The core goal of this proposal is to stimulate increased activity, volume of transactions, and expansion of the Total Value Locked (TVL) within Orbiter One deployment on Moonbeam. A key element in this strategy involves attracting users from the Arbitrum and zkSync blockchains through the process of minting and staking Whiskers NFTs.
Even though it’s secondary, Cultivating Connected Contract Use Cases remains an essential facet of our approach. With the adept use of cross-chain tools like Loan Teleporting, Cross-Chain Deposits, and a cross-chain trading widget, we’re eager to foster seamless interaction across multiple DeFi ecosystems, all while users remain engaged on the Moonbeam platform.
Project Description
Orbiter One is a community-centric lending protocol and DeFi hub focused on cross-chain interoperability. Through Intergalactic Whiskers Brigade NFTs minted using ORB tokens earned from lending and borrowing, users can stake and earn additional rewards, while Loan Teleporting and Cross-Chain Deposits enable seamless participation in other DeFi ecosystems without leaving Moonbeam. Our cross-chain aggregation powered by Swing ensures uninterrupted cross-chain functionality for our users.
Requested GLMR Grant Amount: 1.5 million GLMR
Use of Grant
The grant will be used to incentivize active usage of Orbiter One on Moonbeam, enhance liquidity, and increase TVL. It will also provide exposure and incentives for Arbitrum and zkSync users to engage with the Moonbeam network through Whiskers NFT staking, Cross-chain Deposits and Loan Teleporting, thereby acquiring members of these communities.
Motivation for Grant Amount
Orbiter Labs seeks this grant to expand its diverse suite of products on the Moonbeam Network, engaging DeFi users in unique ways beyond traditional lending protocols, and fostering strong relationships with Moonbeam ecosystem members through inclusive governance and community rewards. Despite achieving milestones with minimal funding, with the Moonbeam Network’s support, Orbiter One can scale new heights and positively impact both the Moonbeam and Polkadot ecosystems. Leveraging our upcoming cross-chain tools, we aim to attract new users from different ecosystems and increase the relevance of Moonbeam Network while maintaining harmonious relationships with networks like Arbitrum and zkSync.
Updates
Following updates were made based in community suggestions:
Added LinkedIn links to team descriptions
We revised the ‘Primary Goals’ and ‘Primary Goals (Expanded)’ sections tying all our objectives together to boost and broaden activity within the Moonbeam ecosystem.
This Grant Proposal focuses on three core objectives. Firstly, we aim to enhance market liquidity for Orbiter One, while onboarding new users to boost the overall Moonbeam TVL. Secondly, we strive to engage Arbitrum and zkSync users to mint and stake Intergalactic Whiskers Brigade NFTs on Moonbeam, promoting long-term user retention. Thirdly, we plan to foster Moonbeam Foundation’s cross-chain vision through Loan Teleporting, Cross-chain Deposits, and a cross-chain trading widget.
Our aim to fortify Orbiter One as a self-sustaining community-driven Lending Protocol aims to reduce reliance on external funding, fostering Moonbeam Network and Polkadot ecosystem growth. In line with Moonbeam’s cross-chain vision, Orbiter One currently supports lending and borrowing of: xcDOT, xcUSDT, d2o, USDC.wh, and ETH.wh, with plans to add more Dotsama ecosystem assets and Polkadot parachain assets.
In collaboration with Swing.xyz, we’re developing Loan Teleporting and Cross-Chain Deposits, enhancing user participation in various DeFi ecosystems and eliminating network switching. A Swing-powered trading widget will provide users with direct trading capabilities.
Our strategies are centred on enhancing overall Moonbeam activity, attracting new users, and broadening TVL, thus reinforcing Moonbeam’s standing in the dynamic DeFi landscape.
Motivation (expanded)
Orbiter One, focuses on cross-chain interoperability, bringing users from other chains to Moonbeam. Our integration of Dotsama assets and community-centric NFT program enhance asset utility and governance. The forthcoming Swing trading widget and native ORB LP farms make Orbiter One an all-in-one DeFi hub, offering arbitrage opportunities and incentivizing users from Moonbeam, Arbitrum, and zkSync to interchange their ORB tokens, which burn 1% each time.
This grant aims to enhance Moonbeam’s TVL and attract users by offering superior yields on deposits and lower net yields on borrows. Cross-Chain deposits and Loan Teleporting will facilitate users to migrate collateral to Moonbeam, borrow against collateral from other networks, and engage in Moonbeam’s ecosystem. Features like wider collateral variety, NFT minting/staking, and FunORB Lottery will raise Moonbeam’s visibility.
With a community-first approach, Orbiter One enhances the Moonbeam experience through engaging protocol functions and arbitrage. Upcoming cross-chain functions will highlight Moonbeam as the premier platform for these adaptations. Exclusive features like Orbiter One revenue share, weekly lottery, and governance NFTs will cement Moonbeam’s unique status, attracting arbitrage enthusiasts from Arbitrum.
Team:
Team details are in the comments
Timeline and Milestones for Use of Grant
We plan to start use of the grant end of August, shortly upon reception. We will continue incentives through at least for the following 6 months, the grant would be released in tranches of 250k GLMR, with the aforementioned ratios set to be the starting allocations. The subsequent tranches will be adjusted to ensure our TVL targets are met, and any extra GLMR will be allocated to the markets with the lowest yields (more TVL per GLMR spent). We are also looking to receive the subsequent tranches or GLMR, after we completely use the previous tranche.
6 months development Milestones:
Whisker NFT staking - First week of July - completed
Integration of Snapshot.org for DAO participation - last week of July
Native ORB/GLMR and ORB/ETH farms - Last week of July - first week of August
Adding support for vDOT and vGLMR - Last week of July (Depending on Bifrost and DIA Oracle)
Cross-Chain swapping widget - first week of August
Cross-Chain Deposits - First week of September
Loan Teleporting - last week of September
Requested Grant Amount: 1.5m GLMR
Use of Grant:
The grant funds will be allocated to incentivize active usage of the Orbiter One protocol on Moonbeam through liquidity incentives, higher yields on deposits, subsidized borrowing rates, and additional rewards for staking Whiskers NFTs. The breakdown of costs over a 6-month period is as follows:
GLMR: 20% of grant funds, targeting a TVL of $2 million
xcDOT: 15% of grant funds, targeting a TVL of $2 million
xcUSDT: 25% of grant funds, targeting a TVL of $6 million
USDC.wh: 25% of grant funds, targeting a TVL of $6 million
d2o: 6% of grant funds, targeting a TVL of $1.5 million
vDOT: 3% of grant funds, targeting a TVL of $1 million
vGLMR: 3% of grant funds, targeting a TVL of $1 million
Additionally, 3% of the grant funds will be allocated to incentivize Whiskers NFT staking, aiming to encourage users on Arbitrum and zkSync to bridge their ORB tokens to Moonbeam, mint Whiskers NFTs, and stake them.
Daily reward output will be dynamically adjusted based on demand, and the TVL targets assume a 10-20% yield, factoring in base APY and ORB incentives. The allocation may be adjusted to optimize TVL, protocol usage, and health. The goal is to distribute rewards over a minimum of 6 months, potentially extending the grant duration if lower yields are sufficient to incentivize TVL targets effectively.
Project Overview and Relevant KPIs
Orbiter One Architecture:
Orbiter One is a community-centric protocol that focuses on enhancing cross-chain interoperability. Our initial governance model revolves around the Intergalactic Whiskers Brigade NFTs, which can only be minted using ORB tokens earned through various activities within Orbiter One. These activities include lending and borrowing, participating in ORB LP farms, staking Whiskers NFTs, engaging in community activities, and participating in giveaways.
