The surprises of the crypto space in 2020 were the massive growth of Non-Fungible Tokens (NFTs) and Decentralized Finance (DeFi) space. The NFT market saw its growth leap beyond boundaries, attracting more investors and users to the space. The market is also going mainstream, attracting audiences of all nature and kinds. Alternatively, 2020 also saw the DeFi market grow above expectations, making the market more attractive for investors. This is not strange, as DeFi continues to prove its strength against traditional finance. However, since 2020, both spaces have continued to thrive, providing an avenue for all in the crypto space. That growth has also attracted many enterprises and blockchain projects, creating NFT and DeFi-based projects. One of such protocols is the Origin Protocol, currently making waves in the crypto space.
What Is Origin Protocol?
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Co-Founded in 2017 by Josh Frasr and Mathew Liu, Origin Protocol is an Ethereum-powered network. The sole aim of the Protocol is to bring Non-Fungible Tokens (NFTs) and Decentralized Finance (DeFi) to all users. The platform also aims to build the future of internet commerce, one that will enable true peer-to-peer e-commerce. The platform started out by building a decentralized e-commerce platform and subsequently built an NFT marketplace. Origin’s NFT marketplace- NFT Launchpad is a platform where creators fully control their NFTs.
The Protocol’s participation in DeFi has also seen it launch its stablecoin – the Origin Dollar (OUSD). Users to build peer-to-peer marketplaces and e-commerce applications, which means users can buy, sell and trade goods and services on its platform. Alternatively, Origin allows developers to create their applications using its native Blockchain. The native and governance token of the Protocol is OGN and is very important in its NFT and DeFi ecosystem.
How Does Origin Protocol Work?
The origin platform serves both the NFT and Defi space, serving both sectors in unique ways. For NFTs, Origin’s NFT Launchpad is an experience-focused online shopping platform for all types of NFTs. This is because the Protocol understands that NFTs are unique collectibles and should remain as such. Origin’s NFT Launchpad also equips creators with power and control over their unique digital assets. The platform currently allows creators to control branding, pricing models, and their NFT contents. Creators can sell their products using custom storefronts and unique media content.
The sales model also allows them to sell the collectibles directly on a brand’s website. Another unique feature of the NFT marketplace is that it allows the purchase of NFTs with fiat money. Many of its competitors usually expect investors to own cryptocurrencies before buying NFTs. OUSD is the signature entrance of Origin Protocol into the Defi ecosystem. The stablecoin is Ethereum-based, and its value is pegged to the USD. Unlike other stablecoins, users do not have to stake it to earn interest. OUSD allows users to earn passively by holding it in their digital wallets. Alternatively, OUSD smart contracts automatically rebalance funds in lending protocols like Compound, Aave, and Curve via yield farming.
Core Features Of Origin Protocol
Listed below are the features of Origin Protocol and why it is very attractive to users;
- Great User Experience: Origin is one of the first projects to implement meta-transactions on Ethereum. This innovation saves users from paying Ethereum gas fees for all transactions. This will not only save users’ costs but also simplify their experience.
- Open Market: Origin’s offerings involve providing users with an open market, available for even the unbanked population. The peer-to-peer marketplaces do not require licensing or censorship and cannot be shut down by authorities.
- High Incentives and Lower Fees: The lack of intermediaries in the open peer-to-peer marketplace means traders save more money on transaction costs. The network also allows public users to own a stake in it by contributing to its growth. Users can participate by referring new users, driving transactions, promoting listings, and building applications. Apart from OUSD rewards, this contribution will also allow users to earn passive incentives.
The OGN Token
OGN is an ERC-20 token that doubles as the native governance and utility token of the Origin Protocol. The token holders can create and vote on proposals to change or amend the existing protocols. Examples of such protocols include changes to fees, the proportion of funds allocations to projects, etc. The token is value-accrual in nature, and holders are eligible to earn a portion of fees generated in the ecosystem. Another use case involves utilizing it as reward for users when they earn purchase cashback, verify identities and promote Origin. Users also earn OGN as rewards when they refer new users to the platform. Another use case is sellers use the token as incentives for application developers to promote their NFTs and other products. Alternatively, sellers also receive funds from buyers in the native token. Lastly, the token’s use will also cover staking, as Origin developers are constantly working to develop staking models. OGN’s use will cover more governance of the Origin ecosystem in the future.
How To Buy OGN Token On Binance
Since April 9, 2020, OGN has been available for purchase and trading on Binance. However, listed below are the five steps to buying the token on Binance;
Step 1
Signing up on Binance is the first for new users. You will have to download the Binance app or use the exchange’s website. The app is available for Android and iOS devices and can be downloaded from their respective stores. This process is usually seamless and complete after supplying a few KYC details. You will also need to verify the information you provided. However, existing users will only need to log in to their accounts.
Step 2
After creating an account or logging in, you will need to fund your Binance account. This will enable the purchase of OGN to be very seamless. Funding is straightforward, and with either a bank transfer or any compatible debit/credit card, your account now has funds.
Step 3
After funding, you can then purchase your OGN tokens. Click on trade, select OGN from the search bar items, and enter the amount you want to buy. You will then review and confirm the amount and make payments for it. The new assets will automatically reflect on your account, and you can decide to either hold, trade or sell them. You will also need to ensure that you have a wallet, enabling you to store it securely.
OGN Price Predictions – Should you Buy OGN?
Since the start of April, OGN’s price has increased by more than 25%, amidst a good run this month. However, that is not the whole story of the token, which witnessed a decline of 22.4% in January. The token began the year at $0.61 and closed the month around $0.47. However, it began to bounce back shortly amidst a market correction. According to crypto analysts, its reaction might be to the new projects and updates touted by Origin Protocol. The Protocol promises users to elevate and upscale their experience on the network this year. According to CoinMarketCap, the token’s recent dominance ranks it among the top 200 tokens in the crypto market. Its average 24hour trading volume is at an ATH of $146,647,866.61, amidst a market cap of $617,734,318.35. Its current price of $0.62 is still far from the ATH price of $3.39 it traded a year ago.
WalletInvestor thinks the token will end the year at $0.0358, predicting a bearish run for the asset. They believe the token’s future is not great enough, sighting a drop in value of about 90% by December 2022. PricePrediction sees OGN as a long-term investment that will peak at $13 in 2030. Unfortunately, their expectations for the token this year do not see it past $0.68. The crypto analysts believe investors willing to put funds on OGN have to wait long on the token. This prediction line is not new to low-cap assets like OGN, as their future remains uncertain. However, while predictions can be great, crypto assets are still volatile, and anything can happen in the future. The advice to investors is to commit funds they can lose to crypto assets.
Conclusion
Co-Founded in 2017 by Josh Frasr and Mathew Liu, Origin Protocol is an Ethereum-powered network. Its sole aim is to bring Non-Fungible Tokens (NFTs) and Decentralized Finance (DeFi) to all users. For NFTs, Origin’s NFT Launchpad is an experience-focused online shopping platform for all types of NFTs. The Protocol’s participation in DeFI, has also seen it launch its stablecoin- the Origin Dollar (OUSD). The utility and governance token of the Protocol is OGN, used actively within its ecosystem. The token is a low-cap asset, and opinions about its future remain divided. However, recent performances suggest it could be great soon.
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Source: https://cryptoticker.io/en/what-is-origin-protocol-look-into-ogn-crypto/