[SGR] wOETH Gauge Listing Request

Gauge Request Presentation:

  • Targeted Pair: 0xf3749a2bef435535200c378298b78f34dcac0fc9
  • IBT contract address: 0xDcEe70654261AF21C44c093C300eD3Bb97b78192
  • Current TVL on in the Pair’s liquidity: $330
  • Current TVL as IBT: $118m
  • Origin Protocol Twitter: x.com
  • Origin Protocol Discord: Origin Protocol
  • Origin Protocol Telegram: Telegram: Contact @originprotocol
  • chain : Ethereum mainnet

Simple summary:

Origin Ether (OETH) was launched in May 2023 and is an ERC20 that generates yield while sitting in your wallet. Similar to stETH, OETH yield is paid out daily and automatically (sometimes multiple times per day) through a positive rebase in the form of additional OETH, proportional to the amount of OETH held.

Until a recent proposal, OETH was an LST aggregator that earned yield by tapping into blue-chip protocols while being collateralized by other LSTs. Over the next few weeks, OETH LST collateral will be divested back to ETH, as OETH will be transitioned into a full-fledged LST. OETH will soon become a superior LST with an extremely tight peg (1:1 redemptions to ETH thru Origin’s ARM) and high yields thanks to a combination of the OETH AMO and DVT direct staking through SSV/P2p.

wOETH is a ERC-4626 tokenized vault designed to accrue yield in price rather than in quantity. When you wrap OETH, you get back a fixed number of wOETH tokens. This number will not go up - you will have the same number of wOETH tokens tomorrow as you have today. However, the number of OETH tokens that you can unwrap to will go up over time, as wOETH earns yield at the same rate as standard OETH. The wOETH to OETH exchange rate can be read from the contract (function number 16), or via the OETH dapp.

Current exchange rate as of 6/18/24: 1 wOETH = 1.09374807 OETH

This proposal aims to add a Gauge for the wOETH LP Spectra Pair.
The pool for the wOETH LP pair is live since June 17, 2024.

We’d like to add this pool to Spectra’s gauge system to incentivize liquidity of our PT, as it would facilitate the creation of a liquid market between those who want to long the wOETH yield and those who want to lock in their yield.

Benefit of this integration for Origin protocol

  • Additional yield opportunities for the community
  • Increase the visibility of the project
  • Increase the TVL of the liquidity pool

Benefit of this integration for Spectra

  • Increase the tokenized TVL and the AMM TVL
  • Diversify the yield possibilities
  • Increase Spectra’s visibility
  • bribes for APW token holders

Metrics:

OETH TVL: $118M (34.58K ETH)

Community stats:

Twitter: 175.2k followers
Discord: 43,392 members
Telegram: 23,590 members

Community poll:

  • Yes, add wOETH pool to Spectra’s gauge system
  • No, do not add wOETH to Spectra’s gauge system
  • Yes, add wOETH pool to Spectra’s gauge system
  • No, do not add wOETH to Spectra’s gauge system
0 voters
2 Likes

I support this gauge listing request

1 Like