To further incentivize community engagement, users who stake their Whiskers NFTs unlock additional rewards. These rewards include ORB incentives, a share of protocol revenue, potential promotional rewards, and future ORBIT governance tokens. This approach fosters active participation and encourages users on Arbitrum and zkSync to bridge their earned ORB to Moonbeam. By minting Whiskers NFTs on Moonbeam and staking them, users become integral members of the Moonbeam ecosystem.
Our architecture includes two key features that are currently being developed: Loan Teleporting and Cross-Chain Deposits. Loan Teleporting enables users to seamlessly transfer their loans to any Swing-supported blockchain in a single transaction. This functionality provides users with access to diverse DeFi ecosystems without leaving Moonbeam. Additionally, Cross-Chain Deposits empower users to deposit collateral assets directly into Orbiter One on Moonbeam from other Swing-supported blockchains. This eliminates the need for network switching in Metamask and simplifies the user experience.
By leveraging Swing’s cross-chain functionality, we ensure uninterrupted cross-chain operations for our users. This approach offers the advantage of bridge aggregation, minimizing disruptions caused by individual bridge issues. Our goal is to provide a seamless and user-friendly experience for users, enabling them to navigate different blockchains and access a wide range of DeFi opportunities while remaining within the Orbiter One ecosystem.
Orbiter Labs and Swing are collaborating to develop smart contracts that will facilitate the seamless functionality of Loan Teleporting and Cross-chain Deposits. These contracts are purposefully designed to prioritize user convenience, providing a frictionless cross-chain experience within the Orbiter One ecosystem.
With Cross-chain Deposits, users will have the flexibility to select any EVM network supported by Swing. Through an intuitive expansion menu, users can effortlessly choose their desired network and deposit assets from that network directly into Orbiter One on Moonbeam. This eliminates the need for network switching in Metamask, streamlining the deposit process and enhancing the overall user experience.
Similarly, Loan Teleporting enables users to effortlessly select any EVM network supported by Swing when taking out a loan on Orbiter One. By leveraging the expansion menu, users can seamlessly receive their loan on their preferred network, such as Polygon. This streamlined approach simplifies the borrowing process, ensuring a seamless and efficient experience for users.
These additional contracts are being developed to seamlessly integrate with the existing Orbiter One lending and borrowing contracts, expanding the capabilities of the protocol. Initially, assets such as USDC, USDT, and ETH will be supported for Cross-chain Deposits and Loan Teleporting. As the platform evolves, additional assets may be included to further enhance the flexibility and utility for our users.
Orbiter One leverages Swing, a cross-chain aggregator, to connect with chains beyond the Moonbeam Ecosystem. Using Moonbeam’s EVM compatibility, we offer Loan Teleporting and Cross-chain Deposits, facilitating interoperability between Polkadot and EVM-compatible blockchains. Our Swing integration ensures seamless cross-chain operations and minimal slippage during transactions, delivering an efficient user experience.
Enhanced Money Markets
Orbiter One has introduced pool-based money markets, providing users with the ability to deposit tokens and utilize them as collateral for borrowing purposes. With our forthcoming integration of Swing, Orbiter One is positioned to become a versatile cross-chain lending protocol.
Sources of Revenue
Orbiter One has implemented a diversified approach to generate revenue, ensuring the sustainability and growth of the protocol. Our revenue streams include:
Interest:
Orbiter One earns revenue through the interest charged on borrowers’ loans. Similar to other borrowing protocols, a 15% reserve factor is applied, ensuring a portion of the interest payments contributes to the platform’s revenue.
Liquidations:
In the event of a user’s liquidation, a liquidation fee is imposed on the seized collateral. This fee is allocated to incentivize third-party liquidators, promoting efficient and timely liquidation processes. A portion of the liquidation fee is reserved by the protocol, further bolstering revenue.
Cross-chain function fees:
Orbiter One’s upcoming cross-chain functions, Loan Teleporting and Cross-Chain Deposits, may eventually involve minimal fees for their executions. These fees will contribute to the revenue generation of the protocol.
Additional revenue sources:
As Orbiter One continues to evolve and expand, we reserve the flexibility to introduce new features and services that may carry associated fees. These additional revenue sources will be carefully designed to provide value to our users while supporting the protocol’s sustainability and growth.
By diversifying our revenue sources and exploring innovative fee models, Orbiter One aims to create a robust financial ecosystem that is not solely reliant on a single revenue stream. This approach ensures the long-term viability of the protocol, allowing us to continuously enhance and develop Orbiter One to the benefit of our users and the wider community.
Costs to Users
Users interacting with Orbiter One will encounter standard gas costs for executing blockchain transactions, alongside other fees that sustain our protocol. These include a small percentage of loan interest and penalties for liquidations. However, we strive to keep our fees competitive, ensuring affordability for our users.
Orbiter One employs DIA as its primary oracle due to its flexibility in supporting various assets and reliable price feeds. However, not all assets will be listed on our platform. They must either exhibit ample liquidity on DEXs or CEXs or be directly redeemable for an asset serving as collateral. This strategy ensures the reliability and security of listed assets by meeting essential liquidity and collateralization criteria.
Risk Limits
Orbiter One prioritizes robust risk mitigation to safeguard against volatility and potential economic attacks. Key to this strategy is maintaining adequate collateral to back user borrows, ensuring protocol integrity. We’ve implemented risk limits to curb high-risk borrowing behavior, closely monitoring borrowing capacity, protocol exposure, and collateralization ratios. These limits, subject to continuous evaluation and updates in response to changing market conditions, contribute to proactive risk management and create a secure environment for our users.
Collateral Factor
At Orbiter One, we assign Collateral Factors (ranging 0%-90%) to our tokens, representing the proportionate increase in a borrower’s limit upon depositing specific collateral. Larger, liquid assets typically have higher Collateral Factors, while smaller, illiquid assets have lower ones. Assets with 0% Collateral Factor aren’t used as collateral or subject to forced liquidation but can be borrowed against. We currently offer 90% for stablecoins and 80% for tokens like GLMR, DOT, and ETH, reserving the right to modify these factors for protocol health and stability. Any adjustments aim to manage risk, secure users’ funds, and are communicated transparently to enable informed decision-making. Our priority is a secure lending environment while fostering Orbiter One’s growth.
Close Factor and Liquidations
Orbiter One has implemented a Close Factor to ensure fair and balanced liquidations while protecting our users from disproportionately large liquidation events. The Close Factor represents the maximum amount of digital assets that can be liquidated at one time. It is designed to prevent overly harsh liquidations triggered by minor fluctuations in collateral ratios.
Liquidations on Orbiter One are performed by third parties on a first-come, first-served basis. The incentives for liquidators are influenced by the risk associated with the asset and its corresponding collateral ratio. Riskier assets with lower collateral ratios offer larger incentives for liquidators to seize them.
During a liquidation, the liquidator repays the borrower’s debt and selects one of the borrower’s collateral assets to receive as a reward. It is important to note that currently liquidators must repay the bad debt on the same chain it was issued, however we may add a Cross-chain repayment feature in the future.
Black Swan and Exploit Protection
Orbiter One places a strong emphasis on security to minimize risks and protect all users from potential exploits or black swan events. We have implemented a multi-faceted approach that includes the following measures:
Rigorous Contract Oversight and Emergency Freeze Protocol:
Orbiter One ensures constant monitoring of all contract activities. If anomalies arise, we can temporarily pause borrowing or halt the protocol, providing time to investigate and address potential vulnerabilities. In our pursuit of robust contract monitoring, we’re in the process of choosing a leading smart contracts analytics firm to bolster our defenses.
