$OGV - Undervalued Gem sees Fees Surging + Strong Catalysts

A hidden gem 💎 secretly accruing value

🔥 TVL $100M+
🔥 MC $6.8M
🔥 Fees $5.5M
🔥 60ETH monthly buybacks

Here is my analysis + 10x catalyst 🧵👇

In this thread, I will cover the following topics:

• Metrics

• New Value Accural

• 3 Token Model

• Catalysts

• Conclusion

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🔷 Metrics 🔷

Market Cap

Since last year, @OriginDeFi is one of the OG LSD protocols that grew its TVL by 2x to $100M today.

Its MC stands at $6.8M with a very undervalued ratio of MC:TVL = 0.068

This ratio gets significantly lowered if the true circulating MC is considered with over 80% of $OGV staked

Fees

Fees grew ~200% in the past 180 days and with the governance proposal for a portion of the fees to buyback the $OGV tokens this would mean that the $OGV becomes increasingly attractive for holders.

Annualized fees are $5.5M

Actual circulating MC (excluding staked tokens) is only at $1.36M

Ratio of actual MC : Fees = 0.25

🔷 New Value Accural 🔷

Strong floor price

Price has been on an uptrend since the 17th Oct, where a governance proposal was made to allocate 10% of the yield earned from OETH to buy back OGV tokens on the open market.

Buyback and Distribute

The $OGV buybacks and yield distributions create additional incentives for people to stake OGV, while also putting buy pressure on OGV liquidity pools.

• These OGV buybacks occur every 2 weeks, with about 20 ETH from fees used to purchase tokens.

• Previously, a portion of fees from OUSD were used to buy back and redistribute OGV. Now OETH fees will also contribute to buybacks.

• Half of the fees from $OETH and $OUSD go towards accumulating $CVX, which helps boost yield on $OGV.

• Since $OETH has a larger total value locked (TVL), the $OGV buybacks from $OETH (around 60 ETH per month) are roughly 3x larger than previous buybacks solely from OUSD.

🔷 3 Token Model 🔷

OETH, OUSD, OGV

$OETH is the main drive force for @OriginDeFi. They launched OETH in 2023, which optimizes yields on staked ETH across LSD platforms and DeFi strategies

• OETH has attracted over $80 million in total value locked since its launch in May 2023, tripling Origin's total DeFi TVL this year

• By optimizing yields, OETH generates much higher returns on staked ETH compared to just holding a single liquid staked ETH token, generate 1.5x the yield of simply holding stETH.

• OETH has helped triple Origin's total DeFi TVL this year

$OUSD (launched 2020) is the Yield-bearing stablecoin backed 1:1 by USDC/USDT/DAI that generates passive yield for depositors

$OGV Governance and value accrual token that lets holders vote on yield strategies and tokenomics. Gets performance fees from OUSD (20%) and OETH (20%).

• These performance fees are OGV token's main value accrual method

• 10% of yields from OTokens go to buying back and distributing OGV to stakers

• 10% of yields go to accumulating CVX to further boost stablecoin yields

🔷 Catalysts 🔷

Enter Restaking

$OETH will be added as a restaking asset on @eigenlayer

As the LSD market size of $29B keep growing, the retaking narrative becomes stronger and will be the next leg up for LSDs.

Growing Utility

$OETH is continually being integrated and is has already been integrated with the largest yield hub on LSD and RWAs, @pendle_fi with their TVL constantly growing.

Exchange Lisiting

Another of Origin’s token called $OGN is already listed on all Tier 1 exchanges, including the grail @binance

Origin’s team could also be starting to get $OGV listed on these exchanges. I believe that discussion is already in the works and once the listing spree begins it will be an up only chart.

🔷 Conclusion 🔷

Origin Protocol's DeFi platform and OGV token show strong signs of growth on multiple fronts. With over $130M in total value locked and fees steadily rising, Origin's protocols are clearly attracting significant adoption. The OGV token appears deeply undervalued trading at just a 0.047 ratio to TVL, especially when considering its staking rewards, buybacks, and yield distributions.

Additional catalysts should drive further adoption and value accrual for OGV holders. The integration of OETH with platforms like @eigenlayer and @LybraFinance expands its utility and reach. Meanwhile, speculation is mounting that $OGV could see listings on major exchanges soon similar to $OGN token.

With new yield opportunities like $OETH taking off and driving fees, the $OGV token stands ready to capture a greater share of Origin's rising protocol revenue. Both adoption and tokenomics trends point to $OGV being poised for substantial gains in 2024 as Origin Protocol continues maturing into a leading multi-chain DeFi hub.

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