An altcoin that aims to bring decentralized finance (DeFi) and non-fungible tokens (NFTs) to the masses is in the midst of a huge rally despite stagnation in the crypto markets.
Built on the Ethereum blockchain, Origin Protocol (OGN) is an ecosystem that focuses on NFTs, DeFi, and has its own stablecoin.
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Its Origin Story feature allows users to create their own decentralized NFT marketplaces with custom preferences. Origin Token (OGN), the project’s native asset, can be used to own a stake in the ecosystem. Yields are automatically converted into Origin Dollar (OUSD), a stablecoin that users can accrue in their own wallet without needing to stake or lock up their coins.
Last week, the project launched a governance proposal to decide on whether or not to issue a new token for OUSD, which would then be airdropped to OGN holders.
Important governance proposal for all $OGN holders:
— Origin Protocol (@OriginProtocol) March 10, 2022
Three days later, OGN skyrocketed, doubling in price within two days. Starting at the $0.26 mark on the 13th, OGN hit a local high of $0.52 earlier today.
At time of writing, OGN is trading for $0.47, holding on to most of its gains. However, the altcoin remains down over 85% from its all-time high of $3.35 set in April 2021.
While OGN has been surging, leading crypto assets Bitcoin (BTC) and Ethereum (ETH) have mostly traded flat, up 2% and 3% in the last seven days respectively.
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Featured Image: Shutterstock/Sergey Nivens/Vladimir Sazonov
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