OGN saw a 140% surge as increased staking rewards, governance token launches and new NFT launches excite investors.
Stablecoin minting and non-fungible tokens (NFTs) have been the latest trends in the crypto market, and protocols like Terra (LUNA) have prompted debate as to why stablecoins should be backed by assets like Bitcoin (BTC) and Avalanche (AVAX).
One project that appears to be following Terra’s lead is Origin Protocol (OGN), a platform focused on NFTs and decentralized finance.
Data from Cointelegraph Markets Pro and TradingView shows that the price of OGN has surged 143% over the past month from a low of $0.25 on March 10 to an intraday high of $0.725 on April 19.
OGN/USDT 1-day chart. Source: Trade View
Three reasons for the OGN rally are the reorganization of staking rewards, the development of the Origin Dollar Protocol (OUSD) stablecoin, and the expansion of the NFT ecosystem.
Updated staking rewards
Holding and staking OGN tokens should become more profitable after the adoption of a governance proposal that distributes Origin Story platform fees to stakers.
Origin Story is an NFT log launch pad that musicians, celebrities, and creators have used to create new NFT lines for interested parties.
The Origin core development team’s proposal will provide a direct link between the increasing popularity of the Origin Story product and the increase in revenue and performance of OGN and has been 100% approved by voters.
Upon full implementation, OGN players will begin earning rewards from primary sales commissions, secondary trading fees, and Origin Story royalties.
Origin updates its stablecoin
Another development fueling OGN’s growth is the expansion of the Origin Dollar stablecoin, as well as the addition of a governance token and a new exchange listing.
In March, OGN holders voted on a proposal to create a new governance token for OUSD to be distributed to OGN hodlers.
The move was community-voted and helped fuel OGN’s price surge in mid-March after traders hoarded the token to qualify for the giveaway.
In addition to the momentum created by the launch of the governance token, OUSD has also benefited from listing on Gate.io, which offers OUSD holders additional income as an additional way to earn on top of the 15% that OUSD offers -Holders earn simply by holding tokens. tokens in the wallet.
See also: How Web3 is Redefining Storytelling for Creators and Fans with NFT
Growth of the origin protocol NFT ecosystem
A third factor helping to boost price and activity on the Origin Protocol network is the continued expansion of its NFT ecosystem, with several new projects launched over the past month.
The upcoming release of Blades of Valor, a PvP RPG and NFT ecosystem, also helps draw the gaming community’s attention to Origin.
Cointelegraph Markets Pro VORTECS™ data began revealing a bullish outlook for OGN on April 12, ahead of the recent price rally.
Exclusive to Cointelegraph, the VORTECS™ Score is an algorithmic comparison of historical and current market conditions, derived from a combination of data points such as market sentiment, trading volume, recent price movements, and Twitter activity.
VORTECS™ score (green) compared to OGN price. Source: Cointelegraph Markets Pro.
As you can see from the chart above, OGN’s VORTECS™ Score peaked at 82 on April 12, about an hour before the price started to climb 68.38% over the next seven days.
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