What is Orbiter Finance? Orbiter Finance is a Cross-Rollup decentralized cross-chain bridge to transfer native assets on Ethereum to Layer 2, or between Layer 2s. Orbiter Finance provides infrastructure to meet the growing needs of The power of Layer 2 on Ethereum and the need to move assets across chains. So what makes Orbiter Finance stand out? Let’s find out with Weakhand.
What is Orbiter Finance?
Orbiter Finance is a decentralized bridge (Cross-Rollup) that helps move Ethereum native assets and Layer 1 to Layer 2 and vice versa; Transfer assets from Layer 1 to each other, transfer assets from Layer 2 to each other at low cost, fast speed, safety and security.
Orbiter Supports cross transfers between Ethereum, StarkNet, zkSync, Loopring, Arbitrum, Arbitrum Nova, Optimism, Polygon, BNB Chain, ZKSpace, dYdX, Metis, Immutable X and Boba.
The system has two roles: Sender and Maker
- Maker: must deposit an amount of money into Orbiter’s fund and ensure this deposit must be greater than the amount in Orbiter’s contract before providing services to Sender.
- Sender: Send funds to the Maker on the source network and the Maker will send it back to the Sender on the destination network
Orbiter Highlights Finance
- Safety: Thanks to Cross-Rollup technology, moving assets takes place safely.
- Fast and cheap fees.
- Retains original Ethereum assets.
Orbiter Finance’s fees
Includes Transaction Fees and Withholding Fees.
- Transaction fees : Fees paid to the platform and Producer are calculated as a percentage of the transfer amount.
- Retention fee : Upfront fee paid to Maker to cover gas fees for switching destination networks.
Due to the instability of gas fees, Orbiter will adjust the fees according to the Gwei of the destination network to ensure that Orbiter’s fees are lower than the average, but this adjustment is infrequent. Sender can view current fees on Orbiter’s website.
The Difference Of Orbiter Finance
Low Gas Fees, Fast Speed and Security.
Orbiter deploys 03 smart contracts on the system, including:
- MDC Contract (Maker Deposit Contract): The MDC contract has two functions – holding Maker margin; keep Sender safe.
- EBC Contract (Event Binding Contract): Complies with Orbiter’s rules, stores valid proof of source transaction (Tx) and destination transaction (Tx) and Maker fee standards.
- SPV contract (Simple Payment Verification): SPV is used to confirm the existence and authenticity of the transaction.
On Orbiter, when performing a bridge transaction: The Sender sends funds to the Maker’s EOA address, not the contract address. The Maker then recognizes the token type, the sending amount, and which chain the token is on (Destination Network) and performs the sending. Orbiter uses an identifier to identify the Destination Network.
In the mechanism of Orbiter, Maker it is possible to receive significant income (without the risk of temporary losses) from every transaction. If the Maker commits a bad act and the transfer contract fails with the Sender, Orbiter’s MDC contract will perform the return and compensate the Sender with Maker margin.
Development Roadmap
Everyone can read more Here
Core Team
There is no information about the development team yet
Investor/Backers
Updating…
Tokenomics
The project does not have a token yet
Project Information Channel
- Website: https://www.orbiter.finance/
- Twitter: https://twitter.com/Orbiter_Finance
- Discord: https://discord.com/invite/hJJvXP7C73
- Medium: https://orbiter-finance.medium.com/
- Github:
Summary
With the strong emergence of Layer 2 of the Ethereum ecosystem, the need to move assets between chains is increasing. Orbiter Finance was born to provide users with fast, cheap and safe asset movement. The project has not yet released tokens and needs to be monitored in the near future.
Furthermore, everyone can experience to have a chance to receive retroactive of the project, Weakhand has a guide to hunting retroactive Orbiter Finance.