Stablecoin minting and nonfungible tokens (NFTs) have been the latest trending topics in the cryptocurrency market and protocols like Terra (LUNA) have led the discussion on why stablecoins should be backed by assets like Bitcoin and Avalanche (AVAX).
One project that appears to be following Terra’s lead is Origin Protocol (OGN), a platform focused on NFTs and decentralized finance.
Data from Cointelegraph Markets Pro and TradingView shows that over the past month, the price of OGN has rallied 143% from a low of $0.25 on March 10 to a daily high of $0.725 on April 19.
Three reasons for the OGN rally include a reorganization of staking rewards, developments in the protocol’s Origin Dollar (OUSD) stablecoin and the expansion of its NFT ecosystem.
Updated staking rewards
Holding and staking OGN tokens is set to become more lucrative following the passage of a governance proposal that will distribute Origin Story platform fees to stakers.
️ A recent governance proposal was passed that will allow Origin Story platform fees, whether primary sales commissions or secondary trading/royalty fees, to be distributed to $OGN stakers after an upcoming re-launch of our staking program.
Read more https://t.co/63WlOPTkGH
— Origin Protocol (@OriginProtocol) April 12, 2022
Origin Story is the protocol’s NFT launchpad that has been utilized by musicians, celebrities and creators to mint new lines of NFTs for interested parties to purchase.
The proposal, which was put forward by the core development team at Origin, will establish a direct connection between Origin Story’s product traction and revenue growth and OGN performance and it passed with 100% approval from voting participants.
Following its full implementation, OGN stakers will begin to accrue rewards from primary sales commissions and secondary trading and royalty fees on Origin Story.
Origin revamps its stablecoin
Another development providing a boost for OGN is an increase in the capabilities of the Origin Dollar stablecoin, plus the addition of a governance token and a new exchange listing.
In March, OGN holders voted on a proposal for the creation of a new governance token for OUSD that will be distributed to OGN hodlers.
Important governance proposal for all $OGN holders:
Should we launch a new governance token for $OUSD with a 1:1 airdrop to all $OGN holders?https://t.co/d80l6Kh2qf
— Origin Protocol (@OriginProtocol) March 10, 2022
The measure passed the community vote and helped spark the mid-March rally in OGN price after traders accumulated the token to qualify for the airdrop.
On top of the momentum generated by the governance token launch, OUSD has also benefited from a listing on Gate.io, which is offering OUSD holders extra yield as an additional way to earn aside from the 15% that OUSD holders earn by simply holding the token in a wallet.
Related: How Web3 is redefining storytelling for creators and fans through NFTs
Growth of the Origin Protocol NFT ecosystem
A third factor helping to boost the price and on-chain activity for Origin Protocol is the continued expansion of its NFT ecosystem which has seen multiple new projects launch in the past month.
We’re proud to join forces with @praise_pals to bring this collection of 8,888 unique characters to Origin Story. Praise Pals has partnered with celebrities, brands, & thought-leaders to create one-of-a-kind Web3 experiences to give back back to community!https://t.co/USbKiRvCf8
— Origin Protocol (@OriginProtocol) April 11, 2022
The upcoming launch of Blades of Valor, a player-versus-player role-playing game and NFT ecosystem, is also helping to generate buzz for the gaming community on Origin.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for OGN on April 12, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS™ Score for OGN hit a high of 82 on April 12, around one hour before the price began to increase 68.38% over the next seven days.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
