Open in app

Sign in

Write

Sign in

2023 Roadmap: Advance, Expansion, and Combination

OrbitChain
Orbit Chain
Published in
11 min readMar 13, 2023

--

Hello, Orbit Chain Community!

We cover the 2023 roadmap for Orbit Chain.

This post covers Orbit Chain’s 2023 roadmap. You can check the main milestones of the Orbit Chain project at a glance, such as the mainnet hard fork and atomic swaps.

Please check the details below.

■ Table of Contents

1. Orbit Chain Mainnet Hard Fork: Jupiter

2. NEW Orbit Chain Explorer: Orbitscope

3. Orbit Chain Governance Renewal

4. NEW Blockchains (EVM & Non-EVM)

5. Atomic Swaps on Orbit Bridge

6. Native Coin Swaps on Orbit Bridge

7. Orbit Bridge UI/UX Improvements

8. Additional Wallets on Orbit Bridge

9. Additional Tokens on Orbit Bridge

10. Advance into other DeFi Protocols

1. Orbit Chain Mainnet Hard Fork: Jupiter

Orbit Chain is a multi-asset support platform that facilitates user asset transfer and management through decentralized communication channels between various blockchains and Orbit Chain. Users can utilize many crypto assets from different blockchains on a single blockchain. The background lies in Orbit Chain’s strengths, such as interoperability, scalability, usability, and decentralization. The hard fork, which is a systematic upgrade is inevitable to maintain these strengths at a high level, and can also promote blockchain optimization, such as security enhancement, functional improvement, and efficiency improvement.

The Orbit Chain hard fork also has advantages from a protocol perspective. Developers/projects can use the Orbit Chain to build multichain-based token launches and functions required for DeFi. Belt Finance’s cross-chain swap is a representative case, and the service utilizes the Orbit chain system. Orbit Bridge is the same. It is a DApp that perfectly ported Orbit Chain’s strengths, cross-chain technology, and data transfer function, which achieved over 860K transactions and 12.6B in total volume. Upon completion of the Orbit chain hard fork, Orbit Bridge can transfer asset transfer and minting, and various types of data, which will be extremely helpful for the atomic swap function enhancement.

Today, the blockchain ecosystem is accelerating the activation of the multi-chain universe, and blockchains are interacting with each other with the emergence of various bridges. Orbit Chain will provide developers/project companies with solutions that fit this trend. Ultimately, Orbit Chain will become a “cross-chain total solution” that maximizes interoperability among numerous domestic and foreign blockchains, token projects, and wallet companies that want to enter the Web3 world. Token projects can conveniently go multi-chain no matter which blockchain they issued their tokens on. The reason for this is the existence of the Orbit Chain with enhanced openness, security, and functionality, and numerous DeFi protocols integrated into it. The number of these will explosively increase when Web3 becomes popular. Wallet developers can easily integrate features such as cross-chain bridges, atomic swaps, and native coin swaps in their wallets. Through this, each wallet can secure global competitiveness such as user influx, advance into multi-chain, and web3 trend leading. This movement will also have a positive influence on the growth of blockchain and will be able to create a virtuous cycle in the blockchain ecosystem in a larger category. The Orbit chain hard fork is a prerequisite and essential process to stand at the center of the blockchain, project (token), and wallet.

The name of Orbit Chain’s hard fork is Jupiter, and this work can be classified into testnet and mainnet. Please look forward to the Orbit Chain hard fork, which will transform into a more open form and provide opportunities for various blockchain developers to build cross-chain DApps.

2. NEW Orbit Chain Explorer: Orbitscope

The advantage of blockchain technology is the transparency and reliability it provides. Transactions, addresses, and blocks can be publicly verified, and the tool used to do this is called a Blockchain Explorer. Orbit Chain Explorer will be reborn in time for the Orbit Chain hard fork and will continue to perform its original function as a blockchain explorer. Key features include Dashboard, Block, Account, Contract, Token/NFT, Validator, GC, Bridge, etc. Liken to Orbit Chain’s mainnet hard fork, the Orbit Chain explorer work is also classified as a testnet mainnet.

3. Orbit Chain Governance Renewal

Governance is the decision-making process by multiple people for operating a particular system. The reason why blockchain governance is necessary is consistently maintaining a decentralized system. Generally, the components of Governance are five major parts, which are rules (smart contracts), laws (penalties, slashing, etc.), procedures (events that occur as a result of proposal voting), and responsibilities (subjects, roles, behavior, etc.). Orbit Chain Governance is also operated based on the same decentralized consensus, and all actors in the Orbit ecosystem participate in determining Orbit’s operation methods, such as policies and directions.

