Project & Team
Description of Project
Provide a concise narrative that clearly states each of (a)–(e) below.
- (a) Problem the project solves — The problem the project is solving.
- (b) Operational priorities — Provide a high-level description of how the project expects to support ongoing development and operations over time.
- (c) High-level project overview — How the project works at a high level.
- (d) Primary token functions — The primary functions of the token (e.g. gov participation).
- (e) Control surface reliance — If any, briefly describe the anticipated or possible evolution of the protocol's governance/control model.
(a) Problem the project solves
Accessing yield in DeFi remains fragmented and operationally complex, requiring users to evaluate and manage positions across protocols, strategies, and networks. Redeemable assets can also suffer from thin liquidity and temporary price dislocations. Origin addresses these problems through self-custodial yield-bearing tokens that simplify access to onchain yield and ARM vaults that provide redemption-aware liquidity for redeemable assets.
(b) Operational priorities
Origin Protocol Labs' (the primary DevCo, see section 5) priorities are to maintain the security and reliability of its existing products, expand its integrations and distribution, and develop new onchain yield and liquidity products. Ongoing development and operations are funded from treasury assets raised, which are expected to provide a multi-year runway. Since June 30, 2025, 100% of net protocol revenue has been used to purchase OGN on the open market for distribution to xOGN stakers rather than funding rewards through new token issuance. As of July 2026, over 100M OGN has been bought back, representing over 15% of the circulating supply.
(c) High-level project overview
Origin operates two complementary product lines. Its yield-bearing tokens include Origin Ether (OETH), Super OETH (superOETHb), and Origin Dollar (OUSD). These products pool user deposits and deploy them through automated onchain strategies, with returns accruing to token holders. Origin's Automated Redemption Manager (ARM) Vaults provide liquidity for redeemable assets by purchasing them below redemption value, managing the redemption process, and deploying idle capital in lending markets. The products operate through onchain smart contracts and issue liquid tokens or vault shares that users hold directly. Across these products, Origin has reached more than $370 million in peak TVL.
(d) Primary token functions
OGN is the single native and governance token. (i) Governance: OGN staked as xOGN governs the protocol through on-chain voting. (ii) Value accrual/staking: 100% of net protocol revenue market-buys OGN, and xOGN stakers earn the buyback-funded rewards.
(e) Control surface reliance
On Ethereum mainnet, governance runs through xOGN token-weighted on-chain voting, and approved changes execute through a timelock enforcing a mandatory 2-day delay (verified on-chain). Deployments on other networks (e.g., Base) are administered by a 5/8 multisig. No material changes to this control model are currently anticipated; extending on-chain governance to deployments on other networks could be considered in the future depending on the growth of Origin's products on those chains and the evolution of the roadmap. The staking program has moved toward revenue-funded rewards (no new emissions) and broader governance participation (e.g., the University Governance Program).
Known Project Team
For each existing entity: Labs/DevCo (e.g., Founder, CEO, CTO, COO), Foundation (e.g., President, Executive Director, CFO, COO), and DAO / onchain governance leadership (if applicable) list the:
- (a) full names,
- (b) official titles,
- (c) and prior experience of key team members.
For any non-existent entity, explicitly mention it does not exist. External links may be included but they will not factor into the score.
Labs / DevCo
Full Name | Official Title | Prior Experience |
|---|---|---|
Joshua (Josh) Fraser | Co-Founder (board-level) | Serial entrepreneur/investor; previously co-founded EventVue and Torbit (acquired by Walmart Labs, 2013). |
Matthew (Matt) Liu | Co-Founder (board-level) | Third product manager at YouTube; serial entrepreneur who has served as VP of Product at multiple startups. |
Rafael Ugolini | CEO | More than 20 years of engineering experience, including serving as VP of Engineering at mStable and helping scale Collibra's engineering organization. |
Foundation
Full Name | Official Title | Prior Experience |
|---|---|---|
Not applicable - does not exist | No Primary Foundation exists | No foundation was involved in the issuance of OGN at its 2018 launch (see Section 4). |
DAO / Onchain Governance
Full Name | Official Title | Prior Experience |
|---|---|---|
N/A - no individual leadership | Protocol governed by xOGN holders via token-weighted voting | Origin prides itself on decentralized governance: control of the protocol smart contracts rests 100% with xOGN holders on Ethereum. Deployments on other networks (e.g., Base) are administered by a 5/8 multisig. There are no governance officers. The University Governance Program brings additional contributors into proposals and voting. |
DAO Structure
Provide a structured description of the DAO's governance, powers, and economic rights. If a DAO does not exist, state so for each sub question. Even if there is no DAO, there must be an answer to (d). Address the lettered items below.
