Connect with us

Altcoins

Here’s how Origin is planning to recover from May-hem

Published

on

Source: Pixabay


 Origin Protocol (OGN) prices shot up minutes after Co-founder Josh Fraser released the latest upgrades on his Twitter feed. It seems investors welcomed the news with open arms as activity surged on the protocol. But, what are these upgrades that pushed OGN’s prices in the first place?

A calculated boom or a rare anomaly?

Like other cryptos, OGN was also a victim of Terra’s collapse, with the altcoin hitting its monthly bottom. After recovering from the anomaly, the crypto consolidated between $0.20 and $0.25. The alt’s price was hovering around $0.25 just before the tweet.

Within minutes of it, however, the bulls scorched OGN to $0.38, before it dropped again to $0.30. Volume has since been up by a staggering 220% at $424 million.

There are huge expectations around Origin right now, more so after Fraser’s latest tweet about the protocol’s proposed upgrades.

The Origin of the boom

Josh Fraser’s tweet initially released key dates for Origin this year. The developments will be underway on 1 June with the Prelaunch Liquidity Mining Campaign.

The blog mentioned in the tweet states,

“We are allocating 50M OGV to a new Prelaunch Liquidity Mining Campaign. OUSD liquidity providers will get credit for providing liquidity to OUSD pairs starting today.”

Furthermore, Origin will publish a list of OGN-supporting exchanges that will release OGV for their users. The list will be published one week before the airdrop for any withdrawals from non-supportive exchanges.

OGV will empower a Curve protocol-inspired veOGV (vote-escrowed OGV) mechanism rewarding long-term commitment on the protocol. OGV holders will be able to lock their holdings from one week to four years to receive veOGV in exchange. The entire Origin Foundation has locked a majority of their holdings for the maximum period of four years.

In other news, Origin recently completed its first audit with Solidified. In fact, it is also undergoing the second audit with OpenZeppelin. Origin is continuing to work with exchanges, wallets, portfolio trackers, and other ecosystem partners to support OGV. Multiple exchanges have also already communicated their intent to support the airdrop and list OGV.

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.


Please select your Email Preferences.

Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.