The cryptocurrency industry is changing rapidly, with many tokens being issued and made available for users to trade. Orion Protocol solves this problem as a liquidity aggregator for centralized and decentralized exchanges.
Because the rates that different exchanges offer are typically different, this problem must be solved. Because of this, individuals can engage in cryptocurrency trading at more reasonable prices.
This article will discuss ORN coin, its use cases, and how to buy.
What Is Orion Protocol (ORN)?
Orion Protocol (ORN) is an open-source and decentralized blockchain platform. It serves as a liquidity aggregator for both centralized and decentralized exchanges. Orion Protocol was developed to provide users of cryptocurrencies and traders with the best possible rates for trading tokens and coins across various exchange markets and platforms. This was the motivation behind the creation of the Orion Protocol.
Orion Protocol aggregates the liquidity many exchanges offer to provide users access to the best exchange rates and transaction fees. The system collects the liquidity from the various exchanges and then is consolidated into a single API that determines the most advantageous routes for users.
Because the system is also based on order books, whenever a customer places an order, the aggregator immediately begins searching for multiple ways until it finds one that provides network users with the most advantageous trading rates.
Traders don't need to search for the best rates themselves, which would require them to find, access, and compare various exchange platforms, because Orion Protocol allows them to do so automatically. This makes trades much simpler and more accessible.
Users also do not need to become accustomed to the variety of application programming interfaces (APIs) and features offered by various exchanges. Network users can access and manage their assets with the help of Orion's non-custodial solutions. Through providing non-custodial solutions for asset management, Orion addresses hacking, one of the most significant problems that arise in centralized exchanges.
Benefits of Orion Protocol
The following is a list of some advantages of the Orion Protocol:
Aggregation of Liquidity: The Orion Protocol combines liquidity from several centralized and decentralized exchanges, giving customers access to the best pricing, independent of the exchange they choose to trade on.
Orion Protocol is a non-custodial platform, meaning users will never lose custody of their assets, even if the platform itself is compromised. Users can engage in trading without first depositing funds onto the platform.
Reduced Slippage: Because Orion Protocol aggregates liquidity from many exchanges, it can provide its consumers with better pricing and significantly less slippage, providing a smooth and trouble-free trading experience.
Protected: The architecture of Orion Protocol, which incorporates many levels of security protocols, smart contracts, and encryption, provides a high level of protection against potential threats to the network.
The ORN token serves various functions, including staking, governance, and the payment of transaction fees, among other things. Staking ORN tokens allows users to receive a share of the revenue generated by the network.
History of Orion Protocol
Alexey Koloskov, a believer in the blockchain and the CEO of Orion Protocol, laid the foundation for the ORN coin. At the first stage of its funding, the venture successfully raised $3.45 million thanks to the support of Polychain Capital and several other prominent investors.
What Does ORN Coin Do?
The Orion Protocol project aims to resolve the cryptocurrency industry's liquidity issues. On the other hand, doing so enables it to bring forth several alternative answers that are a consequence of the action. The following are some of its most significant contributions to resolving the cryptocurrency industry's difficulties.
Fixes the lack of liquidity problem
The lack of liquidity in the cryptocurrency market is one of the most severe problems the industry faces, and it can lead to extreme volatility and increasing transaction fees. ORN solves this problem by pooling liquidity from a variety of sources, including CEXs, DEXs, and swap pools, to give consumers access to the best pricing regardless of the exchange they are using. This implies that consumers can trade without worrying about the lack of liquidity on a particular exchange. This helps reduce slippage and ensures that traders have a seamless experience.
Maintains compatibility with both CEXs and DEXs
Integrating CEXs and DEXs, which have traditionally existed as independent entities, is another thing addressed by the ORN protocol. Users of ORN can trade on both CEXs and DEXs from a single platform, giving them access to more trading alternatives. This is made possible by ORN's ability to facilitate trading on both types of exchanges. This merger of centralized and decentralized exchanges (CEXs and DEXs) helps to eliminate the counterparty risks associated with controlled exchanges and boosts the security of transaction processes.
Combines the order books
The fragmented nature of order books on the cryptocurrency market is another problem that has arisen in recent times. ORN solves this problem by merging the order books of numerous exchanges, which enables users to trade simultaneously on several different exchanges. This ensures consumers can access the greatest prices and liquidity across different exchanges. It also reduces the time and expenses associated with moving assets between exchanges.
