Orbit Chain
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Orbit Chain

Announcing Orbit Bridge Updates: NFT Bridge & UI/UX Improvements

Hello, Orbit Chain community!

Fast and Secure way for token conversion! We will notify you of Orbit Bridge updates.

Please check the details below for detailed updates.

■ Details of update

1. NFT Bridge Launch
2. UI/UX Improvements
3. Dashboard Renewals
4. ORC Ecosystem
5. Frequently Asked Questions

1. NFT Bridge

- Supports for NFT based on Klaytn (only NFT collections registered on Orbit Bridge)
- Supports conversion for four Layer 2 blockchains (Avalanche, BNB, Fantom, Polygon)
- Only one NFT can be converted at a time

As the Orbit Bridge with an NFT Bridge, Orbit Bridge is divided into Token (FT) and NFT. The NFT Bridge is inspired by internal and external analysis that the NFT market will grow significantly. Currently, NFT bridge feature development has been completed and the UI will be implemented as an addition to the existing Orbit Bridge. This decision has been made based on the internal and external analysis that the NFT market will grow significantly. The NFT market has grown to about $43B in the past year. It is predicted that the NFT market will continue to grow in 2022, and the competition among DeFi/NFT integrated platforms will become fierce. According to <Metaverse: Web 3.0 Virtual Cloud Economy>, Grayscale, a virtual asset manager, predicted that Metaverse could create a market worth 1 trillion dollars (about 1120 trillion KRW) by combining with NFT in the future. Of course, there are warning signs ahead for the NFT market due to the geopolitical conflict caused by the Russia-Ukraine issue and the spread of risky asset avoidance following the base rate hike. However, the essence of NFT itself remains the same as issuing digital tokens for objects of intrinsic value. NFT is developing into various categories such as collectibles, games, art, metaverse, and utility. The dominant observation is that it will have a greater influence on real estate or specific rights in the metaverse space in the mid to long term. We are keen to respond quickly to these market trends. Our NFT bridge will be a bridge connecting numerous metaverse/NFT ecosystems and a bridgehead for their advancement into heterogeneous chains.

*Only NFTs officially registered on Orbit Bridge support the bridging function. A discussion and close cooperation between the project company (NFT issuer) and the Orbit Chain team are needed to list the project company’s NFTs on NFT marketplaces such as Opensea.

2. UI/UX Improvements

- Improved controller visibility by adding ASSET/FROM/TO phrases
- Changed the word Chain to Network
- Improved wallet connection pop-up (only the wallet name displays on the button)
- Provides Add Token function
- FROM/TO network and Important Notice can be checked in the final pop-up for token/NFT conversion
- Revised notes and guide details
- Chinese (Simplified, Traditional) language support

UI/UX improvements for Orbit Bridge came from the question, “How can we provide a user-friendly experience?”. Elements unrelated to the bridge function are removed on the controller (main page). Guides and texts are at eye level with users (e.g., Enter the recipient address → Enter the address to receive the converted token, Chain → Network, etc.). Orbit Bridge will continually evolve as user-oriented, and we will divide it into EVM (Ethereum, BNB, etc.) and Non-EVM (Ripple, Stacks, etc.) in the future. The main reason is that EVM and Non-EVM provide different user experiences.

3. Dashboard Renewals

- Overall UI reorganization
- Added NFT collection tab (NFTs registered on Orbit Bridge)
- Added integrated protocol tab (DeFi protocols integrated with Orbit Bridge)

We reorganized the overall dashboard UI form and added the NFT collection and integrated protocols tab. In the NFT collection menu, you can check the NFT collection supported on Orbit Bridge. You can check the DeFi protocols that can utilize bridge assets like Meshswap and KLAYswap in the integrated protocols menu. Bridged assets are widely used on DeFi protocols based on BNB, Klaytn, Polygon, etc.

4. ORC Ecosystem

- Provides information related to ORC, the governance token of Orbit Chain
- Provides information for Orbit Bridge Tax, Orbit Farm Earning, ORC Burns, and Governance Proposal
- Provides ORC supported exchanges (KuCoin, Gate.io, Bithumb, Coinone, Hotbit, Uniswap)
- Provides ORC use cases (Meshswap, KLAYswap, Harvest Finance, Orbit Chain Governance)

ORC token is a means of participating in Orbit Chain governance & PoS-based block generation and a backbone in the maintenance and expansion of the Orbit Bridge. In the ORC tab, you can check summary indicators of related ecosystems such as tax, farm earning, burns, and governance, ORC supported exchanges, and protocols and farms that can utilize ORC at a glance. As ORC is the governance & utility token that underpins the Orbit Chain, we will concentrate on maximizing its value and utility.

5. Frequently Asked Questions

- Orbit Bridge user guide available for download
- Provides a function to check and search for FAQs on how to use Orbit Bridge

For your convenience, we have created a FAQs page. This page aims to make it easier to find concise answers to questions.

June is Coming!

We expanded the Orbit Inter-Blockchain Communication (IBC) system to Polygon according to the 2022 roadmap announced in January and launched the NFT bridge following the Orbit Farm on ETH. Orbit Chain, which can expand the ecosystem regardless of a specific blockchain or platform, has proven influence on the market in concert with Ozys, which can develop DeFi protocols. While strengthening cooperative relationships with various blockchain developers such as Klaytn, Polygon, and Metadium, we want to aggressively expand the scope of use of Ripple Chain, the pinnacle of our technology. Ripple (XRP) ranks 6th in market capitalization (about $20 billion) on CoinMarketCap and is overwhelmingly supported by the crypto market and community. However, Ripple is limited to the degree of asset movement between centralized exchanges due to the peculiarity of using an independent network called XRP Ledger. Therefore, we are preparing to launch the XRP Bridge. Ripple Labs can extend XRP utility into the DeFi world, and we can embrace XRP’s mega liquidity and XRP holders through the Orbit Bridge. These opportunities are open not only to KLAYswap and Meshswap but also to anyone who wants to asset entry into heterogeneous chains and secure assets on other platforms. XRP Bridge will be unveiled to the public next month.

Connecting the unconnected is the vision of the Orbit Chain team and a shortcut to boosting the value of ORC and developing the Orbit Chain ecosystem. We hope that you look forward to the future of Orbit Chain, which will create innovations that have never existed in the world. We ask for your unwavering interest and continuous support.

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