Aggregation over Bridging:
Orbiter One prioritizes aggregation over reliance on any single external token bridge, leveraging its integration with the Swing aggregator. This approach enhances security and minimizes risks associated with third-party code and integrations. Here’s how Orbiter One achieves this:
Seamless Cross-Chain Operations:
The integration with Swing aggregator enables Orbiter One to facilitate seamless cross-chain operations. Users can transfer assets between different chains while receiving native assets on each chain whenever possible. For example, when a user deposits USDT from Ethereum into Orbiter One on Moonbeam, the collateral asset deposited will be the native xcUSDT. This ensures a more direct and secure transaction flow, reducing reliance on external token bridges and mitigating associated risks.
Reducing Dependency on Third-Party Tokens:
Orbiter One actively aims to decrease reliance on third-party tokens by transitioning to native representations whenever they become available. While certain assets, like USDC.wh, may currently require the use of wrapped tokens, Orbiter One is committed to reducing this reliance as soon as native representations are accessible. This strategy enhances security and resilience by reducing dependencies on third-party tokens and minimizing potential vulnerabilities.
By prioritizing aggregation and leveraging the integration with Swing aggregator, Orbiter One enhances security and mitigates risks associated with external token bridges. The protocol aims to provide seamless cross-chain operations, ensuring users receive native assets whenever possible. Additionally, the ongoing effort to reduce reliance on third-party tokens reinforces the protocol’s commitment to security and resilience.
Security:
Orbiter One prioritizes security and has implemented robust measures to ensure the integrity and reliability of its protocol:
Rigorous Audits:
Orbiter One’s lending and borrowing contracts are based on a fork of the well-established and rigorously audited Compound protocol. This foundation provides a strong starting point for security and reliability. Additionally, all of Orbiter One’s forked and original contracts have undergone thorough audits conducted by Solidproof. This comprehensive auditing process covers every part of the codebase, ensuring a high level of security for the protocol.
Audits for New Functionality:
As Orbiter One prepares to launch the Cross-chain Deposits and Loan Teleporting features, these additional contracts will undergo auditing by Solidproof and Swing’s own auditing partner. This ensures that the new functionality meets stringent security standards and minimizes potential vulnerabilities.
Rapid Response to Security Issues:
Orbiter One is committed to addressing any security issues promptly and effectively. In the event of a vulnerability, the team will dedicate all necessary engineering resources to resolve the issue as quickly as possible. Following the resolution, further audits will be conducted to ensure that no new vulnerabilities have emerged. The highest priority is placed on maintaining the security and trustworthiness of the protocol.
Publicly Available Information:
Orbiter One maintains transparency by making all contract addresses and audit reports publicly available on its website. This enables users and the wider community to access and review the security measures in place, ensuring transparency and accountability.
Decentralization Initiatives:
Orbiter One governance revolves around the Intergalactic Whiskers Brigade NFTs and ORBIT tokens.
As of right now, ORBIT token does not have a release date or a formal token distribution plan, additionally, ORBIT token generation event (TGE) will not be until our NFT minting period is over.
Whiskers NFTs and ORB token:
ORB tokens, reserved for community use, facilitate the minting of governance NFTs, The Intergalactic Whiskers Brigade, without conferring protocol rights. Their deflationary nature encourages early users to engage in lending/borrowing activities, incentivized with ORB tokens. There is a 10% tax on ORB sales, which is reserved for burning, which is implemented to encourage participation in activities like FunORB Lottery and Whiskers NFT minting.
Whiskers NFTs, central to Orbiter One’s governance, carry voting rights equal to 1000 future ORBIT tokens, and are minted using 1000 ORB tokens. The Whiskers collection comprises 10,000 NFTs, with 9,000 reserved for community minting, 500 for strategic partnerships and community initiatives and 500 reserved for the Orbiter Labs team.
In case of an insufficient ORB supply, NFT holders decide whether to close the mint, adjust the ORB price, or shift mint cost to GLMR, distributing all GLMR to Whiskers NFT stakers.
Pre-ORBIT TGE, Whiskers NFTs can earn ORB tokens, 70% of the protocol revenue, and promotional rewards.
Upcoming ORBIT tokens will provide further benefit for Whiskers holders via airdrops and staking. Post-ORBIT launch, the protocol fee distribution will be adjusted to 10% for Whiskers stakers and 60% for ORBIT stakers, reflecting our dedication to early adopters and active community members.
Whiskers staking is now live, and by the third week of July, doors to DAO participation will swing open.
Within just 1.5 months, Orbiter One has established a strong presence in the Moonbeam ecosystem. Our platform’s activity has grown, achieving $230k in deposits and $130k in loans. Meanwhile, the FunORB Lottery, amplified by our “ORB-Back” campaign, has significantly captivated users, evidenced by a reward pool exceeding 13k ORB last week.
Our unique NFT initiative is catching on, with 20 Whiskers NFTs minted already. Additionally, we’ve dispersed over 35k ORB tokens as liquidity incentives, underscoring our commitment to user engagement.
Parallel to this growth, our community engagement has swelled, with our Twitter following crossing the 2,500 mark. Collectively, these achievements highlight Orbiter One’s promising start in the dynamic Moonbeam ecosystem.
We plan to start use of the grant end of August, shortly upon reception. We will continue incentives through at least for the following 6 months, the grant would be released in tranches of 250k GLMR, with the aforementioned ratios set to be the starting allocations. The subsequent tranches will be adjusted to ensure our TVL targets are met, and any extra GLMR will be allocated to the markets with the lowest yields (more TVL per GLMR spent). We are also looking to receive the subsequent tranches or GLMR, after we completely use the previous tranche.
6 months development Milestones:
Whisker NFT staking - First week of July - completed
Integration of Snapshot.org for DAO participation - last week of July
Native ORB/GLMR and ORB/ETH farms - Last week of July - first week of August
Adding support for vDOT and vGLMR - Last week of July (Depending on Bifrost and DIA Oracle)
Cross-Chain swapping widget - first week of August
Cross-Chain Deposits - First week of September
Loan Teleporting - last week of September
Grand Vision of Success:
Orbiter One aims to reshape EVM blockchains, securing vast TVL and becoming the premier lending protocol in crypto. Leveraging yield-bearing assets, we’ll drive fresh yields into Moonbeam’s DeFi ecosystem. Our strategy hinges on turning EVM blockchain users into Moonbeam users through Whiskers NFTs, Loan Teleporting, and Cross-Chain deposits. As our community expands, we’ll launch gamified Whiskers NFT features, enhancing the Moonbeam experience. Committed to crypto accessibility and robust community engagement, Orbiter One invites you to join our exciting crypto journey.
We hope to, over the initial 6 months period to:
Hold $10m+ TVL on the Moonbeam deployment of Orbiter One within the first 6 months of incentives starting.
We aim to see 1,000 - 2000 active users on the Moonbeam blockchain over the course of the 6 months period, depending on the state of the Market. If the overall market continues to be bullish, these numbers should be higher.
70%+ of the minted Whiskers NFTs to be staked and engaging in DAO participation.
