What Is Orion Protocol (ORN)?

Orion Protocol is a new-age DeFi platform connected to all major crypto exchanges (centralized and decentralized) and prominent swap pools. The platform combines the best features of existing crypto brokerages and instant trading apps. In simpler words, Orion Protocol acts like Bloomberg for cryptocurrency, bringing all of the existing centralized and decentralized crypto trading platforms under one umbrella. 

The Orion Protocol is self-proclaimed as the “most advanced liquidity aggregator ever developed” and claims to solve some of the most significant issues with traditional DeFi trading platforms.

Based on a survey conducted by Encrybit, 91% of crypto traders run into various problems while trading through traditional crypto platforms. These common problems include security issues, lack of liquidity, and high trading fees.

Orion Protocol solves all these issues through its “crypto centralized online brokerage platform.” According to Orion’s whitepaper, the platform provides convenience for traders, resourcefulness for analysts, and flexibility for trade algorithm developers, all in one place. The platform is equally suitable for experienced traders and newcomers.

Apart from the features mentioned above, the platform also claims to charge one of the lowest trading fees in the centralized and decentralized crypto market.

Some of the basic features of Orion Protocol are:

• The unique liquidity aggregator: Orion’s prime feature is a built-in aggregator, which allows its users to access multiple exchanges in one place. Since the built-in aggregator helps to represent the best features from all centralized and decentralized platforms, traders can obtain a spot-on price for any supported cryptocurrency.

• Internal price matching engine: Traditionally, users need to depend upon third-party brokers to match their orders on different crypto exchanges. This increases the dependency risk as well as the trade execution time. In contrast, Orion Protocol uses its internal decentralized exchange (DEX) to match orders effectively on a peer-to-peer basis. Owing to its extensive internal database, Orion Protocol aims to reduce the trading risk while users enjoy near-instant executions

• A non-custodial platform: Most traditional platforms control user wallets and do not allow direct external transfers. Locking cryptocurrency in the exchange’s platform before the external transfer increases the risk of hacking, theft, and downtime issues. As opposed to this, the users of Orion Protocol do not have to give up control of their funds. Furthermore, the platform also gives the freedom to transfer crypto funds directly to external wallets post-purchase.      

Along with these features, the platform also offers Liquidity Boost Plugin, Blockchain DEX Kit, Enterprise Trade Widget, Launchpad Liquidity, and Developer Kit. These products can be useful for retail as well as professional high-frequency traders.

Orion Protocol is fueled by its native utilitytoken, called ORN. The token is hosted on the Ethereum platform and followsERC20 guidelines. ORN is used for various purposes like paying trading fees, receivingstaking rewards, voting for “broker of your choice,” and accessing premium features (like margin trading). Brokers also use the token to stake in the decentralized brokerage. Not only this, but ORN token holders are also given a discount on the Orion Protocol while making transactions.  

History of Orion Protocol (ORN)

Orion Protocol (ORN) was launched in 2020 byAlexey Koloskov andKal Ali. Ali is the COO of the platform and has experience in the traditional finance industry. Koloskov is the company's CEO and started his crypto journey in 2016 as the creator of Waves DEX. The whitepaper of the currency was published in the second quarter of 2020. 

How Are New ORN Tokens Created & Users Rewarded?

Orion Protocol uses a delegated proof-of-broker mechanism to build a broker-staker network. This mechanism allows token holders to lend their tokens to other investors by adding the token to a commonliquidity pool. This trade is secured usingsmart contracts. Smart contracts, like regular paper contracts, establish the terms of an arrangement between parties. But unlike an old-fashioned contract, smart contracts automatically execute when the terms are met without the need for either participating party to know who is on the other side of the deal—and without the need for any kind of intermediary. Once this transaction is completed, the token holder (lender) is rewarded in the form of ORN tokens.

How Many ORN Tokens Are There?

On December 1, 2021, currently, there were 32.2 million tokens in circulation, with 100 million being the maximum total supply.

How to Purchase Orion Protocol (ORN) Tokens

Investors can trade ORN tokens from several exchanges, including Coinbase. It's easy, simply, and secure.