Alexey Koloskov | May 21 2021
Alexey Koloskov | May 21 2021
Orion becomes first aggregator to take significant steps towards cross-chain interoperability with Orion Bridge
In collaboration with Binance Smart Chain, Orion Protocol has become the first partner to integrate Binance Bridge into its trading terminal via Orion Bridge. In doing so, Orion Protocol has become the first to allow users to efficiently trade across the ETH ecosystem on Binance Smart Chain, enabling accessibility of ETH assets without ETH network fees and latency.
As it stands the market is incredibly fragmented, with different assets spread across different exchanges built on different blockchains. While projects and protocols increasingly work to achieve interoperability, the industry is still too siloed to evolve to a state of full-interoperability without a solution that sits across the entire market.
As a chain-agnostic liquidity aggregator, that’s exactly what Orion Protocol is building: a decentralized gateway to the crypto market to include every centralized exchange, decentralized exchange and swap pool. While Orion works towards its goal of integrating every major chain and exchange, it is the only liquidity aggregator in market to provide decentralized access to centralized exchange liquidity. Currently built on Ethereum and Binance Smart Chain, Orion is underway with integrating Cardano, Polkadot, Fantom, Avalanche, HECO, Elrond, and more.
Orion Protocol has created Orion Bridge to integrate different chains' respective bridges into the terminal to enable cross-chain trading between assets held across different chains.
Binance Bridge creates a gateway to cross-chain liquidity from other blockchains onto the Binance Chain and Binance Smart Chain dApps. The number of projects built on Binance Smart Chain continues to grow, but these projects (including PancakeSwap) are yet to integrate Binance Bridge into their platforms, requiring users to use an external bridge with a number of steps in place in order to effectively trade cross-chain.
Meanwhile, Orion Protocol’s integration of Binance Bridge into Orion Bridge allows for this to occur seamlessly on Orion Terminal. With Orion’s integration of BSC already in place, integrating the Binance Bridge into Orion Terminal via Orion Bridge improves interoperability between the Binance Smart Chain ecosystem and Ethereum.
While many decentralized aggregators and exchanges work to enable cross-chain trading, Orion Protocol is the first to make significant strides in doing so, allowing users to trade assets across the ETH ecosystem via other chains in its first iteration of Orion Bridge. This enables traders greater flexibility, accessibility, and affordability in trading, allowing users to trade ERC20 tokens without the associated latency and ETH network fees.
Not only does BSC halve wait times for off-chain order execution and on-chain order settlement, transactions on BSC can cost 135x less than they currently cost on Ethereum, making commissions for deposits, withdrawals, order execution, etc. on the terminal negligible.
Users will be able to trade ERC20 tokens listed on Orion Terminal directly from their ETH wallet on Binance Smart Chain using a ‘helper wallet’, with all settlement on Binance Smart Chain. Users need only to pay Ethereum network fees when depositing into the smart contract on Orion Terminal; all subsequent trading and withdrawals will benefit from the marginal network fees of BSC.
Additionally, integrating Binance Bridge enables support of native tokens like BTC, LTC, DOT, and others; allowing users to trade native (not wrapped) tokens directly on the Terminal via Metamask.
As a chain-agnostic aggregator, Orion Protocol has already integrated Ethereum and Binance Smart Chain into the protocol, with Cardano, Polkadot, Fantom, Avalanche, HECO, and Elrond underway, with more to be announced. As other chains successfully deploy their own cross-chain bridges, these will be integrated into Orion Bridge in turn, as Orion Protocol works towards a seamless, cross-chain trading solution that encompasses the entire crypto market.
Furthermore, Orion seeks to solve the fragmentation not only of crypto markets, but NFTs marketplaces, and assets from traditional finance by eventually aggregating them into one decentralized platform for traders.