Rationale:
Orbiter One is a pioneering example of a Web3 app focused on cross-chain interoperability, with a strong focus on driving attention toward Moonbeam network from other chains. We are focused on integrating popular Dotsama assets that will allow their holders to be able to use their assets in completely new ways. Our NFT program is community centric to assure that the Moonbeam Community has governance rights and early governance priority over other networks, not only that but it will drive other network users to Moonbeam for the purpose of earning revenue share from staking their NFTs. The coming integration of our Swing trading widget will make Orbiter One a one stop shop for all DeFi needs on Moonbeam. Our upcoming native ORB LP farms will provide arbitrage opportunities for Moonbeam, Arbitrum and zkSync users, urging them to use Orionbridge to bridge their ORB token back and forth, burning 1% every time and continuously being driven to Moonbeam for arbitrage purposes.
This grant will bring users to the Moonbeam ecosystem and encourage higher TVL on Orbiter One on Moonbeam, over other chains. By offering more attractive yields on Moonbeam deposits and lower net yields on borrows, users will be incentivized to use Cross-Chain deposits to bring their collateral over to Moonbeam, or to use Loan Teleporting, to be able to borrow against their collaterals on other networks, in order to send their loan over to Moonbeam and to participate in the Moonbeam ecosystem. Orbiter One will raise awareness of Moonbeam by bringing users from Arbitrum and zkSync onto an application which prioritizes Moonbeam with a larger collateral variety, NFT minting and NFT staking and the weekly FunORB Lottery.
Orbiter One is focused on community participation and engagement first, we want to make our users feel a certain way about being on Moonbeam, when they use our “fun” protocol functions and engage in arbitrage. Our coming cross-chain functions are going to make Moonbeam stand out as the first platform that we adapt these functions on. Our NFTs will make Moonbeam stand out as the only place to earn Orbiter One revenue share, only place to play our weekly lottery, only place to mint our governance NFTs, and the only place to use those NFTs in any ways that may be possible in the future. Our coming ORB LP farms and arbitrage opportunities will bring the degens over from Arbitrum.
Steps to Implement:
Implementing this proposal will require funds to be sent to a rewards contract responsible for distributing GLMR tokens to Orbiter One users. These contracts, which are live and audited by Solidproof, allow users to claim rewards for relevant participation in Orbiter One. We would expect these funds to be transferred shortly after approval, the contract addresses are made publicly available, audit reports have been released, and all assets listed in this proposal are available on Moonbeam to deposit/borrow, except for vDOT and vGLMR, which will be supported right after Bifrost is ready and DIA completes their price feeds.
Partnerships and Collaborations:
We are partnered with Swing in the development of Loan Teleporting and Cross-Chain Deposits; We are partnered with DAM Finance in supporting their d2o stable coin, DIA Oracle provider for our price feeds, ZooDAO with our NFTs being possible to use on their platform, our NFTs are listed on Moonbeans, CIK On The Block for various marketing campaigns, Airlyft in helping us run various campaigns on their platform, we are friends with Take Flight Alpha DAO, with our merch available on their store, our ORB token is listed on Beamswap, and we are partnered with Solidproof for our audits and KYC, we have collaborated with DTMB and Bithotel for AMA’s.
Hey Everyone! We ran out of space on main proposal, so I wanted to share our team information below:
Yuriy Sigalov - CEO
Yuriy, an early Bitcoin trader and Ethereum enthusiast, leads Orbiter Labs with a strong understanding of crypto game theory, drawing from his Sociology and Political Science degrees from the University of Nevada, Las Vegas. His past roles include crypto hedge fund manager and Medical Research Coordinator, honing his organizational and communication skills. He has a strong European network from his deep involvement in DeFi since 2020, and co-founded Orbiter Labs in 2022, bringing concepts like game theoretic staking mechanisms and ‘Loan Teleporting’ to the fore.
With 20 years of tech leadership and entrepreneurial expertise, Alex has founded innovative companies such as Lazy-Ants.com and platforms like Wobbly.me and CPAY.world. He has also been instrumental in pioneering blockchain projects, including LOT.TRADE, yomi.finance, and NFTGal.io. His vast experience and strategic vision drive Orbiter One’s mission to innovate the DeFi sector. As a co-founder of Orbiter Labs in 2022, Alex presently serves as the CMO of Orbiter One, committed to delivering secure and innovative DeFi solutions.
Mariya, a graduate of NYFA and National University of Economics - Kyiv, leverages her academic background and professional experience in production and Web3 projects. Notable roles include content creation at MD Films and managing the NFT exhibition “Accessible Reality” at Dubai EXPO 2020. She’s deeply involved in blockchain and film development in Ukraine, as evidenced by her work with the Ukrainian Blockchain Consortium. Co-founder of Orbiter Labs in 2022, she now serves as Orbiter One’s CMO.
Alexander is a Full-Stack Engineer armed with a PhD in Computer Science from Donetsk National Technical University. His distinguished roles include CTO of Lazy Ants and co-founder of wobbly.me, partnering with Alex Demchenko. Proficient in multiple programming languages, including Solidity, Typescript, Go, Rust, and Node.js, Alexander brings a wealth of knowledge to Orbiter Labs. Fueled by a passion for blockchain technology, his multifaceted expertise and profound understanding make him an invaluable cornerstone of the Orbiter Labs team.
Sergey is a dedicated back-end developer with seven years of experience in PHP. His passion for technology was sparked at university and has since flourished, leading him to specialize in blockchain technology and smart contracts. Equipped with a Master’s degree in Information Technology from Donetsk National Technical University, Sergey possesses the ability to learn quickly, resilience in challenging situations, and a strong commitment to task completion. His advanced skills in Node.js, Solidity, Rust, and Golang make him a formidable programmer.
Nazar is a Frontend Engineer, holding a master’s degree in Software Engineering. His technical acumen spans a diverse range of programming languages, including HTML, CSS, JS, Typescript, Python, and Ruby, further complemented by his proficiency in frameworks such as React, SCSS, Next.js, and Ruby on Rails.
Combining his legal background from Yaroslav Mudryi National Law University with an MBA from the International Institute of Business, Sergey brings a wealth of commercial and managerial experience from the industrial equipment sector. Inspired by his passion for programming since 2019, Sergey joined Lazy Ants in 2020 and later followed Alex to be a part of Orbiter Labs in 2022, where he delved into the world of WEB3 and immersed himself in the evolving trends and innovations of blockchain projects.
Herman, Orbiter Labs Marketing Lead, excels in brand promotion and project management. With an MBA from V. N. Karazin Kharkiv National University and experience as a Senior Media Buyer at Profit Whales and CMO at Wobbly.me, he crafts compelling campaigns and leads with strategic focus.
Anastasiia has a strong background in diverse marketing roles, including CMO positions at AMLBot, PureFi, and Hackless, as well as Marketing Manager at HotKillers Marketing Agency, Anastasiia brings strategic acumen and expertise in social media growth, PR, KOLs, and cross-marketing.
First of all, Congratulations to the entire Orbiter One Team on the launch - an amazing and long-awaited event!
The proposal is well written, there is a lot of info. I like your views on interacting with Ethereum L2s and attracting users from there to Moonbeam!
Im sorry in advance if some of the answers to these questions are already in your proposal. nevertheless, I consider it necessary to ask them again so that other members of the community can easily assimilate the information provided.
What does the ideal scenario look like for Orbiter One to exist and function perfectly without liquidity incentives?
How does Orbiter One plan to attract liquidity and incentives from other parachains within the DotSama ecosystem?
Could you please provide a comparison between Orbietrs One and other well-established lending and borrowing protocols? specifically, which existing protocols bear similarities to Orbietrs One, and where did you draw inspiration and ideas from while developing Orbietrs One?
Can you elaborate on Whiskers NFTs? how can users mint these NFTs, and are they unique? additionally, what risks should users be aware of when dealing with Whiskers NFTs?
