Origin Protocol Announcements

🔥 Origin Dollar is currently earning 97.98% APY. Upgrade your stablecoins to OUSD and start earning easy DeFi returns. ousd.com

Our formal snapshot proposal for Cream.Finance is now live for voting. ⏰ Voting ends on Jan 13th, so cast your vote now! https://vote.cream.finance/#/cream/proposal/Qmcg6bi4Tn5hYmtVCcxtVnEJnLX91KbxhQHKiGYcdJL1MB

Hey OGN holders, we’re working on getting OGN added as a supported collerateral asset on Cream. This will allow you to earn interest or borrow against your OGN holdings. We would appreciate if our supporters would leave a comment in support. https://forum.cream.finance/t/list-origin-protocol-ogn-as-a-collateral-asset/439

🎉 Origin Dollar is back! We remain committed to our vision of a superior stablecoin for the Ethereum network. Despite the setback, we are returning with renewed confidence & an upgraded product. Start earning now at http://ousd.com. https://medium.com/originprotocol/origin-dollar-ousd-relaunches-to-offer-hassle-free-defi-returns-b8ee0c601dad

🗓 Our December Token Holder Update is Live! This past month, we launched Origin Staking to enable OGN supporters to earn yield while holding their tokens. We also released a detailed OUSD compensation plan as we prepare for our upcoming OUSD relaunch. For full details visit our blog.

Important: If you are currently staking OUSD in Snow Swap’s Dancers pool, we encourage you to unstake immediately. As we are preparing to relaunch OUSD soon, existing account balances will be reset to zero in the next 24 hours. If you don’t unstake your old OUSD balances, you may be unable to claim your SNOW rewards.

📈Earn up to 25% yield by staking your $OGN with flexible terms. We’re pleased to offer a highly-competitive maximum annual yield for our long-term stakers. ousd.com/stake

🎄🎁 Merry Christmas & Happy Holidays Originators! On behalf of the entire Origin team, we wish everyone a wonderful holiday season. 💙 Please note: While our Telegram channels will continue to be moderated over the Christmas holidays as well as New Year break, response times may be longer than usual.

🎥 Got some OGN? Here's a quick tutorial on how you can participate in Origin Staking. https://www.youtube.com/watch?v=oY6r0OYwbUE

Origin Staking Is Now Live at ousd.com/stake! OGN holders can now stake their tokens to earn highly-competitive returns. Stake OGN today to earn up to 25% yield. 🔹7.5% APY for 30 days 🔹12.5% APY for 90 days 🔹25% APY for 365 days https://medium.com/originprotocol/stake-origin-tokens-ogn-to-earn-up-to-25-yield-c26db1970bbb

🎉 We are delighted to welcome TrustToken to our Dshop family! TrustToken fans can now enjoy official TrustToken merchandise with $TUSD, $TRU, $OGN, $ETH, $DAI, and credit card payments. Visit merch.trusttoken.com

🙌 Here's our detailed compensation plan for OUSD holders. We appreciate everyone’s patience as we worked to develop a detailed plan for providing compensation equal to 100% of the value deposited to OUSD at the time of the exploit. https://medium.com/originprotocol/origin-dollar-ousd-detailed-compensation-plan-faa73f87442e

🗓 November Token Holder Update This month was a tough month for the Origin team. In this update, we share the latest news on how Origin is responding to the hack and overcoming this major setback. $OUSD is here to stay and we're committed to doing right by our users. https://medium.com/originprotocol/november-2020-origin-token-ogn-holder-update-ac27dcbdb9c9

