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Liquid staking

Origin Protocol

# Origin Protocol Expenses Methodology

## 1. Overview

Origin expenses represent the daily USD value of token rewards distributed to stakers as part of the protocol's incentive programs. This metric captures the operational cost of maintaining user engagement through token distributions. The calculation aggregates reward payments from Origin's staking contracts on Ethereum, converts them to USD, and presents them as daily expense totals.

## 2. Data sources

- **Blockchain events**: Parsed Ethereum `Reward` events from Origin protocol's staking contracts, specifically the OGN staking contract (`0x9c354503c38481a7a7a51629142963f98ecc12d0`) and xOGN staking contract (`0x8207c1FfC5B6804F6024322CcF34F29c3541Ae26`)
- **External data**: End-of-day price feeds for OGN and xOGN tokens to enable USD conversion
- **Token metadata**: Token decimal precision information for accurate amount calculations

## 3. Step-by-step calculation

### Component A: Raw reward event extraction
- **Purpose**: Capture all token reward distributions from Origin's staking contracts
- **Logic**: Extract `Reward` events from two specific Ethereum contracts that handle OGN and xOGN staking rewards. Each event contains the reward amount, timestamp, transaction context, and identifies the specific token being distributed. The events are deduplicated using transaction hash and log index to ensure each reward is counted only once.
- **Key fields**: `block_timestamp` for timing, `amount` for reward quantity, `token_address` for token identification, and transaction identifiers for deduplication

### Component B: Daily aggregation and USD conversion
- **Purpose**: Transform raw blockchain events into standardized daily metrics
- **Logic**: Group reward events by day using timestamp truncation to create daily boundaries. Token amounts are converted from their raw blockchain representation (with token-specific decimal places) to standard decimal format. End-of-day price feeds convert token amounts to USD values. Each day shows the total USD value of rewards distributed across all staking programs.
- **Key fields**: `timestamp` truncated to day precision, `token_incentives` as the USD-converted reward amount, `chain_id` for blockchain identification

### Component C: Time series standardization
- **Purpose**: Create a complete time series with consistent data structure
- **Logic**: Apply time series processing to fill gaps where no rewards were distributed, using zero values for missing periods. Validate data completeness and apply chain availability filters to ensure only periods with reliable data are included. The metric covers the full operational history of Origin's staking programs.
- **Key fields**: Standardized `timestamp` and `chain_id` fields, gap-filled `token_incentives` values

### Final aggregation
- **Combining components**: The final expenses metric is a direct renaming of the token incentives calculation, representing the same USD values from a cost perspective rather than a distribution perspective
- **Currency conversion**: USD conversion occurs at the daily level using end-of-day token prices, ensuring consistent valuation across different reward tokens
- **Time aggregation**: Daily boundaries are established using timestamp truncation, with all rewards within a 24-hour period aggregated together
- **Final calculation**: The expenses value equals the sum of all USD-converted token rewards distributed on each day, representing the protocol's daily cost of incentivizing user participation through staking rewards

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total project operating and incentive expenses.

Origin ProtocolOGN

Expenses

Expenses

Competitive landscape

Chain breakdown