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Origin Protocol Enters Competitive Ether Yield Market With OETH Offering
OETH is a yield-bearing, ether-pegged token, offering an easy way to maximize yield from ETH staking using protocols, such as Curve Finance.
Updated May 16, 2023, 4:00 p.m. Published May 16, 2023, 4:00 p.m.
Decentralized finance (DeFi) project Origin Protocol said it would issue Origin Ether (OETH), an ether derivative that allows holders to earn yields generated from staking ether on other protocols.
Origin said that its OETH can be stacked on top of native staking rewards to boost rewards for holders. The token is the latest in a long list of staked ether derivative tokens in what is quickly becoming a crowded and competitive market.
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OETH holders can earn trading fees and token rewards through DeFi protocols Curve and Convex. Origin holds a significant amount of curve (CRV) and convex (CVX) tokens, allowing the protocol to boost yields through rewards tokens that are emitted to liquidity providers.
Users can mint OETH by depositing ether or liquid staking derivative (LSD) collaterals including staked ether (stETH) and frax ether (rxETH) – tokens issued by Lido and Frax Finance which offer yields to their holders if they stake their ether tokens. OETH will earn rewards immediately directly in the user’s wallet.
Through OETH’s positive rebasing mechanism, yield is generated at least once per day directly in holders’ wallets in the form of additional units of OETH with no gas fees required.
“OETH is designed for people who want access to the highest yields available in DeFi without any of the hassles typically associated with yield-farming,” explained Josh Fraser, co-founder of Origin Protocol, in an emailed statement.
“With OETH, you can earn an additional yield on top of the native staking yield that is available from trusted liquid staking derivatives without wasting hundreds of dollars maintaining your position,” Fraser added.
Beyond traditional DeFi lending strategies, a core strategy of OETH is to gain exposure to a diversified set of staking derivatives, which are used to earn ether validator rewards. The underlying collateral will be paired with ether and provided as liquidity to various Curve pools to further boost yields for users.
Origin's native origin (OGN) tokens trade at 9 cents as of Tuesday afternoon and are nominally changed over the past 24 hours.
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