Origin Protocol NFT project review

Origin Protocol NFT project review

Origin Protocol NFT project review

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Yolanta Chomag

Last updated: Jun 25, 2022

What is Origin Protocol

Origin Protocol is an Ethereum-powered platform that aims to bring NFTs and DeFi to the masses. 

Founded in 2017 as a decentralized e-commerce platform, Origin has since shifted its focus to crypto-specific commerce opportunities. Origin’s flagship products are NFT Launchpad, designed to simplify NFT issuance, and Origin Dollar (OUSD), a stablecoin that earns yield automatically in users’ wallets. The NFT platform has hosted NFT drops from top creators, including an album from electronic music producer 3LAU and Ryan Tedder’s cartoon collection.

How does Origin Protocol work

The Origin platform has two main products: NFT Launchpad and Origin Dollar (OUSD).

The NFT Launchpad gives creators tools to issue and sell NFTs on their own website or Origin’s domain. In contrast to other NFT marketplaces, Origin gives creators direct control over the content, branding, and pricing models through the self-serve platform Origin Story. The platform allows the creation of custom NFT storefronts where NFTs are not required to be pre-minted but are rather minted upon the sale. Smart contracts can be deployed anytime when the creator is ready to sell. 

NFT Creators can opt to pay a platform commission (paid upon the sale) or get an OGN fee refund with a 6-months lock-up period of OGN tokens. Among the payment methods, not only cryptocurrencies are available, but also credit or debit cards for those who have a bank account registered in the US, Canada, or Europe.

The Origin Dollar (OUSD) lets users automatically and passively earn yield while holding tokens in their wallets. OUSD is an Ethereum-based stablecoin pegged to the U.S. Dollar and backed 1:1 by other stablecoins like USDT, USDC, and DAI. Users can convert supported stablecoins to OUSD at the official Origin Dollar DApp to start earning yield. No staking or lockups are required, making OUSD easy to transfer. OUSD smart contracts generate yield by automatically rebalancing funds in a set of protocols such as Aave, Compound, and Curve.

How to use Origin Protocol

To interact with the Origin app, users need to connect their wallet with it, currently the Origin wallet support only includes MetaMask. Origin fees are distributed to OGN stakers after a governance proposal was submitted and passed in April 2022.

The OGN token

The Origin token (OGN) is an ERC-20 token with a total supply capped at 1 billion. 32.97% of the total supply was distributed through the token sales — advisor (4.38%), strategic (23.75%), and CoinList (4.84%) sales. The remaining distribution is as follows: 20.24% allocated to the team, 1.69% to the advisor grants, 0.73% to the long-term partnerships, 12.99% to the ecosystem growth funds, and 31.37% to the foundation reserves.

The token is primarily used for Origin’s NFT and DeFi ecosystem governance. OGN holders can create proposals and vote on them to govern the protocol.

OGN also serves as a value accrual token allowing OGN holders to benefit from any protocol revenues and fees generated from the products built on the Origin Platform.

Users can stake OGN to earn additional OGN by locking their tokens on the ousd.com platform for a chosen period of time.

How to buy Origin Protocol OGN token 

Origin OGN token can be purchased on centralized exchanges like Binance, Huobi, and Kucoin.

Origin OGN token can be purchased on decentralized exchanges like SushiSwap and Uniswap v2.

Disclaimer

It is up to you where to buy the OGN token. It is worth taking into account that decentralized exchanges allow you to do this anonymously, you do not need to pass KYC procedures to use them, on the other hand, the cost of transactions may be higher than on centralized exchanges, while there is a risk of your funds being held by the exchange.

Disclaimer

To understand if Origin is a good investment and try to make an OGN price prediction, you need to do your own research on the project.

All the data for research is available on the project page on our website: check out the technical features of the project in this review, try to use the app, see if the information about the team is available and if the team is open for communication, and using the project dashboard and the OGN price chart, assess the project usage rates as well as the token price movement and the number of its holders.

Is Origin Protocol safe

The Origin team was established by Josh Fraser and Matthew Liu. Fraser previously co-founded multiple tech companies, including Torbit, which was acquired by Walmart Labs. Liu was an early hire at YouTube and worked at a variety of startups including Bonobos and Qwiki, which was acquired by Yahoo.

In November 2020, there was an Origin hack, or exploit, that resulted in around $7 million worth (at the time of the attack) of ETH and DAI tokens being stolen from the platform. The attack was made possible through a flash-loan transaction as often seen in the crypto field exploits. 

The Origin Protocol team’s solution to the exploit was to relaunch the Origin Dollar pool in January 2021, following an upgrade and “rigorous internal auditing” as well as new code reviews. The platform also compensated the affected by the attack users with $1,000 worth of OUSD tokens, as well as additional compensations split between OUSD and OGN tokens.

Partners

Origin partners with Nexus Mutual and InsurAce Protocol, blockchain-based platforms that offer decentralized insurance products. These partnerships allow for more effective risk management by OUSD holders. Anyone who purchases coverage for the Origin Dollar on Nexus Mutual or InsurAce can start a claim to be reimbursed in case any issues arise with the OUSD smart contracts. 

What’s next

In the near future, Origin intends to form additional partnerships with mainstream influencers and iconic brands to power its NFT commerce initiatives. 

The team will also establish decentralized governance for the OUSD protocol and increase the number of its use cases, i.e. integrate OGN into NFT marketplace products and create special NFT sales for OGN holders. Additionally, they plan to build an OUSD payment app and issue OUSD debit cards.

Links

https://www.originprotocol.com/en/litepaper

https://vote.originprotocol.com/#/

 

Basic info

  • Token OGN
  • Audited yes
  • DAO no
  • Yield farming yes
  • Team public
  • Hacks yes

Audits

Auditors:

Trail of Bits Certora OpenZeppelin +1 Solidified

Trail of Bits Certora OpenZeppelin Solidified

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