Could you provide more details about Cross-chain Deposits and Loan Teleporting? how does it work, and what level of security does it offer?
How does Swing differ from Squid, particularly in terms of underlying technology? for example, Squid router leverages Axelar under the hood.
What are the risks associated with interacting with Bifrost’s vDOT and vGLMR? additionally, what security measures have been implemented to protect users from manipulations and exploits?
What measures has Orbiter One taken to mitigate the risk of flashloan attacks?
Have you considered the possibility of extending the liquidity incentives for a longer duration, such as 9 or 12 months? How do you believe this longer incentive period might impact Orbiter One’s ability to achieve its goals?
If the grant amount you receive turns out to be less than 1.5M, how would this impact your plans and strategy moving forward?
Hey Turrizt!! Thank you for your response, support and feedback!!
I’ll share your questions with our answers below:
What does the ideal scenario look like for Orbiter One to exist and function perfectly without liquidity incentives?
In the perfect scenario, Orbiter One would seamlessly attract users with its unique offerings - advanced Cross-Chain deposits, revolutionary Loan Teleporting, and yield-bearing collateral options. The protocol’s innate utility and functionality would outshine the need for liquidity incentives, becoming the primary drivers for user adoption and cultivating a healthy provision of liquidity. Our aspiration is to navigate Orbiter One towards self-sustainability, driven by a powerful trinity: the network effects, the trust we earn from users, and the exceptional value the protocol brings to the DeFi landscape.
How does Orbiter One plan to attract liquidity and incentives from other parachains within the DotSama ecosystem?
Orbiter One is dedicated to crafting an interconnected DeFi landscape that’s as fluid as it is innovative. Our strategy to draw liquidity from other parachains involves broadening our collateral support to include Interlay’s iBTC, Bifrost’s vGLMR and vDOT, and potentially Acala’s AUSD, provided it returns to peg. Furthermore, we’re evaluating the inclusion of parachain assets such as xcASTR, xcINT, xcBNC, xcACA, although these may have lower collateral factors due to potential DEX liquidity constraints. We’ve initiated discussions about potential liquidity incentives with various active Polkadot parachains.
We’ve engineered a native bridge with plans for expansion. We aim to wrap MOVR and xcKSM on Moonriver, transition them to Moonbeam, and endorse them as collateral. We stand by the belief that Moonriver assets deserve a presence on Moonbeam.
As we continue to achieve our milestones, we eagerly anticipate exploring uncharted territories. An example of this is our intent to harness the Moonbeam SDK, which would enable direct Polkadot cross-chain deposits into Orbiter One on Moonbeam, taking another step towards enhancing the fluidity and interconnectedness of our ecosystem.
Could you please provide a comparison between Orbiter One and other well-established lending and borrowing protocols? specifically, which existing protocols bear similarities to Orbiter One, and where did you draw inspiration and ideas from while developing Orbiter One?
Orbiter One draws inspiration from established protocols such as Aave and Compound, particularly their robust lending and borrowing mechanisms. While there are shared traits with these established lending platforms, Orbiter One sets itself apart with a determined focus on cross-chain interoperability and the introduction of our unique Whiskers NFTs and the governance model behind them. These NFTs have been crafted with the purpose of not only engaging Moonbeam users but also enticing users from Arbitrum and zkSync to migrate to Moonbeam.
Our inspiration is fueled by the desire to address gaps in the current DeFi landscape, particularly the fragmentation of cross-chain operations and the synergistic integration of DeFi with NFTs. Moreover, we are committed to empowering the broader Moonbeam community, recognizing our roots in Moonriver, and infusing an element of fun, NFTs, and game theory with our Whiskers NFTs, ORB LP farms, and the FunORB Lottery.
Distinct features like Loan Teleporting, Cross-Chain deposits, and our uniquely minted Whiskers NFTs are the vanguard of our mission, differentiating Orbiter One in the evolving DeFi landscape.
Can you elaborate on Whiskers NFTs? how can users mint these NFTs, and are they unique? additionally, what risks should users be aware of when dealing with Whiskers NFTs?
Intergalactic Whiskers Brigade NFTs, unique digital assets minted on the Moonbeam blockchain, form an integral part of Orbiter One’s governance model.
To mint a Whisker NFT, 1000 ORB tokens are required. The ORB tokens are allocated 100% to the community, have a deflationary character, and hold no governance rights. Instead, they facilitate the minting of our governance NFTs, known as The Intergalactic Whiskers Brigade. A 10% tax on ORB sales - set aside for token burning - stimulates community participation in initiatives like the FunORB Lottery and Whiskers NFT minting.
Each Whisker NFT carries voting rights equivalent to 1000 future ORBIT tokens. The Whiskers collection totals 10,000 NFTs, with 9,000 set aside for community minting, 500 allocated for strategic partnerships, community initiatives and give-aways , and 500 reserved for the Orbiter Labs team.
In the event of a limited ORB supply, the existing NFT holders have the power to decide whether to halt the mint, adjust the ORB price, or transition the mint cost to GLMR, distributing all GLMR to Whiskers NFT stakers.
Whisker NFT holders can earn ORB tokens, 70% of the protocol’s revenue, and promotional rewards pre-ORBIT TGE. Additional benefits will follow with the launch of the ORBIT tokens, which include an ORBIT airdrop and staking rewards. Post-ORBIT launch, the protocol fee distribution will shift to 10% for Whiskers stakers and 60% for ORBIT stakers, reflecting our commitment to early adopters and active community members.
In the week to come, Whiskers staking will be initiated, and by the third week of July, DAO participation will be activated with the help of Snapshot.org
At its core, our Whiskers NFTs are designed to protect the rights of our community and ensure they are not undermined by Orbiter One investors - a testament to our dedication to upholding community interests.
Our NFT contract has been audited by Solidroof for added security.
It’s important to acknowledge that, like all NFTs, Whiskers are subject to market volatility. Users can either earn their ORB tokens and mint their NFTs for free, or they can purchase deflationary ORB tokens to mint their NFTs. They also have the option to stake their Whiskers NFTs to earn additional ORB tokens, protocol revenue, and, in the future, ORBIT tokens.
Intergalactic Whiskers Bridge NFTs are listed on Moonbeans.io
Could you provide more details about Cross-chain Deposits and Loan Teleporting? how does it work, and what level of security does it offer?
Orbiter Labs and Swing are joining forces to build Loan Teleporting and Cross-chain Deposits on Orbiter One. These features are designed with a focus on user convenience, enabling a smooth cross-chain experience within the Orbiter One ecosystem. Our aim is to ensure seamless interoperability between Orbiter One deposits and borrows and Swing. This integration will facilitate cross-chain collateral deposits into Orbiter One and allow our users the ability to “teleport” loans to their blockchain of choice, employing an aggregated method.
Our Cross-chain Deposits feature offers users the flexibility to select from any EVM network supported by Swing. With an intuitive expansion menu, users will easily select their preferred network and deposit assets directly into Orbiter One on Moonbeam. This feature streamlines the deposit process, negating the need for network switching in Metamask and using external bridges, therefore enhancing the overall user experience. In terms of backend operations, Swing will bridge an asset to Moonbeam, which will then be deposited into Orbiter One as collateral, within no more than 1 or 2 transaction confirmations.
Similarly, Loan Teleporting allows users to select from any EVM network supported by Swing when borrowing from Orbiter One. Users can opt to receive their loan on their network of choice via the expansion menu. This functionality simplifies the borrowing process, delivering a seamless and efficient experience. On the backend, a user’s loan is taken out and then Swing bridges the loan from Moonbeam to the selected network, again within 1 or 2 transaction confirmations.