We anticipate the Orbit Chain governance renewal following the Orbit Chain mainnet hard fork will become more meaningful. Accordingly, we plan to reorganize the Orbit Chain governance in a more advanced form, such as adding stakeholders and redefining their roles, diversifying proposals (agenda), establishing a new forum, and changing policies.

4. NEW Blockchains (EVM & Non-EVM)

Since its launch in 2019, Orbit Chain has been technologically addressing the limitations of interoperability of a fragmented blockchain ecosystem. Among them is Orbit Bridge, which has taken a position as a connection between independent ecosystems by supporting the movement of assets and data between chains. The Orbit Chain team has been focusing on research and development on blockchains to quickly deal with various types of blockchain and decentralized financial protocols.

We are preparing for the popularization of Web 3 & multi-chain universe beyond the link connecting the fragmented blockchain ecosystem. Following XRP and Stacks, we succeeded in connection for the TON blockchain last year, raising the value and status of the Orbit chain within the multi-chain universe.

Our team’s unique blockchain connection goes beyond TON. Within this year, we have in mind connecting new blockchains, such as Aptos, NEAR Protocol, Tron, Optimism, and Arbitrum. Organic cooperation with the blockchain foundations and our team’s development ability and will is most important to connect new blockchains. When connecting a new blockchain, we will prioritize the cause of being at the forefront of the multi-chain universe and the position of all stakeholders, including the community.

5. Atomic Swaps on Orbit Bridge

The original purpose of blockchain is to transfer value without a trusted third party. It is also closely related to scalability, which is one of the problems of current blockchains. As one of the features of Orbit Chain is its scalability, developing an atomic swap function that allows the exchange of different blockchain-based cryptocurrencies without going through a third party will be the most basilic subject for the Orbit Chain team to complete.

Let us take USDC as an example to explain the atomic swap feature intuitively.

[AS-IS] USDC (Ethereum) ↔ oUSDC (Polygon) *Bridge-based token conversion in the form of lock and mint

[TO-BE] USDC (Ethereum) ↔ USDC (Polygon) *Atomic swap based on a fixed exchange rate (1:1)

Atomic swaps do not pass through other tokens in the swap process (the exchange rate is 1:1). Users who hold Ethereum-based USDC can immediately swap to Polygon-based USDC (distributed by the Circle Foundation) using the atomic swap function, not the bridge. Atomic swaps do not require all these intermediate routes, and users can save time (transaction delays, errors, etc.) and costs (swap/transaction fees and price impact). Currently, we are developing a function to support an atomic swap between USDC (Ethereum) and USDC (Polygon). We have a scheme to gradually increase the number of tokens supporting atomic swaps in consideration of the liquidity of each DEX, market conditions, and user needs.

6. Native Coin Swaps on Orbit Bridge

Native coin swaps are essentially similar to atomic swaps, but their target and direction are slightly different. A native coin swap is similar to a cross-chain swap. However, the target and direction are slightly different. Currently, a problem many multi-chain users face is that when using the protocol of a particular blockchain, they must hold the native coin of that blockchain (Uniswap: ETH, KLAYswap: KLAY, Meshswap: MATIC, Megaton Finance: TON). Ultimately, users must use the exchange to get those assets. When users use a centralized exchange, they go through signing up as a member, KYC certification, and holding a key currency (USDT, BTC, etc.), and they should carefully check whether the native coin is supported and slippage/price impact when using a decentralized exchange.

The Orbit Chain team recognized this as the biggest hurdle in expanding the multi-chain ecosystem and collaborating with wallet developers. Therefore, we decided to implement the native coin swap feature on Orbit Bridge. Native coin swap supports 1:1 swaps between major key currencies (native coins) such as ETH, KLAY, and MATIC, allowing users to move between multi-chain universes more easily and quickly by holding only one native coin. The native coin swap will naturally combine with decentralized exchanges, POS bridges, wallets, and projects. Firstly, native coin swaps, like atomic swaps, require liquidity from large DEXs, utilizing POS bridges, and wallets. Secondly, wallet developers and token projects have a clear need to acquire users in a multi-chain universe. We intend to support more tokens for native coin swaps in the mid-to-long term and to expand user choices by adding a swap routing path function. It will eventually lead to strong coupling between blockchains, projects, and wallets, and Orbit Bridge will stand tall as a decentralized cross-chain protocol at its core.

