Origin Protocol introduces Ethereum token with added staking and DeFi yield

Origin Protocol released an Ethereum token backed by ether that offers yield generated from ether staking and DeFi activities.

The token, called OETH, is a rebasing token, meaning that holders will receive new tokens each day representing the yield. 

The token’s reward will come from a mix of ether staking yield, generated by the underlying exposure to liquid-staking derivatives (LSDs). But it will also come from DeFi activities, such as the collateral being used to provide liquidity within various protocols. 

The protocol uses decentralized exchanges Curve and Convex to earn fees and rewards, which will then be passed along to token holders in the form of additional yield. Origin noted that it holds significant numbers of CRV and CVX tokens, which allow it to boost the yield in its own favor (as token holders in both platforms have a say over where the yield flows to).

Origin Protocol's 'room for growth'

“There is a ton of room for growth in the ETH staking market as Ethereum staking participation pales in comparison to other chains," said Origin Protocol co-founder Josh Fraser. "With the Ethereum Shanghai upgrade removing withdrawal risk, ETH staking participation is expected to increase dramatically, with the opportunity for the highly concentrated LSD sector to expand as well.” 

Anyone can mint the token by depositing ether or liquid-staking derivatives like stETH, rETH and frxETH as collateral.

Origin Protocol is built on Ethereum and IPFS and is focused on creating products focused on NFTs and DeFi. It also has an NFT platform called Origin Story.