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Last updated: Aug 16, 2023
Orion Protocol is a liquidity aggregator which allows its users to trade on the entire crypto market from one decentralized platform, with the security of not having to give up their private keys. Answering the need for an intermediate solution, Orion aims to bridge the gap between the centralized and decentralized worlds of crypto. It is connected to all of the major crypto exchanges and swap pools, both decentralized and centralized, and enables its clients to get the best price for their trades.
Orion employs a unique liquidity aggregator which finds the best spot price by connecting to numerous different exchanges in real-time. Linking to their combined order books the matching engine allows for the trade of cryptocurrencies at the most advantageous prices. With a traditional exchange interface and one of the largest lists of supported currencies on the market, the platform provides “unbeatable” savings and convenience.
Since Orion allows its users to transfer assets directly to an external wallet immediately after they have finished a trade, and no funds need to be held on the platform its non-custodial approach greatly reduces the risks of hacking, theft, or downtime which is common in CEXes.
By collecting the liquidity offered by multiple exchanges into a single API the platform allows easier trade calls. When an order is placed in a single call, the Orion protocol splits and sends it to multiple exchanges at once. The algorithm also takes into consideration the different transaction fees implied by the exchanges. Thanks to this approach the lowest bids and ask spreads, and essentially the best exchange prices are found. Without having to worry about APIs from different exchanges and order types, traders can concentrate on managing their assets and orders.
The Orion Protocol app provides a marketplace for dApps built on top of its protocol. The platform allows for the creation of trading bots, payments gateways, and other financial services dApps thanks to its open-source code. Within the Orion dApps ecosystem the ORN token functions as a utility token, with use for paying for services, Orion Protocol fees, and within its lending model.
Another function of the project is its internal price matching engine designed to match orders against each other on a peer-to-peer basis utilizing an internal DEX, thus decreasing the need for third-party exchanges. The more the protocol is used, the more near-instant execution of orders will be available to its clients, thanks to the rise of user-friendly DEXs and Orion’s connectivity to more of these PTP marketplaces.
ORN has a total supply of 100,000,000 and is hosted on the Ethereum blockchain. Its use on the Orion platform includes discounted trading fees, staking, and access to advanced features within the Orion protocol.
The platform employs a Delegated Proof of Broker staking (DPoB) – a mechanism with two components: Broker Stakers and Non-broker Stakers. With it the project preserves the value of ORN as it regulates rewards for staking and collects them from 13 different revenue sources instead of minting new ORN tokens.
On the Orion terminal, users receive fee discounts when paying with the ORN token and can earn terminal transaction fees and interest by staking it, which is required in order to be chosen as a broker to execute trades. Another use of staking the token is the ability to vote for a chosen broker.
All licensing fees generated from Orion’s DeFi solutions are used to buy ORN from the market and remove it from the total supply. Refunded tokens via the Dynamic Coin Offering (DYCO) are also destroyed and thanks to the DPoB, broker and non-broker stakers remove their ORN from circulation, moreover generated rewards are compounded into their stake, further reducing circulating supply. With these initiatives, the Orion Protocol aims to increase the value of the token over time. With the implementation of DYCO, 80% of the funds raised during the token sale were set aside to buy back holders’ tokens if requested.
The Orion Protocol team consists of the chief architect and creator of the Waves DEX – Alexey Koloskov acting as CEO, the COO Kal Ali who is a founding partner at Kanix and Blockchain strategic advisor for several projects including Holochain, Morpheus Network, and Quant Network. Other members of the team are: Timothea Horwell, Yanush Ali, Eduardo Moreira, Simon Kruse, Nail Fakhrutdinov, Eduard Zaydel, and Andrew Kirk. Orion Protocol audits can be found in the protocol dashboard on this webpage.
The list of partnerships Orion Protocol has is vast and includes companies from different fields of the DeFi sector. From leading blockchains through exchange, market makers, or venture studios and incubators, the main aim of contributions is the sustainable future of DeFi.
With a focus on infrastructure and operability, security, and development of the wider crypto landscape the list of projects interested in partnering with Orion protocol is constantly growing.
The ORN token can be traded on exchanges such as Binance, Kucoin, ZB.com, Coinbase Pro, Hotbit, Gate.io, MEXC Global, BKEX, AscendEX (BitMax), CoinEx, Uniswap (v2), Bilaxy, and HitBTC.
Orion Protocol audits can be found in the protocol dashboard on this webpage.
Currently, the project is working on increasing the volume to the terminal, and protocol by focusing on third-party pool listings, and B2B solutions. Another main point of focus is the improvement of the infrastructure by introducing the USDo stablecoin for trading and additional transactions within the Orion Terminal. The team is also integrating more swap pools including Uniswap, PancakeSwap, and Sushiswap. Working on incorporating new chains into the terminal to provide users with greater choice over their trading experience and lower transactional fees is also viewed as the main improvement point. What the team takes as an “utmost importance” to be developed is launching Main Net Staking, however before launching this feature they want to be sure they are driving “significant volume to the protocol consistently”.
Orion is working with Cardano to launch the industry’s first NFT aggregator, in hopes of attracting new audiences of traders. The company also will soon be offering decentralized margin trading/lending.
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