OGN as a collateral asset on Euler Protocol ETH mainnet Core Pool

Euler DAO Markets
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Summary

Origin contributors would like to propose the addition of an Origin Token (OGN) market to Euler Protocol as a core market

Motivation

The proposal seeks to introduce a new market into Euler on Ethereum for OGN. The new market would lead to increased TVL for Euler, additional revenue to the Euler Protocol and DAO from active loans and liquidations, and will attract a wider user base. At the moment there is only one market live for using OGN as collateral, and it is on the Base chain. This could be the first market on mainnet for borrowing against OGN.

We also anticipate that the new OGN staking program will achieve staking APYs ranging from 30-50%. If the cost to borrow OGN from Euler is lower than the staking rate, presumably there will be demand to borrow OGN and stake it, taking advantage of the spread.

Background & Specification

Origin Token (OGN) is the governance and value accrual ERC20 token for Origin Protocol. OGN is an older token that launched in 2018 and has gone through several iterations over the years. OGN has more than 46,000 holders across mainnet, Base, and Sonic. Holders who choose to stake OGN for xOGN receive DAO voting power, 100% of Origin Protocol’s protocol revenue from performance fees from Origin’s products, as well as periodic distributions of the Origin Protocol DAO’s treasury assets. TVL for Origin’s products can be found on the analytics page.

OGN has been heavily audited by OpenZeppelin and other reputable auditing firms, with audits being conducted quarterly. Previous audits can be found in the docs here. OGN pricing can be determined using the OGN/USD Pyth oracle, Uniswap TWAP oracle, or the Coingecko pricing API.

OGN is listed on 50+ exchanges globally, OGN liquidity pools are currently available across various DEXs:

OGN mainnet contract address: 0x8207c1FfC5B6804F6024322CcF34F29c3541Ae26

Next Steps

We would be happy to answer any questions on Origin Protocol, OGN, or the proposal itself. The Origin team can be reached at any time via the Origin Discord server.