Origin Protocol
OGNEthereum-based and IPFS decentralized marketplace protocol
Performances
RD Popularity Index
RD Growth Index
| 1h | 24h | 7d | 30d | 60d | 90d |
|---|---|---|---|---|---|
| 0.38% | 3.84% | 0.04% | 12.18% | 27.33% | 17.60% |
Revenue & Burn
Protocol income
$6.91KBuyback funds
--Burn funds
--Buyback ratio
--Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Nov 2026 | $6.91K | -- | -- | -- |
| Oct 2026 | $56.79K | -- | -- | -- |
| Sep 2026 | $57.23K | -- | -- | -- |
| Aug 2026 | $49.66K | -- | -- | -- |
| Jul 2026 | $46.38K | -- | -- | -- |
| Jun 2026 | $45.08K | -- | -- | -- |
Comparison
Tokenomics
Unlock Progress
Data source: CoinGecko
OGN is the native governance and incentive token of Origin Protocol, with a fixed total supply and no issuance, used for protocol governance, merchant ad commissions and user rewards; staking as xOGN shares OGN from protocol-revenue buybacks.
On-chain Holding
| Holding Token | Price | Amount | Total Value |
|---|---|---|---|
| No Data | |||
Top Holders
| Address | Token | Quantity | Percentage | Value |
|---|---|---|---|---|
| 0x6389...5c57 |   OGN | 602,825,014.26 | 42.76% | $14.47M |
| Binance 8 (acec) | OGN | 149,004,058.61 | 10.57% | $3.57M |
| 0x29e7...57bd | OGN | 55,694,134.26 | 3.95% | $1.33M |
Open Markets
| # | Exchange | Pair | Price | +2% depth | -2% depth | Volume (24h) | volume % |
|---|---|---|---|---|---|---|---|
| 1 | HHTXCEX | OGN/USDT | $0.03088 | $10,057 | $9,266 | $314,824 | 9.77% |
| 2 | OGN/USD | $0.03095 | $30,436 | $39,921 | $121,326 | 3.77% | |
| 3 | OGN/OETH | $0.031 | $16,995 | $16,944 | $72,003 | 2.24% | |
| 4 | BBingXCEX | OGN/USDT | $0.03078 | $23,404 | $18,829 | $50,614 | 1.57% |
| 5 | KKuCoinCEX | OGN/USDT | $0.03105 | $8,929 | $13,898 | $16,940 | 0.53% |
| 6 | BBithumbCEX | OGN/KRW | $0.031 | $74 | $1,656 | $9,935 | 0.31% |
| 7 | KKrakenCEX | OGN/USD | $0.0307 | $2,329 | $3,315 | $7,852 | 0.24% |
| 8 | BBitgetCEX | OGN/USDT | $0.03098 | $22,986 | $31,966 | $6,720 | 0.21% |
| 9 | UUpbitCEX | OGN/BTC | $0.03086 | $519 | $8,080 | $3,484 | 0.11% |
| 10 | UUpbit Indonesia CEX | OGN/BTC | $0.03085 | $0 | $0 | $3,483 | 0.11% |
Follow Updates
Follow Lists
People
About Origin Protocol
Origin is a yield-bearing asset protocol on Ethereum whose products include OETH, superOETHb, OUSD and the ARM vaults, aimed at holders who want ETH and stablecoins working on-chain without constant position management. OETH avoids third-party price oracles and validates validator balances against the Beacon Chain with Merkle proofs, while OUSD lends its collateral into Morpho vaults for interest. The ARM sits between an AMM and an isolated money market and prices without a bonding curve, quoting off the length of the redemption queue and the time value of capital, buying discounted LSTs or RWAs and redeeming them with the issuer for the base asset.
All three lines share one contract base and audit baseline: idle yield from OETH and OUSD can be routed to AMM and lending incentives, while the ARM absorbs funds that need an immediate exit. A trader requests a swap, the vault fills at the current discount, the acquired asset enters the issuer's redemption process, and the returned ETH or USDC flows back to the vault to quote the next trade, with the spread accruing to depositors. A multi-asset WETH ARM launched in July 2026, where stETH, wstETH, eETH and wETH draw on one pool of WETH liquidity; when liquidity is short, redemption requests stay pending until new deposits or redemptions return.
Origin Protocol, founded in 2017, initially focused on building decentralized P2P markets and launched the e-commerce platform Dshop.
In 2019, Origin launched its governance token OGN, marking its entry into the broader crypto economy.
In 2020, Origin introduced OUSD, a stablecoin that automatically generates yield through DeFi strategies without requiring staking or lock-ups, addressing key user pain points.
In 2021, Origin pivoted to NFTs, launching a customizable NFT marketplace. Its first high-profile auction with musician 3LAU demonstrated the platform's ability to empower artists with full control over sales and direct fan engagement.
In 2024, OGV merged into OGN, consolidating governance and making OGN the sole utility token of the ecosystem, simplifying the project's long-term value proposition.
Buyback and incentives: Origin bought back 2.6 million OGN in September for a cumulative 114 million, about 16.5% of circulating supply; 100% of net protocol fees fund the purchases, and the tokens go to xOGN lockers rather than being burned. Roughly 46% of circulating supply is locked as xOGN, with max-lock positions earning 11.2% APY and no new emissions.
Revenue and progress: The WETH ARM's first full month brought $8.5 million of TVL and $224.8 million of cumulative volume with a $10.4 million single-day peak, while OUSD yielded 6.5% over 30 days. OGN doubled on October 10 after a perpetual futures listing, lifting market cap from about $15 million to $35 million against roughly $52,900 of monthly revenue.
Origin's 2026 progress centred on buyback scale and the expansion of its ARM line. In June cumulative OGN buybacks passed 100 million tokens, about 14.6% of circulating supply, with 5.5 million bought that month at an annualised pace near 67.5 million; all net protocol fees feed the programme, and by 9 September cumulative buybacks approached 112 million with about 47% of supply staked as xOGN at up to 10.6% APY.
On product, Origin Protocol's sUSDe ARM opened to public deposits in June, applying the arbitrage framework to a yield-bearing stablecoin for the first time: when sUSDe trades at a discount the vault sells USDe for sUSDe and runs Ethena's redemption, while idle USDe sits in Aave V3 as base yield, producing about 3.64% over thirty days. The WETH ARM reached roughly $8 million by September with $131 million of cumulative volume and a $10 million single-day peak, accepting stETH, wstETH, eETH and weETH, and OETH's migration to compounding validators completed with 13 validators and about 26,000 ETH of capacity.
Origin Protocol frames ARM as the liquidity layer for redeemable assets, next extending atomic liquidity to tokenised funds and RWAs while spreading OUSD yield across Ethereum, Base and HyperLiquid.
Matthew Liu — Co-founder; an early YouTube employee involved in the Ethereum ecosystem since 2014.
Josh Fraser — Co-founder; serial entrepreneur whose company was acquired by Walmart Labs, active in crypto since 2011. Rafael Ugolini — current CEO. Yu Pan — founding engineer; co-founder of PayPal and YouTube's first employee. Origin was founded in 2017.