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Orbit Bridge Review 2024: Features, Pros & Cons
Swen Keller
- URL: https://bridge.orbitchain.io/
- Year Founded: 2020
- Native Token: Yes (Orbit Chain Token)
- Supported Assets: 104 assets including USDT, ETH, USDC, REN, DAI, ANT, USDT, OMG, TRIX, CELO, DON, HANDY, RAI, and much more
- Supported Networks: 21 blockchain networks including BNB Chain, Polygon, Ethereum, ICON, Orbit Chain, Heco, Ton, Avalanche C-chain, Metadium, Moonriver, Harmony, Gnosis Chain, XRPL, and Klaytn chains
- Fees: Different cross-bridging fees for each blockchain and a 0.1% layer fee
Orbit Bridge Review: Our Take
Our meticulous research of this cross-chain bridge, the Orbit Bridge, revealed the protocol as a seamless solution for blockchain interoperability. However, it offers a limited selection of assets and networks when compared to similar solutions.
What is Orbit Bridge and How Does it Work?
Orbit Bridge is a bridge service on the orbit chain that supports token conversion between different blockchains and offers more than 100 tokens and 19 networks. The Orbit Chain team, plays a key role as a driving force in solving the interoperability limitations of the fragmented blockchain ecosystem.
Assets are deposited on the source chain and then representative tokens are minted in the destination chain.
Concerning how it works the Orbit Bridge structure has Governance groups that comprise Operator and Validator roles.
All cross-bridging solutions either use a Multi-sig-based transaction consensus or an MPC-based transaction consensus. Orbit Bridge utilizes the Multi-sig-based transaction consensus.
With this consensus mechanism, the Operator who sends data, and the Validator work hand in hand to quickly and efficiently process transactions.
Also, as the consensus and validation processes occur via transactions on the Orbit Chain, they are both trustless and transparent.
Validators utilize separate channels and a blockchain without centralized control to complete tasks.
Pros
- Industry average fixed layer fee
- Trustless and transparent
- Offers blockchain explorer
Cons
- A limited selection of crypto assets
Unique Features
Orbit Bridge Explorer
The Orbit Bridge Explorer is an essential bridge explorer that allows you to browse transactions of several tokens. With the Orbit Chain Explorer, you can explore and search for transactions, addresses, blocks, and other related data statistics.
The Orbit Chain Explorer has a user-friendly interface that allows you to filter your search by block height, address, and transaction hash as well as check access information and data in real-time.
The Orbit Chain Explorer has a dashboard where you can search for all information about the Orbit Chain.
There is also a pegged volume tab on the dashboard that lets you check for the different assets pegged to the Orbit Chain. The pegged assets can be viewed on the number of coins and the dollar equivalent. There is also a graph that displays the changes in the value of the pegged assets.
Another outstanding feature of the Orbit Chain Explorer is the ability for users to create wallets for each of the 4 services operating on the Orbit Chain. The wallet supports users’ platform access to the services.
The Orbit Chain currently supports the following 4 services; a decentralized governance (Orbit Voting), a swap protocol (Klaytnswap.com), a decentralized exchange (Allbit), and an asset loan service (Trinito).
With the Explorer, users can view all of the assets across these services at once.
Cryptocurrencies Available on Orbit Bridge
Orbit Bridge supports 104 cryptocurrencies.
Supported cryptocurrencies include ETH, USDT, ORC, USDC, REN, BAND, OCEAN, UMA, LRC, RSR, ANT, OMG, WBTC, DAI, TRIX, HANDY, ANKR, TALK, STPL, QBZ, BiFi, TON, RAI, RUSH, ISDT, AERGO, DFA, DON, CELO, cUSD, BNB, BELT, AUTO, BIFI, GET, XVS, CAKE, KLAY, ICX, HT, MATIC, BIOT, TOM, MTS, SOBA, CYCLUB, QBT, DOTR, GALA, BUSD, TRV, USDT-B, USDT-H, KSP, IQ, DRC, DOC, WEVER, CLNK, DIXEL, XDT, DKA, FIT, wsKRNO, MESH, Pola, GHUB, KASH, MKC, SYL, UNM, ARW, MUDOL, MUDOL2, MOOI, ZEMIT, EPL, TON, MRST, PBOS, ORBS, SHO, WEMIX, APM, KAI, META, MPWR, NPT, TUSD, MEGA, MGOLD, etc.
Networks Available on Orbit Bridge
Orbit Bridge supports over 21 blockchain networks.
Supported blockchains include BNB Chain, Ethereum, Avalanche, Celo, Stacks HECO, Polygon, Klatyn Chains, etc.
Orbit Chain (Orbit Bridge Fees)
Orbit Bridge charges different trading fees for each supported cross-chain transfer based on the blockchain network involved:
- From KLAYTN to Ethereum: 40 KLAY
- From Orbit to Ethereum: 50 OORC
- From AVAX to Ethereum: 0.2 AVAX
- From BNB to Ethereum: 0.05 BNB
- From CELO to Ethereum: 5 CELO
- From FANTOM to Ethereum: 14 FTM
- From HARMONY to Ethereum: 120 ONE
- From HECO to Ethereum: 2 HT
- From MoonRiver to Ethereum: 0.3 MOVR
- From OEC to Ethereum: 0.5 OKT
- From POLYGON to Ethereum: 15 MATIC
- From XDAI to Ethereum: 20 XDAI
- Orbit Chain
- From any blockchain to Orbit Chain is free
- KLAYTN
- From ETH to KLAYTN is Free
- From ORBIT to KLAYTN: 0.1 OORC
- From ICON to KLAYTN: 0.1 ICX
- From POLYGON to KLAYTN: 0.1 MATIC
- Polygon
- From Ethereum to Polygon: Free
- From ORBIT to Polygon: 0.1 OORC
- From ICON to Polygon: 0.1 ICX
- From KLAYTN to Polygon: 0.5 KLAY
Layer Fee
Orbit Bridge charges 0.1% of bridged tokens for Ethereum Layer 1.
