Origin Protocol token holders have voted to merge the protocol’s lesser identified 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 mentioned the transfer to combine the tokens will enhance Ethereum liquid staking. This enables anybody to share within the rewards of staking with out having to keep up complicated staking infrastructure.
“The proposal goals to unify Origin Protocol underneath a single token,” Matt Liu, co-founder of Origin Protocol advised Cryptonews. “If each DAOs align on the merger, OGN will turn into the cornerstone of Origin’s ecosystem, fostering alignment among the many group, traders, and core crew for improved worth creation,” mentioned Liu.
“At a market capitalization of lower than $15 million, the crew and its traders really feel that buying OGV whereas undervalued will function a value-creating occasion,” mentioned Origin Protocol in a press launch.
What Is 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 financial system corporations like Airbnb and Uber by permitting consumers and sellers to work together straight with out the necessity for intermediaries.
The platform makes use of good contracts to facilitate transactions, decreasing charges and growing transparency. It additionally permits builders to construct decentralized functions (dApps) on high of its infrastructure.
What Is a Token Merger?
A token merger refers back to the consolidation of two or extra tokens right into a single token. This course of normally entails transferring the worth, functionalities, and consumer base of the merged tokens right into a newly created or present token.
Token mergers can happen for varied causes equivalent to enhancing liquidity, simplifying tokenomics, or merging initiatives to realize a greater synergy. It appears token mergers have gotten extra widespread within the cryptocurrency house.
Origin Protocol highlights there are a number of notable token merger initiatives paving the best way for progressive new realignments. There may be the merger between Fetch.AI, and Ocean Protocol. One other entails SingularityNet with ChainGPT CEO Ilan Rakhmanov stating the merger will set new requirements for the trade.
What Is the Origin Token?
Origin Token (OGN) is an Ethereum token that powers the Origin platform, which goals to energy decentralized and peer-to-peer marketplaces. OGN can be utilized for staking, governance, and promoting on the Origin platform.
Origin Protocol went on so as to add if the OGN-OGV merger proves profitable, it’s going to set a benchmark for mergers and acquisitions inside the DeFi house. The merger has generated a buzz inside its group and the broader crypto house.
