Relationship Between Token, oTokens, and ovTokens

The following examples are user flows using GMX vault as an example.

Example Token Flow for GMX Deposits at Time t

• User A deposits 1 GMX

• Origami mints 1 oGMX and stores it in the vault

• Origami sends the deposited 1 GMX to the gmx.io staking contract to earn yield

• Origami mints 0.90 ovGMX (assuming current reservePerShare = 1.11)

• Origami sends 0.90 ovGMX to User A

Example Token Flow for GMX Redemption at Time t+1 (Fees ignored for simplicity)

• User A sends 0.90 ovGMX to Origami

• Origami burns 0.90 ovGMX in exchange for 1.17 oGMX (current reservePerShare = 1.30)

• Origami burns 1.17 oGMX to withdraw 1.17 GMX from the oGMX vault

• Origami sends 1.17 GMX to User A (a 17% return on the original deposit)