[Crypto projects](https://revain.org/projects/) › Origin Protocol

# 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

## Key facts

- **Ticker**: OGN
- **Official site**: [originprotocol.com](https://www.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](https://blog.originprotocol.com/what-weve-changed-since-the-ousd-attack-5894f2bd77cf) |

## Official OGN contracts

| Network | Contract address |
|---|---|
| Ethereum | [0x8207c1ffc5b6804f6024322ccf34f29c3541ae26](https://etherscan.io/address/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](https://www.originprotocol.com/)
- Docs: [docs.originprotocol.com](https://docs.originprotocol.com/)
- Source code: [github.com/OriginProtocol](https://github.com/OriginProtocol)
- Blog: [www.originprotocol.com/blog](https://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](https://docs.originprotocol.com/introduction-to-origin.md)
- [Origin docs - Introduction to OGN](https://docs.originprotocol.com/ogn/introduction-to-ogn.md)
- [Origin docs - Governance](https://docs.originprotocol.com/ogn/governance.md)
- [Origin docs - Bug bounties](https://docs.originprotocol.com/security-and-risk/bug-bounties.md)
- [Origin docs - Contracts registry](https://docs.originprotocol.com/registry/contracts.md)
- [Origin blog - What We've Changed Since the OUSD Attack (Wayback)](https://web.archive.org/web/20210906031417/https://blog.originprotocol.com/what-weve-changed-since-the-ousd-attack-5894f2bd77cf)
- [Origin website 2018 roadmap (Wayback)](https://web.archive.org/web/20181227142713/https://www.originprotocol.com/en)
- [Origin team page 2019 (Wayback)](https://web.archive.org/web/20191229063145/https://www.originprotocol.com/en/team)

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Page updated: 2026-10-31

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Source: https://revain.org/projects/origin-protocol/