For BNB Layer 1, there is a 0.1% fee for bridged token but there are layer fee exemption benefits if you deposit the original token in the BNB Chain.
Is Orbit Bridge Safe?
From our direct engagement with this Orbit Bridge, we’ve ascertained that it is a secure crypto bridge service with measures in place for safely moving numerous assets across chains.
Orbit Bridge uses MultiMulti-sig-based action consensus.
As previously mentioned, the Bridge Governance groups are made up of Operators and Validators.
The Operator sends data while the Validator works together to quickly and efficiently process transactions.
The validators use a separate blockchain and private channel without central authority to complete their tasks.
Also, since the consensus and validation processes happen via transactions on the Orbit Chain, they remain transparent and trustless.
Orbit also has a vault where assets are deposited when a bridging transaction happens on the Native Chain (Origin Chain)
That said, Orbit Bridge is open source, which means that anyone who wants to transfer assets with their consensus can create a Vault within the chain.
Liquidity Provider Yields
Orbit Chain offers the Orbit Farm which leverages the technology of smart contracts and other DeFi protocols to boost capital efficiency for bridged tokens.
It uses harvest finance, a yield farming protocol where users deposit their assets (automatedly) in a harvest vault to boost profits.
That said, the farm offers an average operation rate of 0.18% and 0.01%.
Orbit Chain Native Token (ORC Token)
The Orbit Chain Token (ORC Token) allows holding users to participate in Orbit Chain governance and Proof-of-Stake-based generation.
It is also the backbone of the Orbit Bridge for maintenance and expansion.
The ORC token is the governing token of the Orbit Chain.
ORC token has a maximum total supply of 947,219,692.38 ORC, a circulating supply of 649.5M, and a market cap of 50.9M at the time of writing (December 2023).
The ORC token is available on 10 exchanges.
The ORC token economy is strengthened by 4 features: Layer Fee, Farm Earnings, Buyback and Burn, and Voting.
- Layer Fee-Orbit Bridge: A scarcity of ORC tokens is created by using all the generated layer fees on the Orbit Bridge to buy back the ORC token in the market.
- Earnings-Orbit Farm: The Orbit Farm uses smart contracts and other DeFi protocols for the bridged assets. This is done to increase capital efficiency and strengthen the token economy.
- Voting-Orbit Chain Governance: Involves participation in the constant expansion of the Orbit Chain and its connection with more DeFi protocols and blockchain diversities, as well as the proposals that the Orbit Chain Governance Validators can put forward.
- BuyBack & Burn- Orbit Bridge / Farm: As stated earlier, all earnings from the Orbit Farm and layer fees for the Orbit Bridge are used to fund the BuyBack & Burn program. The 6th batch of the ORC BuyBack & Burn was completed in October 2023. In this round, a total of 1,615,405.46805945 ORC was bought back and transferred to the burning address. The buying back and burning of ORC tokens is aimed at controlling inflation and regulating circulation on the Orbit Chain network. By creating the scarcity of ORC tokens, the demand for the token will eventually increase while the supply will decrease due to the limited number available, this will ultimately lead to an increase in the price of ORC.
Things We Do Not Like about Orbit Bridge
Leveraging our expertise in cross-chain bridge solutions, we found that Orbit Bridge supports a limited selection of assets as well as blockchains when compared to similar protocols.
The Orbit Chain also has poor and unclear documentation about how it works and the objective of the project. You need to study Orbit Chain properly before use.
Final Thoughts
The Orbit Chain is one of the best cross-chain bridges offering cross-layer support. The Orbit Chain team is a driving force in technically solving the interoperability limitations of the fragmented blockchain ecosystem. It supports token conversion between mainnets but not without the constraints of low assets and unclear documentation.
Orbit Bridge is great for easy use and tech. But, our Multichain Breakdown might show something that fits you better.
FAQ
Most frequent questions and answers
Orbit Bridge is a project of the Orbit Chain that allows users to transfer assets across different previously incompatible blockchains for more efficiency and low costs.
Orbit Chain (ORC) is the native token of the Orbit Chain and it is used for platform governance.
Crypto Bridging works by facilitating the transfer of tokens to different blockchains. For example, the transfer of Polygon to Ethereum.
The bridge in Web3 is a combination of 3 smart contracts where one is deployed on each blockchain which enables cross-chain transfers. Some bridges can be used for building cross-chain applications. Common Bridges include Orbit Bridge, Polygon Bridge, Binance Bridge, etc.
Currently, Orbit Bridge supports MetaMask, Kaikas, Klip, and D’CENT wallets. Each of these wallets supports users’ platform access to the assets bridged on the platform.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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