- (a) IP ownership & control — State what IP the DAO owns or controls (e.g., codebases/repos, trademarks/brands). Note any license if relevant.
- (b) Contract/admin powers — List on-chain or administrative authorities and limits: pause/upgrade roles (e.g., multisig pause), governance-executor authorities, and the method of authority for each (e.g., veto, majority, super-majority).
- (c) Locked-token rights (conditional) — If locking/staking for additional rights exists, explain the additional rights and what tokenholders can and cannot decide. If no locking mechanism exists, leave absent.
- (d) Current tokenholder governance rights and economic arrangements — If any, describe the current governance rights of tokenholders and any presently operative rights or arrangements relating to treasury actions, fee-routing, rewards, buybacks, or other protocol-controlled resources. If none, state that explicitly.
- (e) Control surface reliance — If any, briefly describe the anticipated or possible evolution of the protocol's governance/control model.
- (f) Dissolution authority — State who can dissolve/wind up the DAO and by what mechanism (e.g., on-chain vote threshold, board resolution of a legal wrapper).
(a) IP ownership & control
Onchain governance (xOGN holders) controls the protocol smart contracts. The Origin IP and brand are held by Origin Protocol Labs (Cayman); the code is publicly available on GitHub (github.com/OriginProtocol), with portions licensed under the Business Source License (BUSL).
(b) Contract/admin powers
On-chain governance uses token-weighted xOGN voting. Proposals currently require 250,000 xOGN. Proposals require 20% quorum and a simple majority to pass. Voting begins after a 1-day delay, and approved proposals are subject to a 2-day timelock before execution. Base is administered by a 5/8 multisig held by Origin founders, team members, and trusted contributors. No other material changes to this control model are currently anticipated.
(c) Locked-token rights (conditional)
OGN is staked (locked 1 month to 1 year) to receive xOGN; voting and economic power scale with amount staked and lock duration. xOGN holders vote on governance proposals and earn revenue-funded rewards; early unstaking incurs a penalty. xOGN holders cannot seize the treasury or change core parameters outside the governance process.
(d) Current tokenholder governance rights and economic arrangements
The protocol smart contracts, including protocol revenue, are governed 100% by xOGN holders through on-chain voting, with no additional organizational rights or responsibilities attached to the token. Since June 30, 2025, 100% of net protocol revenue is used to market-buy OGN, and buyback-sourced rewards are distributed to xOGN stakers; value accrues via buybacks and staking rewards.
(e) Control surface reliance
On Ethereum mainnet, governance runs through xOGN token-weighted on-chain voting, and approved changes execute through a timelock enforcing a mandatory 2-day delay. Deployments on other networks (e.g., Base) are administered by a 5/8 multisig. No material changes to this control model are currently anticipated; extending on-chain governance to deployments on other networks could be considered in the future depending on the growth of Origin's products on those chains and the evolution of the roadmap. The staking program has moved toward revenue-funded rewards (no new emissions) and broader governance participation (e.g., the University Governance Program).
(f) Dissolution authority
Onchain governance is not a separate legal entity and has no codified on-chain dissolution mechanism. Wind-down of the associated legal entities would be governed by their constitutional documents.
Primary Foundation
For the Primary Foundation do the following independently. If a Foundation does not exist, state so for each sub question. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. Definition: The primary Foundation can be explained as the entity which is directly involved in the issuance of the native token at launch.
- (a) Entity — Type and jurisdiction.
- (b) IP ownership & control — What IP the entity owns/controls (repos/code, trademarks/brand; license optional)
- (c) Powers over DAO, treasury, protocol-controlled resources, and token administration — If any, describe the current powers over DAO governance, treasury actions, protocol-controlled resources (e.g. revenue), token administration, or reward parameters, and the method/threshold for each.
- (d) Powers over DevCo — Explain whether the foundation can exert direct or indirect influence over decision-making of the DevCo.
- (e) Contract/admin powers — Pause/upgrade/governance-executor authorities, and the method/threshold for each (e.g., veto/majority/super-majority).
