Orion Protocol (ORN) is an open-source decentralized blockchain platform that acts as a liquidity aggregator for centralized and decentralized exchanges. Orion Protocol was created with the goal of providing cryptocurrency users and traders with the best rates for trading tokens and coins across multiple exchange markets and platforms.
Orion Protocol collects liquidity from a great variety of exchanges so that users can get the best rates and lowest fees for their trades. The system collects the liquidity from exchanges to transform it into a single API that finds the best routes for users. The system is also based on order books, so when an order is made, the aggregator immediately searches for multiple routes until it delivers the most suitable trading rates for network users.
With Orion Protocol, trades become simple and easy as traders don’t need to search for the best rates themselves, which would require them to find, access, and compare various exchange platforms. Users also don’t need to get used to a multitude of APIs and features on different exchanges. Network users can manage and access their assets with Orion’s non-custodial solutions. Orion addresses one of the biggest issues on centralized exchanges: hacking, by providing non-custodial solutions for asset management.
How Does Orion Protocol Work?
Orion Protocol forms an entire ecosystem for traders by unifying the whole crypto market in a single API. Orion offers a full suite of features, tools, and products for traders and crypto users, which includes a portfolio management application, trading terminals, enterprise trading, liquidity boost, app store, and DEX launcher.
With all these widely available features and products at their disposal, users can trade tokens and cryptos at the best available rates. Orion seeks the most optimal routes so users don’t have to search through different exchanges to find the best trading opportunities. Users can also manage their assets within a single application with the Orion portfolio management app, which shows all relevant trading data for individual traders.
Network users can also access the Orion app store and buy and access apps that may help them with trades. Some of the available apps are payment integration systems and trading bots. Orion also has an extension for enterprise trading that companies and firms can integrate with their systems. Exchanges, both centralized and decentralized, can also use Orion’s liquidity boost extension as a built-in feature to contribute to the overall liquidity.
Who Are the Founders of Orion Protocol? (History of Orion Protocol)
Orion Protocol launched in 2020 with its utility token ORN. Orion Protocol was founded and developed by Alexey Koloskov, who is also the CEO of the protocol, and his team. The CSO of Orion Protocol, Yanush Ali, claims that Orion Protocol is what the cryptocurrency industry needs to resolve some of its biggest issues.
The project was created with the aim of reducing risks, such as hacker attacks, that sometimes happen on centralized exchanges. The project also addresses the fact that decentralized exchanges, although far less prone to malicious attacks, are underdeveloped. Orion resolves these issues with aggregate features and a series of products available in the Orion market and app store. The main goal of the team is to create a one-stop ecosystem for traders and crypto users.
What Makes Orion Protocol Unique?
One of the factors that make Orion Protocol unique is the goal of the project, which is to reduce the risks involved with trading on decentralized and centralized exchanges. Orion Protocol also finds the best trading routes for network users with the most favorable fees and trading rates. The project aims to create a one-stop ecosystem for traders and cryptocurrency users.
Traders and crypto users can make the most out of liquidity on the protocol, manage their assets, and access apps for trading and other purposes. As a unique project that unifies multiple crypto trading and blockchain-based services, Orion Protocol simplifies trading by finding the best options for traders in an instant.
What Gives Orion Protocol Value?
Orion Protocol’s value is defined by a variety of specific factors, which include the technical capacity of the project, its technology, the activity of the dev team, and mainstream use and adoption. The roadmap plans also contribute to the overall value of the project, while Orion Protocol plans to introduce a price oracle and high-margin DEX trading.
The market value of the Orion Protocol token (ORN) depends on a multitude of specific factors, among which is volatility. The cryptocurrency market has proven to be more volatile than traditional financial markets, like the stock market. The value of ORN may depend on important events and elements like roadmap developments and the activity of the dev team, updates and upgrades, partnerships, integrations, mergers, and other important news.
How Many Orion Protocol (ORN) Coins Are in Circulation?
There are currently 31,995,000 ORN in circulation out of a total of 100,000,000 ORN ORN. The Orion Protocol token is supply-capped, which means that its supply is limited and no new tokens should be minted beyond the token generation event. The finite supply acts as an anti-inflation mechanism, meaning that ORN could be a good store of value in the long term. There are also mechanisms in place to regularly remove tokens from the circulating supply and burn them, such as those used for licensing fees and refunds, making the token deflationary.
The number of ORN coins in circulation multiplied by the current price of Orion Protocol equals the market cap. The market cap determines the rank of ORN among its cryptocurrency peers and decides its market share.
Other Technical Data
Orion Protocol enables non-inflationary staking that increases the annual percentage rate for the liquidity of the ecosystem. The protocol employs a Delegated Proof of Broker staking. This mechanism has two components, Broker Stakers and Non-broker Stakers. With DPoB, Orion Protocol preserves the value of ORN as it regulates rewards for staking. DPoB collects rewards from 13 different revenue sources instead of minting new ORN tokens to incentivize network participants.
