Overview of the Orion Money plans for Terra chain with IDOs, Airdrops, and Orion Money validator commission
*This post is more for #LUNAtics — that’s how participants of the Terra blockchain ecosystem call themselves. If you own (and stake) $LUNA — you’re one of them! If you’re not and would like to become one, you can start learning about Terra at Learn-Terra.com and review Terra dashboards by SmartStake.
** For a Primer on Orion Money please read our Litepaper.
Orion Money project is a part of Terra’s fast-growing ecosystem of over 50 upcoming projects (ecosystem scheme by SmartStake). Orion Money brings an easy way to earn high and stable yields from Anchor Protocol to other chains where the majority of stablecoins live right now.
Thus, Orion Money is quite unique as it originated on Terra but its main target market lies outside of Terra. Initially, we’re targeting over $120B in stablecoins on Ethereum, and soon more on other networks. In this, we’re actually similar to Chai (Terra’s sister e-commerce and mobile payments product) which has now close to 2.5M users in Korea and focuses on users outside of Terra but bringing to them value created by Terra blockchain.
As a short summary, Orion Money just started in April 2021 and we’re not yet near Chai’s scale but we’re moving fast and learning from the best in crypto:
- Orion Money raised $4.2+M funding from top VCs, crypto projects, and communities;
- Orion Saver is a working product with $70M+ TVL;
- We’re launching $ORION token at the end of September at two most popular launchpads on Ethereum — DAOMaker (announcement) and Polkastarter (announcement);
- Orion Saver is already live on Ethereum, right now we’re working on decreasing ETH gas fees and Curve swap/bridge fees; we are also working on expanding Orion Saver to Polygon too to allow even cheaper deposits and withdrawals for an average user;
- We’re working at full speed to bring utility for $ORION token with $ORION and LP staking;
- And then higher APY levels in the Orion Saver app for $ORION stakers.
As the below picture illustrates, Orion Money wants to enhance the power of the Terra ecosystem and focuses its energy on the Ethereum network (and soon other chains too) to create an incredible energy flow between Terra and other worlds out there!
But what’s in it for me, says #LUNAtic?
If you’re a #LUNAtic and read this and think “I’m happy for you guys, but what’s in it for me?”, there are a couple of things to consider:
- Orion Money democratizes Anchor’s stable savings rate outside of Terra to other chains. We serve as a live advertisement of how great Terra’s money (UST) works — that even considering cross-chain bridge’s fees and costs — Anchor rate is still the highest stablecoin rate on other chains. Many users will sign up with Orion Saver, but also many will learn from us the first time about Terra and go to Terra directly.
- All Orion Saver’s non-UST deposits are converted into UST, thus increasing demand for UST and burning a lot of LUNA. We’re still small as we’re getting to a product-market fit on Ethereum with high gas fees. But as soon as we see that the system is working well — we will switch on our marketing engine and plan to get to billions in TVL relatively quick. Burn LUNA, burn!
- Yes, we also plan to launch Orion Saver on Terra with time. But considering that we need to focus our resources on our main target market — Ethereum — to generate the most deposits for Orion Saver and Anchor, the development of a full-scale Orion Saver Terra dApp will take some time.
Wen IDOs, ser?
And now the closest to everybody’s heart topic — IDOs and Airdrops.
As you know, Orion Money will do IDOs with the two most popular launchpads on the Ethereum network:
We are doing main IDOs on Ethereum to create a huge exposure of the Orion Money brand to Ethereum users and these launchpads are perfect places for this. We already have increased Orion Money’s reach on social media by close to 10X and this will help us to power our marketing activities once we fully launch.
In order to provide wide access to $ORION token on the open market, after the IDOs, we will list the token on September 30th:
- Initially on Gate.io (CEX),
- then on Uniswap (Ethereum),
- and Pancakeswap (Binance Smart Chain).
Sniping bots has been a huge problem on Terraswap, but even more so on Uniswap and Pancakeswap. We will launch $ORION token at IDO price on CEX (Gate.io) first to completely avoid sniping bots during the initial listing of $ORION. We recommend to anybody who can trade at Gate.io to prepare for this listing as it is your opportunity to buy ORION tokens at (or close to) the IDOs price ($0.05).
Shortly after the listing on Gate.io we will list $ORION on Uniswap and Pancakeswap at the market price — and anybody will be able to purchase ORION tokens in a decentralized way. We will provide more information about $ORION token listings via our social media channels. More exchanges will come soon after this too.