These additional features are being developed to seamlessly integrate with the existing Orbiter One lending and borrowing contracts. This is made possible with the assistance of Swing’s SDK, which further expands the capabilities of our protocol. Initially, we will support assets such as USDC, USDT, and ETH for Cross-chain Deposits and Loan Teleporting. As our platform evolves, we plan to include more assets to provide our users with even greater flexibility and utility.
The assurance of security remains a top priority. Our existing contracts have undergone audits, as have Swing’s contracts. Rest assured, any new contracts developed through our partnership will also be audited for added peace of mind.
How does Swing differ from Squid, particularly in terms of underlying technology? for example, Squid router leverages Axelar under the hood.
Swing is more than just a bridging solution - it’s a comprehensive cross-chain aggregator. Its integration extends to numerous established bridges, including Axelar, Stargate, Wormhole, Hop, and others, with ongoing efforts to broaden this network even further. In addition, Swing offers trading functionality on individual chains.
Swing provides a feature known as “Contract-Calls” designed to facilitate the execution of complex cross-chain transactions. Contract-Calls empower developers to perform multiple transactions on the target blockchain seamlessly with just one click.
Beyond our Cross-chain Deposits and Loan Teleporting features, we also plan to implement a Swing trading widget. This widget will enable cross-chain trading, as well as to aggregate trades solely on Moonbeam.
What are the risks associated with interacting with Bifrost’s vDOT and vGLMR? additionally, what security measures have been implemented to protect users from manipulations and exploits?
Engaging with Bifrost’s vDOT and vGLMR does present a certain level of risk, primarily due to their initially limited liquidity on both decentralized and centralized exchanges. Nonetheless, we are mitigating this by utilizing the DIA Oracle, which will supply us with a price feed based on the quantity of collateral in Bifrost’s vDOT and vGLMR staking contracts.
Our users can confidently employ vDOT and vGLMR as collateral. Should our depositors or our liquidators need to liquidate vDOT or vGLMR, they can smoothly redeem those assets through Bifrost’s staking contracts for DOT and GLMR. Crucially, our price feeds’ resilience is safeguarded from low-liquidity DEX fluctuations due to its distinctive structure. This design ensures consistent and reliable price feeds, enhancing the stability and integrity of our platform.
What measures has Orbiter One taken to mitigate the risk of flash loan attacks?
Orbiter One has implemented specific measures to mitigate the risk of flash loan attacks based on their unique circumstances. These measures include:
Non-upgradeable Contracts: Orbiter One has chosen to maintain non-upgradeable contracts, which reduces the risk of malicious upgrades or unexpected changes to the contract code that could be exploited in a flash loan attack.
Decentralized Oracle (DIA): Orbiter One relies on a decentralized Oracle provided by DIA. This oracle is designed to be secure and resistant to manipulation, which is a common vulnerability exploited in flash loan attacks. The price feeds obtained from this oracle are based on reliable sources such as DEXs and CEXs with substantial liquidity.
Asset Collateral Values for vGLMR, vDOT and d2o: Some of our price feeds by DIA are based on the collateral values of assets. This additional layer of security makes it more challenging for attackers to manipulate the price feed, as they would also need to manipulate the value of these assets.
Limiting Loan Sizes: Orbiter One has implemented limitations on the loan sizes users can borrow against specific collateral. By doing so, they mitigate the risk of an attacker taking out a large flash loan that could be used to manipulate the market.
It is important to note that these measures significantly reduce the risk of flash loan attacks. However, no system can eliminate the risk entirely. Orbiter One remains committed to staying updated on the latest security practices and working closely with professional auditors and security experts to ensure the ongoing protection of their protocol.
Have you considered the possibility of extending the liquidity incentives for a longer duration, such as 9 or 12 months? How do you believe this longer incentive period might impact Orbiter One’s ability to achieve its goals?
We are open to extending our liquidity incentives for a period of 9-12 months. The earlier-specified 6 months duration of the liquidity incentives is not set in stone and can be adjusted to align with our ORB and Whiskers distribution period. By extending the incentives, we could maximize their effectiveness and ensure long-term engagement.
While extending the incentives may initially lead to a potentially lower Total Value Locked (TVL), we strongly believe that the combination of our ORB LP farm arbitrage opportunities, the continuous deflation of ORB tokens, and the burning of ORB/GLMR LP tokens through our weekly Lottery will generate ongoing excitement within the Orbiter One ecosystem.
We are committed to carefully balancing the duration of the liquidity incentives with the aim of fostering sustainable growth and providing consistent rewards for liquidity providers. Stretching out the incentives could in theory be beneficial, and lead to a dynamic ecosystem that attracts and retains participants over an extended period, while maintaining the core principles of Orbiter One.
If the grant amount you receive turns out to be less than 1.5M, how would this impact your plans and strategy moving forward?
Regardless of the amount received, we are committed to applying the same percentage ratios to our incentives as outlined in the initial proposal. Our focus is on creating an exceptional product and providing fair rewards to liquidity providers. The success of Orbiter One is not solely determined by the initial inflow but by our dedication to building a strong and sustainable ecosystem. We are enthusiastic about leveraging the available incentives to deliver a rewarding experience for our community.
We have been collaborating with Orbiter One for a while, and I would like to share that we’ve had a very positive experience working with the Orbiter One team.
The thoroughness and thoughtfulness of this grant speak to why Orbiter One is deserving of an ecosystem grant.
In addition to supportive native assets on Moonbeam, such as d2o, Orbiter One is introducing a clear cross-chain innovation that will help onboard users from other ecosystems. This approach will help boost native token projects on Moonbeam and ultimately create more value for GLMR.
We encourage DAM’s community to support Orbiter One’s proposal.
On a personal level, I will be supporting Orbiter One’s proposal based on the GLMR I hold.
Thank you for submitting your proposal for the Ecosystem Grant. Having gone through your proposal, I would like to give my feedback and ask a few questions that would help me and other community members clarify some aspects of your proposal.
First of all, I want to say I enjoyed reading your proposal. It is well-written and in line with the grant guidelines. However, I have two suggestions for the proposal format to make it more transparent for the community.
We asked teams to choose one of the two options as a main goal for their application. You mentioned that “This Moonbeam Grant Proposal has 3 key objectives”. Can you choose only one which better fits your proposal?
As far as Orbiter One is a pretty new project in the Moonbeam ecosystem, for our community to get to know your team members better you could add links to their Linkedin profiles.
Thank you in advance for answering the following questions:
What will be the source of staking rewards for the users? Will there be any rewards outside the grant funds?
According to your proposal, you plan to achieve the last milestones in September. What are the milestones for other tranches?
What will be the period between tranches?
What is your long-term plan for TVL sustainability - i.e. once you use up the 1.5 M in incentives, how do you plan to make sure you retain the TVL you have acquired by that point?
A part of your value proposition is cross-chain lending. Could you please describe how you plan to get users on other chains, i.e. what are your marketing plans there, and how will they make sure they get “mind-share” for Orbiter One?
What do you expect to be the main source of revenue?
When does a liquidation event occur?
If ORBIT token is planned to be released, does it start with ICO? If not, who will be the first holders (whiskers holders?), will it be on any exchanges, or will it be just an internal governance token?
Why is there 10% tax on ORB sales? Will it not discourage users from obtaining ORB tokens in the first place (even by participation in activities) because nobody will like to trade them?
What is FunORB Lottery? Could you please elaborate on that?
