yields - Provides continuous buy pressure to stabilize eETH peg **Security & Track Record:** - Audited by OpenZeppelin and yAudit - stETH ARM has operated successfully for 2 years - Trusted by Lido Grants, Summer.fi, and Yield - Achieved 30%+ daily APY during peak volatility periods The dual-strategy approach ensures capital remains productive regardless of market conditions. [Explore eETH ARM](http://app.originprotocol.com/#/arm/1:ARM-WETH-eETH)

**Pendle introduces liquid yield trading for stETH volatility** through ARM (Automated Risk Management) integration. **How ARM generates yield:** - Buys stETH at discount during volatility - Redeems back to ETH at 1:1 ratio via Lido - Captures spread as profit for depositors **Pendle splits ARM yield into tradeable tokens:** - **PT (Principal Tokens):** Steady ETH exposure + fixed yield - **YT (Yield Tokens):** Leveraged upside to ARM yields This creates the **first direct way to trade stETH volatility** on Pendle. Higher stETH price swings = more arbitrage opportunities = increased yields for ARM depositors. Traders can now: - Speculate on stETH volatility through YT - Lock in fixed yields from ARM via PT - Provide liquidity to earn trading fees The ARM vault combines Lido stETH arbitrage with lending yield on idle ETH via Morpho, creating a unique yield source tied to protocol-driven arbitrage. [Trade the market](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 across Base and Ethereum networks. **Key Features:** - Borrowers earn ~9.7% APY while taking USDC loans - Available on both Base (Super OETH market) and Ethereum (OETH market) - Auto-deleverage feature provides automatic risk management - Higher LTV loops generate more rewards **How It Works:** The markets use yield generated by OETH and Super OETH tokens to subsidize borrowing costs, effectively paying users to borrow rather than charging them. **Risk Management:** Auto-deleverage handles risk trims automatically, allowing users to maintain higher loan-to-value ratios while reducing liquidation pressure. Both markets are accessible through [Morpho's platform](https://app.morpho.org) with competitive LTV ratios - 86% on Ethereum and 77% on Base.

**Origin Protocol has completed a major milestone**, buying back 50 million $OGN tokens from the market. **Key developments:** - 80% of buyback volume occurred in the last six months following proposal approval - Protocol fees now directly fund the buyback program - Maximum locked $xOGN stakers currently earn ~33% APY - Staking rewards have accelerated significantly **The buyback mechanism creates a dual effect** - driving token demand while staking creates supply constraints. This combination has boosted rewards for long-term holders who lock their tokens. **Next target: 100 million $OGN buybacks** as the protocol continues expanding its token economics model.

**Origin Protocol delivered strong November performance** 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 live** - now fully backed by USDC for simplified architecture **Major OETH Upgrade** - All three audits complete (Nethermind, OpenZeppelin, Sigma Prime) - Validator migration started - Brings EIP-7251 support, safer key management, partial withdrawals - **Removes oracle dependencies** with native Merkle proof validation **Strong Revenue** - $710K generated in November - ~$150K distributed to $OGN stakers The OETH upgrade positions the protocol for deeper institutional allocation and more transparent staking. [Read full update](https://www.originprotocol.com/blog/november-2025-token-holder-update?lang=en&category=all&page=1)