Yanush Ali | April 7 2022
Yanush Ali | April 7 2022
Orion Terminal: DeFi security in your own hands
In a fast and rising blockchain space which develops by the second, Orion Protocol’s industry first liquidity aggregator technology is based on the security of blockchain. It ensures the ownership of your own assets without the associated risk of a centralized entity in between, via the use of smart contracts.
Secure, user-owned, and available across the globe, no matter the region - true decentralization for every individual user. This is Orion Terminal.
Orion Terminal is the flagship of Orion Protocol’s leading tech growth as traders can, for the first time, trade crypto assets in a full and decentralized way without ever giving up personal information to do so. There is no account needed to trade on Orion Terminal, nor is there a limit to a geographical location for the user. Unlike other hybrid aggregators which are not decentralized, as they still require an account, Orion Terminal only requires your personal wallet to connect and start trading. Priceless.
Decentralization + trading
What sets Orion Terminal light-years ahead of limited and account-driven “aggregators”, along with traditional centralized exchanges, is its pure approach to decentralization. Your wallet, your assets. It is this unique opportunity for deep and unparalleled liquidity aggregation, which the user gains from Orion.
On Orion Terminal, users access the vast liquidity of centralized exchanges such as Binance, KuCoin and AscendEX, decentralized exchanges and swap pools straight from one platform via a user’s own wallet.
The ownership of a user’s wallet without custody being enforced by a third-party empowers the user with an exceptional level of personal responsibility and ownership. The ultimate decentralization. Based on your own decisions.
No longer must a user rely upon the volatile trustworthiness of a random exchange - where potential pitfalls, exit scams and manipulation can be rife. Instead, connect your wallet to Orion Terminal and start trading and staking. It’s that simple, it’s that easy.
The transfer of assets via trading or staking on Orion Terminal takes place via secure smart contracts. At all times, this interaction between the trader and the smart contract remains accessible directly from the blockchain: Orion holds no funds.
Through this exceptional level of decentralization, the user remains in constant ownership of their assets via their ability to hold their own private key and password information themselves.
There are different wallet types connectable to Orion Terminal
- Browser wallets (hot wallets)
- Hardware wallets (cold wallets)
Browser-based wallets, such MetaMask, present an easy and efficient way of connecting to Orion Terminal to trade crypto assets. Locally stored in a user’s browser as an extension, hot wallets such as MetaMask enable you to connect and trade on Orion Terminal with minimal time spared and smooth operation. Quick, efficient, and widely functional. These wallets typically require the user to set up a new wallet by safely storing a series of words and a password, thus the ability to manage one’s own digital assets.
Similar to browser wallets, hardware wallets not only let users connect to Orion Terminal to trade crypto assets, they ensure a further layer of protection. The physical hardware device is required to sign transactions. This limits the possibility of third-party remote maliciousness, which may occur with a browser-based wallet depending on the user’s care and attention using the internet. Through seamless compatibility, hardware wallets like Ledger also import through browser wallets like MetaMask, giving a greater flexibility and usability.
DEFI TIP: Never send crypto tokens directly to a token contract address. This process is irreversible and those tokens guarantee permanent loss. The same applies to sending assets from wallet to wallet. The source chain must always match the destination chain.
Using Orion Bridge allows for cross-chain, cross-exchange transferring of tokens - the most secure bridge in market. Make sure you always triple-check your wallet addresses and chains when sending tokens to and from wallets.
Hardware wallet providers, Trezor, and Ledger, go one step further with their safety measures to reach the “ultimate” protection. Passphrases.
Passphrases are an extra feature put in place when the user enables it. This secret phrase is created by a user, not stored on a device, and allows users to create new wallets protected by these phrases, which are in addition to the numerical PIN every time a user connects their device.
* Image via Trezor
With the passphrase added, Trezor states “your Trezor combines the already existing randomness of your recovery seed with your own chosen input and computes a new wallet… In other words, once you use a passphrase, a completely new wallet is generated and forever tied to (or “built on top”) your original recovery seed.”
PLEASE NOTE: Some users have reported being affected by this additional passphrase layer on Orion Terminal. In this instance, the solution relies upon the user locating their unique passphrase as per the instructional guidance given by Trezor, and Ledger.
Security in your hands
As with all forms of decentralized wallet generation, the importance of understanding these features, and the extra security passphrases that Trezor provides, before using them, is critically important. It ensures users stay in control of their digital assets as the responsibility rests with the decentralized owner. The user.
When researched and understood, the unrivaled sense of ownership from DeFi wallet security surpasses any fears and uncertainty felt with centralized parties who control a user’s digital assets, i.e. centralized exchanges. Connecting with your own wallet on Orion Terminal means you, and you alone, control your assets. The way it should be.