The full report. Score, pillars, arithmetic, risk, scenario, signal and notes.
Research, not financial advice. Read the terms.
About Origin Protocol
Analysis of 11 Dec 2025Origin Protocol is a veteran Ethereum DeFi platform focused on yield-generating stablecoins and liquid staking tokens. Trading at $0.0349 in December 2025 with a market cap of $22.7 million, OGN ranks #696 on CoinMarketCap despite managing over $2 billion in total value locked across Origin Dollar (OUSD), Origin Ether (OETH), and Super OETH.
Full overviewShow less
The protocol achieved a major milestone in April 2025 by merging OGN and OGV tokens into a unified governance token, followed by launching a 100% revenue buyback mechanism in June 2025. With weekly buybacks doubled to $200,000 in July 2025 and OUSD transitioning to 100% USDC backing in November 2025, Origin demonstrates operational maturity.
However, the token trades 98.97% below its $3.39 April 2021 all-time high, reflecting severe market skepticism despite strong fundamentals.
