Origin Dollar

From DefiLlama
Jump to navigation Jump to search

Origin Dollar (OUSD) is a new stablecoin that was initially launched in September 2020 on the Ethereum network. Its design is superior to existing stablecoins because OUSD captures competitive yields while being passively held in wallets

How it Work?

100% Backed and Stable

  • Origin Dollar (OUSD) is an ERC-20 compliant token for the Ethereum network.
  • OUSD is a stable currency that is backed 1:1 by other stablecoins like USDT, USDC and DAI. As a result, 1 OUSD should always be very close to 1 USD in value.

Buying OUSD

  • Users can convert their existing stablecoins (currently USDT, USDC, and DAI) to OUSD at the official Origin Dollar DApp. Received OUSD begins accruing compounding yield immediately.

Selling OUSD

  • Users can convert their OUSD back into other stablecoins at any time using the Origin Dollar DApp.
  • A 0.25% exit fee is charged upon redemption with the vault. This fee is distributed as additional yield to the remaining participants in the vault (ie. other OUSD holders).

Automated Yield Farming

OUSD generates yields by deploying the underlying stablecoins that were deposited to the OUSD smart contract to other DeFi protocols such as Compound, Aave, and Curve. There may be new diversified strategies added to the vault in the future. Collected interest, trading fees, and rewards tokens are pooled and converted to stablecoins to produce OUSD-denominated yields. Over time, the protocol will move assets in and out of different liquidity pools in order to provide the best yield to the holders of OUSD.

Elastic Supply

The generated returns are passed on to the holders of OUSD via constant rebasing of the money supply. OUSD constantly adjusts the money supply in response to the yield the protocol has generated. This allows the price of OUSD to stay pegged at $1 while the balances in token holders' wallets adjust in real-time to reflect yields that have been earned by the protocol.