Origami

Origami is an automated leverage protocol on Ethereum and Berachain that provides one-click vault products for folded exposure to yield-bearing tokens (YBTs). It offers three product generations — V1 ovTokens, V2 lov-Strategy vaults (leveraged positions on single YBTs like sUSDe, wstETH, weETH), and V3 OPAL vaults (tokenised portfolios holding multiple assets & liabilities across Aave V3, Morpho, and Euler markets). The protocol targets DeFi users who want leveraged yield without manual health-factor monitoring or position management.

Origami's products earn yield by automatically multiplying the returns on yield-bearing tokens (YBTs) — tokens that already generate rewards on their own, like sUSDe or wstETH.

How V2 vaults (lov-Strategy) work:

You deposit a YBT into a vault. The vault uses that deposit as collateral to borrow more of the same kind of asset from outside lending markets (Morpho, Spark). It then swaps the borrowed funds back into the original YBT and repeats the process, building a multi-layered position.

The vault earns profit from the gap (spread) between two rates:

• The native yield the YBT already pays (for example, sUSDe earns staking rewards from Ethena, wstETH earns staking rewards from Lido)
• The borrow interest the vault must pay to the lenders who supplied the borrowed assets

As long as the YBT's yield is higher than the borrowing cost, the vault's reserves grow and each share becomes more valuable.

On top of that, the vault collects bonus rewards from external programmes (Ethena Sats, ether.fi Loyalty Points, EigenLayer Points) on the full leveraged amount, which adds to the returns.

How V3 OPAL vaults work (Perpetual PT Collection):

These vaults hold leveraged positions in a special token called a Pendle Principal Token (PT). PTs trade at a discount — they are worth less today than the underlying asset will be worth at a set future date. The vault earns the difference between that discount and the cost of borrowing to create the leverage. When the PT expires, the vault automatically rolls into the next maturity, keeping the strategy running.

Where you see the yield:

All earnings show up in the vault's share price — you do not need to claim rewards separately.

Fees the protocol takes:

• A performance fee on positive yield only (about 0.5% for OPAL vaults, 2–10% for V2 vaults), collected by minting new shares that go to a fee collector
• Some vaults also charge deposit and/or exit fees

The automation layer (called "Overlord"):

The protocol continually rebalances positions and watches for liquidation risk, so users do not need to monitor health factors or manage the position themselves.