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Origin Protocol’s OGN token experienced a notable 10% price increase, sparking discussions about potential catalysts behind the recent surge in the cryptocurrency world. The primary catalyst contributing to this momentum was an announcement from Origin DeFi DAO, indicating a significant development for the protocol’s future trajectory.
Price Increase Tied to Origin DeFi DAO’s Merge Announcement
The recent price increase of Origin Protocol was triggered by the announcement from Origin DeFi DAO regarding the proposal to merge OGN and OGV, which was positively received by the altcoin community. The acceptance of this proposal marks a transformative phase aimed at consolidating value and optimizing offerings under a unified umbrella. This strategic move is a crucial moment in the evolution of Origin Protocol, positioning it for further growth in the decentralized finance (DeFi) world.
The merger proposal of OGN and OGV, which received strong community support, promises significant benefits for all stakeholders involved. By merging OGV with OGN, Origin Protocol aims to strengthen its position as a key player in the competitive DeFi landscape. With OGN taking a central role, stakeholders will manage a significant portion of the total value locked (TVL) in the protocol and share in the protocol revenues generated from various products including OETH and OUSD.
Looking forward, the merger will pave the way for the integration of PrimeStaked, a robust liquid restaking platform, into Origin’s ecosystem, thereby enhancing liquidity and support for users. OGN’s role in managing the innovative Automatic Repayment Manager (ARM) is expected to significantly expand its use cases, facilitating seamless liquidity provision.
As the protocol progresses to its next phase, users can expect to participate in governance proposals to complete OGN’s enhanced tokenomics. If approved, mechanisms will be created to facilitate the seamless conversion of OGV assets into OGN, ensuring a smooth transition for all stakeholders.
Current Status of OGN
According to data provided by the cryptocurrency data and price platform CoinMarketCap (CMC), OGN is trading at $0.1534, up 9.17% in the last 24 hours. CMC data shows that the altcoin’s price reached up to $0.16. Despite this upward movement in altcoin, data shows that the price has melted just over 30% in the last 7 days.
Furthermore, following the announcement, OGN’s trading volume also saw a double-digit increase. According to the data, the altcoin’s trading volume in the last 24 hours increased by 30.89%, reaching $19.34 million.
