The long-awaited moment has finally arrived…
*Drum roll* 🥁🥁🥁
We’re excited to announce that Orion Saver Alpha is now live!
Orion Saver Alpha will be the core gateway between the Ethereum blockchain and the Terra blockchain. This means that you can now conveniently deposit your ERC-20 stablecoins and earn attractive, stable, and safe yields on your deposits generated by the Anchor Protocol.
In this alpha launch, Orion Saver will be accepting five ERC-20 stablecoins — USDC, BUSD, DAI, and Wrapped UST. (USDT will be launched in coming days. Update: USDT is also available from the launch.)
The initial APY for USDT, USDC, BUSD, and DAI will be 12%, while Wrapped UST will be 15%. Please note that these rates are just for the Alpha launch APYs, and will be increased in the subsequent weeks once we ensure that the system and infrastructure are operating smoothly. Additionally, once the $ORION token is launched, the tiered APY mechanics within Orion Saver will kick in as well. For this initial launch, Orion Saver will be allowing deposits from $100 to $5,000.
Here is a visual primer of how the Orion Saver WebApp works:
Moving forward, as part of our roadmap, we will be integrating deposits for more stablecoins from other blockchains (BSC, etc.) onto Orion Saver.
The Orion-Anchor partnership
Orion Saver is being developed by Orion Money and supported by the Anchor team. Orion Saver will be the main web interface for EthAnchor, forming the gateway to bring stablecoins from other blockchains into Anchor.
Users can deposit stablecoins into Orion Saver and earn 12–20% APY depending on their ORION token holdings. This APY range is our initial offering and will be further optimized as the Anchor rate stabilizes and as Orion Saver matures with proper governance and improved infrastructure.
Behind the scenes, Orion Saver’s smart contract will place the Ethereum stablecoin deposits into EthAnchor. EthAnchor will exchange the stablecoins into Wrapped UST, and bridge the deposits from the Ethereum blockchain into the Terra blockchain before depositing the UST into the Anchor Protocol.
In the coming weeks, we will closely monitor Ethereum gas usage and potential slippages during stablecoin swaps on Orion Saver Alpha, and we will work on further fee optimization through batching and other techniques. We are also looking into implementing our own liquidity pools to further optimize fees and reduce slippages in the coming versions of Orion Saver.
Orion Money to drive future EthAnchor developments
Within the next few months, Orion Money will take over the development and maintenance of the EthAnchor from the Anchor team. Orion Money is excited to lead the future developments of EthAnchor and support this integral arm of the Terra ecosystem infrastructure. Developing and integrating EthAnchor across major Ethereum-based money markets and platforms will be one of the core objectives of Orion Money.
We believe that developing interoperability at our core while building out our products in our ecosystem roadmap will provide us with a significant competitive advantage that will benefit both the Terra and Orion communities.
What’s coming next?
- 📄 Orion Lite Paper v1 release — We are in the last leg of finalizing our Lite Paper and are planning to launch it in the coming weeks.
- 🔎 Smart Contract audit in progress — Orion Saver smart contract is currently in the process of being audited. We will be keeping the community updated through our various social platforms.
- 🔨 Improvements to Orion Saver — The Orion Money team will be working hard to add in new features, optimize the stablecoins swaps, and implement UI/UX improvements for the Orion Saver WebApp.
About Orion Money
Orion Money’s vision is to become a cross-chain stablecoin bank — supported by a robust ecosystem of dApps for seamless and frictionless stablecoin saving, lending, and spending
We believe there is a vast untapped opportunity in stablecoin savings, but currently, it is siloed in each blockchain. Orion Money aims to bridge the gaps between networks and pave the way for users to achieve attractive yields in an easy and convenient way.
Our first product, Orion Saver, is an easy-to-use dApp that currently provides the highest stable yield in crypto for Ethereum-based stablecoins (USDT, USDC, DAI, BUSD), with the convenience of not having to leave the Ethereum network.
Orion Saver will be the first of the many dApps within the Orion Money ecosystem roadmap. The Orion Money cross-chain stablecoin bank, with its suite of dApps, will provide a convenient and frictionless experience for users to earn high yields on their stablecoin deposits and spend them with ease — all without the hassle of moving assets across chains.
We are currently in the Alpha phase of Orion Saver, and still very early into the core product. We will be posting regular community updates on Medium, do follow us to get first-hand updates! 🤝
We want to hear from you!
Join the Orion community 🙌
Feel free to ask us any questions in the Orion Money Telegram group. We are open to answering any of your queries and would greatly appreciate any feedback you have on Orion Saver Alpha. We are looking forward to growing Orion Money together with you 🚀🌕