Georgetown, Cayman IslandsAnd Jan 31 2022 /PRNewswire/- Today, Orion Protocol, the decentralized portal for the digital asset market, was launched Orion Bridge: The first “truly decentralized” peer-to-peer atomic exchange bridge, and the “most secure cross-chain bridge on the market”. Orion Bridge It is the first bridge to be integrated into a trading platform: enabling cross-chain liquidity pooling, exchanging liquidity on the Orion Terminal, and trading near zero fees for popular ERC20 assets.
The race to interoperability
We have reached the peak point of the digital asset market fragmentation – with increasingly different asset types, built on different blockchains, and held across different exchanges – resulting in incredibly separate pools of liquidity, without any infrastructure to link them together. The industry is still too aloof from developing to the state of full interoperability needed for mainstream adoption without a solution, a chain-neutral meta-complex, found throughout the market.
Cross-chain bridges such as Multichain, Scale, and TVL are growing in popularity as the space makes strides towards cross-chain interoperability. However, at the same time, we see many bridges across the chains giving up hacks and exploitation – Qubit and Multichain have only been exploited in the last two weeks (80 million dollars And 4 million dollars Respectively).
Details vary, but both exploits ultimately come down to one thing: the need to encapsulate and mint assets. Signal Orion Bridge, is the first truly decentralized cross-chain bridge powered by atomic-to-peer swaps: enabling users to trade original Tier 1 assets across different blockchains without limits, delays, rejected orders, blocked funds, or loopholes. Built by the Orion Protocol, the decentralized gateway to the digital asset market, the bridge is integrated into the Orion Terminal to enable liquidity pooling across seamless exchange chains for the first time.
The first atomic swaps
While a concept is well known in the community, atomic swaps are implemented in very few projects. The first bridge to use atomic swap technology, Orion Bridge It allows the instant exchange of two original assets on different chains, without encapsulating or minting the assets. It is called an atomic process because it means that the whole procedure cannot stop halfway—either the exchange takes place completely and the two parties receive their exchanged assets, or it doesn’t happen at all and both parties retain ownership of their current assets. As such, neither party can exploit any stage of the transaction, thus Orion Bridge It cannot be exploited in the same way as the likes of pioneering bridges.
Peer to Peer: True Decentralization
Moreover, most bridges Not really decentralized; Most of them rely on layers of validators and are therefore 51% vulnerable to attacks. Instead, peer-to-peer technology is the foundation on which it is built Orion Bridge It enables true decentralization: the direct exchange of an asset between individual parties without interference from a central authority. With transactions recorded on each peer’s network, it is extremely difficult, even “computationally impractical”, to overwrite or falsify ledgers. There is no central server or host, which makes Orion Bridge Highly resistant to attacks, while making it infinitely scalable. The more users join the Orion Broker Network, the more flexible and scalable the bridge becomes.
Integration into Orion Terminal
2021 was the year of cryptocurrency adoption – from the explosion of NFTs amid retail to the adoption of Bitcoin by El Salvadore as legal tender. However, 2021 was the year the market saw a spike in gas fees for Ethereum, rendering it virtually unusable before the long-awaited ETH 2.0 (now the Ethereum Compatibility Layer).
While cross-chain bridging is growing in popularity, no bridging has been integrated into trading platforms for true cross-chain trading – until today. Orion Bridge It is integrated into the Orion Terminal, enabling the pooling of liquidity across chains and across a true exchange for the first time: the first step in market-wide interoperability. As a result, users can trade the popular ERC20 asset, with the low fees and high speed of the Binance Smart Chain. Other chains will be integrated to further reduce fees, while increasing speed, asset availability, and more.
The first step in market-wide interoperability
Orion Bridge V1 is positioned as a first step towards true market-wide interoperability. Atomic swaps are a strong continuation of the idea of “removing” the boundaries between blockchains, and as the first bridge to implement atomic swap technology, Orion will integrate more chains and exchanges, with plans to move all transaction settlements to a cheap network in a way that remains transparent to users – finally removing the boundaries between blockchains.
“As the Orion Bridge grows to include more assets and chains, and as other bridges unfortunately continue to succumb to exploitation, Orion Protocol plans to become the leading cross-chain bridge in the marketplace, finally removing the boundaries between the blockchain. Our goal is to enable users to trade any asset across any chain – without borders. delays, rejected orders, prohibited funds, or exploits.” Timothy HorwellCMO for Orion Protocol.
For more information, please contact Orion Chief Marketing Offer, Timothy Horwellat [email protected]
About the Orion Protocol
Orion Protocol is a chain-neutral protocol that builds a single access point to the crypto market – powered by Orion’s Universal Liquidity Aggregator. Orion Protocol is the first and only platform that provides decentralized access to CEXs, DEXs, and swap pools in one place, directly from users’ wallets.
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SOURCE Orion Protocol