Upcoming airdrop and boosted staking rewards send Origin Protocol (OGN) price higher

Stablecoin minting and nonfungible tokens (NFTs) person been the latest trending topics successful the cryptocurrency marketplace and protocols similar Terra (LUNA) person led the treatment connected wherefore stablecoins should beryllium backed by assets similar Bitcoin and Avalanche (AVAX). 

One task that appears to beryllium pursuing Terra's pb is Origin Protocol (OGN), a level focused connected NFTs and decentralized finance.

Data from Cointelegraph Markets Pro and TradingView shows that implicit the past month, the terms of OGN has rallied 143% from a debased of $0.25 connected March 10 to a regular precocious of $0.725 connected April 19.

OGN/USDT 1-day chart. Source: TradingView

Three reasons for the OGN rally see a reorganization of staking rewards, developments successful the protocol's Origin Dollar (OUSD) stablecoin and the enlargement of its NFT ecosystem.

Updated staking rewards

Holding and staking OGN tokens is acceptable to go much lucrative pursuing the transition of a governance connection that volition administer Origin Story level fees to stakers.

— Origin Protocol (@OriginProtocol) April 12, 2022

Origin Story is the protocol's NFT launchpad that has been utilized by musicians, celebrities and creators to mint caller lines of NFTs for funny parties to purchase.

The proposal, which was enactment guardant by the halfway improvement squad astatine Origin, volition found a nonstop transportation betwixt Origin Story’s merchandise traction and gross maturation and OGN show and it passed with 100% support from voting participants.

Following its afloat implementation, OGN stakers volition statesman to accrue rewards from superior income commissions and secondary trading and royalty fees connected Origin Story.

Origin revamps its stablecoin

Another improvement providing a boost for OGN is an summation successful the capabilities of the Origin Dollar stablecoin, positive the summation of a governance token and a caller speech listing.

In March, OGN holders voted connected a connection for the instauration of a caller governance token for OUSD that volition beryllium distributed to OGN hodlers.

— Origin Protocol (@OriginProtocol) March 10, 2022

The measurement passed the assemblage ballot and helped spark the mid-March rally successful OGN terms aft traders accumulated the token to suffice for the airdrop.

On apical of the momentum generated by the governance token launch, OUSD has besides benefited from a listing connected Gate.io, which is offering OUSD holders other output arsenic an further mode to gain speech from the 15% that OUSD holders gain by simply holding the token successful a wallet.

Related: How Web3 is redefining storytelling for creators and fans done NFTs

Growth of the Origin Protocol NFT ecosystem

A 3rd origin helping to boost the terms and on-chain enactment for Origin Protocol is the continued enlargement of its NFT ecosystem which has seen aggregate caller projects motorboat successful the past month.

We’re arrogant to articulation forces with @praise_pals to bring this postulation of 8,888 unsocial characters to Origin Story. Praise Pals has partnered with celebrities, brands, & thought-leaders to make one-of-a-kind Web3 experiences to springiness backmost back to community!https://t.co/USbKiRvCf8

— Origin Protocol (@OriginProtocol) April 11, 2022

The upcoming motorboat of Blades of Valor, a player-versus-player role-playing crippled and NFT ecosystem, is besides helping to make buzz for the gaming assemblage connected Origin.

VORTECS™ information from Cointelegraph Markets Pro began to observe a bullish outlook for OGN connected April 12, anterior to the caller terms rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic examination of humanities and existent marketplace conditions derived from a operation of information points including marketplace sentiment, trading volume, caller terms movements and Twitter activity.

VORTECS™ Score (green) vs. OGN price. Source: Cointelegraph Markets Pro

As seen successful the illustration above, the VORTECS™ Score for OGN deed a precocious of 82 connected April 12, astir 1 hr earlier the terms began to summation 68.38% implicit the adjacent 7 days.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.