We’re pleased to announce that we will be purchasing $1,304,284 worth of Origin Tokens (OGN) on the open markets over the next week. We are using approximately half of the revenue generated from our recent NFT sales for this token buyback. Purchased OGN will be removed from circulation and sent back to our Foundation Reserves via our third-party execution partner at the conclusion of the buyback. We will publish these transaction hashes publicly.
We’re doing this for two reasons. First, we believe that the utility of holding and using OGN in the governance of the network and our products is currently undervalued.
Second, we want to reduce OGN’s circulating supply. Throughout the last 1.5 years, our team has prioritized keeping the actual circulating supply of OGN lower than the projected supply, as published when we first launched OGN on Binance in January of 2020. At the time of writing, OGN’s actual circulating supply is 308,186,135. Modeled circulating supply was projected at 341,000,000. The difference is 32,813,865 tokens (9%). You can learn more about our token economics at the OGN dashboard.
This does not take into account the 80M OGN that is currently staked which would further decrease OGN float. That being said, our team has always targeted maintaining at least a 10% delta between actual and projected supply (with preferences for 15+%). This OGN buyback is directed at further reducing circulating supply to get closer to our target numbers.
We anticipate taking additional measures in the future to further manage our circulating supply, including holding back tokens that would otherwise be released by Foundation Reserves and announcing additional buybacks in the future. In addition, both my co-founder, Josh, and I have yet to sell a single token between the two of us. We are focused on the long-term token utility and widespread adoption of OGN as well as the interests of our tokens holders and broader community.
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