New Crowdin updates

ar/README.md

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+---
+description: The first stablecoin that earns a yield while it's still in your wallet
+---
+
+# Introduction
+
+## **A Better Form of Money**
+
+Origin Dollar (OUSD) is a new stablecoin that was initially launched in September 2020 on the Ethereum network. Its design is superior to existing stablecoins because OUSD captures competitive yields while being passively held in wallets.
+
+![](.gitbook/assets/origin-dollar-summary.jpeg)
+
+**Background**
+
+In 1999, Yu Pan, Origin’s R\&D engineer, and his fellow PayPal co-founders [conceived](https://www.cnbc.com/2017/08/14/david-sacks-cryptocurrency-interview.html) of creating “the new world currency”, complete with interest yielding strategies and debit cards without having to connect to traditional banking systems. Several pivots and an eBay acquisition later, PayPal dropped its ambitions in this area.
+
+Almost two decades later, Tether introduced the concept of a USD-denominated stablecoin in 2014. Since then, stablecoins have proven themselves as an ideal way of transferring value without exposing users to the price volatility of free-floating currencies. Today, more value is [transferred via Tether](https://www.bloomberg.com/news/articles/2019-10-01/tether-not-bitcoin-likely-the-world-s-most-used-cryptocurrency) than with Bitcoin. Meanwhile, Decentralized Finance (DeFi) has experienced an explosion of growth with [billions of dollars](https://defipulse.com) of capital now locked up in smart contracts that generate yields from lending and trading protocols.
+
+One of the problems with existing stablecoins is that users have to constantly choose between holding an easily spendable coin and earning yields by locking their tokens up in smart contracts. For example, users that lock up USDC in Aave cannot spend a portion of that USDC simultaneously. Expensive Ethereum gas fees serve as "switching costs" each time those users want to switch between spending mode and earning mode.
+
+To make matters worse, yields from lending and trading activities change rapidly. Sophisticated DeFi yield earners are familiar with constantly having to rebalance their portfolio of assets across many competing platforms. This is time-consuming and expensive as gas fees once again eat into yields. In addition, it is time-consuming to calculate real ROI as APYs are unstable and constantly fluctuating. There isn't an easy unit of account. As a result, while DeFi is growing extremely rapidly, it still makes it difficult for many cryptocurrency users to participate.
+
+With OUSD, there’s no need to unwind complicated positions when you want to spend your OUSD. You can transfer it freely without having to pay gas to unlock spendable capital. In addition, OUSD gives you access to some of the highest-earning opportunities across DeFi with none of the hassles. The OUSD smart contract will deploy your underlying capital to a diversified set of yield-earning strategies, rebalancing over time to achieve great yields while diversifying risk. Earnings automatically accrue in your wallet and compound continuously while you hold OUSD. Again, no staking or lockups are required. OUSD also serves as an ideal unit of account. DeFi investors no longer need complicated spreadsheets to calculate their earnings as they can easily see their constantly updated OUSD balances in real-time as their interest compounds automatically. OUSD is an ideal stablecoin for DeFi yield farmers and novice cryptocurrency users alike.
+
+Created by cryptocurrency and fintech veterans, the Origin Dollar is brought to you by the [team](https://www.originprotocol.com/team) at [Origin Protocol](https://www.originprotocol.com) that includes serial entrepreneurs, early cryptocurrency investors, early employees at YouTube, engineering managers at Google/Dropbox, and one of the Paypal co-founders, Yu Pan.
+
+For those interested in diving into the technical details of how it works, these docs are a great place to start. We encourage developers to audit and contribute to our [Github](http://www.github.com/OriginProtocol) (100% open-source). Our team hangs out in [Discord](https://www.originprotocol.com/discord) if you have questions or need help getting started.
+
+Welcome to the future of money.