Brokers or Broker Stakers execute trades in the system, and Non-broker Stakers stake their ORN tokens to choose Brokers. The network participants are rewarded with network fees, which is how the value of ORN is preserved.
How Is the Orion Protocol Network Secured?
The system is secured through the use of automation and staking for voting and liquidity, while the protocol also performs regular and thorough audits. With the launch of the Orion Protocol mainnet, the network was fully audited for security purposes by CertiK. CertiK is a security company that ensures and checks the overall correctness of smart contract operations.
How to Use Orion Protocol
Orion Protocol is a multi-purpose decentralized finance system that aggregates the best routes for crypto traders to facilitate low fees and top trading rates. Users can access Orion Protocol to trade their assets instead of searching through multiple exchange platforms to find the best rates for various cryptocurrencies and tokens.
Orion Protocol also delivers an entire ecosystem of applications and services for traders, enterprises, and individuals, so users can take advantage of liquidity, trading terminal, app store asset management, wallet integration, and staking rewards. ORN tokens are used as the main method of payment on the network, as a reward for stakers, and for staking. ORN can also be traded in the crypto market for a profit.
How To Choose an Orion Protocol Wallet
ORN can be stored in any wallet that supports ERC-20 tokens and the type you choose will likely depend on what you want to use it for and how much you need to store.
Hardware wallets or cold wallets like Ledger or Trezor provide the most secure option for storing cryptocurrencies with offline storage and backup. However, they can require more technical knowledge and are a more expensive option. As such, they may be better suited to storing larger amounts of ORN for more experienced users.
Software wallets provide another option and are free and easy to use. They are available to download as smartphone or desktop apps and can be custodial or non-custodial. With custodial wallets, the private keys are managed and backed up on your behalf by the service provider. Non-custodial wallets make use of secure elements on your device to store the private keys. While convenient, they are seen as less secure than hardware wallets and may be better suited to smaller amounts of ORN or more novice users.
Online wallets or web wallets are also free and easy to use, and accessible from multiple devices using a web browser. They are, however, considered hot wallets and can be less secure than hardware or software alternatives. As you are likely trusting the platform to manage your ORN, you should select a reputable service with a track record in security and custody. As such, they are most suited for holding smaller amounts of cryptocurrencies or for those making more frequent trades.
Kriptomat offers a secure storage solution, allowing you to both store and trade your ORN tokens without hassle. Storing your ORN with Kriptomat provides you with enterprise-grade security and user-friendly functionality.
Buying and selling ORN, or trading it for any other cryptocurrency, is done in mere moments when you choose our secure platform as your storage solution.
Orion Protocol Staking
Orion Protocol depends on staking for liquidity and for voting, while the staking system is based on a Delegated Proof of Broker consensus mechanism.
What products support ORN?
| Send/Receive | Trading | |
|---|---|---|
| Coinbase | ✔ | ✔ |
| Pro | ✔ | ✔ |
| Wallet | ✔ | ✖️ |
What regions support ORN?
| US | NY | CAN | EU | UK | DE | SG | JP | |
|---|---|---|---|---|---|---|---|---|
| Coinbase | ✔ | ✖️ | ✔ | ✔ | ✔ | ✔ | ✖️ | ✖️ |
| Pro | ✔ | ✖️ | ✔ | ✔ | ✔ | ✔ | ✖️ | ✖️ |
| Wallet | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✖️ |
Crypto to fiat trading pairs
| US | UK | EU | |
|---|---|---|---|
| USD | ✔ | ✖️ | ✖️ |
| GBP | ✖️ | ✖️ | ✖️ |
| EUR | ✖️ | ✖️ | ✖️ |
Note: Coinbase Wallet does not support direct bank transactions. You’ll need to transfer your crypto to Coinbase.com or send it to an external address in order to cash out.
Crypto to crypto trading pairs
| USDC | BTC | ETH | |
|---|---|---|---|
| ORN | ✔ | ✔ | ✖️ |
See the full list of countries that Coinbase supports for crypto-to-crypto trading.
Note: Only assets hosted on the Ethereum blockchain can be converted through the Coinbase Wallet mobile app at this time. Learn more about trading on Coinbase Wallet.
How many confirmations are needed for ORN?
ORN requires 35 network confirmations. Learn about transaction confirmations.
Which blockchain network hosts ORN?
ORN is hosted on the Ethereum blockchain.
What are the minimum and maximum withdrawal amounts?
Coinbase has implemented safeguards to ensure a healthy and efficient network both on-chain and through our platform.
These safeguards include both minimum and maximum amounts for each cryptocurrency we allow customers to send through the blockchain.
Minimum: 0.000000000000000001
Maximum: 16,667