Orion, an ambitious defi project aiming at pooling the liquidity available on both centralized and decentralized exchanges, has partnered with Chainlink to bolster its offering with reliable price feeds. The oracles will enhance its aggregated exchange and decentralized brokerage functionalities.
Chainlink’s Oracles to Make Orion Shine Brighter
Orion is developing a trading terminal that will allow users to access liquidity from every available source for every exchange pair without relinquishing control of their funds or private keys at any stage. In doing so, it could help mitigate major problems that crypto traders face such as having to move funds from one exchange to another to execute certain transactions, and slippage when trying to buy assets on AMMs like Uniswap. The terminal is now in the third testnet phase running on Ethereum’s Ropsten.
The decentralized oracle service provided by Chainlink will help ensure that the loan and brokerage transactions on the Orion platform rely on correct price signals. The integration of Chainlink will also be crucial to maintaining a constant 100% collateralization of Orion’s brokerage services with the platform’s native ORN token. The ETH/ORN price feed provided by Chainlink will be the first to become available to Orion’s users, with others to be added later.
“We’re excited to provide a critical oracle functionality that secures Orion Protocol’s decentralized brokerage, ultimately allowing brokers to get access to short term capital to fund operations while ensuring the protocol as a whole stays fully collateralized,” said Dan Kochis, Director of Business Development at Chainlink. He added, “By doing so, the Orion Protocol is able to combine the liquidity of CeFi with the permissionlessness and trustlessness guarantees of DeFi.”
Chainlink is the largest decentralized oracle provider on the market, serving decentralized applications running on multiple blockchain platforms. Since its founding in 2017, It has firmly established itself as a top-ten crypto project by market capitalization and announced a high-profile partnership with Microsoft. In addition to extending its reach into yet another defi protocol, Chainlink could also benefit significantly from the access to Orion’s aggregated trading data.
A Bold Vision for Crypto Markets
Founded in 2018 by Alexey Koloskov and the Waves DEX creator Kal Ali, the Orion platform strives to become the place where traders make all their crypto transactions, regardless of which exchanges the trades ultimately settle through. After starting out self-funded, It has successfully completed the largest ICO of this year so far, amassing $3,450,000.
Orion claims to be superior to the currently existing exchange aggregators such as 1inch and Tagomi. In contrast to the former, it taps not just into decentralized exchanges but also their centralized counterparts. Unlike Tagomi, which relies on centralized custody, Orion does not manage user funds. They remain in the user’s wallets up until the moment of trade execution. Orion is planning to feature up to 10,000 trading pairs not restricted to Ethereum’s ERC20 tokens. In addition to its flagship Orion Terminal product, it is developing several additional services, including an Enterprise Trade Widget.