- (f) Current economic arrangements and distribution policies — Describe any current governance-approved, contractual, or programmatic mechanisms, if any, by which protocol-controlled resources, treasury assets, fees, revenue, rewards, or token distributions may be directed to this entity, its equityholders, contributors, or other participants. If no such mechanism currently exists, state that explicitly.
(a) Entity
Not applicable - no foundation was involved in the issuance of OGN at its 2018 launch. Under the definition above (entities directly involved in issuance of the native token at launch), there is no Primary Foundation for this filing. While no foundation existed at launch, the primary corporate entity for the project is Origin Protocol Labs, a Cayman Islands exempted company, which holds the Origin IP and brand (see Section 5).
(b) IP ownership & control
Not applicable - no Primary Foundation exists. The equivalent disclosures for Origin Protocol Labs are provided in Section 5 (Primary DevCo).
(c) Powers over DAO, treasury, protocol-controlled resources, and token administration
Not applicable - no Primary Foundation exists. The equivalent disclosures for Origin Protocol Labs are provided in Section 5 (Primary DevCo).
(d) Powers over DevCo
Not applicable - no Primary Foundation exists. The equivalent disclosures for Origin Protocol Labs are provided in Section 5 (Primary DevCo).
(e) Contract/admin powers
Not applicable - no Primary Foundation exists. The equivalent disclosures for Origin Protocol Labs are provided in Section 5 (Primary DevCo).
(f) Current economic arrangements and distribution policies
Not applicable - no Primary Foundation exists. The equivalent disclosures for Origin Protocol Labs are provided in Section 5 (Primary DevCo).
Primary DevCo
For the Primary DevCo do the following independently. If an entity does not exist, state that explicitly across each sub-question. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. Definition: The primary DevCo can be explained as the entity which is directly involved in the issuance of the native token at launch.
- (a) Entity — Type and jurisdiction.
- (b) IP ownership & control — What IP the entity owns/controls (repos/code, trademarks/brand; license optional)
- (c) Powers over DAO, treasury, protocol-controlled resources, and token administration — If any, describe the current powers over DAO governance, treasury actions, protocol-controlled resources (e.g. revenue), token administration, or reward parameters, and the method/threshold for each.
- (d) Powers over Foundation — Explain whether the DevCo can exert direct or indirect influence over decision-making of the Foundation.
- (e) Contract/admin powers — Pause/upgrade/governance-executor authorities and the method/threshold for each (e.g., veto/majority/super-majority; "3/5 multisig").
- (f) Current economic arrangements and distribution policies — Describe any current governance-approved, contractual, or programmatic mechanisms, if any, by which protocol-controlled resources, treasury assets, fees, revenue, rewards, or token distributions may be directed to this entity, its equityholders, contributors, or other participants. If no such mechanism currently exists, state that explicitly. Do not discuss hypothetical future dividends, repurchases, or distributions unless formally adopted.
(a) Entity
Origin Protocol Labs - Cayman Islands exempted company.
(b) IP ownership & control
Labs owns the Origin platform IP and brand. Protocol repositories are publicly available on GitHub (portions licensed under BUSL).
(c) Powers over DAO, treasury, protocol-controlled resources, and token administration
Control of the protocol smart contracts on Ethereum rests with xOGN holders through decentralized on-chain governance (see Section 3). Governance parameters (verifiable on-chain): proposal threshold of 250,000 xOGN (recently increased from 100,000 xOGN by an executed governance action), 20% quorum, simple majority, 1-day voting delay, and a mandatory 2-day execution Timelock. Labs' actual (non-unilateral) touchpoints with the control surface are: (i) Labs-affiliated contributors develop protocol code and may submit governance proposals, subject to the same xOGN proposal threshold, quorum, and 2-day Timelock as any other tokenholder; (ii) 4 individual Labs core-team members serve as signers on the 5/8 multisig that administers deployments on non-Ethereum networks (e.g., Base); and (iii) entity treasury holdings of OGN/xOGN carry voting power in governance (see the concentration disclosure in Section 12).
(d) Powers over Foundation
Not applicable - see Section 4 (no Primary Foundation under the filing's launch-issuance definition).
