The mismatch between CoinGecko supply data and Binance transactions sparked speculation about one of the market’s key DeFi projects. Investors suspect that the team behind the altcoin project is selling undercover.
This altcoin team allegedly secretly sells coins
The related DeFi project Origin Protocol (ORN) has caused concern among investors due to the circulating supply and the divergence of Binance transactions. The incompatibility between the two platforms raised the possibility that team members were secretly selling.
Origin Protocol is a decentralized Blockchain project that aims to move the next 100 million users to cryptocurrencies through Blockchain powered products and protocols. Its two main products are Origin Dollar (OUSD), a yielding stablecoin, and Origin Story, an NFT platform. The team behind the project soon responded to the alleged upward inconsistency…
In a statement, the project team said that no team members have sold tokens to Binance or any other exchange. He assured his employees and advisors that all of the OGN tokens allocated are safe. According to the company’s statement, the inconsistency is due to incomplete information provided to CoinGecko. Failure to notify the crypto tracking platform of the current token allocation resulted in Binance transactions not matching the total supply.
Bug fixed
The Origin team soon sent the extra tokens back to the Foundation Reserves. These tokens were programmatically distributed to investors before the sale, but the CoinGecko data was not updated. The team also apologized for the confusion it caused. Origin Protocol guarantees that the event is a one-time event.
What is Origin Protocol?
Launched in January 2020, Origin Protocol is a decentralized platform that aims to solve the above problems. Origin aims to create multiple marketplaces without middleman fees, by offering a variety of products including an OGN token, an NFT selling platform, and more.
The Origin platform replicates many of the features found in these centralized B2B and B2C platforms, but on Web3, i.e. the decentralized Web. The team behind the platform also makes everything open source, encouraging further innovation and expansion; this means developers can access and use their code to create other decentralized marketplaces.
Origin Protocol’s founders are Josh Fraser and Matthew Liu. Both have been active in the crypto space since the early days and believe that decentralized finance (DeFi) will help create a fairer trading system for buyers and sellers. Josh Fraser is the founder of Torbit, a web optimization company acquired by Walmart Labs. Matthew Liu is a Stanford graduate who has been interested in crypto since participating in the Ethereum crowd sale in 2014.
