- Origin Protocol is looking to decentralize its governance, launching the OGN governance portal to foster community participation
- The Origin Protocol community has embraced the move, with millions of OGN tokens used in Dshop codebase already
- Origin Protocol launched the ΞTHΞRΞAL collection on the 3rd of August to commemorate the 5th anniversary of the Ethereum Network’s launch
- The news stirred an upward trajectory which saw the OGN token hit $1.19, its highest point since May
Origin Protocol is a decentralized network that simplifies creating and managing listings for the fractional usage of assets and services. The protocol makes it easier for developers and projects to build decentralized marketplaces on the blockchain.
The project creates an extensive online marketplace, leveraging the Ethereum (ETH) blockchain and Interplanetary File System (IPFS), in order to eliminate the need for middlemen. How has the Origin Protocol fared in recent times?
Origin Protocol – Recent Developments
To commemorate the sixth anniversary of the Ethereum network launch (launched on July 30th, 2015), Origin Protocol announced a partnership with Trevor Jones, Don Diablo, and Alotta Money.
The collaboration was made to bring NFT fans the precedent-setting ‘ΞTHΞRΞAL collection.’ The ΞTHΞRΞAL collection featured the best of NFTs, traditional fine art, programmatic art, music, and augmented reality for the 1 of 1 collection.
The Auction began on the 3rd of August and ran for 48 hours. On the same day, Origin Protocol announced an important step in the decentralization of its governance.
The OGN governance portal was launched to enable members of the community to propose and vote on changes to Origin’s products. They will also be able to propose changes to the open-source codebase and make key business decisions and the overall direction of the project.
Origin Protocol continues its move for mass adoption of DeFi and NFTs with its weekly program, DeFi Weekly. The Origin Protocol will be hosting the Origin Dollar on Discord where they will be discussing everything about the development, governance, and function of the OUSD (origin dollar).
On The Flipside
- While Origin Protocol makes it easier to develop and build decentralized marketplaces and NFTs, it is still yet to establish itself in the NFT marketplace.
- The likes of OpenSea, Rarible, SuperRare, and Foundation still hold a huge portion of the NFT marketplace.
The launch of the ΞTHΞRΞAL collection has perhaps contributed to the upward trajectory of the OGN token. Before the announcement an OGN token traded for $0.7786. However, it is now valued at $1.09, after peaking at $1.19 in the early hours of August 16th.
Price Chart of the Origin Protocol (OGN) over the last seven days. Source CoinMarketCap
The daily trade volume of OGN has also seen a substantial boost. On the 2nd of August $28 million worth of OGN tokens were traded, compared to the $83.6 million of the 16th of August. Origin Protocol is now ranked as the 140th largest crypto project with a market cap of $383.2 million.
Origin Protocol has a very active community which has seen increased activity since the OGN governance portal was launched. Origin Protocol has announced that millions of OGN tokens have already been used in governance already.
Community members are now able to propose and vote for improvements through the Governance Portal hosted on Snapshot. The contributors on the network have now topped 170.
Why You Should Care?
Origin Protocol is gunning to revolutionize DeFi and NFTs, making them more accessible to everybody.