Difference between revisions of "Origin Protocol (OGN)"

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Revision as of 08:58, 23 January 2022

Basics

  • "Origin Protocol aims to create the sharing economy marketplaces. By integrating blockchain into these shared economy marketplace, Origin Protocol plans to offer buyers and sellers control over their data, drastically reduced transaction fees, and identity verification/reputation scores." according to Messari
  • Founded in:
  • Based in:
  • The Origin Beta is live on the Ethereum Mainnet (4-2019)

History

Token

Launch

Token allocation

Utility

Token Details

Stablecoin

Origin Dollar (OUSD)

"OUSD is backed by deposits of USDT, USDC and DAI and is designed to act somewhat like a savings account."

Tech

  • Whitepaper can be found [insert here].
  • Code can be viewed [insert here].
  • Built on: Runs on Ethereum and uses IPFS
  • Programming language used:

Transaction Details

How it works

Staking

Interoperability

Other Details

Privacy Method being used

Oracle Method being used

Their Other Projects

DEX

Governance

DAO

Upgrades

Roadmap

  • Can be found [Insert link here].

Audits

"After the attack, they fixed the missing validation and reentrancy vulnerability (and other issues) as suggested by the ToB audit. They conducted another audit with Solidified, are engaging with Certora for smart contract formal verification and plan to engage with OpenZeppelin for auditing upgrades.

They integrated Slither/Echidna in their CI/CD process, check PRs more stringently for security aspects and review other DeFi hacks more carefully. They’ve introduced automated monitoring for large/failing transactions along with a fast-pause feature where two multisig holders can pause minting/redeeming to respond to any similar future incidents. They’re also working with Nexus Mutual and Cover Protocol for DeFi insurance.

They have since then relaunched with ongoing compensation and proclaimed deeper commitment to security."

Bugs/Hacks

"Stablecoin project Origin Dollar (OUSD) sustained a re-entrancy attack at 00:47 UTC Tuesday resulting in a loss of funds worth $7 million, including over $1 million deposited by Origin and its founders and employees. The team has disabled deposits Tuesday’s attack utilized a flash loan and flaws in OUSD contracts to initiate what is known as a “rebase,” according to Etherscan and an updated blog from the team. The attack artificially inflated the supply of OUSD tokens within the protocol before swapping the newly printed tokens on SushiSwap and Uniswap for USDT, the blog states. Early reports indicated that Origin Protocol had suffered a $3.5 million flash loan attack or pricing oracle attack. Although the attacker employed a flash loan, Origin has not cited oracle manipulation as the technical culprit."

"Origin has now announced a $1 million bounty reward for anyone who can bring the hacker responsible for destabilizing its stablecoin to justice."

"The Origin Protocol team has unveiled a compensation plan for its depositors who were adversely affected by the flash loan attack in November. According to the team, there is now a plan to provide compensation equal to 100% of the value deposited to OUSD at the time of the exploit. The update says founders will not receive any compensation as a part of this plan despite having lost over $1 million in the hack."

  • A further break down of what went wrong, with the audit itself used in the article (24-1-2021).

Usage

Projects that use or built on it

Competition

Coin Distribution

Pros and Cons

Pros

Cons

Team, Funding, Partnerships, etc.

Team

  • Full team can be found [here].

Funding

  • Has investment from Consensus Capital ("we’re a partner who supports their growth.")

Partners

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