(e) Contract/admin powers
Governance decisions are determined through xOGN-weighted voting (thresholds and quorum quantified in Sections 3b and 5c) and become executable once the mandatory 2-day Timelock expires. The Timelock also serves as the proxy administrator for the core Ethereum contracts. A separate 2/8 Guardian multisig, held by the same signers as the 5/8, may pause protocol operations and allocate funds among governance-approved strategies; it cannot withdraw funds from the protocol, upgrade the contracts, or approve new strategies. Deployments on other networks (e.g., Base) are administered through 2-day Timelocks controlled by a 5/8 multisig. Newly deployed contracts may initially use the 2/8 multisig as proxy administrator during setup, but control is transferred to the applicable Timelock before user funds are accepted.
(f) Current economic arrangements and distribution policies
Contributors and service providers are compensated through ordinary-course arrangements: cash compensation (fiat/stablecoin) and, in some cases, OGN token grants, funded from Origin Protocol Labs' corporate assets, which are expected to provide a multi-year runway. Protocol fees and the on-chain treasury do not fund Labs or its equityholders: since June 30, 2025, 100% of net protocol revenue has been used to market-buy OGN for distribution to xOGN stakers, and no protocol revenue or treasury distributions are made to Labs' equityholders as such (no dividends or similar distributions). To the extent Labs stakes its own treasury OGN as xOGN, it receives buyback-funded staking rewards on the same terms as any other xOGN staker (see the concentration disclosure in Section 12).
Token Supply & Allocations
Initial Allocation
Download the Worksheet, enable macros, complete the Initial Allocation sheet, then use Convert To CSV to export the file for import here. To make edits after importing, update the worksheet, use Convert To CSV again, then re-import the new CSV.
Ticker | Date | Allocation Category Name | Recipient Type | Allocation % | Allocation Tokens | TGE Unlock % | TGE Unlock Tokens | Cliff Months | Cliff Unlock % | Linear Vesting Months | Cadence Months | Circulating Treatment | Notes on what each category is used for | If applicable: Contract / Wallet address |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
OGN | 10/1/18 | Foundation Reserves | Treasury | 0.116481588134886 | 164200000 | 0 | 0 | 15 | 0.01 | 48 | 1 | Conditional | Treasury/ecosystem reserves deployed (liquidity, ecosystem incentives); legacy portion of the current Foundation bucket. Historical schedule complete; no unlocks remain. | |
OGN | 10/1/18 | Strategic (Private) Round | Private / VC | 0.168479763593395 | 237500000 | 0 | 0 | 15 | 0.06 | 24 | 3 | Yes | Private-sale investors (SAFT, 2018; ~$28.5M raised). 23.75% of the original 1B launch supply. Fully vested. | |
OGN | 10/1/18 | Team | Insiders | 0.211681521921133 | 298400000 | 0 | 0 | 18 | 0.05 | 48 | 1 | Conditional | Core contributors; multi-year monthly vesting. Fully vested; a substantial portion is staked as xOGN. | |
OGN | 10/1/18 | Ecosystem Growth | Ecosystem | 0.130172785765844 | 183500000 | 0 | 0 | 15 | 0 | 48 | 1 | Conditional | Grants, partnerships, and incentives. Historical schedule complete; no unlocks remain. | |
OGN | 10/1/18 | CoinList (Public) Round | Public / Sale | 0.0343344023491382 | 48400000 | 0 | 0 | 15 | 0.06 | 24 | 3 | Yes | Public token sale (CoinList, Sep 2018; ~$6.6M raised). 4.84% of the original 1B launch supply. Fully vested. | |
OGN | 10/1/18 | Advisor Round | Private / VC | 0.0310712153490135 | 43800000 | 0 | 0 | 15 | 0.06 | 24 | 3 | Yes | SAFT Pre-Sale 1 (Nov 2017; $3.0M raised). 4.38% of the original 1B launch supply. Fully vested. | |
OGN | 10/1/18 | Advisors | Insiders | 0.0119886652830669 | 16900000 | 0 | 0 | 18 | 0.1 | 12 | 1 | Yes | Advisor compensation token grants (two-year monthly vesting). 1.69% of the original 1B launch supply. Fully vested. | |
OGN | 10/1/18 | Long-term Partnership | Other | 0.00517853589150226 | 7300000 | 0 | 0 | 14 | 0.07 | 24 | 1 | Yes | Non-refundable exchange long-term partnership payments (Dec 2019 - Jan 2022). 0.73% of the original 1B launch supply. Fully completed, no vesting or lock. | |
OGN | 10/1/18 | OGV-to-OGN Merger Mint (2024) | Community | 0.29061152171202 | 409664846 | 0 | 0 | 67 | 1 | 0 | 0 | Yes | One-time mint 67 months post-TGE (migration opened May 28, 2024) at fixed ratio 1 OGV = 0.09137 OGN to consolidate OGV into OGN. Brings total supply to 1,409,664,846; migration remains open for unconverted OGV. | |
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Airdrop Process
State the project's airdrop status plainly, and back it up:
- Never conducted and none planned for TGE: state so plainly.
