Origin Dollar OUSD V2 Launch to Attract Users Burnt by FTX, BlockFi, and Voyager With Safer Alternative
By Ryan McNamara, Benzinga Contributor
At a time when uncertainty in crypto is at an all time high, Origin Protocol launched OUSD V2, allowing users to take full control of their yield directly from their crypto wallet. Users that hold OUSD see their token balance grow in their wallet –– the entire process is passive. After diving into the mechanics of Origin Dollar, it’s clear that Origin’s decentralized solution is a secure alternative to risky centralized finance (CeFi) interest alternatives.
The protocol’s new yield generation strategies are audited by OpenZeppelin, the auditors of Coinbase, Aave, and the Ethereum Foundation. In response to recent CeFi failures, Origin seeks to give power back to users through true asset ownership. Origin Dollar is completely transparent, fully collateralized, and has instant liquidity at all times via Ethereum’s blockchain.
With the implementation of new Convex and Morpho strategies for OUSD V2, Origin Dollar now provides the highest stablecoin interest rates available on a risk-adjusted basis.
“Origin has been building OUSD with a security-first philosophy for years. For a long time, the yield on OUSD was inline with what’s found on USDC and DAI, and it’s incredibly exciting to see the improvements made to the protocol this month. Over the last 30-days, OUSD has earned holders over 6% APY. That’s over twice the rate of the prior month with no additional risk, thanks to OUSD V2,” said Josh Fraser, co-founder at Origin Protocol.
OUSD has deployed two new strategies for yield generation using the Convex protocol. As evidence of Origin’s ongoing commitment to prioritizing security, both strategies have been audited by industry leading auditing firm, OpenZeppelin. View the full audit findings here.
The strategies are designed to provide liquidity to decentralized stablecoin exchange Curve’s 3Pool (3CRV) via different mechanics. 3CRV comprises USDC, USDT, and DAI – the three stables that act as collateral for OUSD. Origin’s long-standing partnership with both Convex and Curve has allowed us to implement these strategies and innovate on their efficiency.
“OUSD empowers individuals to own their crypto, which has been brought into the limelight in 2022. And for new users, OUSD is the perfect way to dip one’s feet into DeFi. There’s no need for active management, and yield is passively earned and deposited to one’s web3 wallet daily.”
Nicolau continued, “OUSD is also a great tool for DAOs. Most DAOs want to stay decentralized and directly own their assets, so it’s hard to manage funds off-chain or trust another party to manage a DAO’s treasury. With OUSD, DAO treasuries can directly own their assets like any other token, and interest from OUSD’s collateral will be deposited into the DAO treasury daily.” - Andra Nicolau Head of BD, OUSD
As centralized crypto alternatives must fight to gain back investors’ trust, decentralized finance and OUSD offer an opportunity to eliminate trust completely. With funds managed by code instead of humans, the risk-profile of DeFi is far different than the risks on centralized exchanges. OUSD remains fully collateralized, transparent, and permissionless on Ethereum.
OUSD is only one of six projects that have received a AAA security rating from premier decentralized insurance platform InsurAce. All smart contracts are meticulously audited prior to deployment, as has been done with the convex strategies via OpenZeppelin.
OUSD is a constantly evolving protocol. Origin is consistently working to build new strategies on top of Curve, Convex, Aave, and Compound to deliver the best possible yields to holders. These strategies and allocations can be viewed via OUSD’s governance portal and will be subject to the same rigorous security measures currently being utilized.
As part of Origin’s commitment to transparency, all OUSD allocations and statistics can be accessed via the analytics dashboard.
Holding OUSD allows you to benefit from incredible APYs using the space’s hardest collateral, deployed to premier, battle-tested DeFi protocols. Yield is delivered straight to your wallet – no lockups required.
About Origin Protocol
Founded in 2017, Origin Protocol is a web3 pioneer developing innovative products in the crypto industryâs fastest growing verticals of non-fungible tokens (NFTs) and decentralized finance (DeFi). Originâs NFT platform, Origin Story, the platformâs NFT product, has powered NFT sales like 3LAU’s $11.7M record-breaking music sale, the Charlie Bit My Finger viral video sale that generated global headlines, Paris Hiltonâs iconic âPast Lives, New Beginningsâ series drop, and many more. Origin has worked with top NFT creators like Trevor Jones and Alotta Money as well as brands like Rolling Stones and Inspiration4/SpaceX, in addition to developing branded marketplaces for beloved NFT collections, including Pudgy Penguins and Karafuru.
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