Updated at 10:26AM UTC 11.25.2020 (Josh Fraser) We want to share a rough timeline on when to expect full details regarding the compensation plan for the OUSD hack. Our current estimate is that it will take about 2 weeks to have a plan ready to share. It may take longer, but we hope to get it done faster. In approximately 2 weeks, we expect to be able to share our proposal for when and how affected parties will be reimbursed. The actual reimbursement will then happen at a later time. There are a lot of varying situations that we are trying to understand, so that we can structure a proposal that is fair to everyone. For example, we are collecting and analyzing data to understand how many people fall into each of the following categories: - Users that have held OUSD in their wallets since the attack - Liquidity providers on SushiSwap, Uniswap, or Mooniswap - SnowSwap stakers - Virgox users - Traders who sold or bought OUSD, despite being repeatedly told not to We understand that people are anxious to know how compensation will work and whether they will be eligible. We will be sharing our proposal for community feedback. We want to make sure we are thinking through all of the scenarios and designing a plan that is fair to everyone while moving as quickly as possible. In addition, we will be sharing updates less frequently as we move into this next phase. Even if we aren’t able to share all the details publicly, know that there is still a lot of progress being made behind the scenes. Our team continues to be focused on recovering funds, collecting and analyzing data, structuring the compensation plan, fixing the security issues with OUSD, and getting OUSD ready for re-launch. Thank you for your patience and support during this time. https://medium.com/originprotocol/urgent-ousd-has-hacked-and-there-has-been-a-loss-of-funds-7b8c4a7d534c

Updated at 4:45PM UTC 11.20.2020 (Matthew Liu) We wanted to update the community on our user compensation scenario. While we are confident that there is a path to recovering the capital that was lost, we have begun contingency planning in parallel. Regardless of whether we are able to recover user funds from the attacker, we are committed to doing right by our users. Over one or more payment installments, the company intends to provide compensation equal to 100% of the value deposited to OUSD by OUSD holders at the time of the exploit. The payment methods, mechanics, and timing are still being structured, so we will need additional time to release the finalized compensation program specifics. We have begun engineering efforts to reconstruct the state of OUSD balances in user wallets and liquidity pools (e.g. AMMs) at the time of the attack and shortly thereafter. This data capture and analysis will be ongoing, and we plan to offer transparent snapshots once this work has been completed. We ask that you remain patient with us as we continue working through the data in the next couple of weeks. Completing this work is a prerequisite to launching our full compensation plan. Importantly, we are not intending to mint or sell any OGN to fund the compensation plan. We also want to assure our OGN token holders that we will still be in a financially sound position to continue operating the Origin Platform (e.g. Dshop, new commerce products, and the next version of OUSD) even if we have to resort to the contingency plan. Just as importantly, we want to reiterate that we are committed to making OUSD a successful product. We will make sure our users are made whole and plan to aggressively continue building out the product and accompanying ecosystem. We will also be upgrading our smart contracts and engaging in additional audits before re-launching OUSD. Despite being launched less than two months ago, OUSD has quickly demonstrated signs of product-market fit. In the two days prior to the hack, OUSD circulating supply had more than tripled while returning APYs at 50+%. We believe OUSD will be one of the foundational products in DeFi and peer-to-peer commerce over time. OUSD will accrue tremendous value to OGN holders through governance privileges and potential fees. As a team and community, we will overcome this setback and take OUSD and OGN to new levels in the near future. https://medium.com/originprotocol/urgent-ousd-has-hacked-and-there-has-been-a-loss-of-funds-7b8c4a7d534c

Updated at 7:47am UTC 11.19.2020 (Josh Fraser) We are offering a bounty of $1,000,000 USD to anyone that supplies substantial information or evidence leading to the return of customer funds. Payouts (if multiple individuals are involved) will be weighted by their relative contributions. If you have any information that may help us identify the attacker or recover the lost funds, please contact security@originprotocol.com immediately. Any bounties will be granted at the full discretion of Origin Protocol. To the hacker, we believe you’ve made your point to us and our community. Developers deploying untested contracts before essential security audits have been completed need to be more comprehensive and diligent when developing their products. Users hoping to make profits need to be more patient and take responsibility for their investment decisions to avoid being rekt. As the developers of the OUSD smart contracts, we do not care if you return company funds or the personal investments of our founders. We believe you demonstrated superior knowledge in identifying vulnerabilities in our work. We ask that you act in a white hat manner and return all funds from OUSD users. The total amount of deposits excluding our founders and company funds is $6,159,000.00. If you do this, we will immediately stop all efforts to identify you or pursue legal action. Remember that you are taking from those that have less. If you examine the wallet addresses that held OUSD, you will realize that many of our users are not degens or whales. Many OUSD users are new to DeFi and their losses can be life-altering in highly negative ways. It’s one thing to draw attention to smart contract vulnerabilities and teach developers the hard but necessary lesson for developing safe, secure, and battle-tested DeFi protocols. Keep Origin’s funds, but don’t punish our users, many of whom were new to crypto. Recovering customer funds remains our single highest priority. We will exhaust all avenues to achieve this goal. https://medium.com/originprotocol/urgent-ousd-has-hacked-and-there-has-been-a-loss-of-funds-7b8c4a7d534c

