AMA Recap: DOKDO DAO X Origin Protocol

5 min readDec 9, 2023

7th Dec, 9PM (UTC+9)
A : Roy, Origin Protocol CM
Q : DOKDO DAO

Origin Story is our NFT platform governed by Origin Token (OGN) stakers, while our second product, Origin DeFi, offers our main revenue-generating products, Origin Dollar (OUSD) and Origin Ether (OETH), both of which are governed by the Origin DeFi Governance (OGV) token.

INTRODUCTION ABOUT Origin Protocol

Q Please briefly introduce the Origin Protocol to everyone

AFounded in 2017 by Josh and Liu, Origin Protocol primarily offers two products: Origin Story is our NFT platform governed by Origin Token (OGN) stakers, and our second product, Origin DeFi, offers our main revenue-generating products, Origin Dollar (OUSD) and Origin Ether (OETH), both of which are governed by the Origin DeFi Governance (OGV) token.

NFTs are unique digital assets used in art, gaming items, real estate, and more. DeFi is a technology that provides financial services without a centralized intermediary, enabling activities like lending, depositing, and trading, and I’m sure you’ve all heard of it or used it.

Our product is intuitive and specialized, making it easily accessible to anyone interested in decentralized finance or NFTs! Enough with the brief explanation for now!

QCan you tell us a little bit more about your core product?

AOrigin DeFi has two monetized products: OUSD, a stablecoin, and OETH, the leading Ethereum earnings aggregator. Our products prioritize safety and offer users the opportunity to earn USD or ETH while holding tokens in their wallet. No staking or lockup periods are required!

Both tokens are 100% collateralized. OUSD is collateralized by stablecoins like Tether, DAI, and USDC, while OETH is pegged to Ethereum and collateralized by liquidity staking tokens like stETH and rETH to provide stability.

Smart contracts generate interest by placing the deposited collateral on trusted DeFi protocols like Curve, Convex, and Balancer. In the future, various strategies approved by the governance can be proposed or passed, and the interest, transaction fees, and reward tokens earned are exchanged and reinvested into OTokens to generate interest. Over time, the protocol plans to add different profit strategies and perform asset rebalancing to maximize returns.

The main advantage of our product is that by holding OUSD or OETH in your wallet, you will naturally receive AP Y through the continuous growth of the amount of OETH or OUSD in your wallet through automatic compound interest.

In addition, OGV stakers earn fees in OETH and OUSD, along with important voting rights to determine the future of the protocol. Most recently, a governance proposal was passed to allow OETH fees to be used for OGV buybacks. You can read more about this on our blog, oeth.com/blog.

Q What’s the TVL like for Origin DeFi? It’s been a very bad market for a while now, even if the market has recovered recently.

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AOETH’s TVL (total locked assets) reached millions of dollars within a week of its launch in May 2023. It has been steadily growing ever since, and is now the third leading revenue aggregator on DeFiLlama behind Beefy Finance and Yearn, with 42,686 ETH currently locked and a total value of $81 million

QCan you also talk a little bit about the OGN origin story?

AOGN is the governance and value accretion token for our NFT product, Origin Story. Origin Story has hosted record-breaking drops like 3lau’s sale of 11.7 million music NFTs and 2.3 million whiskey barrels, and is now developing customized markets and tools for creators like Pudgy Penguins, 0n1Force, Roofstock, and more! OGN stakers will receive 100% of sales fees in the Origin Story market in the form of ETH rewards.

QWe know it can still be a little intimidating for new users, so I was wondering if there are any starting steps to familiarize yourself with the Origin Protocol?

AWe encourage you to first learn more on our website, originprotocol.com. From there, you can visit the Origin Story website (story.xyz) or our DeFi product websites, odd.com or oeth.com. You can also click on “Blog” to read more. You can also meet our team members and learn more on our community channels like Discord or Telegram.

We also currently have a quest going on on our Jealy page where you can complete weekly stages and earn rewards.

Our Discord Quests channel offers quests for a variety of items, so feel free to check it out!

PRE-COLLECTED QUESTIONS FROM USERS

Q I remember the origin Protocol Korean community was unmanaged and there was no communication for several months. I’m wondering if you are managing the Korean community again and starting to market it.

AYes, that’s right, for about 4 months the previous Korean representative left due to personal reasons, and the team acknowledged that there was a bit of a lack of communication and marketing to the Korean community for a while. Web3 hires don’t usually happen right away, especially when it’s a global project, so it took a while! I’m now the CM for Korea, and we’re going to start doing some marketing, so stay tuned!

Q I am wondering if OUSD is pegged to any principle and also wondering if pegging can be made stable.
There is a lot of concern about Stablecoin pegs due to past UST Depegging events. I was wondering how depegging is jerky and if the peg can be stable.

A As someone who witnessed TerraChain’s UST de-pegging in the past, I don’t even want to recall the nightmare. TerraChain’s core stable token, UST, was algorithmically stable due to its close relationship with LUNA. After this incident, many users pointed out the vulnerability of algorithmic stabilization, and trust in it plummeted. As I said before, we always prioritize safety. Origin Protocol’s stable token, OUSD, is 100% collateralized, backed by USDT, DAI, and USDC. There was an incident that confirmed the safety of our product: in the Silicon Valley bankruptcy case, USDC was in trouble, but our stable OUSD was not affected because its stability was guaranteed by three stables.

QHow is governance power calculated for the governance token, OGV, and is there a reduction in governance power?

A Your governance voting power is determined by the percentage of total veOGV you own (you get veOGV in exchange for staking OGV). If you hold 2% of the veOGV supply, you control 2% of the votes. If you do nothing, your voting power will decrease over time as other users stake OGV and the total amount of veOGV increases. You can always get more veOGV/more governance power by staking more OGV or extending the time period.