- Planned but not yet executed: state the target user segments (e.g., "stakers of X," "Aave users") and the allocation method (e.g., proportional to balance or net position), and commit to publishing a recipient wallet list in a public channel and providing it to Blockworks quarterly until the initial TGE airdrop is fully completed.
- Already executed: state the covered user segments and the allocation method, and point to a per-address source such as CSV/TSV/JSON files, a Dune table, a full Merkle dump, GitHub repo files embedding per-address allocations, or RPC endpoints that expose claim/amount data; explorer links alone do not count.
OGN launched via public/private sale in 2018, not via an airdrop, and no OGN airdrop is planned or pending. The predecessor governance token OGV (since consolidated into OGN) was airdropped in July 2022 as a snapshot-based Merkle distribution executed through two on-chain distributor contracts. Covered segments and method: (1) OGN holders, distributed pro-rata to snapshot holdings, plus OUSD liquidity-mining participants, distributed pro-rata to liquidity multiplied by blocks participated during the campaign (33,839 addresses; ~748.9M OGV), claimable on-chain via the OptionalLockupDistributor at 0x7aE2334f12a449895AD21d4c255D9DE194fe986f; (2) historical OUSD/wOUSD holders, weighted by amount and duration held, delivered as mandatorily locked veOGV (3,663 addresses; 400M OGV) via the MandatoryLockupDistributor at 0xD667091c2d1DCc8620f4eaEA254CdFB0a176718D. Per-address source (GitHub, full Merkle dump with address, amount, and proof): https://github.com/OriginProtocol/ousd-governance - files scripts/1_data/optional_lockup_claims.json (Merkle root 0xd673d841af2fb506b28a4783c7c471172b3d2f1c4f54bb57cfd4277bbe83509b) and scripts/1_data/mandatory_lockup_claims.json (Merkle root 0x986c55fab27288e81c33482ea4f15f9557e3d60eb4e4b11fed1897e8167feda7); each root is verifiable against the corresponding distributor contract's constructor on-chain. Those OGV positions later converted to OGN via the OGV-to-OGN migration (opened May 28, 2024; 1 OGV = 0.09137 OGN; open-ended); per-address migration data: https://dune.com/queries/3798899/12086038. Because OGN is now the project's single token following the OGV consolidation, there is no pending or planned TGE airdrop for OGN and all prior distributions are complete.
Transactions & Market Structures
Market Maker Agreements & Deals
Projects must disclose all material terms of market-making arrangements that affect token liquidity. If the project has no agreements or deals with market makers, state that explicitly. For each market maker, include in a table:
- (a) Market maker's name — the market maker's name;
- (b) Token allocation or loaned amount — the token allocation or loaned amount as a percentage of total supply;
- (c) Duration/term of agreement — the duration/term of the agreement; and, where applicable,
- (d) Name of agreement structure — label the financial vehicle being used in the agreement (i.e. loan, option/call, retainer model).
If no native tokens were loaned or allocated to market makers, state that explicitly; cash/fiat retainers or fees are not required for (b).
Market Maker Name | Token Allocation Committed | Term Duration | Structure Name |
|---|---|---|---|
Name withheld under a contractual confidentiality provision covering information relating to the agreement. | No OGN has been loaned or allocated to any market maker as its own. ~0.5% of total supply is held in dedicated MM sub-accounts with Origin retaining full ownership at all times. | 6-month term, auto-renewing | Retainer (market-making services); fiat retainer |
Exchange Agreements & Deals
Projects must disclose all material terms of centralized or decentralized exchange listings that affect token liquidity. For each listing, include in a table:
- (a) Exchange name / DEX pool — the exchange name (and, for DEX, the specific pool/pair);
- (b) Token allocation for listing — the token allocation supplied or committed for listing as a percentage of total supply;
- (c) Term Duration — the duration/term of any listing lockups, liquidity, or incentive programs; and, where applicable,
- (d) Native-token listing fees — whether any listing fees were paid in native tokens, with amounts (tokens or % of supply), recipients, and any vesting or lock terms tied to the partnership.
