Origin Protocol considers joining OGN subsidies in the NFT market
According to reports, according to a governance proposal, Origin Protocol is preparing to use ETH and OGN subsidies to support the direction of its OGN deposit plan. The action aims to address the short-term shortfall in fees and revenues that typically support the popularity of Origin-based yield projects, which currently hold 11% of all OGN tokens. Earlier this month, Origin’s chain governance participants approved a three month freeze to impose a 1.25% tax on NFT sales through the Origin Store, which is a brand centric NFT market service.
Interpretation of this information:
Origin Protocol, a decentralized platform for creating and trading NFTs, has proposed a governance plan to use subsidies in ETH and OGN to support its OGN deposit plan. This move is aimed at addressing the short-term shortfall in fees and revenues that typically support the popularity of Origin-based yield projects. Currently, these projects hold 11% of all OGN tokens. The platform has been struggling to attract users due to the high gas fees on the Ethereum network. By subsidizing the OGN deposit plan, the platform hopes to encourage more users to invest in its projects.
Earlier this month, Origin’s chain governance participants approved a three-month freeze on the imposition of a 1.25% tax on NFT sales through the Origin Store. The store is a brand-centric NFT market service offered by the platform. The tax would have helped generate additional revenue for the platform, but it was postponed to allow time for further discussions on how to implement it in the most effective way possible.
In summary, the three keywords for this message are: Origin Protocol, subsidies, and NFT sales.
Origin Protocol is taking steps to boost the popularity of its platform, which has struggled to attract users due to high gas fees on the Ethereum network. By using subsidies in ETH and OGN to support its OGN deposit plan, the platform hopes to encourage more users to invest in its yield projects. Origin’s chain governance participants also recently approved a freeze on the imposition of a tax on NFT sales through the Origin Store. While this tax could generate additional revenue for the platform, the delay will allow for further discussions on how to implement it effectively.
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