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Volatility in the crypto markets can force investors to increase their stablecoin holdings but that doesn’t mean that they still can’t earn interest on them. Savings protocols are on the rise recently and Anchor seems to be leading the way, but others like Orion.Money are joining the race.The market cap of stablecoins reached more than $100 Billion in 2021 but most of this crypto is not earning interest that can now easily be accessed from many different chains thanks to Orion.Money. This seems to be the main goal of this DeFi savings platform but based on their litepaper, it is not the only one.
Orion.Money is aiming to become the leading cross-chain stablecoin bank that offers seamless and frictionless stablecoin saving on as many networks as possible. There are a few products planned for the coming months and years which we will look into shortly.Right now, users can deposit stablecoins at a fixed APY rate while also having the ability to provide liquidity to different ORION pairs which rewards liquidity providers with ORION tokens. Single staking of the native token is also an option.
So far Orion has attracted over $130 Million in stablecoins mostly due to the fact that it is also the only place where you can benefit from Anchor’s stablecoin APY outside of the Terra blockchain. Until Orion launched users could only generate stablecoin yield on Anchor by transferring funds over to Terra but now anyone can access it from four different chains.
In short, Orion. Money can be viewed as a decentralized bank that allows access to fixed and guaranteed yield on stablecoin deposits on Ethereum, Binance Smart Chanin, Polygon and Terra.
Product suite includes: Orion Saver, Orion Yield and Insurance, and Orion Pay.Orion Saver is Orion.Money’s native savings protocol that allows access to Anchor’s stablecoin deposits. It is the main feature of this platform which doesn’t require users to leave their native networks to earn interest on stablecoins.
Orion Yield and Insurance is planned to launch in early 2022 with a goal to offer high-yield opportunities for Orion users and insurance underwriters.
Orion Pay aims to offer easy spending for the generated yield through a series of integrations that are scheduled to roll out in late 2022.
More information on these products, included fees and the Orion token can be found in the Litepaper.
Once you land on the main page you will be able to explore the protocol and learn how it works. Opening the app will prompt you to choose your preferred network and connect your wallet.
Select your network and wallet, connect it to the protocol and you should end up on the savings page.
Here you can deposit stablecoins displayed on the list. Currently Orion supports Wrapped UST, USDT, USDC and DAI. By clicking on the “Deposit” button you will be able to choose your stablecoin and how much of it you want to put into your savings account.
The staking page is where Orion tokens and LP tokens can be deposited for yield farming. Different networks will have different rates so make sure that you are familiar with the fees and risks before using these products.
The total number of tokens that are under management of Orion.Money can be viewed by visiting the dashboard.
Insurance is also an option via third party services. Click on the “Get insurance” button and purchase the one you need from the list. In this example, if you wanted to insure 1000 Matic for one year that you deposited in the Orion protocol, that would cost you roughly 26 Matic.
Insurance covers any kind of fund loss that wasn’t influenced by the depositor. This includes hacks, exploits or any other unforeseen event that may lead to a loss of your deposited funds.
Stablecoin saving is definitely a growing trend that started with Anchor but quickly got the attention of many other protocols in the space. Orion.Money is a great way to access these saving opportunities without the need of bridging funds over to Terra.
Hopefully, these simplified solutions will put even more stablecoins to work by opening up a new way of earning to those that didn’t have access to it on Ethereum, Matic and other chains.orion.money litepaper. (n.d.). Orion.Money. Retrieved December 20, 2021, from https://orion-money.medium.com/orion-money-litepaper-release-7e98bb3acb6f
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