As per our Litepaper, we will also do $ORION IDOs on Terra. As we mentioned during our impromptu announcement done last Friday, Orion Money wants to support the whole Terra ecosystem and will IDOs on the Terra chain with both:
- Starterra — date and info TBC, estimate end of October (Starterra announcement)
- Pylon — date and info TBC, estimate end of October
Unfortunately, due to the delay with Columbus 5 and our own development backlog, we have to postpone IDOs on Terra until the end of October. Essentially these IDOs will be post-TGE IDOs and we have to be very careful about how to implement them. We will provide more information about Terra IDOs amounts, max allocation, price, and vesting as soon as we can.
In the meanwhile, #LUNAtics who are active on Ethereum are very welcome to join the whitelists for ORION IDOs with DAOMaker and Polkastarter and participate in Gate.io and DEXes listings as above.
But wen airdrop?
As we described in the Orion Money Litepaper, Orion Money will provide airdrops on both Ethereum and Terra. While airdrops on Ethereum will be mainly used for marketing purposes — to attract new users and scale TVL for the Orion Money products, on Terra we will follow the path of giving back to the incredible Terra community.
We have dedicated 4% of the total ORION token supply to Airdrops (40,000,000 ORIONs):
- Considering the large size of Ethereum stablecoins market cap ($120B+) — 3% (30,000,000 ORIONs) will be used on Ethereum in small batches over the next 18–24 months to accelerate growth in new users and deposits to billions in TVL;
- And 1% (10,000,000 ORIONs) will be distributed on Terra as described below.
Airdrops on Terra will be distributed as follows:
- For ALL Luna Stakers: A portion of genesis airdrop will be distributed to all Luna Stakers, proportionally to their Luna staked (with some caps).
- For Orion Validator Delegators: A separate portion of genesis airdrop will be allocated to all delegators who are staking their Luna with the Orion validator at the time when the first snapshot is taken.
- For Orion Validator Delegators: Additionally, delegators who continue to stake their Luna with the Orion validator will be receiving monthly airdrops for a period of 12 months.
As we’re currently very busy with our work on Ethereum (preparations for multiple IDOs, upcoming product launches, and more) we can’t provide an exact date of the genesis airdrop, except to say that it will happen in October 2021.
As per our Litepaper and to ensure that only true long-term supporters delegate to Orion Money validator — we will slowly increase the validator commission from current 0% to a 5% rate on October 1. This will be implemented slowly during 10 days in 0.5% increments starting on September 21.
We described a 5% commission for Orion Money Validator in Orion Money Litepaper and this is the minimum long-term commission used by top Terra validators (some use 10% or even 20%). If you do not want to be charged this commission and do not want to receive extra $ORION airdrops — please re-delegate your Orion Money delegator stake to another Terra validator.
The FULL Orion Money validator commission will be used to purchase $ORION tokens from the open market into the Orion Money Staking Fund. And Staking Fund will be used to provide rewards to $ORION stakers in the Orion Saver dApp, so full Orion Money validator commission will go to $ORION stakers.
- Orion Money project will not take ANY commission revenue from our validator but instead, we will distribute all funds to Orion stakers through Orion Staking Fund. We will implement this as soon as our staking smart contracts functionality on Terra is fully built and audited.
- All the commission earned will be held in Orion Money validator terra wallet address terravaloper1259cmu5zyklsdkmgstxhwqpe0utfe5hhyty0at and can be monitored 24/7 by the community https://finder.terra.money/columbus-4/validator/terravaloper1259cmu5zyklsdkmgstxhwqpe0utfe5hhyty0at
- Snapshot for Genesis airdrop will be taken at the beginning of October (we can’t disclose exact snapshot timings in advance).
The Terra airdrop amount 1% (10,000,000 ORIONs) will be divided into 14 parts. Out of this, 2 parts will go for airdrops to ALL Luna stakers as genesis airdrop and 12 parts will go to Orion validator stakers (1 part as extra-Genesis airdrop and then 1 part every 30 days).
- To receive genesis airdrops — Luna has to be staked at the time of the genesis snapshot
- To receive Orion validator monthly airdrops you need to be delegating to Orion validator at the time of the current month snapshot and the previous monthly snapshot (to avoid people trying to game the system by jumping in and out trying to guess snapshot timing)
We hope these airdrops will be very valuable and will reward Luna stakers and Orion Money validator delegators for their early support of our project. That said — we believe that the largest reward and benefit to all #LUNAtics will come from Orion Money’s success in bringing billions of TVL to Anchor and other Terra money markets from other chains.
Orion Money addresses a huge cross-chain opportunity and is moving very fast to capture it. We’ve already launched a live product (Orion Saver) on the Ethereum chain, have built a great community, and grew our initial TVL to $75m+.
But this is just a start for Orion Money — we have ambitious plans to develop our full set of Orion Money dApps, have a presence on every major chain and L2, and grow deposits to billions of dollars in TVL within the next 12 months.
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 Ethereum protocol in easy-to-use dApps.