Upcoming airdrop and boosted staking rewards send Origin Protocol (OGN) price higher
Stablecoin minting and nonfungible tokens (NFTs) have been the latest trending topics in the cryptocurrency market and protocols like Terra (LUNA) have led the discussion on why stablecoins should be backed by assets like Bitcoin 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 over the past month, the price of OGN has rallied 143% from a low of $0.25 on March 10 to a daily high of $0.725 on April 19.
Three reasons for the OGN rally include a reorganization of staking rewards, developments in the protocol's Origin Dollar (OUSD) stablecoin and the expansion of its NFT ecosystem.
Holding and staking OGN tokens is set to become more lucrative following the passage of a governance proposal that will distribute Origin Story platform fees to stakers.
️ A recent governance proposal was passed that will allow Origin Story platform fees, whether primary sales commissions or secondary trading/royalty fees, to be distributed to $OGN stakers after an upcoming re-launch of our staking program.Read more https://t.co/63WlOPTkGH
Origin Story is the protocol's NFT launchpad that has been utilized by musicians, celebrities and creators to mint new lines of NFTs for interested parties to purchase.
The proposal, which was put forward by the core development team at Origin, will establish a direct connection between Origin Story’s product traction and revenue growth and OGN performance and it passed with 100% approval from voting participants.
Following its full implementation, OGN stakers will begin to accrue rewards from primary sales commissions and secondary trading and
Read more on cointelegraph.com