If the project has no agreements or deals with CEX or DEX, state that explicitly; doing so earns full credit; cash/fiat fee amounts are not required for this item.
Exchange Name | Token Allocation Committed | Term Duration | Native Token Listing Fees |
|---|---|---|---|
OGN trades on major global venues — including Binance, Coinbase, Upbit, HTX, Gate.io, KuCoin, and various DEXes, among others — all publicly observable on CoinMarketCap/CoinGecko. The counterparty to the any listing agreement(s) involving native-token payments cannot be identified here: as any agreement(s) contain confidentiality provision(s) prohibiting disclosure. | None currently committed. | All token-related listing arrangements concluded by 2022. | 7,331,378 OGN (0.73% of the 1B launch supply; the 'Long-term Partnership' allocation in Q6) paid from 2019 - 2022, fully completed, with no vesting or lock. |
Financial Disclosures & Risks
Prior Token Sales & Fundraising
Disclose all prior token sales by the Project — including fundraising rounds, any material OTC sales to investors, and any discounted market-maker sales. For each sale, provide:
- (a) Series Name;
- (b) Early-Stage Investment Instrument used (i.e. SAFT, STAMP, SAFE, SAFE+Token Warrant, etc.);
- (c) Date of sale (at least month & year);
- (d) Number of tokens sold (or % of total supply);
- (e) Vesting schedule.
If no prior sales occurred, state that explicitly (e.g., "No prior fundraising, OTC, or discounted MM sales have occurred.").
Series Name | Investment Instrument | Date Of Sale | Number of tokens sold | Vesting Schedule |
|---|---|---|---|---|
Strategic (Private) Round | SAFT | Sep 2018 | 237,548,025 (23.75%); ~$28.5M raised | Fully vested |
CoinList Public Sale | Public token sale (CoinList) | Sep 2018 | 48,400,000 (4.84%); ~$6.6M raised | Fully vested |
Advisor Round / Advisors | Token Grant / SAFT | Nov 2017- Sep 2018 | 43,809,524 (4.38%) + 16,887,499 (1.69%) | Fully vested |
Previous Exploits Affecting The Native Token
If any, list prior exploits or incidents that directly affected the token, token supply, tokenholder balances, token contract, minting controls, burn mechanics, or custody of token supply. This question is not asking about general protocol, application, or smart contract exploits unless the incident directly affected the native token itself. If no prior incidents, state this explicitly (e.g., "No exploits affecting tokenholders or protocol funds as of YYYY-MM-DD").
- (a) Date & component affected — Date (YYYY-MM or YYYY-MM-DD), chain(s)/component affected.
- (b) Exploit vector summary — Plain-language summary of the exploit vector (what the hack was).
- (c) Quantified impact — Quantified impact (assets/tokens affected or a clear "no loss of funds" statement).
- (d) Remediation/response taken — Remediation/response taken (patches, upgrades, governance actions, compensation).
- (e) Current status — Current status (resolved, in litigation, under investigation, refunded, etc.).
- (f) References — Link(s) to post-mortem/advisory/PR.
(a) Date & component affected
No exploits have affected the OGN native token, its token contract, token supply, tokenholder balances, minting/burn controls, or custody of token supply as of 2026-08-03.
(b) Exploit vector summary
N/A - no exploits have occurred.
(c) Quantified impact
N/A - no exploits have occurred; no loss of funds.
(d) Remediation/response taken
N/A - no exploits have occurred.
(e) Current status
N/A - no exploits have occurred.
(f) References
N/A - no exploits have occurred.
Material Risk Factors (Regulation, Technology, Token Economics)
Describe material risk factors across the three categories below. Each category includes prompts to address at a minimum.
-
(a) Regulatory, Legal & Tax Risks — Describe how evolving laws and regulations could affect the project by answering, at a minimum, questions like:
-
Impact of Regulatory Change on TGE and Listings: (If applicable) How could evolving or conflicting laws and regulations affect your ability to complete the TGE, deliver tokens to purchasers, and list or maintain the token on trading venues in key jurisdictions?
