Origin ARM

Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.

Origin ARM is a vault that takes ETH deposits, buys stETH from the market when it trades at a discount, and redeems it one for one through Lido’s withdrawal queue. The vault market-makes between two assets whose prices can part ways, and its return depends on the discount closing and the queue clearing on schedule. That is the two-sided exposure the AMM rule exists to keep away from advised money: the depositor holds a shifting mix of ETH and stETH, not the single asset they think they hold. Origin ARM held $9.6 million across five pools at the 2026-08-14 survey. A product without two-sided exposure would earn its own review.

Kill criteria: the events that revoke this verdict
• Ships a product line without impermanent-loss exposure that merits its own review

The research file

Applicability to the surveyed record

Origin describes ARM as an onchain liquidity engine funded by vault depositors: it buys a yield-bearing token below its backing value, holds and redeems that token for the base asset, and recycles the proceeds. Although it is not a constant-product pool, the depositor’s return still comes from market-making between two economically separable assets and a changing vault inventory, so the shared AMM-LP economic exclusion remains applicable.

Current observation and perimeter

The DefiLlama API read on 2026-08-15 classified Origin ARM as yield and reported approximately $9.64M on Ethereum plus about $906 on Sonic. Origin says the Sonic OS ARM is being wound down after governance found it below revenue, liquidity and maintenance thresholds; the residual survey value keeps Sonic in the observed perimeter, while size is not the deciding class criterion.

Control and exit applicability

ARM vault shares are proportional claims on vault assets and use asynchronous redemption. A request can clear after a short delay when liquidity is available, but otherwise waits for the underlying protocol withdrawal process. The wound-down Sonic ARM now has unstaked assets available after its enforced 10-minute delay; other ARM returns and exits still depend on peg spreads, base/LST inventory, redemption queues, external allocation, and governance or guardian-controlled routing and pauses.

Why the class rule decides

The shared v1 AMM-LP dossier controls because the advised return depends on actively converting between a yield token and its backing asset while bearing peg, inventory and queue risk. Reopen only for an economically separate Origin product without two-sided market-making exposure, then review assets, strategy and authority, audits and incidents, external integrations, share accounting, liquidity and stressed redemptions, and named single-asset alternatives.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Origin — introduction to ARM · primary · accessed 2026-08-15
  Supports: liquidity-engine identity, discount purchase, underlying redemption, vault capital, Morpho and Silo allocation, peg-spread return
• Origin — ARM integrations · primary · accessed 2026-08-15
  Supports: vault share claim, asynchronous redemption, liquidity-dependent exit, underlying withdrawal queue, ARM deployments
• Origin — OS ARM wind-down and withdrawal guide · primary · accessed 2026-08-15
  Supports: Sonic OS ARM identity, governance wind-down, unstaked vault assets, pro-rata LP claim, 10-minute withdrawal delay
• Origin — governance and guardians · primary · accessed 2026-08-15
  Supports: xOGN governance, timelock, guardian multisig, strategy routing, capital pause
• DefiLlama — Origin ARM survey record · secondary · accessed 2026-08-15
  Supports: current TVL, Ethereum, Sonic, yield category, survey perimeter

Inherited controls

The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.