Origin Dollar

The Origin Dollar (OUSD) is a stablecoin developed by the team at Origin Protocol, which includes serial entrepreneurs, early cryptocurrency investors, and experienced engineers from companies like Google and Dropbox. The concept of a stablecoin was first introduced by Tether in 2014, but the founders of PayPal had envisioned a similar idea in 1999, aiming to create a new world currency with interest-yielding strategies and debit cards independent of traditional banking systems.

The Origin Dollar was created to address the limitations of existing stablecoins, which often require users to choose between holding a spendable coin and earning yields by locking tokens in smart contracts. OUSD eliminates this need, allowing users to transfer and spend their tokens freely while earning yields automatically through a diversified set of yield-earning strategies. The smart contract rebalances the underlying capital to achieve high yields while diversifying risk, and earnings compound continuously in the user's wallet without requiring staking or lockups.

The beta version of OUSD was first deployed on September 18, 2020, during the DeFi Summer, and the current version went live in January 2021. Since then, the supply of OUSD has scaled up and down without experiencing any issues. The protocol has taken extensive measures to ensure the security of the contracts, including internal and external auditing, open-source code, and a bug bounty program.

OUSD is backed 1:1 by trusted collateral and can be redeemed at any time. It is available on various decentralized and centralized exchanges and can be minted directly by depositing collateral into the Origin vault. The stablecoin has features like elastic supply, wrapped OUSD, yield generation, and optional insurance, making it an attractive option for DeFi yield farmers and novice cryptocurrency users alike.

Origin Dollar (OUSD) is a yield-generating stablecoin that operates on the Ethereum blockchain as an ERC-20 token. It is fully collateralized and backed 1:1 by other stablecoins such as USDT, USDC, and DAI, ensuring that its value remains pegged to the US dollar.

• Collateralization: OUSD is backed by a combination of USDT, USDC, and DAI, which are held in a vault. This collateralization ensures that the value of OUSD remains stable and close to 1 USD.
• Yield Generation: OUSD generates yield through stablecoin lending and liquidity provision on platforms like Compound, Morpho, Aave, Curve, and Convex. The yield is earned from interest and fees generated by these platforms and is distributed to OUSD holders.
• Elastic Supply: The supply of OUSD is elastic, meaning it adjusts automatically to reflect the yield generated. This ensures that the price of OUSD remains pegged to 1 USD while the balances in token holders' wallets increase over time.
• Buying and Selling: Users can buy OUSD by converting their stablecoins on the Origin Dollar dApp or through decentralized exchanges. They can also sell OUSD back to the vault or on exchanges, with the option to avoid the vault's exit fee by selling on AMMs.
• Security: The protocol includes security measures such as an exit fee to discourage short-term speculators and protect the vault from potential attacks.

1. Collateral Deposit: Users deposit stablecoins (USDT, USDC, or DAI) into the vault to mint OUSD.
2. Yield Generation: The deposited stablecoins are deployed into various DeFi protocols to generate yield through lending and liquidity provision.
3. Yield Distribution: The generated yield is converted back to OUSD and distributed to OUSD holders through a constant rebasing of the token supply.
4. Elastic Supply Adjustment: The supply of OUSD adjusts automatically to reflect the yield generated, ensuring the price remains pegged to 1 USD.
5. Redemption: Users can redeem their OUSD for the underlying stablecoins at any time, with the option to avoid the vault's exit fee by selling on AMMs.

Overall, OUSD provides a stable and yield-generating store of value that is easy to use and manage, making it an attractive option for those seeking passive income in the DeFi space.

The token Origin Dollar (OUSD) has several strengths that make it an attractive option for investors and users:

1. Elastic Supply: OUSD has an elastic supply, which means its value remains constant at around $1, regardless of changes in its value under asset management. This is achieved by automatically adjusting the supply and balancing returns based on individual token holder wallet balances.

2. Yield Generation: OUSD boasts an automated yield generation process, which has been improved upon several times. This process involves lending, rewards, and market making, ensuring high yields with minimal risks.

3. Passive Income: OUSD allows users to earn passive income simply by holding the token in their wallets. The yield is automatically converted to OUSD and accrues in the wallet, compounding multiple times a day without the need for staking or lock-ups.

4. Backed by Top Stablecoins: OUSD is backed 1:1 by top stablecoins like USDT, USDC, and DAI, ensuring its value remains pegged to the US dollar.

5. Easy to Use: OUSD can be easily bought, sold, and swapped on various platforms, including decentralized exchanges like Uniswap and Curve, and centralized exchanges like Gate.io and KuCoin.

6. Security Features: The protocol includes security features like an exit fee, which discourages short-term speculators and incentivizes long-term holders. This fee is distributed as additional yield to remaining participants in the vault.

7. Automated Yield Farming: The smart contracts generate yield by deploying collateral into trusted DeFi protocols, and the earned interest, trading fees, and rewards tokens are swapped and reinvested to produce yield on OUSD. This process is automated and rebalanced to maximize yields.

These strengths make OUSD an innovative and attractive stablecoin for those seeking passive income and easy access to DeFi opportunities.

Origin Dollar (OUSD) is a fully collateralized stablecoin that is backed 1:1 by other stablecoins such as USDC, USDT, and DAI. While it is designed to mitigate risks, there are still some financial risks associated with it.

OUSD is exposed to market volatility risk, although this risk is somewhat mitigated by its collateralization. The value of OUSD can fluctuate slightly due to changes in the prices of the underlying stablecoins, which are used to back it. This means that the value of OUSD may not always be exactly pegged to the USD, but it generally stays within a narrow range.

OUSD's smart contracts are designed to be secure, with extensive internal and external auditing by OpenZeppelin, a respected security firm. Additionally, there is a $250,000 bug bounty offered through Immunifi to ensure that any potential vulnerabilities are identified and addressed. However, there is still a risk that security breaches or exploits could occur, potentially affecting the value of OUSD.

OUSD relies on two centralized entities for custody services, which introduces a risk of dependence on these entities. This could lead to issues if these entities experience problems or are compromised in some way.

OUSD has an uncapped supply, which means that there is a risk of inflation if the supply grows too rapidly. However, the protocol has mechanisms in place to control inflation and maintain the value of OUSD.

When OUSD is redeemed or burned, a 0.25% fee is charged as a security measure to protect the protocol from being used as a free DEX when stablecoin prices fluctuate. This fee can be avoided by selling OUSD on an exchange or AMM instead of redeeming it directly.

OUSD relies on Chainlink's price oracles to determine the value of the underlying collateral. If these oracles provide inaccurate prices, it could affect the value of OUSD. However, the protocol has measures in place to protect against this, such as never paying more than 1 USD for a stablecoin nor selling a stablecoin for less than 1 USD.

Overall, while OUSD is designed to be a low-risk stablecoin, there are still some financial risks associated with it. These risks are largely mitigated by the protocol's security measures and collateralization, but they should still be considered by investors.

• Origin Dollar (OUSD) Team: The team behind Origin Dollar (OUSD) includes serial entrepreneurs, early cryptocurrency investors, early employees at YouTube, engineering managers at Google/Dropbox, and one of the PayPal co-founders, Yu Pan.