Orbits is a HECO-based low slippage stablecoin converter. Exchanging stablecoins on Orbits, users can enjoy very low transaction fees and slippage because the StableSwap AMM algorithm can reduce users’ transaction costs.
When liquidity providers provide Orbits with liquidity, Orbits will aggregate existing lending agreements and income aggregation agreements to increase the utilization rate of funds, so as to achieve the highest return without risk.
Our Journey
In 2020, the birth of Huobi Eco-Chain (Hereinafter referred to as HECO) attracted many outstanding development teams, and prompted many outstanding projects. The TVL (total value locked) of the HECO platform strides forward, and has exceeded $7 billion.
Furthermore, low GAS fee and high TPS advantages of HECO make DeFi operation easier. It gave lots of new users chance to enter the DeFi field, made an indelible
contribution to the prosperity of the entire DeFi field.
However, we also noticed that HECO ecosystem now is still in its early stages without complete infrastructure, such as stablecoin exchange with low slippage. Currently,Given that the transaction fee for HUSD-USDT on the Mdex platform is 0.3%, the slippage is relatively large for a large-value transaction (eg. more than $10 million). How to create a project comparable to Curve on the HECO and provide stablecoin exchange with low slippage is what Orbits team work towards.
“Make the exchange of large stablecoins easier” is the mission of Orbits team. On February 7, 2021, the Orbits team launched a beta version and started the first phase of testing after working for days. The “№0 pool” was opened in the first phase. After that, “Pool №1” and “Pool №2” were opened in the second phase.
On March 7, 2021, Orbits will launch a Beta version and start mining.
At present, Orbits has reached strategic cooperation with well-known projects such as YFII, Filda, HPT, and more high-quality cooperation partners are still increasing.
How Orbits Works
Orbits transaction fee
Orbits only charges a 0.05% of transaction fee, which is 1/6 of Unsiwap and 1/10 of Coinbase’s DAI/USDC transaction fee.
2、ORBITS Stableswap Mechanism
Orbits’ StableSwap’s automatic market-making mechanism (AMM) is considered to be intermediatebetween the constant product and a constant sum. It consiers the situation that stable coins are equivalent sometimes and also allows price differences between stable coins. Trading stablecoins by Orbits’ algorithm can achieve lower slippage and lower transaction costs.
3、Orbits portfolio income
With the help of DeFi’s composability, ORBITS brings liquidity providers multiple benefits as follows.
-Orbits’ transaction fee income
-Future Orbits mining return
-Deposit and mining of third-party combination agreement
- Deposit interest on third-party combination agreement
Orbits’ Token Economic Model
1、Orbits’ token distribution
ORB is the abbreviation of Orbits token. The total amount of ORBs is 3.03 billion. The major distributions are as follows:
3% — Founding team
The tokens owned by the founding team will be released linearly within 2 years, but the unlocked tokens will not enter the secondary market for circulation, and all locked positions will be replaced with veORB, and the dividends from the locked positions will be used for DAO governance.
30% — Marketing
Marketing expenses mainly involve KOL cooperation, early participant incentives, airdrops, etc. The tokens will be linearly unlocked within 4 years.
67% — Community distribution
67% of the community distribution is produced through mining, with 1 million tokens per day in the first year, and a 35% reduction in production thereafter.
2、Value capture
The transaction fee for stablecoin exchange based on Orbits protocol is 0.05%, the transaction fee distribution method is as follows:
50% for dividends to veORB holders
10% for Founding team and early investors
40% for DAO governance (such as volunteer incentives and community activists incentives, etc.)
3、ORB & veORB
veORB is Orbits’ equity token, which is obtained by locking ORB. The number of veORB obtained varies with different locked period. Users holding veORB can enjoy a number of benefits, including dividends from the Orbits protocol, accelerating mining speed, obtaining invitation bonus, participating in DAO governance, etc.
DAO Governance
All users holding veORB can participate in the governance of the Orbits Agreement, co-build, govern, and share with other veORB holders.
The Treasury Committee aims to maintain and promote the sound and stable development of autonomous organizations. 40% of the commission income of the agreement goes to the treasury for DAO governance, which is jointly managed by the core members of the committee in a multi-signature manner.
Roadmap
Now, Orbits is in the early testing stage. Users can get airdrops by participating in the test. You can also become one of Orbits volunteers to contribute to the Orbits ecology. On March 7, 2021, we will launch the Beta version and start mining. Later, we will publish the audit report given by the authoritative organization, and then officially launch the mainnet, and open the “pool 0” and “pool 1”.
It is expected that in Q2, Orbits will issue a governance token ORB and launch Orbits DAO to start community governance. At the same time, Orbits will start ORB/HT LP liquidity mining. After the Orbits protocol has been running for a
period of time, the Orbits DAO will start the first round of voting around the mining pool, and the community will fully decide which mining coin to add.
Come & Discuss
For further information, please visit our website, and follow us on Twitter, Telegram.
Website: orbits.finance
Twitter: @Orbits_Finance
Github：https://github.com/Finance-Orbits/orbits-contract
Telegram: https://t.me/Orbits_Finance
Our code is updated in time, you can also follow us on GitHub.
Join Us
We are always looking for talented people to grow with us. If you are an expert or in-depth enthusiast, in the DeFi field, please contact haowi@orbits.finance, we will be glad to hear from you
All the best!
Orbits Team
Mar. 2, 2021
