Reward Program for OGV Holders in the Origin Ecosystem
Origin Protocol announced the repurchase of OGV using accrued protocol fees to reward veOGV holders and strengthen the Origin community.Author: Origin Protocol
Compiled by: ChainCatcher
Since the launch of Origin Dollar Governance (OGV) in mid-July, we are very excited about the community's support, adoption, and comprehensive feedback regarding this new member of the Origin ecosystem.
We are proud to announce the first buyback of OGV using accrued protocol fees to reward veOGV holders. Despite the challenging market conditions, many community members have chosen to stake their OGV for up to four years. If all goes well, this strengthens the power of the Origin community and commits to realizing our shared vision for OUSD development.
As we explained in previous breakdowns, OGV serves both as the governance token for Origin Dollar (OUSD) and as a value accumulation token.
Users who lock OGV in exchange for non-transferable veOGV will now be able to receive the rewards they committed to, as we initiate the first buyback of OGV using the OUSD accumulated to date.
If you need a refresher, please check out our co-founder Josh Fraser's recent talk at ETH Seoul.
On Wednesday, September 21, we will begin deploying accrued OUSD to directly buy back OGV on the market, executing the first of the ongoing buyback program. Given that the WETH/OGV Uniswap pool currently contains approximately $120,000, this purchase will account for over 15% of the available liquidity for this trading pair.
Beyond the numbers, it is important to remember that the primary goal of this buyback is to distribute the reacquired OGV to veOGV holders, which will constitute the final and most exciting phase of this process.
We are manually conducting the first buyback, and in the future, buybacks will continue.
Guided by the valuable feedback from our community, we have made incredible progress over the past year. Both Story and OUSD continue to thrive under these conditions, confirming our belief that these technologies will continue to break new ground and drive real utility in the coming years. All of this is made possible by a community that is determined to withstand and overcome any storms on the path to realizing this vision.
If you want to benefit from the triple-digit APY currently offered by OGV and contribute to shaping the future of OUSD through Origin's token governance, please visit our previous guide on staking OGV through the governance portal.
