Rapid Growth in the Orbs’ Ecosystem
The last few months saw a substantial expansion in the Orbs ecosystem all across the board: From listings on tier-1 exchanges such as KuCoin, Gate.io and FTX, integrations to all 3 major cloud platforms (AWS, MS Azure and Google Cloud), major partnerships such as with Bithumb and Moonstake, and much much more…
In addition, in the past few months, the Orbs project has been pushing hard into the DeFi space. Some of the current projects Orbs is working on include:
Binance Smart Chain: A success Story
The latest initiative was to gain a foothold for Orbs on Binance Smart Chain (BSC). The successful launch of the Orbs Syrup pool on PancakeSwap marks an important milestone towards achieving that goal. In fact, the ORBS-BUSD on PancakeSwap is now the largest Orbs pool on any DEX/AMM on both Ethereum and BSC!
As always, setting down the proper foundations is an important first step when making such a move into a new ecosystem. Prior to the pool launch, the ORBS token was integrated into the Anyswap cross-chain bridge and BscScan, which enabled Orbs holders to swap their tokens from the Ethereum mainnet to the BSC mainnet and track the transactions on BSC.
The Orbs project’s presence in the crypto space is consistently being strengthened and solidified. As ever, the team is always researching emerging trends and protocols.
So what’s next…?
All Eyes on Polygon
Polygon (previously known as Matic Network) is probably one of the most interesting projects being built at the moment.
Polygon describes itself as “Ethereum’s Internet of Blockchains”, which provides a framework for building and connecting Ethereum-compatible blockchain networks. In essence, Polygon is acting as a 2nd layer scaling solution on top of Ethereum by utilizing sidechains for off-chain computations, while not compromising on decentralization and security.
Polygon strives to advance mass adoption of blockchain-based applications by mitigating the existing limitations of the Ethereum network such as low throughput and high transaction fees.
A Crypto Unicorn
The Polygon project is backed by some of the biggest companies in the space such as Coinbase and Binance. In addition, Billionaire investor and Shark Tank judge, Mark Cuban, revealed that he had invested in Polygon, bringing a new wave of interest in the project
Polygon’s value proposition makes for an ideal fertile ground for many potential use-cases by providing a scalable and user-friendly ecosystem for them to thrive on. Many popular applications, such as Aave, SushiSwap and CREAM Finance, are opting to build directly on the more efficient Polygon protocol in terms of transaction costs and speeds.
As a result, the Polygon ecosystem is growing at a staggering rate, as can be seen in the Polygon’s ecosystem map. The fact that the code of Polygon is compatible with the Ethereum Virtual Machine (EVM) offers great advantages in terms of interoperability in comparison to where developers have to build applications from scratch.
An Explosion of On-chain Usage
The migration of DeFi apps to Polygon has resulted in a surge in its on-chain activity.
This recent report by DappRadar points to Polygon as being a rising star in the DeFi space.
Some of the key takeaways from the report were a growth of 1,102% in the Polygon protocol TVL during May 2021, making it the largest in the history of Polygon on a month-to-month basis. Polygon’s TVL currently exceeds $7B, placing it in 3rd place after Ethereum and BSC.
In addition, Polygon saw a dramatic increase of 4x in the number of unique wallet addresses on its network during the month of May
Lastly, we can also see a surge in Polygon’s daily transaction count, even exceeding those on Ethereum and BSC, as shown by this chart posted by Wu Blockchain.
All in all, Polygon is showing strong Network fundamentals, playing in the big league of Ethereum and BSC with no sign of slowing down. If Polygon can establish itself as an effective L2 scaling solution on Ethereum, we can expect this trend to continue.
Integration is Already Happening
The Orbs team has already been studying the Polygon technology for some time and we are convinced that Polygon will play an important role in the emerging DeFi space.
Therefore, we believe it is important for the Orbs project and its community to collaborate with this ecosystem.
Expect more news to come on this issue!