Orion Money (ORION)

Basics

• Based in:
• Started in / Announced on:
• Testnet release:
• Mainnet release:
• Not to be confused with Orion Protocol.
• Orion Money’s vision is to be a cross-chain bank for stablecoin saving, lending, and spending.

Audits & Exploits

• Bug bounty program can be found [insert here].
• Has had 3 audits, in 8-2021 and 9-2021 on its farming and saver contracts.

Token

Token Allocation

• Can be viewed here (2-7-2021). 36% went to the team & insiders.

Utility

• Staking, governance and benefits. All value accrual mechanisms can be read in the bellow mentioned litepaper.
• From the litepaper (2-7-2021):

"Users who choose to receive their interest in the ORION tokens will also be able to increase their stablecoin deposit APY up to a maximum of 25%. Considering the importance of EthAnchor to Orion Money and the overall Terra ecosystem, Orion Money will take over the development and maintenance of EthAnchor from the Anchor team. One of the core objectives of Orion Money is to leverage EthAnchor for Orion Saver and integrate it across major Ethereum-based money markets and platforms. To compensate Orion Money for the resources invested into developing, maintaining, and promoting EthAnchor, a minor portion of EthAnchor’s yield will be routed to ORION token Stakers in the form of staking rewards. This is part of the ORION token value accrual."

Technology

• Whitepaper can be found here (2-7-2021).
• Code can be viewed [insert here].

Implementations

• Built on: Terra, Anchor

How it works

• On Orion Saver (17-6-2021):

"Users deposit Ethereum stablecoins (USDT, USDC, DAI) with Orion Money. Behind the scenes, Orion Money will exchange those stablecoins into wrapped UST and will then deposit them into Anchor Protocol for the Anchor UST rate.

Orion Saver uses EthAnchor that will exchange Ethereum stablecoins on the Ethereum side using Uniswap/Curve, and will then deposit UST into Anchor on the Terra side. Users need to be mindful of relevant gas fees and potential exchange rate slippage on Uniswap/Curve. With time we will improve the exchange and deposit system to ensure higher efficiency and APY rates for Orion Saver users."

Fees

• On Orion Saver (17-6-2021):

"There are currently three types of fees:

1. Inter-chain transfer-related fees: Anchor Protocol works on the Terra blockchain while Orion Saver works on the Ethereum blockchain. That means that any deposit or withdrawal operation involves inter-chain transfers. Currently, all transfers between Terra and Ethereum are handled by Terra Bridge (Shuttle) which imposes a fee of maximum of $1 or 0.1% of the total amount.
2. Exchange fees & slippage: Anchor Protocol works on the Terra blockchain and the native stablecoin on Terra is UST. Therefore EthAnchor converts the users’ deposited stablecoins into Wrapped UST before transferring it to Terra and converts it back from Wrapped UST into stablecoins when withdrawing the funds. Conversion is done using one of the popular AMMs - UniSwap or Curve and will involve an AMM commission as well as a slippage for both transfers. Curve.fi is very efficient when converting stablecoins, however, slippage could still comprise up to 1% of the converted amount.
3. Ethereum gas fees: As with any other transaction on the Ethereum blockchain, users will have to pay for each deposit or withdraw transaction. The gas fee doesn’t depend on the deposited or withdrawn amounts but could vary depending on the current Ethereum blockchain load. It is also important to note that depositing funds will require two transactions - one is to allow Orion Saver to use funds in the user’s wallet and the other one to actually transfer funds to Orion Saver."

Staking

• From the Orion blog (2-7-2021):

"Considering the importance of EthAnchor to Orion Money and the overall Terra ecosystem, Orion Money will take over the development and maintenance of EthAnchor from the Anchor team. One of the core objectives of Orion Money is to leverage EthAnchor for Orion Saver and integrate it across major Ethereum-based money markets and platforms. To compensate Orion Money for the resources invested into developing, maintaining, and promoting EthAnchor, a minor portion of EthAnchor’s yield will be routed to ORION token Stakers in the form of staking rewards. This is part of the ORION token value accrual."

Their Other Projects

• From the Orion blog (2-7-2021):

"These are a few additional development objectives that we have planned out (official deadlines to be determined and subsequently announced):

1. Tokenized Derivatives: Orion Money aims to develop tokenized versions of stablecoin deposits (i.e. oUSDT, oUSDC, oBUSD, etc.) on Orion Saver, and further develop liquidity options for them to be traded on and off Orion Money.
2. Orion Loans: Orion Money aims to implement loans to complement the suite of dApps within the ecosystem, with a potential roadmap for self-paying loans and no-liquidation loans.
3. Protocol-specific Optimizers: Orion Money aims to develop optimizers for specific protocols within Terra, where applicable and feasible (E.g. Anchor Borrow + Earn optimizers, Luna staking optimizers, Liquidation protection mechanisms, etc.)."

Roadmap

• Can be found [Insert link here].
• From the Orion blog (2-7-2021):

"Core product development objectives and projected timelines

1. Orion Saver Ethereum: Develop and establish Orion Saver as the premier stablecoin savings destination on Ethereum. [Projected Date: June — September 2021]*
2. Orion Saver Terra and Orion Saver BSC: Launch Orion Saver on Polygon, Terra, and BSC. Additionally, we aim to establish Curve-style liquidity pools for stablecoins on Terra in partnership with the Terraswap team. [Projected Date: Q4, 2021]*
3. Orion Yield & Insurance: Orion Money will provide high-yield savings to its users, and use the liquidity to invest in diversified strategies. Orion Money Stakers will receive a share of extra yield generated in exchange for underwriting the insurance for depositors. [Projected Date: Q1-Q2, 2022]*
4. Orion Pay: Orion Money aims to create an ecosystem where stablecoin depositors can easily spend their earned interest. We are exploring implementation options such as fiat on-off ramp solutions, crypto-to-fiat direct payments, crypto-to-fiat subscription-based services, and crypto debit cards. These may be developed organically or in collaboration with other protocols, depending on our go-to-market strategy. [Projected Date: Q2-Q3, 2022]"

Team, Funding and Partners

Team

• Full team can be found here (2-7-2021).

Orion Money Advisors:

• Do Kwon — Terra Founder and TerraForm Labs CEO
• Matt Cantieri — GM of Anchor
• Luke Saunders — CTO of Delphi Labs
• José Maria Macedo — Partner at Delphi Digital

Funding

• From their blog (12-8-2021):

"Orion Money raises $70m in committed TVL from 700+ investors, projects, and communities."

Some of which were: Alchemix, Arca, DAO Maker, Divergence, Moon Capital, Pylon Protocol, Spar, Solidity Ventures, OKEx Dream Ventures and #HASHED

Partners

• Delphi Digital (2-7-2021)
• Terraform Labs (2-7-2021)
• Anchor Protocol (2-7-2021)

(:

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