Updates to the Proposal
Please note that you have until July 14th, 11:59 PM UTC to make changes to your proposal. A list of changes based on community feedback should be added to the “Updates’’ section of the proposal and any changes should be reflected in the text of the proposal itself
Best regards
Natalia
Non-Foundation Community Grants Committee Member
As a CTO of the Orbiter One team, I’m proud of the progress we’ve made and the promising future ahead. Congratulations once again to the entire team for their hard work and dedication in crafting this comprehensive grant proposal. Let’s continue working together to make Orbiter One a leading force in the Moonbeam and Polkadot ecosystems!
How was the TVL calculated? You plan to use 300k GLMR to get 2M liquidity? How and in what timeframe does this happen. Can you provide more details?
Those numbers appear to lack coherence and do not seem to be supported by thorough research or market analysis.
Where will ORB/GLMR and ORB/ETH farms launch?
Looking at your current TVL and lending pools I can see that you have APY % rates much higher than any other Polkadot protocols. How come this doesn’t translate in more TVL? What are your marketing plans to get more liquidity.
Hi Natalia! Thank you for your insightful feedback and questions. With your suggestions, we’ve made essential revisions to our proposal, refining its focus and clarity:
To capture the essence of our original proposal, we’ve revised the ‘Primary Goals’ and ‘Primary Goals (Expanded)’ sections, harmonizing all our objectives towards the ultimate aim: enhancing overall Moonbeam activity, attracting new users, and broadening TVL, thus reinforcing Moonbeam’s standing in the dynamic DeFi landscape
Added LinkedIn profiles to team details.
Below are your inquiries along with our detailed responses:
What will be the source of staking rewards for the users? Will there be any rewards outside the grant funds?
The source of staking rewards for our users will initially be ORB tokens, which are planned to last for 9 to 12 months. Alongside that, we’re self-funding USDC and GLMR rewards as promotional rewards. Once our ORBIT token is launched, it will also be used as a reward for activity on Orbiter One. A portion of our protocol revenue will be distributed to our Whiskers NFT stakers.
According to your proposal, you plan to achieve the last milestones in September. What are the milestones for other tranches?
Our milestones are chiefly development-related for features that are actively in development. We don’t intend to use the grant funds for their development but rather to incentivize user acquisition. The release of our tranches is dependent on the full utilization of the previous tranche for incentives.
What will be the period between tranches?
We’re seeking a grant of 1.5m GLMR and plan to immediately use 250k GLMR for the first month as incentives, deposited straight into our incentives contract. We intend to receive no more than 250k GLMR per month and ensure the full utilization of the previous 250k GLMR before the next tranche request. Our goal is to extend the duration of this grant as much as possible.
What is your long-term plan for TVL sustainability - i.e. once you use up the 1.5 M in incentives, how do you plan to make sure you retain the TVL you have acquired by that point?
In order to ensure long-term TVL sustainability, we have devised a thoughtful strategy that hinges on carefully timed incentives and constant innovation. The initial stage involves deploying ORB token incentives that are anticipated to run for up to a year. This will be succeeded by the rollout of ORBIT incentives, which are planned to sustain user engagement for an even longer period.
Based on ORB LP farms, we will develop ORBIT LP farms to function on a similar principle. These farms are designed to stimulate user activity by leveraging the power of arbitrage on different blockchains.
Beyond just financial incentives, our plan for maintaining a high TVL revolves around making Orbiter One the most appealing and stimulating lending protocol on the market. We aim to achieve this through a constant addition of innovative features that offer our users an engaging, gamified experience, steeped in game theory. Our vision is for the ORB and ORBIT tokens to become instrumental in engaging and captivating users.
Further, to enhance our platform’s attractiveness and versatility, we’re committed to expanding our collateral options. We aim to offer the largest secure collateral variety possible, ensuring our users have abundant flexibility and security in their lending and borrowing activities.
A part of your value proposition is cross-chain lending. Could you please describe how you plan to get users on other chains, i.e. what are your marketing plans there, and how will they make sure they get “mind-share” for Orbiter One?
To promote cross-chain lending, we’re actively engaging with numerous projects in the Arbitrum and zkSync ecosystems. In addition, our audit and KYC alliance with Solidproof grants us access to an extensive network of audited DeFi projects, poised to stimulate greater interaction within the Arbitrum and zkSync ecosystems. Our strategy hinges on reciprocal cross-marketing efforts, amplifying visibility across all associated projects. As collaborations become public, we’ll share the pertinent details.
Alongside these collaborations, we’re also crafting a series of cross-marketing campaigns with partners such as Swing and CIK Zealy, Galaxe, and Airlyft. These campaigns are designed to capture the attention of a wider user base and to stimulate interest in our cross-chain lending opportunities.
However, our strategy extends beyond mere promotion. We’re taking concrete steps to make participation across chains as appealing and rewarding as possible. Even before we fully launch lending and borrowing services on Arbitrum and zkSync, we’re going to make ORB/ETH farms accessible on these platforms. In addition, we will also establish an ORB/GLMR farm on Moonbeam. This multi-chain approach aims to incentivize users to engage in activities across all platforms, thereby fostering a vibrant, interconnected ecosystem.
What do you expect to be the main source of revenue?
Initially, our main source of revenue will be user interest and loan liquidations.
When does a liquidation event occur?
A liquidation event occurs when a user’s Loan to Value (LTV) exceeds 100%, which will be reflected as the user’s position health falling below 1.00 on the UI. Liquidations on Orbiter One are performed by third parties on a first-come, first-served basis, with the liquidator repaying the borrower’s debt and selecting one of the borrower’s collateral assets as a reward.
If ORBIT token is planned to be released, does it start with ICO? If not, who will be the first holders (whiskers holders?), will it be on any exchanges, or will it be just an internal governance token?
ORBIT token will start with an IDO, but the specific details are yet to be made public. It will be listed on exchanges, and Whiskers NFT holders will receive an ORBIT airdrop after the IDO. They will be able to earn additional ORBIT by staking their Whiskers NFTs. Our lenders, borrowers, and ORBIT LP farm participants will also be earning ORBIT.
Why is there 10% tax on ORB sales? Will it not discourage users from obtaining ORB tokens in the first place (even by participation in activities) because nobody will like to trade them?
The 10% tax on ORB sales is primarily a deflationary measure, with the intent to encourage users to earn ORB rather than buy it. We plan to significantly reduce this tax upon the launch of ORB LP farms, with Whiskers NFT holders voting on future tax adjustments. When the community is ready, we will remove the tax and renounce token ownership.
What is FunORB Lottery? Could you please elaborate on that?
The FunORB Lottery is a weekly event operated by Orbiter One, serving a dual purpose: enhancing the utility of ORB tokens and bolstering overall liquidity, all while injecting a fun element into the ecosystem. ORB holders can purchase FunORB Lottery tickets for 5 ORB apiece, with a progressive discount system rewarding those who buy more.
Each week, 20% of the lottery reward pool is allocated to the LP+Burn initiative, aptly named “Permanent Liquidity.” Essentially, we sell 10% of the pool for GLMR, incurring a 10% burn tax, and unite it with another 10% of the ORB to boost the ORB/GLMR liquidity pool on Beamswap, also subject to a 10% burn tax. We then burn the associated LP tokens, securing an unremovable portion of liquidity. With over 12% of all existing ORB/GLMR LP tokens already burned via this method, we publicize each “Permanent Liquidity” event and provide transaction links via our social media platforms.
