THELOGICALINDIAN - Origin Protocol has relaunched its OUSD badge afterwards adversity an attack
Origin Protocol suffered a adverse beam accommodation advance in November, consistent in $7 actor account of losses. Now, the aggregation has relaunched its stablecoin, OUSD, which was afflicted by the incident.
Origin Revamps Stablecoin
Origin Protocol allows DeFi users to abduction crop on their backing in Tether (USDT), USDC, or DAI by exchanging it for OUSD.
The OUSD stablecoin accomplished above problems aftermost November back Origin Protocol was exploited in a beam accommodation attack. During the attack, a awful user auspiciously adopted $32 actor account of ETH, again begin a reentrancy bug in Origin’s contract.
That accustomed the antagonist to backpack out a rebase accident to aerate the accumulation of OUSD and barter the baseborn funds on a decentralized exchange. The aggrandized accumulation acquired OUSD to collapse to $0.14.
Now, the activity has relaunched its Origin Dollar pool. The advancement was appear via a blog post yesterday. Origin co-founder Josh Fraser wrote that the activity charcoal “committed to our eyes of a above stablecoin for the Ethereum network.”
He added that the activity is “returning with renewed confidence” and that it sees OUSD as an “essential architecture block” of DeFi.
Improvements to Origin Protocol
Matthew Liu, one of Origin’s co-founders, explained to Crypto Briefing that Origin Protocol had undergone no audits back the drudge occurred. “Now, we accept undergone two aegis audits for OUSD with Trail of Bits and Solidified, acclamation both the analytical affair and abundant abate issues,” he said.
He went on to say that the aggregation has agitated out “rigorous centralized auditing” as able-bodied as new cipher reviews. The activity will additionally run added audits as the artefact is upgraded.
Additionally, the aggregation has categorical its affairs to add “additional yield-earning strategies” to advance allotment for captivation OUSD.
Origin will additionally focus on integrations with Automated Market Makers and lending protocols, as able-bodied as centralized exchanges. “We appetite to accomplish OUSD accessible for the crypto boilerplate to use, and not aloof DeFi specialists,” Liu said. Origin will additionally accommodate DeFi allowance with allotment from Origin’s treasury.
Users Will Be Compensated
The improvements chase Origin Protocol’s advertisement that it will atone users. In December, Origin outlined its affairs to pay aback users afflicted by the beam accommodation advance with $1,000 account of OUSD, as able-bodied as added advantage breach amid OUSD and the project’s babyminding token, OGN.
OUSD’s accepted bazaar cap is aloof over $777,000 according to CoinGecko. In a cogent advance from backward aftermost year, it is almost amount called to the U.S. dollar at $0.96.
The accepted APY for depositing into the agreement is estimated at 14.63%, according to the Origin Dollar website.
Disclosure: At the time of writing, the columnist of this affection had acknowledgment to YFI in a cryptocurrency index.
