Announcing the First OGV Buyback for veOGV Holders

This post was originally published here

Since launching Origin Dollar Governance (OGV) in mid-July, we’ve been thrilled by the community’s support, adoption, and comprehensive feedback regarding this fresh addition to the Origin ecosystem.

We’re proud to announce the first buyback of OGV using accrued protocol fees to reward veOGV holders. Despite the macroclimate, many community members have elected to stake their OGV for up to four years. If nothing else, this reinforces the strength of the Origin community and the dedication to realizing our shared vision of OUSD’s growth together.

As explained in our previous breakdown, OGV serves as both a governance token and value accrual token for Origin Dollar (OUSD).

Users who’ve locked up their OGV in return for non-transferable veOGV will now be able to reap the rewards of their commitment as we initiate the first buyback of OGV using the OUSD accrued thus far.

If you’re in need of a refresher, check out our cofounder Josh Fraser’s recent presentation at ETH Seoul.

On Wednesday, September 21st, we will begin deploying the accrued OUSD to buy back OGV directly on the market to execute the first in an ongoing schedule of buybacks. Given that the WETH/OGV Uniswap pool currently contains ~$120k, this purchase amounts to over 15% of available liquidity on the pair.

Figures aside, it’s important to keep in mind that the primary purpose of this buyback is to distribute reacquired OGV to veOGV holders, which will comprise the final and most exciting leg of this process.

We’re conducting this first buyback manually, and going forward, buybacks will continue on a recurring basis.

We’ve made incredible progress over the last year, directed by the invaluable input of our community. Both Story and OUSD continue to thrive in these conditions, affirming our belief that these technologies will continue to disrupt fresh frontiers and drive authentic utility in years to come. This is all made possible by a community determined to weather and overcome any storms on the road to realizing this vision.

If you’d like to benefit from triple-digit APYs currently offered by OGV and contribute to shaping the future of OUSD through Origin’s token governance, please visit our earlier guide on staking OGV via the governance portal.

OGV has several active markets and can be purchased both via centralized exchanges and Uniswap.

Should you purchase OGV via a decentralized exchange, please ensure that the token contract is correct.

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