Origin Protocol has always maintained itself as the Ethereum-powered crypto services provider for the masses – the top-tier platform that brings everything from NFTs and DeFi to staking services to the general public. With a round of major updates scheduled to be revealed this month, it looks like Origin is holding good on that claim.
New Offerings and Capabilities
Ethereum restaking has quickly gained traction as a viable and rewarding new avenue for generating value in 2024. As one of the most disruptive crypto narratives this year, restaking has the entire sector bursting with innovation and new opportunities.
Toward that end, Origin Ether debuted as one of the first liquid staking tokens (LSTs) on EigenLayer, taking the restaking market by storm. Within a few months of launch, EigenLayer captured more than $2B in TVL.
Origin Protocol is now taking things to the next level with the launch of Prime Staked ETH (primeETH). As a liquid restaking token (LRT), primeETH will provide users with faster liquidity flow while promoting the adoption of OETH, Origin’s Ether-pegged token that earns yield from all forms of staking.
Understanding OETH
OETH provides trusted yield sources in which proven blue-chip protocols generate market-leading, risk-adjusted diversified yields that are fully collateralized and are always redeemable for a basket of ETH and the most respected and trusted liquid staking tokens on the market.
These services allow users to stake ETH across multiple protocols simultaneously, which allows ETH to be leveraged as crypto-economic security for protocols other than Ethereum in exchange for protocol fees and rewards.
By design, OETH delivers more yield with less hassle, with all of the accruals auto-compounding in the user’s wallet. The protocol is designed to guarantee liquidity and is also self-custodial and permissionless, thereby minimizing third-party or security risks. OETH has been proven to sustainably outperform other ETH staking strategies and limits exposure to any one LSD. It is also fully transparent on the Ethereum blockchain and only uses a select number of verifiable, conservative strategies on-chain to deliver gains. At present, OETH boasts 5.93% trailing 7-day yields and total value locked (TVL) of over $90 million.
According to some industry analysts, the EigenLayer airdrop is expected to be the biggest airdrop of 2024 and users that restake OETH on the platform earn points toward the airdrop. Users can earn higher yield on EigenLayer by choosing OETH over traditional LSTs, while also enjoying tight integrations with a robust suite of additional services and offerings within multiple ecosystems, primarily within Pendle and other dapps on Ethereum.
More on Prime Staked ETH (primeETH)
To participate in the Prime Staked ETH launch, users can purchase and deposit supported LSTs until deposits close next on Friday, February 9 at 12 pm PT.
With primeETH, holders can stack combinations of ETH staking yield, primeETH XP, and EigenLayer points while maintaining their liquidity. OETH deposits will also receive an additional 2x bonus on their XP. primeETH XP accrues based on the amount of LSTs held per hour, and early depositors also earn XP multipliers on their deposits. XP bonuses can also be earned depending on the amount of LSTs deposited.
Prime Staked ETH will support OETH, stETH, mETH, sfrxETH, and ETHx. Holders can deposit any of these tokens to mint primeETH, which will represent their capital and accrued yield. At the same time, supplied LSTs will be restaked on EigenLayer to earn EigenLayer points, and eventually their restaking yield.
On Monday February 5, deposits opened for supported LSTs on PrimeStaked.com. Early birds took advantage of the early deposit multiplier; the deposit window officially opened at 12pm PT.
Looking Ahead
With the recent realignment of Origin’s strategy to deliver better, higher, more reliable, and less volatile yields and capabilities, the platform is powering forward in earnest and is breaking new ground with high-value and in-demand innovations and offerings, all of which are pressure-tested in different economic scenarios and are regularly and thoroughly audited.
The crypto and investment communities have much to look forward to in a packed February schedule, and the prospect of revamped tokenomics, new value-creating on-ramps, and user-focused incentives are sure to drive additional growth and onboarding for Origin in the weeks and months to come.