Research Summary
The report discusses the growth and potential of Origin Protocol’s DeFi platform and its token, OGV. It highlights the platform’s total value locked (TVL), market cap, and fees, as well as the token’s staking rewards, buybacks, and yield distributions. The report also mentions the potential for OGV to be listed on major exchanges and the integration of OETH with other platforms.
Key Takeaways
Impressive Growth Metrics
- TVL and Market Cap: Origin Protocol has seen its TVL grow to over $100M, with a market cap of $6.8M. The report highlights an undervalued ratio of MC:TVL at 0.068, which is even lower when considering the high percentage of staked OGV tokens.
- Fee Growth: Fees have grown approximately 200% in the past 180 days, with annualized fees reaching $5.5M. A governance proposal to use a portion of these fees to buy back OGV tokens could make the token more attractive to holders.
Value Accrual and Token Model
- Value Accrual: The report mentions a strong floor price for OGV, with an uptrend since October 17th. This is attributed to a governance proposal to allocate 10% of the yield earned from OETH to buy back OGV tokens on the open market.
- Three-Token Model: Origin Protocol operates a three-token model, consisting of OETH, OUSD, and OGV. OETH optimizes yields on staked ETH, OUSD is a yield-bearing stablecoin, and OGV is a governance and value accrual token.
Future Catalysts
- Restaking and Growing Utility: OETH will be added as a restaking asset on Eigenlayer, which could drive further growth. Additionally, OETH is continually being integrated with other platforms, expanding its utility and reach.
- Potential Exchange Listing: The report speculates that OGV could be listed on major exchanges, similar to Origin’s OGN token. This could significantly boost the token’s visibility and accessibility.
Conclusion
- Strong Signs of Growth: Origin Protocol’s DeFi platform and OGV token show strong signs of growth, with over $130M in TVL and steadily rising fees. The report suggests that OGV is deeply undervalued and poised for substantial gains in 2024.
Actionable Insights
- Monitor OGV’s Performance: Given the strong growth metrics and potential catalysts, it could be beneficial to keep a close eye on OGV’s performance and developments.
- Consider the Impact of OETH: The integration of OETH with other platforms and its addition as a restaking asset could significantly impact Origin Protocol’s growth. Understanding these dynamics could provide valuable insights.
- Watch for Exchange Listings: If OGV is listed on major exchanges, this could significantly increase the token’s visibility and accessibility, potentially impacting its value.
