In a bid to push more mass-market adoption, Orion Protocol has introduced the first solution offering decentralized global access to CEXs and DEXs. Further strengthening the ecosystem, the platform has launched USDo, the dollar-pegged ORN stablecoin.
Unified Aggregation Solution Designed To Drive Adoption Momentum
The influx of centralized exchanges (CEX) and decentralized exchanges (DEX) have played a critical role in helping cryptocurrency extend its reach.
Yet, with increasing government regulations, several exchanges are on the receiving end of notices to end service, making it extremely difficult to operate in geographical regions. In addition, both CEXs and DEXs come with some inherent problems, which narrows the onramps for larger populations seeking to join the ecosystem.
To address the problems of both centralized and decentralized exchanges while accelerating broader adoption of cryptocurrencies, Orion Protocol has developed the first-ever decentralized onramp to the entire crypto market. This is accomplished by bringing together the liquidity of every CEX, DEX, and swap pool under the roof of one unified platform.
While CEXs like Binance have become the go-to platforms for both investors and retail traders, its centralized nature means that users don’t have control over their funds. Moreover, registering for this platform can be overwhelming for most users, mostly due to the complicated and exhausting process of KYC, AML, and other regulatory verifications.
On the other hand, DEXs offer users complete control over their funds. Still, operating a wallet on a decentralized exchange demands more in-depth technical knowledge on the part of users. As a result of these complications, the majority of the global population is caught struggling to find an accessible gateway to cryptocurrency markets.
Powered by the ORN token and its proprietary ‘Delegated Proof of Broker’ governance mechanism, Orion Protocol grants users access to centralized exchanges without any geographical barriers. The platform takes it a step further by allowing users to trade cryptocurrencies without the need to create accounts across exchanges or undergo multiple KYC verifications.
Through the governance mechanism, the platform allows verified exchanges and brokers to trade on behalf of the user. Since the brokers and exchanges have already completed their KYC, users don’t need to undergo the process.
The Orion Terminal enables verified brokers and exchanges to auto-execute trades from their trading accounts using the Orion Broker Software based on how much ORN they stake. These brokers and exchanges receive a portion of each transaction fee but don’t have access to users’ funds because smart contracts enforce secure conditions.
To further strengthen the utility of its native ORN token, Orion Protocol has also launched its USD-pegged stablecoin, USDo, which can be used for trading and performing other transactions within Orion Pool. Per Orion Protocol, USDo will be minted by staking ORN, and will eventually become the primary base pair for trading across its Orion Pool.
Even though the crypto ecosystem has grown manifold over the last couple of years, mainstream adoption is still limited. Fueled by a lack of awareness and increasing regulations by governments, only a tiny portion of the global population is currently availing the benefits of the industry’s promising outlook.
With Orion Protocol’s novel solution and its USDo stablecoin, a more frictionless gateway may well serve as a powerful enticement for the general public seeking to join the cryptocurrency ecosystem.