Origin Protocol (OGN): how it works, supply and reviews
In short
- Type
- Suite of smart contracts for liquid staking (OETH, Super OETH), a yield-bearing stablecoin (OUSD) and ARM vaults
- Fee burn
- Products charge a 20% fee on yield; net fees after operating expenses buy back OGN on the open market
- Risks and caveats
- Smart-contract risk: OUSD was exploited in November 2020 despite an audit in progress.
- Checked
- 31 October 2026
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Key facts
- Ticker
- OGN
- Official site
- originprotocol.com
Key facts checked on 31 October 2026 against official sources.
What is Origin Protocol
Origin Protocol builds onchain yield products: the liquid staking tokens OETH and Super OETH, the yield-bearing stablecoin OUSD and ARM yield vaults. Its OGN token is used for governance and receives protocol fee buybacks when staked as xOGN.
Network and consensus
| Parameter | Details |
|---|---|
| Type | Suite of smart contracts for liquid staking (OETH, Super OETH), a yield-bearing stablecoin (OUSD) and ARM vaults |
| Runs on | OGN is available on Ethereum mainnet and Base |
| Launched | OUSD, the first product of the current suite, launched in 2020; OETH followed in May 2023 |
Supply and issuance
| Parameter | Details |
|---|---|
| Fee burn | Products charge a 20% fee on yield; net fees after operating expenses buy back OGN on the open market |
| Staking rewards | Staked OGN (xOGN) receives buybacks and distributions from protocol fees |
What OGN is used for
- Governance of protocol parameters, new products and DAO assets
- Staking as xOGN, a locked governance position
- Share of protocol fees via buybacks distributed to xOGN
Who develops and governs Origin Protocol
- Legal entity
- Origin Protocol Labs, incorporated in the Cayman Islands, acts as core contributor under xOGN governance
- Governance
- xOGN holders vote; quorum is 20% of xOGN supply; approved proposals pass a 2-day timelock
- Founders
- Josh Fraser and Matthew Liu (listed as cofounders in 2019)
- Open source
- Audit reports are published in the OriginProtocol/security repository on GitHub
History
| Date | Event |
|---|---|
| May 2017 | Idea conception and early development of Origin, then planned as a protocol for peer-to-peer marketplaces. |
| 2020 | Origin Dollar (OUSD) launches as Origin's first yield-bearing token. |
| 16 November 2020 | OUSD loses about $7 million to a reentrancy exploit; Origin plans compensation equal to 100% of the value deposited at the time. |
| November 2021 | Origin's bug bounty programme starts on Immunefi (maximum reward now $1,000,000). |
| May 2023 | Origin Ether (OETH) launches, with 95% of its code forked from OUSD. |
Security and audits
- Bug bounty on Immunefi since November 2021, with a maximum reward of $1,000,000 for critical vulnerabilities.
- Contract upgrades pass a 2-day timelock after xOGN approval.
- In November 2020 OUSD lost about $7 million to a reentrancy exploit; Origin added reentrancy protection and second audits afterwards.
Security incidents
| Date | What happened | Source |
|---|---|---|
| 16 November 2020 | Exploit: OUSD lost about $7 million when a reentrancy bug, made possible by a missing validation check added during a gas-saving refactor, was exploited. Funds returned: Origin released a plan to provide compensation equal to 100% of the value deposited to OUSD at the time of the exploit. | blog.originprotocol.com |
Official OGN contracts
| Network | Contract address |
|---|---|
| Ethereum | 0x8207c1ffc5b6804f6024322ccf34f29c3541ae26 |
Origin Token (OGN) ERC-20 on Ethereum; Base and other product addresses are listed in the official registry.
Risks and caveats
- Smart-contract risk: OUSD was exploited in November 2020 despite an audit in progress.
- Products charge a 20% fee on yield.
- OETH redemptions through the protocol depend on the Ethereum validator exit queue and can take up to 8 days in busy periods.
Official links
- Website: www.originprotocol.com
- Docs: docs.originprotocol.com
- Source code: github.com/OriginProtocol
- Blog: www.originprotocol.com/blog
Questions and answers
What is Origin Protocol?
Origin Protocol builds onchain yield products: OETH and Super OETH (liquid staking), OUSD (a yield-bearing stablecoin) and ARM vaults.
What is OGN used for?
OGN governs the protocol; staked as xOGN it receives buybacks funded by the 20% fee on yield.
Was Origin Protocol hacked?
Yes. On 16 November 2020 OUSD lost about $7 million to a reentrancy exploit; Origin planned compensation equal to 100% of the value deposited at the time.
Who is behind Origin Protocol?
Origin Protocol Labs, a Cayman Islands entity, develops it under xOGN governance; Josh Fraser and Matthew Liu were listed as cofounders.
Sources
- Origin docs - Introduction to Origin
- Origin docs - Introduction to OGN
- Origin docs - Governance
- Origin docs - Bug bounties
- Origin docs - Contracts registry
- Origin blog - What We've Changed Since the OUSD Attack (Wayback)
- Origin website 2018 roadmap (Wayback)
- Origin team page 2019 (Wayback)
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