Add Origin Ether LST

[sumpg41]

Project name

Origin Ether

Product type

Staking pool

If other product type, please describe

No response

Logo

Description

Origin Ether (OETH) is a superior LST for earning yield across DeFi. Fully collateralized by reserves of ETH, OETH boasts a robust peg and seamless mechanics, making it an ideal asset for deep integrations with leading DeFi protocols. OETH’s rebasing design auto-compounds in your wallet, allowing you to earn yield without any lock-ups.

Website

https://www.originprotocol.com/oeth

If software is involved, is everything open source?

Yes, everything is open source: provide link(s) to project repo(s)

Is the project a fork? If yes, which project was forked?

Yes

Is the product out of beta development?

Origin Ether (OETH) has been out of beta since May 16, 2023. The OETH repo can be found via https://github.com/OriginProtocol/origin-dollar/tree/master/contracts

Origin Ether is a fork of Origin Dollar (OUSD), but its functionality has changed - from a proposal earlier this year, OETH has transitioned from an aggregator into a true LST.

What wallets support the product or service?

Any wallet that supports ERC20 tokens can support OETH.

If the product or service enables staking with <32 ETH, what is the minimum ETH required to stake?

There is no minimum amount of ETH required to use OETH.

If a service, what are the fees associated with using the service?

There is a 20% performance fee on the yield generated when using OETH.

If the product or service involved a liquidity token, what are the tokens involved?

OETH is backed only by ETH and WETH.

What date did the project or service go live?

Origin Ether launched on May 16th 2023.

Has the project undergone an external security audit?

Origin Ether has undergone multiple audits, all of which can be seen on the Audits Page of the OETH docs. Origin also keeps OpenZeppelin on retainer to review 100% of the OETH smart contract changes.

Has the project undergone any security bug bounties?

There is an open bug bounty for up to $1m USD on Immunefi.

Is the project being actively maintained?

Yes

Is the product or service free of trusted/human intermediaries?

The OETH contracts are fully owned by the Timelock, which is controlled by OGN stakers (xOGN holders). There are no lockups or restrictions with exiting OETH - users can redeem OETH for the underlying ETH via the OETH dapp at any time, or can swap to other tokens using any supported centralized or decentralized exchange.

If a pooled staking service, can users participate as a node operator without permission?

Users cannot participate as a node operator without permission

If listing a staking-as-a-service, are users required to sign-up for an account?

n/a

If listing as staking-as-a-service, who has access to the signing keys?

n/a

If a pooled staking service or SaaS provider, what type of withdrawal credentials are being utilized / who holds the withdrawal keys?

In theory each SSV Operator holds part of the key and we need 3 of the 4 to exit. In practice, P2P runs the four SSV Operators. We also have the validator key which we can use to exit a validator.

If a pooled staking service or SaaS provider, what percent of node operators are running a super-majority client?

We have 2 SSV clusters with 4 operators in each.

The 1st: https://ssvscan.io/cluster/382ddc64ee0346ad3bd0b805993fa6f569dbfecf7e0e15666a4a1f70d45cb67d The 2nd https://ssvscan.io/cluster/f70f9181ceaf846e8fd41f62d838d8a714b137700763e500c40c0335f94c417b

25% of node operators are running Geth and Prysm on Bare-metal servers, 25% of node operators are running Geth and Prysm on GCP, 25% of node operators are running Nethermind and Nimbus on Bare-metal servers, and 25% of node operators are running Besu and Teku on GCP.

The SSV operators can also be seen here: https://origindefi.grafana.net/public-dashboards/68227b64cc33446886b16a0c024361ea

If listing node or client tooling, which consensus layer clients (Lighthouse, Teku, Nimbus, or Prysm) are supported?

n/a

What platforms are supported?

OETH is available on all platforms.

What user interfaces are supported?

OETH is available on all interfaces.

Social media links

Twitter https://twitter.com/OriginProtocol Telegram https://t.me/originprotocol Discord https://discord.com/invite/ogn Blog https://www.originprotocol.com/blog Github https://github.com/originprotocol Facebook https://www.facebook.com/originprotocol/ Youtube https://www.youtube.com/c/originprotocol Reddit https://www.reddit.com/r/originprotocol/ LinkedIn https://www.linkedin.com/company/originprotocol/ Tik Tok https://www.tiktok.com/@origin_protocol Instagram https://instagram.com/originprotocol

Would you like to work on this issue?

• [ ] Yes
• [X] No

[konopkja]

ping @wackerow

[wackerow]

OETH is backed only by ETH and WETH.

WETH? Is this not backed by ETH staked in the beacon chain?

@konopkja We're currently not set up to handle any geo-restrictions for staking products as they've so-far been accessible to all, to my knowledge. I'm personally not a fan of showing products that users will then not be allowed to access; curious thoughts here.