ar/SUMMARY.md

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+# Table of contents
+
+* [Introducing OUSD](README.md)
+* [How It Works](how-it-works.md)
+* [Getting Started](getting-started.md)
+* [Analytics Dashboard](analytics-dashboard.md)
+* [FAQ](faq.md)
+
+## Core Concepts
+
+* [Elastic Supply](core-concepts/elastic-supply/README.md)
+  * [Rebasing & Smart Contracts](core-concepts/elastic-supply/rebasing-and-smart-contracts.md)
+* [Yield Generation](core-concepts/yield-generation/README.md)
+  * [Lending](core-concepts/yield-generation/lending.md)
+  * [Market Making](core-concepts/yield-generation/market-making.md)
+  * [Rewards](core-concepts/yield-generation/rewards.md)
+* [Wrapped OUSD](core-concepts/wrapped-ousd.md)
+* [Supported Stablecoins](core-concepts/supported-stablecoins/README.md)
+  * [USDT](core-concepts/supported-stablecoins/usdt.md)
+  * [USDC](core-concepts/supported-stablecoins/usdc.md)
+  * [DAI](core-concepts/supported-stablecoins/dai.md)
+* [Supported Strategies](core-concepts/supported-strategies/README.md)
+  * [Compound](core-concepts/supported-strategies/compound.md)
+  * [Aave](core-concepts/supported-strategies/aave.md)
+  * [Curve](core-concepts/supported-strategies/curve.md)
+  * [Convex](core-concepts/supported-strategies/convex.md)
+* [Fund Management](core-concepts/fund-management.md)
+* [Price Oracles](core-concepts/price-oracles.md)
+
+## Governance
+
+* [Principles](governance/principles.md)
+* [Admin Privileges](governance/admin-privileges.md)
+* [OGN Staking](governance/ogn-staking.md)
+* [Contributing](governance/contributing.md)
+* [Vote Delegation](governance/vote-delegation.md)
+
+## Smart Contracts
+
+* [Architecture](smart-contracts/architecture.md)
+* [Registry](smart-contracts/registry.md)
+* [API](smart-contracts/api/README.md)
+  * [Vault](smart-contracts/api/vault.md)
+  * [ERC-20](smart-contracts/api/erc-20-1.md)
+  * [Timelock](smart-contracts/api/timelock.md)
+  * [Strategies](smart-contracts/api/strategies.md)
+
+## Security & Risks
+
+* [Risks](security-and-risks/risks.md)
+* [Audits](security-and-risks/audits.md)
+* [Insurance](security-and-risks/insurance.md)
+* [Bug Bounties](security-and-risks/bug-bounties.md)
+
+## Guides
+
+* [Integration Guide For Exchanges](guides/integration-guide-for-exchanges.md)
+* [Incentivized Harvesting Guide](guides/incentivized-harvesting-guide.md)
+
+## Links
+
+* [Github](https://www.github.com/originprotocol/origin-dollar)
+* [Discord](https://www.originprotocol.com/discord)
+* [originprotocol.com](https://www.originprotocol.com)

