Origami Tokens (oTokens)

Origami v1 vaults such as ovGLP and ovGMX have been deprecated in v2 but current users can still withdraw

Wrapped Origami Tokens or "oTokens" represent the reserve tokens that back each vault share or "ovToken" held by users. The vault will mint 1 oToken for every underlying Token acquired for the vault from user deposits or compounding activities.

e.g.

1 GMX = 1 oGMX

or

1 GLP = 1 oGLP

The reserve oToken is pegged to the underlying Token at 1:1. The underlying Token will then be deposited into the appropriate external staking contract to earn yield, whereas the reserve oToken stays in the Origami vault until the vault share is withdrawn to redeem vault reserves. For the oGLP and oGMX vaults, the oToken is always redeemable 1:1 for the underlying GLP or GMX.

Origami users will not need to directly interact with oTokens. They simply need to deposit the supported token for the oToken vault such as GMX and receive an ovGMX vault share token in exchange. When they redeem and burn their ovGMX token, they will receive GMX (not oGMX).