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Entity-Level Regulatory Impact: (If applicable) How could regulatory or legal changes impact your core entities (Foundation, DevCo, DAO, affiliated service providers), including enforcement actions, licensing requirements, or forced changes to structure or operations?
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Tokenholder Tax Treatment: (If applicable) What uncertainties exist around how tokenholders may be taxed, and make clear that tokenholders are responsible for understanding their own tax obligations?
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Jurisdictional & User Access Restrictions: (If applicable) If the project restricts access for certain jurisdictions or user types (e.g., U.S. persons, sanctioned countries, retail vs. professional), what are those restrictions and what risks do they create for users and for the project?
-
(b) Protocol, Technology & Security Risks — Describe risks to network and contract reliability, correctness, and safety by answering, at a minimum, questions like:
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Bugs and Design Flaws: (If applicable) What bugs, design flaws, or implementation errors could exist in your core protocol code, smart contracts, and any bridges, rollups, or oracles that you depend on, and how could these lead to loss of funds or disruption of the protocol?
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Security Measures & Their Limitations: (If applicable) What security measures have you taken (audits, formal verification, bug bounties), and what types of failures might these measures still fail to detect or prevent?
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(c) Token Economics, Unlocks & Incentive Risks — Describe how the token's economic design and supply schedule could affect holders by answering, at a minimum, questions like:
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Critical Economic Assumptions: (If applicable) Which economic assumptions (e.g., staking yields, fee revenue, liquidity incentives, MEV capture, demand for blockspace) are critical for protocol security, utility, and governance, and what happens if those assumptions fail?
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Governance Control over Monetary Policy & Rewards: (If applicable) To what extent can governance change monetary policy, fee parameters, or reward allocations (e.g., inflation rate, treasury flows, incentive programs), and how could such changes adversely affect tokenholders?
(a) Regulatory, Legal & Tax Risks
Impact on TGE/listings - OGN launched in 2018; evolving and conflicting token/securities classifications in the US, EU (MiCA), and Asia could affect the ability to maintain exchange listings or operate certain products in key jurisdictions. As a mitigating factor relevant to delistings, OGN has permissionless DEX liquidity, which reduces reliance on any single centralized listing venue. Entity-level - Origin operates globally. Enforcement actions, new licensing requirements, or forced restructuring in relevant jurisdictions could materially affect operations. Tokenholder tax - The tax treatment of holding, staking (xOGN), and buyback-funded rewards is uncertain and varies by jurisdiction; tokenholders are solely responsible for understanding and meeting their own tax obligations. Jurisdictional / user-access restrictions - Product front-ends may restrict access for certain jurisdictions or user types (e.g., US persons, sanctioned countries); geofencing and compliance limitations create risk for users and the project.
(b) Protocol, Technology & Security Risks
Bugs & design flaws - Smart contracts, AMM peg mechanics, and cross-chain dependencies (e.g., Circle CCTP) could contain bugs or design flaws leading to loss of funds, depegs, or disruption. Security measures & limitations - Origin uses audits (including OpenZeppelin, Trail of Bits, Sigma Prime, Nethermind, Certora, and yAudit), a $1M Immunefi bug bounty, and a 2-day timelock on core product upgrades. These reduce but cannot eliminate risk and may not detect novel economic attacks, cross-chain/oracle failures, or multisig key-management failures.
(c) Token Economics, Unlocks & Incentive Risks
Critical economic assumptions - The buyback-and-staking flywheel depends on sustained protocol revenue and TVL. If revenue or TVL declines, OGN buy pressure and xOGN staking rewards fall correspondingly. Concentration - A meaningful share of OGN/xOGN is held by long-term aligned holders, including the company and team, which can influence governance outcomes and market dynamics. Holders should be aware of this concentration. A substantial portion of these large-holder positions is, however, staked as xOGN under time-locks with early-unstake penalties - committed, long-duration capital rather than readily sellable supply. Governance over monetary policy & rewards - xOGN governance can change how protocol revenue is deployed, buyback policy, and reward parameters. No new emissions exist today; monetary parameters can only be changed through decentralized on-chain governance and the 2-day Timelock, whose mandatory delay gives tokenholders time to observe and respond to any proposed change before it takes effect.
This Token Transparency Filing is provided for general informational purposes only. Blockworks reviews completeness only and does not verify or warrant the accuracy of individual answers. Origin Protocol is solely responsible for the content, accuracy, and legality of its disclosures.