Origin is relaunching its yield-generating stablecoin following a November assault that drained OUSD holders of $7 million.Beginning now, customers
Origin is relaunching its yield-generating stablecoin following a November assault that drained OUSD holders of $7 million.
Beginning now, customers can as soon as once more change USDC, USDT and DAI for OUSD.
As CoinDesk reported in September, the sensible contract powering OUSD was not but audited. OUSD allowed customers to deposit the most well-liked stablecoins that may be plugged into decentralized finance (DeFi) yield farming methods, the returns on which might be returned to OUSD holders by rising the stability in every pockets.
By November, the sensible contract had $7 million locked in it, which the corporate argues proved demand. Nonetheless, in mid-November it was drained as a result of a re-entrancy bug within the sensible contract (the identical exploit that sunk the unique DAO).
“We stay dedicated to our imaginative and prescient of a superior stablecoin for the Ethereum community. Regardless of the setback from the hack, we’re returning with renewed confidence that we’re constructing one thing essential, that folks actually need,” Josh Fraser, Origin CEO, stated in an announcement.
On Dec. 11, Origin launched a plan for compensating customers who misplaced funds within the assault. The primary 1,000 OUSD misplaced for every person can be totally compensated in OUSD. After that, holders nonetheless get compensated however with slightly OUSD now and numerous Origin’s governance token, OGN, later.
There have been a number of tokens that acquire worth in a lot the identical manner as OUSD. For instance, Aave’s aUSDT and Curve’s yUSD at present boast returns of greater than 10% annual yield as of this writing. Ampleforth’s AMPL works considerably in a different way however gives comparable passive advantages.
With the relaunch, the staff launched a recent autopsy on the assault, the place they discovered a number of locations the place their safety had damaged down. OUSD contracts have now been by way of two audits, a greater replace process is in place and they’re exploring insurance coverage.
“Going ahead, safety will likely be our primary precedence for OUSD,” Fraser stated. “Whereas we are going to proceed to attempt to supply extremely aggressive yields, we realized the laborious manner that safety wants to come back first.”