@sumpg41 Given this is an LST (ERC-20, no?), could you explain more about this restriction?

[sumpg41]

WETH? Is this not backed by ETH staked in the beacon chain?

WETH is used in addition to ETH as WETH is easier to handle since it is a token, and there are no possible reentrancies from it. ETH has extra security complications and needs different code to get balances and do transfers as it's not a token

We're currently not set up to handle any geo-restrictions for staking products as they've so-far been accessible to all, to my knowledge. I'm personally not a fan of showing products that users will then not be allowed to access; curious thoughts here. Given this is an LST (ERC-20, no?), could you explain more about this restriction?

The restriction is only on using the Origin Protocol dapp to mint or swap into OETH. Users are free to obtain OETH via any of the supported DEXs, bridges, or centralized exchanges, and then are free to do whatever they like with OETH afterwards - i.e. trade, lend, borrow, etc. You are correct in that OETH is an ERC-20 LST - there are no restrictions, OETH is permissionless and its code is open source.

[wackerow]

Thanks for the reply @sumpg41

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WETH is used in addition to ETH as WETH is easier to handle since it is a token, and there are no possible reentrancies from it. ETH has extra security complications and needs different code to get balances and do transfers as it's not a token

My questions is more around the underlying ETH. This is a staking service, so to generate yield staking on Ethereum, ether needs to be locked in an account the beacon chain; not in the WETH contract. If you're using WETH, then that tells me there is ETH in the mix that is not being staked, so I then I'm trying to understand what it's doing and how the yield here is being generated.

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The restriction is only on using the Origin Protocol dapp to mint or swap into OETH.

The products shown on the /staking/pools/ page are generally intended to be places where uses can actively add their ether into a pool to contribute to staking on Ethereum. This would be akin to the "minting" part of your comment.

It's is not so much intended to just be a list of tokens that can be swapped. I acknowledge that you're offering both, but to my point above, one of these activities (the one we're trying to promote) is geo-restricted.

IIRC, this is the case with the other pooling services currently listed on the site, but please correct me if I'm mistaken

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cc: @konopkja or @minimalsm if you have thoughts here

[sumpg41]

My questions is more around the underlying ETH. This is a staking service, so to generate yield staking on Ethereum, ether needs to be locked in an account the beacon chain; not in the WETH contract. If you're using WETH, then that tells me there is ETH in the mix that is not being staked, so I then I'm trying to understand what it's doing and how the yield here is being generated.

The WETH is only for going in and out of the protocol as liquidity for OETH holders to exit back to ETH. Yield is generated from the AMO and from staking in SSV validators. Here are the direct links to the SSV operators:

https://explorer.ssv.network/operators/342 https://explorer.ssv.network/operators/343 https://explorer.ssv.network/operators/344 https://explorer.ssv.network/operators/345 https://explorer.ssv.network/operators/752 https://explorer.ssv.network/operators/753 https://explorer.ssv.network/operators/754 https://explorer.ssv.network/operators/755

The products shown on the /staking/pools/ page are generally intended to be places where uses can actively add their ether into a pool to contribute to staking on Ethereum. This would be akin to the "minting" part of your comment.

ETH can still be staked through Origin without using the dApp by using the OETH Zapper contract. More info on the Zapper here. The Zapper is also a way for DAOs to mint OETH on the contract level - Lil Nouns did this earlier this year with 50 ETH.

It's is not so much intended to just be a list of tokens that can be swapped. I acknowledge that you're offering both, but to my point above, one of these activities (the one we're trying to promote) is geo-restricted.

The geo-restriction window that you are referencing is just stating the terms of using the OETH dapp - but it is up to each individual user to choose to comply or not comply with Origin's Terms of Use. This window has nothing to do with using OETH otherwise.

IIRC, this is the case with the other pooling services currently listed on the site, but please correct me if I'm mistaken

As it turns out, every other pooled staking service featured on the /staking/pools/ page has similar terms of use with geo-restrictions, they are just hidden deeper within each projects' docs. To quote Lido specifically:

"If you use the interface you represent and declare that you are not a US person, or currently or ordinarily located or resident in (or incorporated or organized in) the United States of America; are not a resident, citizen, national or agent of, or an entity organized, incorporated or doing business in Belarus, Burundi..."

I took the liberty of pulling the T&C for all projects listed on Ethereum.org's pooled staking page for you:

Lido Rocket Pool Ankr Everstake Stafi Bedrock

[sumpg41]

@wackerow it has been several weeks since your last questions, are there any other questions I can answer on this? If not it would be great if we could move things forward here.

cc @konopkja or @minimalsm

[wackerow]

Hey @sumpg41! Thanks for the updated info here... I think we can move forward with a listing under /staking/pools/ ... Will self-assign.

[sumpg41]

Thank you @wackerow, appreciate your help with this!