Use Over $3M of DAO Assets to Buy Back OGN and Distribute to OGN Stakers

Summary

This proposal seeks to allocate DAO treasury assets ($3M at the time of writing) to buy back OGN from the open market and distribute it to xOGN holders within one year. In the first 90 days of protocol revenue being distributed to OGN stakers, $1 million of OGN will be bought back using DAO assets and protocol revenue.

This proposal builds on the momentum of the protocol revenue buyback proposal and marks a strategic shift in how DAO assets are utilized—from accumulating assets to actively deploying them for token holder value.

By allocating the DAO’s capital to OGN buybacks, we aim to accelerate the value accrual flywheel for OGN, reward long-term stakers, and increase the benefits of holding and staking OGN.

Motivation

Over the past year, Origin has launched superior yield products across multiple networks. These products now generate meaningful revenue, and 100% of that revenue will be used to buy and distribute OGN via Origin’s improved buyback mechanism.

However, the DAO also holds a sizable treasury—over $3 million in protocol revenue and other liquid assets. This proposal unlocks that value by directing these funds to buy OGN and reward stakers.

Implementation

OGN buybacks will commence by July 4th, 2025, coinciding with protocol revenue distributions to OGN stakers. During week one, an estimated 3.9 million OGN will be distributed to stakers—$100,000 from buybacks and over 1.3M OGN already held by the DAO. Early stakers will be first in line.

• Amount: Approximately $3.141M worth of DAO assets at the time of writing.
• Mechanism: The Buyback Operator (a new Safe Smart Account) will swap DAO assets into OUSD or OETH for yield and stability, and then begin OGN buybacks by July 4th, 2025.
  • Given that DAO assets will be used for OGN buybacks, passing this proposal would cancel the delegation of MORPHO tokens to Event Horizon (currently pending security review).
• Distribution: All purchased OGN will be distributed to OGN stakers to increase staking APYs.
• Transparency: All asset sales and OGN buybacks will be conducted by the Buyback Operator, with updates posted on Discord and X.

Note: The US dollar figures in this proposal reflect market rates at the time of writing but are subject to market volatility. See the breakdown of assets held on our Protocol NAV dashboard.

Expected Outcomes

• Increased demand for OGN due to market buys
• Higher staking yields for xOGN holders (no new emissions)
• Simpler value proposition for token holders and new users: “Stake OGN, earn rewards from protocol revenue and DAO asset distributions”

Next Steps

If this proposal passes, execution will begin in tandem with the protocol revenue buybacks proposal, coordinated by the Buyback Operator and tracked publicly. The xOGN staking contract is already set up to receive and distribute purchased OGN.