Origin Protocol Considers Subsidizing OGN Rewards After Joining NFT Royalty Wars
The protocol is moving toward backstopping its OGN staking program with ether (ETH) and OGN subsidies funded by its budget, according to a governance proposal poised to pass on Tuesday. The action is designed to combat a short-term shortfall in the fee revenue that usually supports Origin’s popular yield program, which currently holds 11% of all OGN tokens.
At press time, Origin’s website dashboards showed the protocol’s rewards pools for both ETH and OGN were fully depleted, indicating there were no tokens available to pay out to OGN stakers. With hours left in the voting, the subsidies proposal appeared likely to pass. At press time, 27 holders of Origin’s OGN tokens had voted over 1 million tokens in favor of passage, and none against. At least three participating addresses were associated with employees of Origin Protocol. Together, they comprised over 50% of the voting power.
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