ar/analytics-dashboard.md

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+# Analytics Dashboard
+
+{% hint style="info" %}
+Visit [analytics.ousd.com](https://analytics.ousd.com) to see how funds are allocated, view historical performance data, and track your personal gains.
+{% endhint %}
+
+The [APY dashboard](https://analytics.ousd.com/apy) is primarily intended for consumption by our engineering team, but we went ahead and deployed it since our ethos is "public by default" and everything that we do is [open-source](http://github.com/OriginProtocol). Unfortunately, that often means erring on the side of transparency and not necessarily the side of taking the time to explain things clearly.
+
+Before diving into the yield calculation, it's important to understand how OUSD works both in terms of [yield generation](https://docs.ousd.com/core-concepts/yield-generation) and [rebasing](https://docs.ousd.com/core-concepts/elastic-supply). You can read all about that in these [docs](https://docs.ousd.com), including [the part about smart contracts being excluded from yield](https://docs.ousd.com/core-concepts/elastic-supply/rebasing-and-smart-contracts).
+
+To summarize how APY is calculated, it's the annualized rate of change in OUSD's internal accounting of users' balances between two points in time. To understand that, let's break down the columns in the historical APY table (in reverse order).
+
+**Ratio**
+
+There are two types of OUSD balances: rebasing (most accounts) and non-rebasing (smart contracts that have not opted in). The OUSD token contract maintains a separate internal accounting for each type of balance using what it calls "credits". The ratio shown here is the rebasing supply of OUSD divided by the rebasing credits, which gives us the exchange rate between the two.
+
+**Credits**
+
+Some smart contracts holding OUSD have unique credit balances because their rebasing status has changed at some point in the past (by opting in or out). Here we show the sum of all rebasing credits and non-rebasing credits. When multiplied by the ratio, it gives the difference between backing supply and non-rebasing supply.
+
+**Non-rebasing**
+
+This is the portion of supply held in other smart contracts that have not opted in to rebasing. When added to (credits \* ratio), this equals backing supply. Note also that the **%** column shows the percentage of OUSD that is non-rebasing.
+
+**Boost**
+
+The APY is effectively "boosted" for rebasing accounts thanks to the fact that some OUSD is non-rebasing. Think about all of the stablecoins that were used as collateral to mint the non-rebasing OUSD. Those stablecoins are still earning through our yield farming strategies, but the gains are accruing only to the rebasing accounts. The result is that the effective APY is higher than it would be without this mechanism. The boost is the measure of this difference. If boost is 100%, then regular OUSD holders are enjoying double the APY that they otherwise would.
+
+**APR/APY calculation**
+
+Bringing this full circle, we currently measure yield by measuring the change in the [rebasing credits per token](https://github.com/OriginProtocol/origin-dollar/blob/master/contracts/contracts/token/OUSD.sol#L45) between two points in time. But there are a few other considerations to note. First, we have to make an assumption about how many Ethereum blocks are mined on an average day. We use a [fixed 6,500](https://github.com/OriginProtocol/ousd-analytics/blob/master/eagleproject/core/views.py#L43), but the actual number of blocks per day is variable. Second, we need a reasonable time horizon to measure. We focus on 30 days, which has proven to be a relatively consistent window of time during which a complete sample of yield-generating activities has occurred. Third, we convert APR into APY by assuming [constant daily compounding](https://github.com/OriginProtocol/ousd-analytics/blob/master/eagleproject/core/views.py#L449-L451). In other words, yield is constantly being reinvested into the same strategies. Finally, there is one notable drawback to using the rebase ratio to measure yield. Since rebase events currently occur sporadically (and not very frequently in a world of high gas prices), the APY won't reflect earnings that have not yet been translated to account balances. For example, there could be an interest rate spike in Compound or a volume spike in the Curve 3pool strategy, which would cause OUSD to earn more than it does on an average day. Until [the rebase method](https://github.com/OriginProtocol/origin-dollar/blob/master/contracts/contracts/vault/VaultCore.sol#L365-L370) gets called, the APY will underreport these earnings. In fact, anyone who sells OUSD during that time would be missing out on the "[next rebase](https://analytics.ousd.com)". The good news is that you should be able to observe the change in your balance over one week and it (annualized) should approximately equal our advertised APY.

ar/architecture/erc-20-1.md

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+# ERC-20
+
+{% hint style="success" %}
+The main ERC20 address for Origin Dollar \(OUSD\) is:   
+**0x2A8e1E676Ec238d8A992307B495b45B3fEAa5e86**
+{% endhint %}
+
+OUSD is an ERC-20 compliant token with one novel property that is important to understand.
+
+{% hint style="warning" %}
+Wallets and exchanges that wish to integrate OUSD should not cache token balances for OUSD as this value will change frequently as yield is accrued to token holders.
+{% endhint %}
+
+The biggest difference separating OUSD from your average ERC-20 token is the way OUSD's`balanceOf()` function will return a variable amount based on the total value of the pool multiplied by the holder's stake in the pool. This difference is vital to understand, particularly for wallets and exchanges that wish to integrate the OUSD token. This value should be fetched in real-time instead of being cached since OUSD rebases frequently.
+
+
+
+
+

ar/architecture/erc-20.md

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+# Overview
+
+![](../.gitbook/assets/ousd_docs_graphics_3.png)
+
+OUSD is made up of a series of smart contracts. Each of these contracts is wrapped in a proxy contract that can be upgraded via the governance protocols.
+
+Internally, ownership in the pool is tracked using a credits system that represents the percent ownership of the pool for each holder. The ERC-20 contract handles the conversion to USD terms when viewing a balance or initiating a transfer between wallets.
+
+The Vault is responsible for minting and burning OUSD. It also enforces the percentage of assets that are deployed to each of the supported [Strategies](../core-concepts/supported-strategies/). To optimize gas costs, the vault maintains a buffer to allow most deposits and redemptions to occur without winding/unwinding assets from strategies.
+
+
+

ar/architecture/strategies.md

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+# Strategies
+
+New strategies can be added or removed at any time to respond to new market realities and diversify risk.
+
+At launch, OUSD will take advantage of a single strategy and deploy deposited capital to Compound. We intend to deploy many other strategies soon thereafter.
+
+Once we migrate to decentralized governance, it is our intent for the community to propose new strategies and to vote on the appropriate weight for each strategy in the pool. We anticipate that most OUSD holders will value having some exposure to higher yield opportunities while maintaining more conservative positions for a portion of the funds.
+
+
+
+
+
+
+

