Timothea Horwell | July 30 2020
Timothea Horwell | July 30 2020
The Elrond network is a smart contract platform built to achieve performance on internet scale. Given that Elrond can process more than 100,000 transactions per second, with a 5 second latency, and 100x less transaction cost than Ethereum, it is instrumentally positioned to enable significant growth for the DeFi ecosystem.
Orion Protocol is one of the emerging players in the DeFi space looking to leverage Elrond's comprehensive toolset and scalable architecture to deploy liquidity aggregation capabilities. Orion is building a platform that will bring together order books from centralized and decentralized exchanges, to give traders access to unlimited liquidity in a non-custodial manner. Elrond’s high throughput characteristics combined with Orion’s high-performance matching engine is the perfect combination of technologies, making it possible for real world high frequency trading in a completely decentralized way.
Increased Trading on the Elrond Blockchain
Each trade on Orion Terminal, aggregating the liquidity of the entire crypto market into one decentralized platform, will be settled on the Elrond blockchain, complete with order validation logic, trade exchange and signed order messages. Elrond's high throughput and low latency smart contracts execution platform makes for a great building block for Orion Terminal, while this partnership will bring a significant number of transactions to the Elrond blockchain.
“Working with the Elrond tools feels natural for our developers and has enabled us to power through the workload. It feels a lot like developing web applications, which many developers can easily grasp. This will enable us to scale easily” Alexey Koloskov, CEO of Orion Protocol.
Increased DeFi Presence
Orion Protocol has ambitious plans to continue building on the protocol, expanding the offering to include Lending, Margin Trading, and Price Oracle. All DeFi products will operate on the Elrond blockchain, growing Elrond's presence in the DeFi space.
Orion will build a Token Bridge ecosystem for Elrond between different blockchains. The partnership will further develop additional tools to support the joint vision, such as Metamask integration and an Ethereum bridge, and open-source tools that will be reusable by any future integrations, with the Elrond blockchain.
Orion Broker Network Governed by Elrond Smart Contracts
Governing the protocol is the proprietary staking mechanism Delegated Proof of Broker, fulfilling every function via a decentralized brokerage with Orion's native ORN token at its core. The decentralized brokerage comprises of a network of third-party brokers chosen to carry out all transactions on the platform. Brokers run Orion Broker Software, automatically executing trades routed from Orion's liquidity aggregator, and are chosen to execute trades based on how much ORN they stake.
The Orion Protocol broker network, which governs the interaction between end-users, brokers providing access to liquidity, and the Decentralized Brokerage, will be deployed as Elrond Smart Contracts.
Elrond Wallet Integration
Orion Terminal will implement the Elrond Wallet as the main wallet to the platform, growing the usage of the Elrond Network, and growing the Elrond community to include every Orion user. Pending successful integration, Orion Protocol will enable a seamless integration of all the Elrond, Metamask, Fortmatic and Coinbase wallets with their match-making engine, enabling non-custodial trading of synthetic assets such as eBTC and eUSDT.
Stronger dApp Ecosystem
Orion will implement Elrond's cutting-edge technology into strong real-world use cases. This includes collaboration, support, testing, and early adoption of Elrond's features and tools, including:
“Leveling the playing field between centralized and decentralized exchanges, in order to bring liquidity in the fragmented crypto space, is an important step towards a truly free and direct marketplace. Orion Protocol has the right tools and approach for achieving this goal, and needs a fast infrastructure & interoperability to come to life. We are pleased to support their vision and to enable their goals with Elrond’s high throughput and fast finality.”
-Beniamin Mincu, CEO & Founder of Elrond.
“We are proud to partner with Elrond and work together to bring a decentralized trading experience that is unmatched. Elrond’s unparalleled performance and scalability allows completely moving high-frequency trading familiar in traditional stock exchanges, to blockchain technology.”
-Alexey Koloskov, CEO of Orion Protocol
This long term collaboration between Orion and Elrond will add significant value to the DeFi sector for years to come. More detailed information about the ongoing collaboration with Elrond will follow.