Origin Protocol (@OriginProtocol): Origin Protocol: March 2026 Update

Origin Protocol: March 2026 Update March was a strong month across products. ARM TVL reached new highs on both vaults, Origin Ether’s migration to compounding validators is underway, OUSD expanded to Base, and OGN buybacks crossed 84 million tokens. Here's the full breakdown. ARM: New Highs on Both Vaults The stETH ARM closed March at an all-time high of 7.6K ETH ($15.5M) with a trailing 30-day APY of 2.9%. The eETH ARM completed its first full month of public deposits, peaking at nearly $7M (3.2K ETH) and delivering a trailing 30-day APY of 2.8%. Both ARMs continued to generate meaningfully higher ETH yields than standard liquid staking rates throughout the month. New ARM markets also went live on Morpho, enabling leveraged ARM yield for the first time. Depositors can now borrow ETH against stETH ARM and eETH ARM positions, opening looping opportunities through Morpho's non-custodial lending infrastructure. OETH: Migrating to Compounding Validators OETH has begun migrating to compounding validators (0x02 withdrawal credentials), enabled by EIP-7251 introduced in the Pectra upgrade. Over 4.8K ETH has already migrated, with the remaining 13.5K ETH in progress. Full transition is expected to complete by Q2 2026. The upgrade removes the need to periodically sweep validator rewards and redeploy them manually. With 0x02 credentials, rewards accrue and compound directly inside the validator. OETH is also among the first liquid staking tokens to adopt Merkle proof-based balance verification using EIP-4788, allowing onchain verification of consensus-layer validator balances without relying on an oracle. OETH closed March at $57M TVL with a trailing 30-day APY of 2.5%. OUSD: Expanded to Base, HyperLiquid Vault in Progress OUSD expanded capital allocations to Base in March, deploying into high-liquidity, low-risk USDC markets at approximately 4.5% APY. Over the trailing 30 days, OUSD delivered 5% APY on average, outperforming leading yield-bearing stablecoins by roughly 100 basis points. Morpho lending markets saw elevated volatility in March following the Resolv USR exploit. OUSD had no direct exposure to USR, and all user funds remained protected throughout. Origin also built a Morpho OUSD HyperLiquid Vault during the month, with initial markets targeting WHYPE/USDC and kHYPE/USDC. OGN: 84M Buybacks, 14% Staking APY Approximately 7 million OGN was bought back in March, bringing cumulative buybacks to 84 million tokens, representing 12.5% of circulating supply. All buybacks fund staking rewards for xOGN holders, who are currently earning up to 14% APY. Nearly 50% of OGN's circulating supply is staked. 24-hour trading volume peaked above $160M during the month. Looking Ahead March closed with ARM deposits near all-time highs, OETH's validator architecture mid-upgrade, and OUSD delivering competitive yield through a volatile lending environment. The HyperLiquid vault is the next capital allocation move to watch as it moves into production. Read our full Token Holder Update on our blog: https://www.originprotocol.com/blog/march-2026-token-holder-update?lang=en&category=all&page=1 Follow @OriginProtocol on X for ongoing updates, and join the community on Discord.