Summary:
This proposal would see the addition of the [OUSD, [3Pool]] metapool to the Curve.fi UI.
Abstract:
Origin Dollar or OUSD is a stablecoin that automatically distributes DeFi yields to users wallets in the form of positive supply increases. The price of OUSD stays pegged at ~$1, but additional units of OUSD show up automatically in your wallet as yield is generated by the protocol. OUSD is 100% backed by a basket of USDC, USDT, and DAI and can be redeemed for these stablecoins at any time. As of now, the circulating supply of OUSD is over $19M. OUSD is listed by KuCoin and VirgoX and has ~$4M of liquidity on Uniswap (v2, v3) in addition to the ~$5M in liquidity on Curve.
The governance token of Origin Dollar is OGN, which is listed on Coinbase, Binance, Huobi, Uniswap, SushiSwap, and Cream Finance.
Motivation:
After launching on July 20th, the OUSD Metapool has already reached over $5M in TVL and hundreds of thousands of dollars in trading volume. This is one of the most liquid and fastest growing Curve Metapools.
The OUSD + 3crv pool is currently available at 0x87650d7bbfc3a9f10587d7778206671719d9910d and can be accessed via crv.to and crv.finance.
Being on curve.fi will help users find OUSD for trading compared to the lesser known curve factory sites, as well as increase the liquidity of the pool and user trust in OUSD.
We plan on additional incentives in the form of generous OGN rewards to the OUSD + 3crv pool after listing on the Curve.fi UI. If the Curve community is supportive, we’d like to use the Curve gauge to distribute CRV + OGN rewards to all liquidity providers. Pending approval from a community vote, we project we will distribute 15M OGN (1.5% of total OGN supply) to Curve LPs over the next year. Upon listing, we intend to distribute 2M OGN per month to LPs for the first three months, then 1M OGN per month for the next 9 months. Of course, we plan on evaluating the campaign after each month to make any necessary adjustments on an as-needed basis.
Specification:
OUSD is a fully-backed synthetic stablecoin with an elastic supply.
OUSD is minted when an equivalent amount of USDC, USDT, and/or DAI is deposited in the OUSD Vault. The capital in the OUSD Vault is deployed on DeFi protocols such as Curve, Compound, and Aave to earn yield on behalf of OUSD holders. Yield is distributed directly to user wallets (EOAs only) in the form of additional units of OUSD via an elastic supply mechanism. Only positive supply changes are possible under normal operation. OUSD supplied to pools is not subject to an elastic supply or these supply changes. The OUSD elastic supply mechanism would have no impact on the OUSD + 3crv pool.
Audits:
OUSD has been audited by multiple, well-respected security firms. We have worked with Trail of Bits, Solidified, and Certora to audit all of the code that powers Origin Dollar. Their findings are available below:
Links:
