Orion Money Terra IDOs, Airdrops, and Token Buyback
This post is 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 LearnTerra.io and review Terra dashboards by SmartStake.
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, there are three main products — Orion Saver, Orion Yield and Insurance, and Orion Pay. To learn more about Orion Money please read our Litepaper.
Orion Money’s current Target Addressable Market (TAM) is $130B in stablecoins on Ethereum and that number is forecasted to grow to trillions of dollars in the next few years (research by Jump Capital).
Despite the title of this post and the popularity of $ORION airdrops, we would like to highlight that Orion Money’s benefits for the Terra ecosystem and community go far beyond the airdrops or IDOs.
What value-add does Orion Money bring to Terra?
We’re not only building Orion Money into a large (potentially even huge — one day in trillions of $$$ TVL) platform, but we also bring significant benefits for the Terra ecosystem.
- We attract new users to Terra. Orion Money brings Anchor Protocol’s fixed Earn rate to crypto users on other blockchains. We serve as a live advertisement of how great Terra’s money (UST) works that, even considering cross-chain bridge’s fees and costs, the Anchor rate is still the highest stablecoin fixed rate compared to any other chain. Our IDOs and token listing marketing efforts on Ethereum resulted in bringing many people to discover Terra for the first time.
- We bring liquidity from other chains into Terra and Anchor. All Orion Saver deposits go directly into Anchor Protocol — increasing its Earn TVL. It's $82M+ so far but our goals are in billions of dollars within 12 months.
- We burn Luna. As you know, when more $UST is used, its rate goes up and more $UST is created by burning Luna. With Orion Money’s billions in TVL, billions of dollars of Luna will need to be burned. This of course decreases the total supply of Luna and pushes the price up.
If that sounds a bit theoretical, consider that during Orion Money’s Community Farming Event (August 16th to 19th) we got just a small taste of how Orion Money can contribute to the Luna burn. During this event, we contributed to burning 1M+ Luna per day for 3.5 days. See screenshots of Aug 16th and 17th below from the Smart Stake dashboard (unfortunately, we didn’t take one for 18–19th).
This was the largest/most consistent 1M+ daily Luna burn during the month of August and, together with other factors like bETH staking, for example, this led to a pretty substantial increase in Luna price. See below for more.
Without a doubt, Orion TVL growth correlates with Luna price increase. Can you imagine what will happen to Luna’s price when Orion Saver hits $1B, $2B, $5B, $10B in TVL?
Now that we covered the real and long-term benefits for Terra and for every Luna holder, let’s speak more about the short-term benefits.
ORION IDOs on Terra
Please see the details below for $ORION IDOs on StarTerra and Pylon. Please also check the available details on each of their websites. Each platform will provide more information closer to their respective IDO date.
Amount of tokens: 750,000 ORIONs
IDO price: $0.15
Vesting: 6 months daily from IDO date
⏰ Start date: Monday, November 1, 2021
Pylon Pool: 650,000 ORIONs
Vesting 12 months daily
APR: calculated for $100K for the full pool
⏰ Start date: Monday, November 1, 2021
Other Important IDO details:
- Price: For a few different reasons, the IDO price is a bit higher than for IDOs launched on Polkastarter and DAOMaker: 1. ORION token is trading already, thus there is no risk with the launch or not knowing the price; 2. ORION market price is still 10X higher than planned IDOs price. Please note that in the coming weeks, we expect to increase utility for Orion tokens.
- Vesting: To be able to even give tokens for post-launch IDOs at such a low price, we had to have vesting terms as stated above.
We hope these IDOs will create opportunities for anybody wanting to participate and acquire Orion tokens at a great price. This is one way for us to give back to our #Lunatics community for the early support. Our ORION and LP staking will launch on Terra together with IDOs so you can also earn more Orion tokens by staking them.
Airdrops for Luna stakers and Orion Money Validator Delegators
1% (10,000,000 ORIONs) will be distributed for those staking Luna on Terra Station. Airdrops will be divided into 14 parts. Consequently, two parts will go for airdrops to ALL Luna stakers as a genesis airdrop and 12 parts will go to Orion validator stakers (1 part as extra-Genesis airdrop and then 1 part every month).
Amount for ALL Luna stakers: 1,428,571 ORIONs (including Orion validator stakers).
Extra amount only for Orion validator stakers: 714,286 ORIONs (Month 1).
Genesis snapshot was taken on October 20 at 13:00 UTC.
Genesis airdrop date: On November 15, 2021, you can begin to collect the airdrops from Orion Saver dApp with your Terra Station wallet.
Monthly airdrops for Orion validator stakers: 714,286 ORIONs for the next 11 months beginning on — December 15th, then January 15th, and so on.
Monthly snapshots will be taken to check if Luna was staked to Orion validator during 30 days pre-airdrop. The snapshots will be taken twice per month about 20–30 days apart at undisclosed times. A staker’s lowest staked Luna amount will be used for the airdrop calculation based on the above snapshots.
How we calculate airdrops:
Our goal is to ensure that all those staking receive a fair amount of ORION tokens — but not in a “The rich get richer and the poor get poorer” way. The airdrop amount increases with the increase of Luna staked but not proportionally. We picked the power function model that provides more value per Luna to lower size stakes but not too much to incentivize splitting the wallets for staking.
How much ORION per Luna?
As the amount of ORION is distributed on the curve, please see below some examples. The exact amount is subject to change in the implementation process.
All Luna stakers Genesis Airdrop examples:
Orion validator Genesis extra-airdrop examples (Month 1):
Please note that: 1) Above airdrop numbers for Orion validator stakers is only for Month 1; If stakers redelegate from Orion validator — Month 2 and next will increase; 2)Orion validator stakers will receive All Luna stakers genesis airdrop too.
ORION token buybacks
As Orion Saver TVL grows and we add more utility and features — Orion Money will perform a number of $ORION tokens buybacks.
- As we promised, Orion Money validator’s 5% commission will be used to buy $ORION tokens on the open market and provide these as staking rewards to $ORION token stakers on Terra. Currently, Orion Money validator yearly commission stands at around $2.2m which will already be used for buybacks from November 1st. Naturally, if Luna price increases (to $100, $200, $300, $1,000?), the validator commission will increase too and lead to even larger buyback amounts from Orion Money validator commission.
2. Once we implement increased APY levels from staking $ORION and yield payment in $ORIONs, there will be regular market buybacks to purchase $ORIONs for the yield. While it is difficult to estimate right now, consider that with $1b in TVL and only 20% choosing to receive their yield in $ORION tokens, this will lead to ongoing $ORION buybacks worth $50m+ per year.
Looking forward to building amazing growth
We’re excited to continue building Orion Money with our community and look forward to expanding to more chains and launching new features as quickly as possible.
Please see below the Orion Money product roadmap with more details for the November and December launches.
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.