ar/architecture/timelock.md

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+# Timelock
+
+{% hint style="danger" %}
+The timelock will be added soon after everything is verified as working. Until then, the contracts will be governed by Origin's 5 of 8 multi-sig. This allows for a faster response if any critical issues are discovered.
+{% endhint %}
+
+The timelock contract enforces a 48 hour wait period before any changes to the OUSD contracts can be executed. The timelock can be called by our multi-sig and is the owner of our [ERC-20](erc-20.md), [Vault](vault.md), and [Strategies](strategies.md) contracts. Time-delaying admin actions gives users a chance to exit OUSD if its admins become malicious, are compromised, or make a change that the users do not like.
+
+{% hint style="info" %}
+The timelock is a safety measure that gives OUSD holders 48 hours to withdraw their funds if they have objections to any proposed upgrades to the protocol.
+{% endhint %}
+
+OUSD is using a slightly modified version of the [Compound Timelock](https://compound.finance/docs/governance) which has been [audited by OpenZeppelin](https://blog.openzeppelin.com/compound-finance-patch-audit/). The 3 notable differences are:
+
+1. OUSD will initially use a shorter wait period \(48 hours\) than Compound \(72 hours\) to allow for a faster response if any issues are discovered.
+2. Once the 48 hours have passed, anyone is free to execute the call, not just the owner of the contract.
+3. Deposits \(but not withdrawals or transfers\) can be immediately frozen without requiring the 48 waiting period. This is in case a major vulnerability is discovered.
+
+
+
+
+

ar/architecture/vault.md

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+# Vault
+
+The vault is at the core of the protocol. The vault is responsible for minting/redeeming OUSD tokens, rebalancing funds between the various supported strategies, and liquidating rewards tokens.
+
+The most important publicly callable functions on the Vault are:
+
+* `mint()`allows a single supported stablecoin to be converted to OUSD
+* `mintMultiple()`allows multiple supported stablecoins to be converted to OUSD in a single call
+* `redeem()`allows a specified amount of OUSD to be redeemed for other supported stablecoins.
+* `redeemAll()`allows a user to redeem their entire balance of OUSD for other supported stablecoins. This is particularly useful since user balances are constantly growing as yield is accrued.
+* `rebase()`updates the balances for all users based on the value of the assets currently stored in the pool.
+* `allocate()`moves the assets under management into their prescribed [Stategies](strategies.md) to maximize yield and diversify risk.
+
+On redemptions, it is the protocol and not the user that decides which stablecoin\(s\) to return to the user. This decision of which coin\(s\) to return is based on the internal ratios of the assets that are being held in the pool.
+
+
+

ar/core-concepts/elastic-supply.md

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+# Elastic Supply
+
+**Elastic Supply. Stable Price.**
+
+OUSD works differently than most tokens. Instead of the price increasing as the value of the assets under management increase \(as with Compound cTokens or Yearn yTokens\), the value of one OUSD remains constant at approximately $1. Instead, the contracts constantly adjust the monetary supply and automatically updates the balance in every token holder’s wallet to reflect the yield that has been earned by the protocol.
+
+{% hint style="info" %}
+Think of it as interest accruing in your bank account. The unit of account and value for the US dollar doesn’t change. You just get more US dollars over time as you earn interest.
+{% endhint %}
+
+![](../.gitbook/assets/ousd_docs_graphics_4.png)
+
+This mechanism was inspired by the novel approach taken by [Ampleforth](https://www.ampleforth.org/), but there are some key differences that are worth highlighting:
+
+1. OUSD is 100% backed by other stablecoins and will not have the same challenge maintaining the peg to the dollar. Given the ease of minting and redeeming OUSD, we can count on arbitrageurs to ensure the peg is maintained.
+2. OUSD rebasing should only increase supply since the amount of OUSD minted is tied to the realized gains earned by the underlying strategies. Your principal is protected as long as nothing goes wrong with the underlying lending/AMM and stablecoin protocols. Any decrease in your balance would be an indication of trouble in the system.
+3. Unlike Ampleforth, which rebases once a day, the monetary supply of OUSD is constantly being updated in real-time as yield is generated.
+