7. Orbit Bridge UI/UX Improvements

We have continuously improved the UI/UX for Orbit Bridge over the past two years. Such as sophisticated error handling, responsive UI implementation, enhanced visibility of frequently used buttons, added dashboard & $ORC category, and added dark mode.

We plan to frequently improve UI/UX in all areas, including the controller on the Orbit Bridge website. We will carry out this work simply and conveniently, in line with the eye level of all users entering the Web3 world. We will update the how-to guide and integration guide for Orbit Bridge at the same time. You can refer to these documents on the Orbit Bridge Docs and the FAQ tab of the website.

8. Additional Wallets on Orbit Bridge

Cryptocurrency wallets are interfaces that enable interaction with assets on the blockchain, and there are many types of them. There are specialized wallets for each blockchain (ex. Ethereum-Metamask, BNB-Trust Wallet, Klaytn-Kaikas, TON-TON Wallet), and preferred wallets for each country and region are also different. Based on this background, we have integrated various wallets into Orbit Bridge, such as Metamask, Kaikas, and Trust Wallet. As a result, Orbit Bridge currently supports 17 wallets. As cryptocurrency wallets are a link between real life and the web3 world, we plan to integrate more diverse wallets in the future. In the mid-to-long term, we want to create cases of cooperation with wallet developers and prepare for the era in which blockchains and cryptocurrencies take their place as means of practical use.

9. Additional Tokens on Orbit Bridge

As with cryptocurrency wallets, the number of tokens supported by Orbit Bridge is related to user preference, supported networks on Orbit Bridge, and many DeFi protocols integrated into (ex. Ethereum-ETH/USDT, BNB-BNB/CAKE, Klaytn -KLAY/KSP, POLYGON-MATIC/MESH). We continuously focus on blue-chip assets such as ETH, USDT, USDC, and token projects that want to advance into other blockchains and DeFi protocols. This trend will continue in 2023, and we need to fulfill our duty as a link for more project companies to enter heterogeneous chains and secure users there. As the number of tokens onboarded to Orbit Bridge increases, Orbit Bridge’s external status will also increase.

10. Advance into other DeFi Protocols

Currently, the main assets on Orbit Bridge are integrated into the protocols of each base blockchain. KLAYswap (Klaytn), Meshswap (Polygon), and Megaton Finance (TON) are representative examples, and a total of more than 30 DeFi protocols are using Orbit Bridge-based assets as core protocol assets. As the number of DeFi protocols linked to Orbit Bridge increases, users can have more choices for depositing assets, and Orbit Bridge can also secure more layer fees. All the layer fees generated on Orbit Bridge are used to buy back ORC in the market. As a result, ORC scarcity can be increased by burning all of the ORC bought back.

We will work with more blockchains and DeFi protocols and, if necessary, further strengthen our strategy of building protocols directly on the base blockchain. It is for the sustainable development of the Orbit Chain ecosystem, which is like a tangled web, and this development will lead to a win-win for all stakeholders.

Greetings March 2023!

Orbit Chain’s motto, “Connecting the Unconnected.” is still in the present tense. Our team will prepare the multi-chain universe and the Web3 era from a mid-to-long-term perspective. At the same time, we will strive to cooperate and create synergies with all stakeholders, including blockchain, token projects, and wallet developers. Beyond advance and expansion, we will accelerate the “combination” centered on the Orbit Chain.

In addition, we plan to hold an AMA for direct communication between the Orbit Chain team and the community this year. The AMA will cover intrinsic contents such as introducing the Orbit Chain project (current status, direction, etc.) and real-time Q&A with the community. Details regarding the AMA will be announced to the community (Discord, Telegram, Twitter) as soon as we decide when it is.

Constant connection is the mission of the Orbit Chain team and a shortcut to boosting ORC value and developing the Orbit Chain ecosystem. We look forward to the future of Orbit Chain, which will create innovations that have not existed in the world. We ask for your unwavering interest and continued support.

[Official Websites & communities]

Orbit Chain
Orbit Bridge
Roadmaps
Homepage
Work Of Orbit

--

--

OrbitChain
Orbit Chain

Written by OrbitChain

789 Followers

https://orbitchain.io/

Help

Status

About

Careers

Blog

Privacy

Terms

Text to speech

Teams