Announcing The OGN Buyback Program
I am excited to announce that Origin is creating an OGN buyback program to benefit all OGN holders and to signal our commitment to OGN. We will now be using all proceeds from liquidity provider rewards on decentralized exchanges (DEXes), all airdropped tokens, and all proceeds from yield farming activities to purchase or buyback OGN in the open market. All proceeds that have already been collected in the past are being liquidated and used to buyback OGN to be held in our treasury.
Origin has worked with Uniswap, Balancer, Kyber, and other DEXes to increase the liquidity of OGN trading pairs. It is incredibly important to us that OGN is not only available on centralized exchanges but on every notable DEX and DeFi platform as not everyone has the ability to access centralized exchanges, especially the unbanked. Origin acting as a liquidity provider for OGN is an important part of these efforts. Origin received free UNI and BAL tokens as a reward for providing liquidity.
You can find OGN/ETH liquidity pools on Uniswap, Balancer, and KyberSwap by clicking on those respective links. To access the other OGN liquidity pools on Uniswap or Balancer you must add OGN by its smart contract address: 0x8207c1ffc5b6804f6024322ccf34f29c3541ae26. Once OGN is added, you will be able to swap OGN for other assets or add to or create liquidity pools for OGN with other assets.
Some of our community members may have also noticed that OGN was available for staking on Harvest, a yield aggregation platform, during week 1 of their launch campaign. This was the result of a community vote they held on their Discord, which Origin won. This staking program has since ended. Although we did not work directly with Harvest and have not worked with any other DeFi or yield farming projects to promote OGN, we are cautiously supportive of such efforts and acted as careful observers.
After taking a quick look at the smart contracts, we decided to use a relatively small portion of the OGN held in our treasury to stake on Harvest to earn their platform token. All the proceeds were traded for USDC and ETH which is now being used to buyback OGN. If you are aware of any other yield farming or DeFi projects that have already or want to integrate OGN, please reach out to me directly. We must warn our users that yield farming or staking assets on DeFi platforms puts you at risk for losing all of your funds, especially if the platforms have not yet been audited and are new. Please be careful and do your own research.
Here are the proceeds we’ve made so far from providing liquidity and experimenting with various DeFi platforms:
Harvest
- 44,143.83 USDC sold for 174,109 OGN [Etherscan]
- 55.9600176762 ETH ($19,427.08 USD) sold for 73,743 OGN [Etherscan]
Uniswap
- 9337.215 UNI ($50,701.08 USD) sold for 190,851 OGN [Etherscan]
Balancer
- 520.3332 BAL ($8,013.13) sold for 30,967 OGN [Etherscan]
Compound
- 8.67504806 COMP ($1,206.27) sold for 4,831 OGN [Etherscan]
Metastable
- 57.7527 MTA ($133.99) sold for 601 OGN [Etherscan]
This amounts to $123,625.38 worth of rewards tokens that were used to buy back 475,102 OGN just moments ago. While we won’t necessarily post an update every time we do a buyback, we intend to continue using the proceeds from these activities to accumulate more OGN. With the launch of OUSD, Origin will be dramatically increasing yield farming activities and our role as a liquidity provider in the DeFi ecosystem. This means larger OGN buybacks in the future. We remain incredibly bullish on OGN. We appreciate the rewards tokens that have been given to us and we think this is an appropriate way to use the proceeds for the benefit of all OGN holders.
Learn more about Origin:
- Get Origin Dollars (OUSD): ousd.com
- Launch your decentralized store: originprotocol.com/dshop
- Buy Origin Tokens (OGN): Binance, Huobi, Upbit, Bittrex Global
- Track OGN token metrics: originprotocol.com/dashboard
- Learn more on our company website: originprotocol.com