❗️IMPORTANT: DO NOT BUY OR TRADE OUSD.❗️ Urgent: OUSD Was Hacked and There Has Been a Loss of Funds https://medium.com/originprotocol/urgent-ousd-has-hacked-and-there-has-been-a-loss-of-funds-7b8c4a7d534c ⚠️ Note: New updates are being added to the original blog post. Please check there for the full details of each announcement. ⚠️ Original Post: Today we became aware of an incident involving our OUSD contracts. Immediately we’ve taken steps to disable the minting of OUSD while we investigate further. At this stage, it appears that we have been hacked and suffered a loss of funds. Our engineering team is conducting a thorough analysis as we speak. We will provide a more detailed update in the next 30 minutes. At this time, there has been a loss of funds of around $7M, including over $1M of funds deposited by Origin and our founders and employees. We will be working tirelessly until we can determine the cause of the exploit and whether we will be able to recuperate these funds. We are very incentivized to give 1000% in resolving the issue in whatever way possible. We have disabled deposits to the vault. Please do not buy OUSD on Uniswap or Sushiswap as the current prices do not reflect OUSD’s underlying assets. 1 - Updated at 5:15 AM UTC 11.17.2020 (Matthew Liu): In the last three hours, we've made progress understanding the attack and tracking the flow of funds from the vault to the attackers’ wallets. We are actively working on measures in an attempt to recoup the funds. 2 - Updated at 8:43 AM UTC 11.17.2020 (Josh Fraser): We are continuing to work to try and recover the funds. If you are still providing liquidity on Sushiswap, we advise that you should remove your funds as soon as possible. We also strongly advise that you do not attempt to buy or sell OUSD at this time. 3 - Updated at 10:38 AM UTC 11.17.2020 (Micah Alcorn) As promised in an earlier update, we wanted to provide a detailed walk-through of the attack on the OUSD vault that happened earlier today. We’ll follow up with a full post-mortem in the coming days to explore a variety of ways to prevent future attacks. For now, we want to quickly shed light on what happened. 4 - Updated at 10:15 PM UTC 11.17.2020 (Kay Yoo) We are currently focused on gathering data with the aim of recovering funds for our OUSD holders. We will continue to provide frequent updates with our findings. Please stay tuned. 5 - Updated at 03:16 AM UTC 11.19.2020 Recovering funds for our OUSD holders remains our single highest priority. While we continue those efforts, we're developing a plan to compensate users in the event that funds cannot be recovered. Look for another update within the next 24 hours. ❗️IMPORTANT: DO NOT BUY OR TRADE OUSD.❗️

🔥 OUSD is currently earning 52.45% APY. Future protocol fees generated by OUSD will accrue to OGN holders. Additionally, OGN holders will soon be able to participate in governance of the OUSD network.

💸 OUSD is currently earning 36.93% APY. Upgrade your stablecoins to Origin Dollars at http://ousd.com and experience the future of money.

🍣 We're excited to share that SushiSwap have included $OUSD in their latest menu of incentivized pools. You can now provide liquidity to the $OUSD / $USDT trading pair on SushiSwap to earn trading fees and $SUSHI rewards. Full guide on how to participate here: https://medium.com/originprotocol/sushiswap-adds-an-ousd-pool-earn-sushi-without-impermanent-loss-a70e395d5c0