Holders of Origin Protocol tokens have voted to merge the protocol’s lesser-known token Origin DeFi Governance “OGV” with its personal decentralized finance (DeFi) Ethereum token OGN.
The OGN protocol is backed by Reddit co-founder and VC investor Alexis Ohanian, Taiwan-born American YouTube co-founder Steve Chen, and Y Combinator president Garry Tan.
In an announcement, Origin Protocol stated the transfer to combine the tokens will enhance Ethereum’s liquid staking. This enables everybody to share within the rewards of staking with out having to keep up a posh staking infrastructure.
“The proposal goals to unify the Origin Protocol below a single token,” Matt Liu, co-founder of Origin Protocol, instructed Cryptonews. “If each DAOs be a part of the merger, OGN will grow to be the cornerstone of Origin’s ecosystem, selling alignment among the many neighborhood, traders and core crew for enhanced worth creation,” stated Liu.
“At a market cap of lower than $15 million, the crew and its traders consider that buying OGV, whereas undervalued, will function a value-creating occasion,” Origin Protocol stated in a press launch.
What’s the Origin Protocol?
Origin Protocol is a blockchain platform designed to allow decentralized marketplaces and sharing economies and claims to chop out the intermediary. It goals to disrupt conventional sharing economic system corporations akin to Airbnb and Uber by permitting patrons and sellers to speak immediately with one another with out the necessity for intermediaries.
The platform makes use of good contracts to facilitate transactions, scale back prices and improve transparency. It additionally permits builders to construct decentralized functions (dApps) on prime of the infrastructure.
What’s a token merger?
A token merger refers back to the consolidation of two or extra tokens into one token. This course of often includes transferring the worth, functionalities, and consumer base of the merged tokens to a newly created or current token.
Token mergers can happen for quite a lot of causes, akin to enhancing liquidity, simplifying tokenomics, or merging initiatives to realize higher synergy. Plainly token mergers have gotten an increasing number of widespread within the cryptocurrency house.
Origin Protocol highlights that there are a number of notable token merger initiatives which can be paving the best way for revolutionary new realignments. There may be the merger between Fetch.AI and Ocean Protocol. One other instance considerations SingularityNet, the place Ilan Rakhmanov, CEO of ChainGPT, declares that the merger will happen setting new requirements for the trade.
What’s the origin token?
Origin Token (OGN) is an Ethereum token that powers the Origin platform, which goals to assist decentralized and peer-to-peer marketplaces. OGN can be utilized for staking, administration, and promoting on the Origin platform.
Origin Protocol added that if the OGN-OGV merger proves profitable, it would set a benchmark for mergers and acquisitions inside the DeFi house. The merger has brought on fairly a stir inside the neighborhood and the broader crypto house.