# What Is an Origami Vault (ov)?

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Origami v1 vaults such as ovGLP and ovGMX have been deprecated in v2 but the v1 document will remain as a reference. Current v1 users can still withdraw.
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In Origami v1, ov vaults were deployed for GMX and GLP which automatically converts ETH staking yields from the GMX platform ([app.gmx.io](http://app.gmx.io)) to the vault reserve i.e. oGLP or oGMX. 

The Origami oTokens are wrappers that are backed 1:1 by the deposit asset i.e. GLP or GMX. The oToken acts as the reserve token for each ov vault. User returns are always reflected in the price of the vault share–collectively known as ovToken–which is denominated in the oToken. 

The ov Vault auto-compounds returns to the reserves so that the number of oTokens redeemable per vault share (ovToken) grows over time. Upon exit, users redeem their ovGMX or ovGLP vault shares and receive their returns in the native GMX or GLP respectively.

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