Josh Fraser, one of the co-founders of Origin Protocol, recently discussed the concept of liquid staking and the potential for better yields in the cryptocurrency space. Origin Protocol is an Ethereum-powered platform that focuses on developing Web3 technologies. Fraser explained that the platform is expanding to multiple chains, including Arbitrum, Base, and Optimism. Additionally, Origin Protocol is developing a Liquid Staking Token (LST) that allows users to easily enter and exit positions without concerns about slippage.
Fraser reflected on his early experience with Bitcoin, having discovered it in 2010. At the time, it was difficult to buy Bitcoin, but mining it was somewhat easier. Fraser described the process of mining Bitcoin, which involved downloading software, running it on a computer for several hours, and overheating the device. He recalled using a smoking laptop to mine a block reward of 50 BTC, which at the time was worth very little but is now worth a significant amount.
After his initial encounter with Bitcoin, Fraser took a break from the crypto world and returned in 2017 when he was convinced by co-founder Matt Lew to explore Ethereum. Fraser began trading cryptocurrencies and building smart contracts, realizing the revolutionary potential of blockchain technology. This led to the creation of Origin Protocol, which aims to provide users with better yields regardless of their location or the chain they use.
One of the projects Origin Protocol is working on is the development of Origin Ether (OETH), an ETH-pegged token that earns yield from staking. The goal is to make it one-to-one pegged and instantly redeemable so that users can easily exit their positions. This system is permissionless, meaning users only need to trust the code rather than relying on a centralized team. Fraser emphasized that Origin Protocol is striving to be the only platform that offers a liquid staking token without any slippage concerns.
Fraser also discussed the team’s focus on expanding to other chains and Layer 2 solutions. He acknowledged that gas fees on the Ethereum network can be prohibitive for many users and highlighted the attractive yield opportunities on other chains and Layer 2s. The team plans to expand to Arbitrum, Base, and Optimism to tap into these opportunities.
The expansion to Layer 2 networks represents a significant shift for Origin Protocol, and the team has received a grant from the Arbitrum Foundation to support this endeavor. Fraser pointed out that many DeFi projects are also shifting to Layer 2 networks due to the cost savings on gas fees and the additional incentives offered by these chains. Holders of Origin Dollar, Origin Ether, and the OGN governance token can benefit from these incentives and participate in the available yield.
Fraser also addressed the complexity of staking and the barriers it presents for many users. Origin Protocol aims to simplify the process by offering risk-free yield. When users stake ETH, they receive an equal amount of OETH in return, which is always redeemable for the underlying ETH. The platform takes care of the technical aspects, such as deploying the staked ETH onto validators, and users do not need to claim or harvest the yield manually. It is automatically added to their wallet balance.
In addition to discussing liquid staking and the future of Origin Protocol, Fraser shared details about his background and experience. He began coding at the age of 10 and co-founded several venture-backed companies before starting Origin Protocol. Fraser also touched on topics such as the volatility of the crypto industry, token mergers, and the Automated Redemption Manager (ARM) developed by Origin Protocol.
Overall, Fraser provided valuable insights into the world of liquid staking, the expansion of Origin Protocol to other chains, and the potential for better yields in the decentralized finance (DeFi) space. The interview offers a glimpse into the future of Origin Protocol and the exciting developments happening in the cryptocurrency industry.
