General Documentation
  • 📜INTRODUCTION
    • Protocol Overview
  • 🔷The Second Fold (V2)
    • Getting Started
    • What's New in V2
    • How Does a Leveraged Origami Vault Work?
      • Targeted Exposure
      • Rebalancing Down
      • Rebalancing Up
      • Vault Limits
    • Collection and Vault User Guides
      • What Are Collections?
        • lovBERA Collection
          • oriBGT
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
          • oriBGT Smart Leverage (Tulipa Cluster)
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
          • OHM-HONEY (Origami LP Auto-Compounder)
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
          • rUSD-HONEY (Origami LP Auto-Compounder)
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
          • BYUSD-HONEY (Origami LP Auto-Compounder)
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
          • wBERA-iBERA (Origami LP Auto-Compounder)
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
          • wBERA-HONEY (Origami LP Auto-Compounder)
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
          • wBERA-iBGT (Origami LP Auto-Compounder)
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
          • iBERA-osBGT (Origami LP Auto-Compounder)
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
        • lovPendle Collection
          • PT-sUSDe-May 2025 7x
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
        • lovEthena Collection
          • PT-sUSDe-May 2025 7x
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
        • lovStables Collection
          • Sky Auto-Farm
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
        • lovUsual Collection
          • USD0++ 10x
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
        • lovETH Collection
          • wstETH 14x
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
          • wstETH 11x
            • Vault Synopsis
            • Token Flow
            • dApp Instructions
            • Fee Schedule
    • Risks
      • Liquidation Risk
      • Third-Party Risks
      • Interest Rate / Liquidity Risk
      • Vault Deprecation Risk
      • Smart Contract Risk
    • Rewards
    • What Fees We Collect
      • Performance Fee
      • Deposit and Exit Fee
    • Vault Fee Schedule
    • Deprecated Vaults
      • wOETH 5x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • wstETH 11x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • PT-sUSDe-Oct 2024 5x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • USDe 5x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • USDe 7x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • lovTendies Collection
        • What are directional vaults?
        • wETH-DAI-long 2x (Vitalik Bullterin)
          • Vault Synopsis
          • Token Flow
          • dApp Instructions
          • Fee Schedule
        • wETH-SDAI-short 2x (Vitalik Bearterin)
          • Vault Synopsis
          • Token Flow
          • dApp Instructions
          • Fee Schedule
        • AAVE-USDC-long 1.5x (Just Use Aave)
          • Vault Synopsis
          • Token Flow
          • dApp Instructions
          • Fee Schedule
        • wETH-cbBTC-long 3x
          • Vault Synopsis
          • Token Flow
          • dApp Instructions
          • Fee Schedule
      • PT-sUSDe-Mar 2025 7x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • PT-USD0++-Mar 2025 5x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • sUSDe 5x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • sUSDe 7x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • sDAI 11x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • rswETH 11x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • weETH 4x
        • Vault Synopsis
        • Token Flow
        • dApp Instructions
        • Fee Schedule
      • lovBTC Collection
        • PT-eBTC-Dec24 8x
          • Vault Synopsis
          • Token Flow
          • dApp Instructions
          • Fee Schedule
        • PT-cornLBTC-Dec24 8x
          • Vault Synopsis
          • Token Flow
          • dApp Instructions
          • Fee Schedule
  • 🔷The First Fold (v1)
    • What Is an Origami Vault (ov)?
    • Origami Vault Tokens (ovTokens)
    • Origami Tokens (oTokens)
    • Relationship Between Token, oTokens, and ovTokens
    • Rewards
    • ovToken Fees
  • 🐻Boyco
    • Origami USDC Boyco Overview
  • 🖲️Technical Reference
    • Audits
    • Contracts
    • Legacy Contracts
    • Admin Controls
  • 📘References
    • Disclaimer
    • Resources
    • Brand Kit
Powered by GitBook
On this page
  1. The First Fold (v1)

What Is an Origami Vault (ov)?

PreviousFee ScheduleNextOrigami Vault Tokens (ovTokens)

Last updated 11 months ago

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.

In Origami v1, ov vaults were deployed for GMX and GLP which automatically converts ETH staking yields from the GMX platform () 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.

🔷
app.gmx.io