Member-only story
Orion money- Bringing high yields across chains-Part 1
Sign up to Medium using this Link if you haven't yet
Think about the interest rates the banks are giving you. Do you think those 1% yield is going to make you rich? Think again. Think about alternate possibilities.
If you are in the right direction, Orion is not something you will miss. They promise to provide one of the best stable yields cross-chain, and that's just the start.
- Orion Money introduction.
- How Orion works
- ORION token.
- Current and Future development
- Conclusion
Orion Money
Traditional money market's and bank's interest payments are a joke. Those 1% interest rates are eating away your savings if you consider the inflation rates. The next better alternative is to find the best Defi solution.
When you go into the rabbit hole of Defi, the first "bluechip" protocols you will encounter will be Aave and Curve. Yes, they are the best in business. But those interest rates are not so great (Better than "High-interest rate banks"!). The other issue that may confuse users to deposit in them is the variable interest rate. Even though you find a high-interest rate Defi protocol, it may not be available in your favourite chain; this may bug users too.
Orion tries to solve these issues. They plan to provide high yield savings banks with stable interest rates and cross-chain availability. Oh, I forgot to mention what will be the interest rate, it's a mere 15 to 20% depending on the ORION stake! Haha.
That's not all. The above part of Orion is called Orion saver. Orion got many more "tricks" under their sleeves- Orion Yield and Insurance, Orion Pay. More on that later.
How Orion works
“All this magical yield is great but how does it work ser?”
Users can deposit Ethereum stable coins such as USDT, USDC, DAI in Orion.
Behind the curtain, Orion will deposit these stable coins into EthAnchor(EthAnchor provides a gateway for Ethereum users to interact with Anchor using wrapped TerraUSD (UST) — a wrapped ERC20 UST token on the Ethereum blockchain.)
