How to Get an OGV Airdrop by Farming the OUSD Curve LP
Before we get started, this is not a recommendation or endorsement to buy any token mentioned.
What is OUSD?
Back in September 2020, Origin Dollar USD (OUSD) launched a new stablecoin on Ethereum designed to capture competitive yields while being passively held in your wallet. Given the growth of yield-earning opportunities for dollar-pegged stablecoins, the idea will seem much simpler today but OUSD aims to give you access to some of the highest-earning opportunities across DeFi without the hassle of having to unwind positions, spend gas claiming yield, staking, or even locking up. The OUSD smart contract deploys deposited stablecoins which back OUSD 1:1 into a set of yield-earning strategies, “rebalancing over time to achieve great yields while diversifying risk.” The earnings automatically accrue in your wallet and compound continuously while holding OUSD, meaning your OUSD balance updates in real-time as interest compounds automatically.
Instead of the OUSD price increasing as the value of the assets in the Origin smart contracts increases (as it does with Compound cTokens or Yearn yTokens), the value of one OUSD is designed to remain at approximately $1. Meanwhile, the contracts constantly adjust the monetary supply and automatically update the balance in every token holder’s wallet to reflect the yield that has been earned by the protocol. This has some similarities to the rebase by Ampleforth but this is NOT an algorithmic stablecoin!
Here’s what you need to know.
- OUSD is 100% backed by other stablecoins (USDC, DAI, USDT) with ~68M OUSD in circulation today. Similar to mUSD by mStable, OUSD relies on arbitrageurs to ensure the peg is maintained.
- OUSD rebasing should only increase supply since the
