Ozys Integrates ICON as a Destination Chain in Orbit Bridge
We are excited to announce that we have integrated ICON as a destination chain in Orbit Bridge. The Orbit Bridge integration has already been completed on ICON’s testnet, and the relevant smart contracts will be released with the official deployment and launch of the mainnet version. The Ozys team worked quickly and efficiently in collaboration with the ICON foundation and we look forward to continuing to work together toward the success of both projects.
This integration brings more value to both Orbit Chain and the ICON Network, specifically the ICON DeFi ecosystem. Orbit Bridge will connect the assets of heterogeneous chains, including Orbit Chain’s native token, ORC, to the ICON ecosystem. Ultimately, the power of Orbit Chain’s IBC protocol, Orbit Bridge, will lead to more transactions and more value exchange on the ICON Network. This will also be a new avenue for the ORC token to gain more utility.
Orbit Bridge has already shown its strength as a standout IBC protocol as it already bridges two blockchains, Klaytn and Ethereum. ICON will be the third. Ozys, the developer of Orbit Chain, has recently focused on commercializing interoperability technology with the release of Orbit Bridge, an open IBC platform, and KLAYswap, a cross-chain platform that allows Ethereum and ERC-20 assets to be brought into the Klaytn ecosystem. Orbit Bridge has a reliable, secure environment and structure for interoperability, with global blockchain companies such as ICON, HashQuark, Klaytn, and Terra amongst its 9 validators.
In just a little over one month after launching in October 2020, Orbit Bridge has bridged more than 4,000 transactions and over $70 million USD worth of assets, including sending $40 million USD worth of Ethereum assets to and from the Klaytn network. This was done utilizing KLAYswap, the Klaytn-based decentralized automated liquidity protocol built by Ozys. KLAYswap reached $50M USD in TVL in liquidity pools just three weeks after launching, with around half of the TVL being Ethereum assets converted by Orbit Bridge IBC.
With this new integration of Orbit Bridge, ICON will now support the following Ethereum-based assets to be transferred to the ICON Network, with the potential to add more in the future.
- Orbit Chain — ORC
- Ethereum — ETH
- Tether — USDT
- USD Coin — USDC
- Wrapped Bitcoin — WBTC
- DAI
- Ren Project — REN
- Band Protocol — BAND
- Ocean Protocol — OCEAN
- Chainlink — LINK
- OmiseGo — OMG
- Universal Market Access — UMA
- Loopring — LRC
- Reserve — RSR
- Aragon — ANT
As part of this exciting integration, ICON’s AMM protocol ICONPOOL, will be adding liquidity pools for all 15 assets and pairing them with ICX. Some tokens may also have Liquidity Mining programs. Details on how to participate in the liquidity mining programs will be released at a later date, so please stay tuned to the official channels of Orbit Chain and ICON for future announcements!
The Orbit Bridge integration is an exciting next step for the growth of Orbit Chain and the ICON DeFi Ecosystem and we look forward to bringing this technology to the ICON community!
[About ICON]
ICON, one of the largest projects in the cryptocurrency space, is a decentralized network of blockchain communities that aims to “hyperconnect the world” through interoperability. ICON’s blockchain transmission protocol creates cross-chain use cases in which heterogeneous chains with different governances connect and transact without intermediaries. ICON focuses on usability, and their tech is currently being applied in the real world in industries such as banking, securities, insurance, hospitals, and universities. ICON sets itself apart by having one of the highest confirmed transaction rates of any blockchain at 9000 TPS. ICON has support from dozens of established institutions in both the public and private sectors, including the South Korean government.
[About ozys]
ozys, the leading blockchain technology company in South Korea, works closely with public chain foundations to create widely-used, cutting edge blockchain-based services. Some key projects include: Allbit (decentralized exchange), EveryDAI (bridge for DAI), Klaystation (Klaytn staking tool), KLAYswap (Klaytn AMM Dex), and Orbit Bridge, an open IBC platform. ozys’ own blockchain, Orbit Chain, is a PoS consensus chain that integrates various blockchains and services to seamlessly connect the fragmented token economy. Orbit Chain currently supports 8+ public chains including Bitcoin, Ethereum, Ripple, Tron, Klay, and Terra. ozys is committed to researching the interoperability of heterogeneous chains and further developing the DeFi ecosystem with better products and services. In doing so, ozys will create a more widespread audience and a stable blockchain ecosystem by allowing more DApp growth on various mainnets.
[Official sites & communities]
- Orbit Bridge: https://bridge.orbitchain.io
- Allbit: https://allbit.com
- EveryDai: https://everydai.io
- KLAYswap: https://klayswap.com
- KLAYstation: https://klaystation.io
- Orbit Chain : https://orbitchain.io
- Orbit Chain Explorer : https://explorer.orbitchain.io
- Orbit Chain Voting & Governance : https://voting.orbitchain.io
- Orbit Chain Telegram: https://t.me/Orbit_Chain
- Orbit Chain Global Telegram: https://t.me/OrbitChainGlobal
- Orbit Chain Twitter: https://twitter.com/Orbit_Chain
- Orbit Chain Discord: https://discordapp.com/invite/PJzE63A
