Origin Protocol has introduced wrapped OUSD to further improve the composability of OUSD and expand the addressable market. Wrapped OUSD, also called wOUSD, provides the same compounding yield by abstracting away the rebasing nature of OUSD. wOUSD differs from OUSD because the price for wOUSD increases every day, while the same is not the case with OUSD.
Stability comes to OUSD through the pegged US Dollar. wOSD carries the same stability with an option for users to unwrap it at any time in exchange for an ever-increasing balance of OUSD. Advantages brought to the table by wOUSD are led by the fact that anyone can leverage the yield-bearing aspects of OUSD without having to build a custom interface.
The wrapped version forms a part of one of the first implementations of EIP-4626, an extension of ERC-20. Another reason for getting hands-on wrapped OUSD is that Solidified independently audits it. The tax treatment for the same may vary based on the region; however, it is expected to be the most preferred choice for token holders and institutions.
wOUSD is currently unavailable for direct purchase. Users can acquire the token by securing OUSD and then wrapping it by submitting two Ethereum transactions. OUSD can be secured on the decentralized app of OUSD or from KuCoin, Gate.io, Uniswap, and Curve.
Advertisement
After securing OUSD, users must connect their wallets to the platform and enter the amount of OUSD they wish to wrap. Then submit the allowance for the wOUSD contract to use OUSD. Finish the process by submitting the transaction to wrap OUSD.
Hold on to wOUSD to see the price increase daily with no minimum lock-in period. Other products by Origin Protocol that are bringing innovation to the industry are Origin Story and Origin Token.
Origin Story backs new creators to sell their digital artwork on the platform. The stream was earlier limited to those with experience and technical know-how. Things have changed, and everyone can get access to a flexible sale format and a personalized storefront.
Origin Story gives the control of selling an NFT entirely to the creator. Creating an NFT is supported by uploading the artwork and choosing a specific sale format. The site can be customized to showcase the work at its best. It takes only a few minutes with zero technical knowledge and assistance.
The customized site can be shared on social media to build a healthy engagement with the community. Additionally, this helps to generate the buzz on the internet. Origin Token allows a holder to own a stake in the ecosystem of the protocol. A hardcore belief in the future of NFTs is highly recommended to get governance privileges in the ecosystem.
Advertisement
OGN stands for Origin Token. It is currently exchanging hands at $0.259878 with a market cap of $128,420,895. A total of 494,158,397 OGNs are in circulation.
