Origin Protocol token holders have proposed to merge the protocol’s lesser known token Origin DeFi Governance “OGV” with its native decentralized finance (DeFi) Ethereum token OGN.
The OGN protocol is backed by Reddit co-founder and VC investor Alexis Ohanian, Taiwanese-born American YouTube co-founder Steve Chen, and Y Combinator president Garry Tan.
In an announcement, Origin Protocol said the move to integrate the tokens will improve Ethereum liquid staking. This allows anyone to share in the rewards of staking without having to maintain complex staking infrastructure.
“The proposal aims to unify Origin Protocol under a single token,” Matt Liu, co-founder of Origin Protocol told Cryptonews. “If both DAOs align on the merger, OGN will become the cornerstone of Origin’s ecosystem, fostering alignment among the community, investors, and core team for improved value creation,” said Liu.
“At a market capitalization of less than $15 million, the team and its investors feel that acquiring OGV while undervalued will serve as a value-creating event,” said Origin Protocol in a press release.
What Is Origin Protocol?
Origin Protocol is a blockchain platform designed to enable decentralized marketplaces and sharing economies and claims to cut out the middleman. It aims to disrupt traditional sharing economy companies like Airbnb and Uber by allowing buyers and sellers to interact directly without the need for intermediaries.
The platform utilizes smart contracts to facilitate transactions, reducing fees and increasing transparency. It also allows developers to build decentralized applications (dApps) on top of its infrastructure.
What Is a Token Merger?
A token merger refers to the consolidation of two or more tokens into a single token. This process usually involves transferring the value, functionalities, and user base of the merged tokens into a newly created or existing token.
Token mergers can occur for various reasons such as improving liquidity, simplifying tokenomics, or merging projects to achieve a better synergy. It seems token mergers are becoming more common in the cryptocurrency space.
Origin Protocol highlights there are several notable token merger projects paving the way for innovative new realignments. There is the merger between Fetch.AI, and Ocean Protocol. Another involves SingularityNet with ChainGPT CEO Ilan Rakhmanov stating the merger will set new standards for the industry.
What Is the Origin Token?
Origin Token (OGN) is an Ethereum token that powers the Origin platform, which aims to power decentralized and peer-to-peer marketplaces. OGN can be used for staking, governance, and advertising on the Origin platform.
The Origin Protocol white paper can be found here.
Origin Protocol went on to add if the OGN-OGV merger proves successful, it will set a benchmark for mergers and acquisitions within the DeFi space. The merger has generated a buzz within its community and the broader crypto space.
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