- Who is the interested party for this collateral application?
The Origin Protocol Foundation, a Singapore non-profit company limited by guarantee.
- Provide a brief high-level overview of the project, with a focus on the applying collateral token.
Origin Protocol has two flagship products: Origin Dollar (OUSD) and Origin Story. OUSD is a yield-aggregating stablecoin with that rebases positively to distribute yield directly to user wallets in the form of additional units of OUSD. OUSD is backed 1-to-1 by DAI, USDC, and/or USDT. These underlying stablecoins are deposited on Compound, Aave, Curve/Convex to earn yield on behalf of OUSD holders. Origin Story is a full-service NFT platform and launchpad. Origin has hosted some of the largest primary sales in history, including a $11.7m sale by 3LAU which is the largest music NFT sale to date.
Origin would like to apply both OUSD and OGN (Origin’s governance token) as collateral tokens for minting DAI. We recognize the work associated with bringing new vaults online and want to make a public commitment that we will help promote them to the millions of people in our community and make sure they are properly utilized and driving value to Maker. If this proposal is accepted we are willing to commit to deposit $50m in OGN, $25m in OUSD and $25m in ETH for a minimum of 1 year. In addition to this $100m of committed capital, multiple early team members and other large OGN holders have expressed interest in seeing OGN supported on Maker and are likely to deposit tens of millions in additional capital. We would suggest a collateral factor of 150% for OGN and 125% for OUSD. Both OGN and OUSD have hundreds of millions of dollars in circulating supply with deep liquidity on both decentralized and centralized exchanges.
- Provide a brief history of the project.
Origin was founded in mid-2017 by Matthew Liu and Joshua Fraser in San Francisco. They were soon joined by Yu Pan who was one of the co-founders of PayPal and the first engineer at YouTube. Origin maintains a distributed team of 30+ individuals around the world. Origin conducted token sales in 2017 and 2018, raising $38.1M, led by Pantera Capital with participation from Foundation Capital, Kyber, Blockchain.com, QCP Capital, and Alexis Ohanian (co-founder, Reddit), Steve Chen (founder, YouTube), and Garry Tan (partner, Y Combinator).
Origin launched a marketplace protocol on Ethereum mainnet in 2018. In 2019, Origin launched DAI as the first stablecoin integration on its platform (https://medium.com/originprotocol/pay-with-dai-on-origin-announcing-our-first-stablecoin-integration-43f86d5d7982). Origin also launched a decentralized ecommerce platform called Dshop (Origin Protocol - DShop) built on the marketplace protocol. Dshop powered the MakerDAO merch store at that time.
In late 2020, Origin launched Origin Dollar (OUSD) with DAI as one of the collateral/backing tokens. In 2021, Origin launched Origin Story and its first ever primary sales or auctions of NFT drops. OUSD was further integrated across DeFi with a liquidity mining campaign and Curve gauge. The OUSD-3Crv pool was also listed on Convex and other platforms.
- Link the whitepaper, documentation portals, and source code for the system(s) that interact with the proposed collateral, and all relevant Ethereum addresses. If the system is complex, schematic(s) are especially appreciated.
OGN smart contract:
OUSD smart contract:
- Link any available audits of the project. Both procedural and smart contract focused audits.
Origin and OUSD have undergone multiple security audits by Trail of Bits, OpenZeppelin, Solidified, and Certora.
- Link to any active communities relating to your project.
- Discord: Origin Protocol (OGN / OUSD)
- Twitter: https://twitter.com/originprotocol
- Medium: Origin Protocol
- Facebook: Redirecting...
- Reddit: https://www.reddit.com/r/originprotocol
- YouTube: https://youtube.com/c/originprotocol
- Telegram (Global): Telegram: Contact @originprotocol
- Telegram (Vietnam): Telegram: Contact @originprotocolvietnam
- Telegram (Indonesia): Telegram: Contact @originprotocolindonesia
- Telegram (Korea): Telegram: Contact @originprotocolkorea
- Telegram (Russia): Telegram: Contact @originprotocolrussia
- Telegram (Spanish): Telegram: Contact @originprotocolspanish
- WeChat: https://www.originprotocol.com/static/img/origin-wechat-qr.png
- Weibo: https://www.originprotocol.com/static/img/origin-weibo-qr.png
- How is the applying collateral type currently used?
OGN is the governance token for Origin Protocol and its products. OGN can also be staked on the Origin platform or on various exchanges.
OUSD is a stablecoin that accrues yield directly to user wallets.
- Does one organization bear legal responsibility for the collateral? What jurisdiction does that organization reside in?
OGN was issued by Origin Protocol Labs, a Cayman Islands company.
OUSD is solely issued by a smart contract and no OUSD was offered in any pre-sales or fundraising campaigns.
- Where does exchange for the asset occur?
OUSD: Curve, Uniswap, Sushiswap, KuCoin, VirgoX
- (Optional) Has your project obtained any legal opinions or memoranda regarding the regulatory standing of the token or an explanation of the same from the perspective of any jurisdiction? If so, those materials should be provided for community review.
Yes, we have multiple legal opinions from multiple jurisdictions that have all taken a favorable view on the regulatory standing of our tokens. However, we were advised not to make these publicly available by our counsel. We are happy to share them with the Maker team in private.
- (Optional) Describe whether there are any regulatory registrations for the token and provide related documentation (including an explanation of any past or existing interactions with any regulatory authorities, regardless of jurisdiction), if applicable.
We have never been contacted by the SEC or any other regulatory authority regarding either OGN or OUSD.
- (Optional) List any possible oracle data sources for the proposed Collateral type.
Chainlink maintains an OGN/ETH price feed. We’re in the process of asking Chainlink to set up a new OUSD/USD feed. In the meantime, you may be able to use the USDT/USDC/DAI feeds since OUSD is backed 1:1 by those coins and is always redeemable for those underlying assets.
- (Optional) List any parties interested in taking part in liquidations for the proposed Collateral type.
The Origin Protocol Foundation is happy to run bots to help with liquidations. We’ll ask our market maker to help as well.