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New DeFi stablecoin OUSD promises passive income

New DeFi stablecoin OUSD promises passive income

  • Each OUSD is backed by a different stablecoin contributed or earned by the protocol

  • You can earn money on OUSD simply by being its holder

  • The team warns about possible bugs in the codebase

International consortium of news organizations, developing transparency standards.

The stablecoin space is already getting crowded, but the Origin Protocol project believes that there is room for one more coin in it, especially since it can generate income just by being in the wallet.

The hype around the decentralized finance (DeFi) marketplace is a blockchain-based financial service that offers users access to an open, efficient and … More marketplace that has driven an unprecedented rise in demand for stablecoins this year. On this wave, new projects are constantly appearing, the latest of which is Origin Dollar, OUSD.

The team behind the new dollar-linked digital asset, which includes former Google and PayPal engineers and executives, argues that equity or collateral isn’t necessary to engage in profitable project strategies..

OUSD yield

At the time of this writing, the OUSD website has indicated an annual yield of 2.59% for stablecoin holders. The figure is not impressive compared to what some DeFi farms offer, but still much higher than any traditional bank can offer today..

The Origin Dollar is backed by other stablecoins including USDT, USDC, and DAI, and returns are generated by bringing these underlying assets into a diversified DeFi suite of protocols. Elastic offering distributes additional OUSD units to holders. The official blog on the concept of the project says the following:

OUSD Combines Yearn Automatic Farming, Ampleforth Elastic Offering, and Easy-to-Use Tether.

At the moment, the project is solving two main dilemmas in the segment of decentralized finance – the need to use collateral in smart contracts and the consumption of a large amount of gas when adjusting positions.

In addition, liquidity pools and profitable farming opportunities are constantly changing, and it takes a lot of effort and time to keep up with these trends. OUSD smart contracts leverage underlying capital to implement a diversified set of farming strategies that are rebalanced from time to time.

As a stablecoin, OUSD does not suffer from fluctuations in other digital assets, including native DeFi tokens, most of which suffered double-digit losses this week. Each OUSD is backed by a different stablecoin contributed or earned by the protocol.

There is one nuance

OUSD, which launches today, September 23rd, will start with a conservative strategy but plans to integrate with Compound, Aave, dYdX, Uniswap, Curve and Balancer in the future..

Smart contracts have not yet been fully tested, so the team urges investors to be careful, as bugs in the codebase can lead to financial losses.

New DeFi stablecoin OUSD promises passive income

The developers added that the project will undergo a full Trail of Bits audit next month.



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New DeFi stablecoin OUSD promises passive income

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