Furthermore, we’re running several promotional campaigns centered around the lottery. Our current campaign, the ORB-Back program, offers participants a 100% ORB “cash-back” for participating in the FunORB lottery, up to a maximum of 500 ORB per user. We’ve allocated a total of 100k ORB for this program. While the ORB-Back program is active, we’re planning additional reward-based campaigns which we’ll announce upon completion of the current campaign.
FunORB Lottery along with the “Permanent Liquidity” initiative is exclusively available on Moonbeam and will continue to be so.
Hi Gama! I hope you’re doing great. Thanks for your questions. I’ll answer them all below:
How was the TVL calculated? You plan to use 300k GLMR to get 2M liquidity? How and in what timeframe does this happen. Can you provide more details? … Those numbers appear to lack coherence and do not seem to be supported by thorough research or market analysis.
TVL Calculation and Timeframe:
Our TVL targets are meticulously planned, considering the grant fund allocation for each asset, expected market dynamics, and the projected increase in user interaction from our forthcoming features and promotions. To reach our $2 million GLMR liquidity target, we propose incentivizing users with 300k GLMR over up to 12 months. The timeframe to achieve these targets may fluctuate, mainly determined by market trends and user adoption rates, with our goal being to hit these within 12 months of grant approval. To leverage the grant’s impact, we’ll synergize it with our current ORB rewards and maintain this incentive approach upon the receipt of the GLMR. We anticipate an additional 3-20% APR from GLMR incentives, depending on the active TVL per asset. Here’s a simple breakdown: 300k GLMR rewards at $0.24 each equals $72,000; dividing $72,000 by 0.03 (3%) results in $2,400,000. This 3% represents the minimum APR boost we aspire to direct to the GLMR pool, not considering borrowing incentives. Given our intention to prioritize GLMR depositors over borrowers—to inspire longevity in GLMR holding and motivate the redepositing of rewards instead of contributing to GLMR selling pressure—and our plan to augment our APYs with extra ORB tokens, we deem our GLMR TVL target of $2 million to be strategically feasible.
Coherence and Market Research:
The forecasted numbers are methodically determined; they stem from examining the TVLs of competing lending protocols across EVM-compatible blockchains, DeFi projects on Moonbeam, growth estimates shaped by competitor patterns, and our unique offerings relative to other lending protocols. The size of the grant is also factored into our calculations. We consistently monitor and recalibrate our strategies, taking into account the final grant allocation, market fluctuations, user behaviors, and feedback from our stakeholders.
Where will ORB/GLMR and ORB/ETH farms launch?
ORB/GLMR and ORB/ETH Farm Launch:
Our ORB/GLMR and ORB/ETH farms will be natively hosted on our platform. The Moonbeam farm will feature ORB/GLMR LP on Beamswap, while our farms on Arbitrum and zkSync will base their ORB/ETH LPs on specific DEXs, which will be announced at the time of their launch. We have set aside 1 million ORB for each of these native LP farms to be distributed over a 9-12 month period. In addition, we have reserved an allocation of 980k ORB for community measures, such as give aways, cross-marketing activities, and collaborative projects. We’re also in ongoing discussions with these DEXs about the possibility of offering ORB LP farms on their native interfaces, and for this purpose, we plan to use a part of our earlier mentioned community ORB allocation.
Looking at your current TVL and lending pools I can see that you have APY % rates much higher than any other Polkadot protocols. How come this doesn’t translate in more TVL? What are your marketing plans to get more liquidity.
High APY Rates and TVL:
Indeed, our APY rates frequently surpass those of many protocols within the broader Polkadot ecosystem. From the moment we initiated Orbiter One on Moonbeam just over a month and a half ago, we’ve been steadily distributing self-funded ORB, USDC, and GLMR rewards. Yet, it’s important to understand that a high APY does not immediately equate to a high TVL, given the range of factors at play. These can include aspects like user trust, the dynamics of the broader market, and general awareness of Moonbeam within the wider DeFi landscape.
Our approach is twofold: on one hand, we’re keenly focused on engaging actively with the Moonbeam community and providing them priority access to Whiskers governance NFTs. On the other hand, we’re also intent on enhancing Moonbeam’s visibility and reputation across various DeFi ecosystems. Given the current TVL averages on Moonbeam and the broader market trends witnessed over the past year, we interpret the consistent growth we’ve seen in recent weeks as a sign of a promising trajectory ahead.
Marketing Plans:
Our marketing strategy is a confluence of varied elements - cross-promotion campaigns, community outreach, creation of educational content, forging key partnerships, and constant platform enhancements:
We’re currently engaged with numerous projects within the Arbitrum and zkSync ecosystems. Our audit and KYC partnership with Solidproof gives us access to an expansive network of audited DeFi projects, which fuels our capacity for fostering more meaningful collaborations and engagement within these ecosystems. Central to our strategy are mutual cross-promotion initiatives aimed at boosting the visibility of every project involved. We’ll disclose the specifics of these collaborations as they become public.
Alongside these collaborations, we’re orchestrating a suite of cross-promotion campaigns in collaboration with Swing, CIK, DAM Finance, Airlyft, and several other members of the Moonbeam ecosystem. These campaigns are structured to widen our user base and generate interest across all facets of Orbiter One’s operations.
Our overall strategy breaks conventional marketing boundaries through a systematic, sequential rollout of our features, with special emphasis on enhancing cross-chain participation experiences:
As we lay the groundwork for the ORB/ETH farms launch on Arbitrum and zkSync, a GLMR/ORB farm on Moonbeam will simultaneously make its debut. This synchronized introduction fosters arbitrage across all three chains, irresistibly guiding user attention towards Moonbeam.
Upon several weeks of LP farm operation, we’ll progressively enable lending and borrowing services, with Arbitrum leading and zkSync following. Distinctly, Moonbeam will stand out as the pioneering platform that offers active lending and borrowing through Orbiter One—establishing a unique channel for single asset yield.
With each new feature rollout, our multi-chain LP farm strategy, crafted to boost user engagement and cultivate ecosystem harmony, will continue to fuel enthusiasm for Orbiter One, while shedding light on Orbiter One’s unique attractions on Moonbeam, such as the exclusive FunORB Lottery and Whiskers governance NFT minting and staking.
The implementation of Cross-chain Deposits, facilitating seamless asset deposits into Orbiter One on Moonbeam from users of EVM-compatible blockchains, is set to multiply these effects. The inclusion of GLMR rewards further enhances Cross-chain Deposits’ appeal, simplifying user participation while bypassing intricate asset transfers.
With the advent of Loan Teleporting, users on Arbitrum and zkSync will be able effortlessly “teleport” their loans to Moonbeam, enabling fluid engagement with Moonbeam’s diverse yield options without exiting their original ecosystems.
As each feature is unveiled, we will execute a series of marketing campaigns across platforms like Airlyft, Zealy, and Galxe. These initiatives will be orchestrated in strategic collaboration with partners pertinent to each feature.
As an integral part of our marketing strategy, we have set aside 500 Whiskers NFTs for community giveaways. These NFTs will be strategically distributed among key individuals within the Moonbeam ecosystem, the wider Polkadot ecosystem, selected members from the Arbitrum and zkSync communities, and will also be used for various marketing activities like giveaways. Our goal is to encourage active participation on Moonbeam, focusing on teams building on Moonbeam, Moonbeam and Polkadot ambassadors, Moonbeam team members, as well as individuals within the Arbitrum and zkSync communities, in order to bring their attention to Moonbeam. Our aim is to foster vibrant interactions across the Dotsama ecosystem, attract users from Arbitrum and zkSync to participate in various activities on Moonbeam, while creating an environment of active governance participation. We highly value community input and are committed to cultivating strong relationships with these important community members right from the start.
