Origin Protocol (OGN)

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Revision as of 13:33, 11 April 2022 by Grand Master Pepe (talk | contribs)

"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

== Basics ==*Based in:

  • Started in / Announced on:
  • Testnet release:

History

Audits & Exploits

"There are only API functions documented in Origin's documentation. This protocol has undergone formal verification on the token contract. The rest of the protocol was not in scope for Certora's review. OUSD has been audited multiple times, though each was post-launch."

With the comment:

"Despite a rocky genesis with a harsh lesson in shipping unaudited code, the team quickly learned and has shown incredible resilience in the face of this. Their protocol scores highly thanks to great oracle documentation, consideration of timelocks as well as strong testing. In addition, their formally verified token contract proves that this protocol's commitment to security has really grown into an integral part of its operation. This token might consider better documentation on software function documentation in contracts, as well as slightly clearer traceability of contract code to contract deployments. These are minor improvements to be made in the face of a great developer team with a good commitment to the highest process quality standards."

"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/Exploits

"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).

Governance

Admin Keys

"Admin control information was well documented at this location. The relevant contracts are identified as upgradeable, as identified here. Some smart contract change capabilities are identified, but definitely not all of them. This protocol's pause control functions are documented and briefly summarized. This protocol has good timelock documentation which can be found at this location."

DAO

Treasury

Token

Launch

Token Allocation

Utility

Other Details

Coin Distribution

Tech

"At 2887 commits, this protocol clearly pays due respect to its origin story."

Implementations

How it works

Fees

Upgrades

Staking

Validator Stats

Liquidity Mining

Scaling

Interoperability

Other Details

Oracle Method

"The protocol's oracle source is partially documented at this location. The contracts dependent are identified. There is no relevant software function documentation, but the deltas of each price source are clearly outlined. This protocol documents front running mitigation techniques. This protocol documents flashloan countermeasures at this location. It has implemented Chainlink. This could be stated explicitly to reassure users."

Their Other Projects

Origin Dollar (OUSD)

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

Roadmap

  • Can be found [Insert link here].

Usage

Projects that use or built on it

Competition

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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