Orbit Chain
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Orbit Chain

[Update] 2022 ROADMAP: ADVANCE & EXPANSION

Hello, Orbit Chain community!

Based on the 2022 roadmap announced earlier this year, we cover the first half of this year and plans for the second half, including some changes, a recap for the first half of this year, and new updates.

Orbit Chain 2022 roadmap highlights include:

1. Orbit Inter-Blockchain Communication (IBC) system expansion
2. Orbit Farm on Ethereum & NFT Bridge Launch
3. Orbit Chain 3.0 Update
4. XRP Bridge Launch
5. Multi Farm Development and Launch

1. Orbit Inter-Blockchain Communication (IBC) system expansion

The Orbit Chain team chose the rapidly growing blockchain, Polygon, to expand the Orbit Inter-Blockchain Communication (IBC) system in the first half of this year. As we entered the Polygon blockchain, the monthly transaction volume of Orbit Bridge increased more than three times, and the related DeFi protocol, Meshswap TVL, also exceeded $600 million. It was another achievement following KLAYswap on Klaytn and Belt Finance on BNB.

Like this, Orbit Bridge technically connects the fragmented blockchain ecosystem, successfully supporting the movement of assets and data between different blockchains. We continue to connect various EVM/non-EVM-based blockchains under Orbit Chain’s slogan of “Connecting the Unconnected. Moreover, we will build a giant Orbit Chain ecosystem by launching decentralized protocols on the corresponding blockchains. We consider a multi-chain universe where numerous blockchains form an independent ecosystem as the future to come. Orbit Bridge will be the most optimized spaceship for exchanges among the multi-chain universe and an irreplaceable cross-chain.

Following Polygon, we are continuing constructive discussions with various mainnet foundations to advance into a new blockchain ecosystem. These discussions refer to the process for creating meaningful outcomes such as KLAYswap, Belt Finance, and Meshswap. After close communication and continuing discussions, we confirmed that they are sincere in the blockchain ecosystem development and expansion and are willing to mobilize all means to create synergy. In that regard, we judged connecting Cardano, Solana, and UTXO-based blockchains is premature. Aside from synergy, Cardano has a series of development delays and technical glitches, and Solana has intermittent network instability. We could not ignore the security and safety issues that could happen when we connect them to the Orbit Chain. We have been setting priorities for connection by further strengthening internal standards such as blockchain technology, security issues, and mutual cooperation structure.

We ask for the understanding of our community looking forward to the blockchain connection revealed in the 2022 roadmap. However, as Cardano, Solana, and UTXO-based blockchains all have high technology and community support, it would be correct to view them as holding rather than cancellation.

2. Ethereum Orbit Farm & NFT Bridge Launch

We launched Ethereum Orbit Farm and NFT Bridge in the first half of this year.

The Orbit Farm on Ethereum is a deflationary mechanism that can effectively control the overall circulation and curb inflation. The recent 4th ORC Buyback & Burn is proof of that, and the Ethereum Orbit Farm played a decisive role in the transition of ORC, the Orbit Chain ecosystem token, to a deflationary phase. The value and scarcity of ORC will also increase as the Orbit Farm approaches completeness, so the expansion of the Orbit Chain’s virtuous cycle structure following the launch of the Ethereum Orbit Farm is expected to gain more momentum. The Orbit Chain team wants to connect the unconnected more actively and efficiently to accomplish the deflation mechanism.

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 installed the NFT bridge (conversion) function on the existing Orbit bridge to respond quickly to these market trends. Converting to Layer 2 (Avalanche, BNB, Phantom, Polygon) is supported only for Klaytn NFTs officially listed on Orbit Bridge. 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. We are currently discussing cooperation with project teams that need an NFT bridge. We are planning to secure the number of NFT collections and items supported, just like FT (Fungible Token) for the medium and long term.

