Author
Peter, Origin Protocol core team
Summary
The proposal aims to incorporate a new market into Fraxlend on Ethereum mainnet with the following specifications:
| Asset | Collateral | Rate Type | Chain | Max LTV | Fraxlend Pair Address |
|---|---|---|---|---|---|
| Frax USD | OGN | Variable Rate V2 | Ethereum | TBD | TBD |
Motivation
The proposal seeks to introduce a new market into Fraxlend on Ethereum for OGN. The new market would lead to increased TVL for Fraxlend, additional revenue to the Frax Protocol and DAO from active loans and liquidations, and will attract a wider user base. At the moment there is only one market for using OGN as collateral, and it is on the Base chain. This could be the first market on mainnet for borrowing against OGN.
Background
Origin Token (OGN) is the governance and value accrual ERC20 token for Origin Protocol. OGN is an older token that launched in 2018 and has gone through several iterations over the years. OGN has more than 46,000 holders across mainnet, Base, and Sonic. Holders who choose to stake OGN for xOGN receive DAO voting power, 100% of Origin Protocol’s protocol revenue from performance fees from Origin’s products, as well as periodic distributions of the Origin Protocol DAO’s treasury assets. TVL for Origin’s products can be found on the Origin analytics page.
OGN has been heavily audited by OpenZeppelin and other reputable auditing firms, with audits being conducted quarterly. Previous audits can be found in the OGN docs. OGN pricing can be determined using the OGN/USD Pyth oracle, Uniswap TWAP oracle, or the Coingecko pricing API.
OGN is listed on 50+ exchanges globally, OGN liquidity pools are currently available across various DEXs:
- Uniswap: OGN/ETH
- Curve: TriOGN
- Aerodrome: OGN/superOETHb
- Swapx: OGN/OS
OGN mainnet contract address: 0x8207c1FfC5B6804F6024322CcF34F29c3541Ae26
Options
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For: Deploy mentioned lending pair on Fraxlend in Ethereum mainnet
-
Against: Do nothing