A cross-chain stablecoin bank.
What is Orion Money (ORION)?
Orion Money is a new cryptocurrency savings platform that aims to make high-yield savings more secure and accessible to the masses. Specifically, their vision is to become a cross-chain stablecoin bank that will provide a number of services including savings accounts, lending, borrowing, and spending.
Their initial suite of DeFi products will consist of: Orion Saver, Orion Yield and Insurance, and Orion Pay. However, Orion Yield and Insurance and Orion Pay are not expected to launch until the first half of 2022 so, for now, let’s focus on Orion Saver.
Orion Saver
Orion Saver is the native savings protocol of Orion Money. This cross-chain savings dApp allows users on other blockchain networks to easily access Anchor’s attractive stablecoin deposit yields without leaving their networks or performing any swaps.
The way they do this is not difficult to understand, the project simply helps users transfer their stablecoins to UST and then sends it to Anchor Protocol. If the user wants to withdraw, Orion Money will simply reverse.
Let’s take a deeper look.
Deposits
Users deposit Ethereum stablecoins (USDT, USDC, DAI, etc.) with Orion Money. Behind the scenes, Orion Money will exchange those stablecoins into wrapped UST and will then deposit them into Anchor Protocol for the Anchor UST rate.
Orion Saver uses EthAnchor that will exchange Ethereum stablecoins on the Ethereum side using Uniswap/Curve, and will then deposit UST into Anchor on the Terra side.
Yield
In order to boost the amount of yield you can receive from Orion Saver, users can choose to hold a percentage of ORION tokens in their portfolio. This is broken down into Earth, Station, and Moon tiers.
- If your portfolio holds 0–5% in ORION tokens, you’re able to earn a 13.5% yield in the form of stablecoins or 15% in the form of ORION tokens.
- If your portfolio holds 5–15% in ORION tokens, you’re able to earn a 14% yield in the form of stablecoins or 17% in the form of ORION tokens.
- If your portfolio holds >15% in ORION tokens, you’re able to earn a 16% yield in the form of stablecoins or 20% in the form of ORION tokens.
If you’re bullish on the ORION token, a good choice would be to receive your yield payout in ORION tokens as you would be making a 20% yield on the tokens and any further gains if the price was to rise.
Quickstart Guide
In my next post, I will take you step-by-step to show you how to start earning up to 20% interest on your favorite stablecoins with Orion Money.
Stay tuned.
DISCLAIMER: This is not financial advice. Staking, delegation, and cryptocurrencies involve a high degree of risk, and there is always the possibility of loss, including the loss of all staked digital assets. I advise you to do your due diligence before making any cryptocurrency investment.