3. Orbit Chain 3.0 Update

Orbit Chain 3.0 includes a blockchain upgrade, governance/voting improvements, and the launch of a new explorer. Recently, incidents and accidents such as on-chain time errors, network suspension, vulnerability exploitation attacks, and contract bugs have occurred in several blockchain networks/bridges. Our team closely watched this situation and concluded that the essence of Orbit Chain is security and safety. The biggest reason was that the security and stability flaws were directly related to the asset leakage of numerous projects/users participating in the Orbit Chain ecosystem.

Orbit Chain 3.0 is classified as an essential update, as one hacking can endanger the entire Orbit Chain ecosystem.

First, the Orbit Chain team applied the gatekeeper function developed in-house to the Orbit Bridge to enhance security before the release of Orbit Chain 3.0. Gatekeeper is a function that minimizes risk as the Orbit Bridge supports more networks. It protects the original assets of the Layer 1 network from being stolen even if there is an untrusted transaction request on the Layer 2 network, such as a hack attack.

Starting with the application of GaterKeeper, we plan to improve security through additional security audits and update the mainnet for stable Orbit Chain operation. Please look forward to Orbit Chain 3.0 with enhanced security and stability and the new Orbit Chain Explorer.

4. XRP Bridge Launch

The XRP Bridge is the only bridge that supports XRP transfers between Ripple and heterogeneous chains (BNB, Klaytn, Polygon, etc.). Based on the specificity of XRP assets, it boasts UI/UX exclusively for XRP as it is the result of considering the needs of various market participants such as Ripple Labs, blockchain platforms, DeFi projects, and XRP holders. The current cumulative trading volume is $2B, and 13 networks (Ethereum, BNB, Polygon, etc.) are supported. The XRP Bridge will create synergy with various market participants while contributing to the activation of the XRP market and the growth and virtuous cycle of the cryptocurrency ecosystem.

The Orbit Chain team aims to expand the Orbit Chain-centric cross-chain ecosystem by providing customized solutions to project teams who need XRP assets. 15+ protocols integrated into the XRP bridge, such as KLAYswap and Meshswap, can be best practices for interworking between the bridge and the DeFi protocol. By building cross-chain infrastructure and supporting bridged XRP assets on different blockchain platforms, XRP Bridge will establish itself as an irreplaceable decentralized liquidity bridge protocol.

5. Multi Farm development and launch

The Orbit Chain team is about to release the Multi Farm (Security Audited by Theori), an evolution of the Orbit Farm. The existing Orbit Farm is a form of linking assets locked in Layer 1 (= Vault) on the Origin Chain to decentralized finance, its primary purpose is to generate earnings and increase the value of ORC. Multi Farm goes beyond monetization and aims to secure asset and user dominance across multi-chains. As a result, Multi Farm can gradually standardize crypto-assets and take the lead in the market. It aims to contribute to the establishment of a healthy growth environment in Layer 2 as a bridge between the sufficient liquidity of Ethereum-based assets and various users and protocols in Layer 2.

Multi Farm also acts as a catalyst for strengthening the fundamentals of the DeFi ecosystem because it provides stable liquidity to Orbit Chain’s cross-chain ecosystem and multiple blockchains, incentivizing users to be active in the blockchain. It can be of great help to secure new users, activate transactions and Dapps, and create a virtuous cycle in the ecosystem.

Multi Farm, which will benefit all market participants in Orbit’s cross-chain ecosystem, will be unveiled in September.

The importance of a decentralized bridge that connects the multi-chain universe where numerous blockchains independently form an ecosystem has grown in importance. We will live up to market expectations and place Orbit Bridge as the globally best-decentralized liquidity bridge protocol. We will not only secure a clear competitive edge by upgrading Orbit Chain 3.0, utilizing Multi Farm, and continuously connecting and activating blockchains but also solidify the 3Rs (Reliable, Robust, Reasonable), the strengths of Orbit Bridge.

Please look forward to the future of Orbit Chain, which will create innovations that do not exist in the world. We ask for your unwavering interest and continuous support.

[Official sites & communities]

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