Jun 6, 2022
Next steps for the Orion Money project
Orion Money project started a little over one year ago at the first Terra chain hackathon. We have come a long way during this year with amazing support from the Orion community, users and investors:
- We developed Orion Saver to democratize the Anchor Protocol from Terra to all other blockchains. Orion Saver was launched and operated cross-chain on Ethereum and Polygon, with plans for many other networks.
- Orion Money validator achieved top ranking by stability and amount of Luna staked.
- We developed Orion ASTROBooster and rallied ASTRO and Terra NFT communities to build and launch a new Terra-native Convex-like solution for Astroport.
- We had many other exciting plans for Orion Money to be implemented this year too.
This all suddenly came to a halt with the UST depeg and Terra chain crash. During the past few weeks, our highest priority was to process Orion Money users’ cross-chain withdrawals due to ongoing issues with EthAnchor and Terra blockchain. Once this was significantly improved and working well, we started to explore what’s next for Orion Money.
At its core Orion Money project is deeply connected to UST and Anchor Protocol and, unfortunately, we do not see much potential for Orion Money without these two parts present on the Terra 2 chain. We will have to gradually sunset the Orion Money project in the coming months — and it is a heartbreaking decision for us.
While closing down the Orion Money project we will still be supporting our users in a number of ways — be it Orion Money web UI, new Luna and ASTRO airdrops, and maintaining Orion validator on both Terra chains.
Please read below for detailed information on these points:
- Next 3 months from today: Orion Money Saver/APY Levels/ASTRO Booster UI will be maintained for the next 3 months from the announcement — to provide users with the opportunity to make withdrawals (in UST, ORION, xASTRO). Orion Money team will work on maintaining the web UI and ensuring the stability of withdrawals during the next 3 months. During this time the team will also upgrade the Orion smart contracts to allow users to withdraw their tokens directly from the smart contracts after the web UI is taken down.
- After the 3 months: Users will be able to withdraw their tokens directly from smart contracts for the next 12 months (9 months after 3 months expiration).
- Next 2+ years: Liquidity for ORION will also stay on for at least another 2.5 years as it has been locked in smart contracts at the ORION genesis for 3 years (ORION/ETH on Uniswap and ORION/BUSD on Pancakeswap).
- New LUNA and ASTRO airdrops: Orion Money team will continue working with Terra Builders Alliance/TFL and Astroport teams to find ways of distributing new LUNA and ASTRO token airdrops (if and when received) to Orion Money users pro rata to their deposits on the snapshot dates. We will do our best effort on this and will be processing the airdrops as soon as we can once they are received.
- So far, Astroport confirmed ASTRO airdrops for xASTRO stakers at Orion (medium post link). Once we receive them, we will work on passing these ASTRO airdrops to Orion ASTRO/xASTRO stakers.
Update: Astroport will enable Orion ASTROBooster users to claim their ASTRO airdrop directly on Astroport website on Terra 2 chain.
You can check how much ASTRO you will be able to claim by searching your Terra address in the Google spreadsheet here: https://twitter.com/astroport_fi/status/1533063519838474240
For full details of ASTRO airdrop and to check if you qualify — please read this post: https://astroport.medium.com/the-astro-airdrop-guidebook-2112c6b75ff0
- As Orion users made their deposits on Ethereum/Polygon we have to wait for TFL to index aUST on those chains for Luna airdrops (TFL link). Deposits in all stablecoins USDT, USDC, DAI, BUSD and FRAX should qualify (to be confirmed). Once this is done and Luna airdrops are sent to Orion smart contracts by Terra Builders Alliance/TFL — we will work on distributing them pro rata to the Orion depositors too.
- Orion validator: We will invest our resources and team’s time to continue operating the Orion validators on Terra Classic and new Terra chains for as long as needed, even after sunsetting the Orion Money project. We understand that Orion Money validator plays an important role due to its large stake and will continue working hard to ensure the top performance of Orion validator on both chains.
We would like to take this opportunity to thank you — the Orion community, users, and investors for your support and understanding during these turbulent times. Stay strong and safe!
About Orion Money
Orion Money’s vision is to become a cross-chain stablecoin bank providing seamless and frictionless stablecoin saving, lending, and spending. Within the Orion Money stablecoin bank, we have three main products planned — Orion Saver, Orion Yield and Insurance, and Orion Pay. Orion Money uniquely brings high yields from Terra to users on blockhains in easy-to-use dApps.
Please make sure to read and fully understand Orion Money T&Cs: https://orion.money/tc
