What Is Orion? | ORN Review
May 18, 20228 min read
About Orion Protocol
Orion Protocol was launched in 2020 by Alexey Koloskov, who is a blockchain developer and the chief architect and founder of the Waves decentralized exchange (DEX), and also the CEO of the project. It is a platform that empowers crypto investors to swap tokens and manage their cryptocurrency portfolios in one place. Orion aims to solve the fragmentation of crypto markets through its Orion Terminal, where all crypto markets, NFTs marketplaces, and fiat are aggregated together. It provides the best rates for trading tokens and coins across various exchange markets and platforms.
Orion Protocol gathers liquidity from many exchanges so that users can get the most cost-effective rates and lowest fees for their deals.
Trades become simpler with Orion Protocol, as traders don't need to look for profitable rates themselves, which requires them to find, access, and compare different exchange platforms. They also don't need to waste time understanding a variety of APIs and features on different exchanges. Network users can handle and access their assets with Orion's non-custodial solutions.
How Does Orion Protocol Work?
The Orion Terminal uses the Orion liquidity pool (the "Orion Pool"), which has multiply cryptocurrency tokens. These tokens are locked within a smart contract and used for crypto swapping and providing market liquidity. The Orion Pool is more effective than other centralized liquidity pools because fewer intermediaries are involved in the operations.
The Orion Terminal shows you all decentralized exchanges (DEXs) in one place. The opportunity to analyze all your crypto investments within one platform increases your ability to make more effective decisions in the crypto market. Above all, it also provides you with the best price and lowers slippage.
Slippage happens when you have to buy an asset at a different price because the asset's value has increased or decreased due to market volatility. This can affect your investment strategies positively or negatively, but once you're not that experienced, it's always better to stay away from such unpredictability.
Orion aggregates vast liquidity to find the best price when executing transactions to solve the slippage problems.
What Makes Orion Special?
The Delegated Proof of Broker (DPoB) model controls currency exchanges that appear on the Orion platform. It provides brokers and non-brokers to stake their ORN and validate exchanges. It makes it possible for the Orion network to stay democratized and decentralized.
DPoB has two types of stakeholders: brokers and non-brokers.
Brokers are responsible for performing trade executions from Orion's liquidity aggregator. The important point is that before executing a trade, brokers have to stake their $ORN. Brokers get incentives to charge non-brokers at a lower price.
Non-brokers are Orion community members, and they have to stake their $ORN to vote for the broker they've chosen. All the brokers get a better reputation and ranking when the non-brokers vote for them to make transactions.
Is Orion Protocol Safe?
The system is protected via automation and staking for voting and liquidity. Plus, the protocol also has regular and detailed audits. When the Orion Protocol mainnet was launched, the network was audited for security purposes by CertiK. CertiK is a quite famous security company that guarantees and checks the correctness of smart contract operations. It uses Elrond smart contracts, which are performed at a quick pace.
Why Does Orion Stand Out?
Orion Protocol is rather special because it offers something that other blockchains don't have. Here're its key features:
1 ) Unique liquidity aggregator
This aggregator finds the most competitive pricing. It links in real-time to hundreds of multiply exchanges. Orion's engine is in-built into a typical exchange interface and provides the widest range of supported currencies on the market.
2) A truly decentralized platform
Orion is non-custodial, so users never lose control over their funds. They can send cryptocurrencies directly to an external wallet after buying them on Orion, so there is no need to have cash on the site.
3) Price comparing mechanism
This is essential for ensuring each trade is processed at the most advantageous price by accessing the lowest demands and highest bids over all available exchanges out there.
So, once you put a new order, it tries to execute that from the in-built order book, but if that order book hasn't the most profitable price, then the order matching engine tries to find the best price from other exchanges (CEXs and DEXs).
What Is $ORN?
Orion Protocol ($ORN) is trading at around $1.47 with a 24hr volume of $4,966,298.
Orion Protocol's ($ORN) market capitalization of around $49,664,890, with a circulating supply of 34,146,255.00 ORN coins and the total supply of 100,000,000.
ORN token is at the core of the Orion Protocol. It has broad utility across the entire protocol, implementing it into all primary transactions to make it an actual utility token. ORN has required everywhere from payments, staking, participation, the unlocking of advantageous network access with discounts on trading, oracle usage, and Protocol access.
Orion aims to manage the sustainability of the ORN token that's why it's supply-capped. This means new tokens can't be minted beyond the Token Generation Event. Orion has worked to ensure the endurance of the supply-capped ORN token with different methods:
- Unique token utility
Orion Terminal: Users get a fee discount when they pay with $ORN and gain terminal transaction fees by staking ORN tokens.
Decentralized Brokerage: Brokers have to stake $ORN tokens to be chosen to make trades, and non-brokers stake $ORN tokens to vote for the broker they've chosen.
Orion Enterprise: Every transaction within each solution acts as a trade being made by a broker. Profit share from each transaction will be given back to the respective brokers in ORN tokens. All licensing fees generated from Orion Enterprise solutions will be used to buy ORN tokens from the market and withdraw them from the supply.
Orion also allows users to participate in staking. Staking is one of the most notorious things in crypto among people because it's a simple act of showing their support for projects by buying their tokens, locking them up in a smart contract, and getting a substantial reward.
- Diminishing supply
Orion is reducing tokens from circulation with the following methods:
Staking: DPoB motivates all parties to stake and take their ORNs out from the circulating supply to gain maximum results. Rewards generated are then added to their stake, then reducing the circulating supply.
Licensing fees: all licensing fees generated from the platform's stack of DeFi solutions are used to buy ORN tokens from the market and take them away from circulation.
Refunds: Each refunded $ORN (with the DYCO token sale) will be destroyed, eliminating up to 100% of the circulating supply. Only those bought tokens will be in circulation until the 16th month.
- Holder benefits
Orion Terminal users can get a fee discount when using the $ORN token as a payment method. Meanwhile, brokers and non-broker stakers can earn extra transaction fees by staking $ORN — with chances growing along with their stake size.
The ability to refund your tokens makes a project think about how to make a token viable.
The refund program creates a price floor that provides organic liquidity and volume, creating a secondary market. Orion is the first token sale to apply a DYCO: a token sale that prospers, or the token holders take their money back.
Where to Buy and Store $ORN?
$ORN token is a reputable and trustworthy token, so it has listened on almost all prominent exchanges such as Binance, KuCoin, SimpleSwap, Coinbase, etc.
As for sending, storing, receiving, and swapping your $ORN tokens, you're lucky to use a SimpleHold wallet that is super friendly for beginners and is always to your services as an extension within your browser (Opera, Firefox, Chrome, and Brave) or a mobile app on iOS and Android.
It's been a long time since Bitcoin came into existence, and blockchain technology is struggling with liquidity issues. Why on earth do we need liquidity? It helps the whole industry to be well-functioning and helps to adoption.
Orion Protocol has found a way to provide liquidity, and thus, it's something necessary and valuable for the crypto industry.