Orion Money AMA Summary Recap With Shin Chan Community
We held a Live AMA with Head of Sales, Sam from Orion Money on 25th September 9:00 PM (UTC+8). Here’s the recap for those who missed it.
Introduction
Serene | Shin Chan: Before AMA start, can you introduce yourselves and the team background?
Sam I am 🌖 | Orion Money: Sure, I’m one of the 3 co-founders of Orion Money. Little background on myself, I started my journey with crypto back in 2014, the time when I first came across bitcoin while doing deep dive into monetary policies, gold investing.
Over last 7 years I invested in different projects and kept a close eye on entire industry and how it evolved. I experienced most of crypto bull and bear runs and saw how in recent years stablecoins market started to grow and how more and more investors started to diversify their portfolio into stablecoins. I came across Terra back in 2019 and if you don’t know anything about Terra just shortly it’s the only decentralized algo stablecoins blockchain with Luna being the only asset that captures value the growth of stablecoins market.
I realized that Terra has something that no other blockchain have. Back then there was no community for Terra, there was just one discord channel so I decided to join core community and help grow it from day one. Today i’m proud to say we have one of the largest and most passionate community in the space
I invested and was part of every project that launched on Terra from day 1 and came across Orion Money when Vol and Kos ( other 2 co-founders ) submitted this basic but pretty profound idea to hackathon, to bring anchor protocol high stable yields to other blockchains, starting from ethereum and enable easy spending of stablecoins in the real world.
I immediately joined the team in first week of hackathon, we ended up winning the hackathon and we went full speed on developement. We’ve launched our first initial MVP version of Orion Saver app.orion.money during the hackathon.
little feedback on other two co-founders, they’ve built big e-commerce analytics business in the real world, grew it from 3 founders to 300+ employees out of which 75+ were hardcore developers and engineers. Their customers were Amazon, Walmart, Coca-Cola + 150+ large worldwide brands, they sold the company last year to private equity firm and took some break, looked what else to do in their life long term ( 10+ years ), found Terra and that’s where our paths crossed
Serene | Shin Chan: Any latest/ update news about Orion Money you would like to share with our community?😀
Sam I am 🌖 | Orion Money: there is a lot going with Orion Money, we are about start our 2 IDOs with Polkastarter and DAO Maker. It’s been very long time since those two largest launchpads worked together to launch the project.
Orion Money becomes the first Terra ecosystem project to launch on Ethereum. RocketRocketRocket
We are excited to launch $ORION token with DaoMaker SHO on Sept 27th
Please read here: https://orion-money.medium.com/orion-money-will-ido-on-daomaker-to-redefine-stablecoin-banking-470fccb71539
More great news coming soon!
Sept 27th of DAO Maker and 29th on Polkastarter. https://twitter.com/orion_money/status/1441258670130561024
Over 165,000 signed up for Polkastarter whitelist 🔥🔥
We received over 2.3m actions.
Our TGE is planned for Sept 30th, we are launching initially at GATE.IO, the pair is already active ORION / USDT, than 10–20 minutes after we will add liquidity on Uniswap and Pancakeswap
AMA Twitter Section Begins:
1. Question
As a stablecoin bank, your staking pool starts with an APR of around 13.5%. And Orion Money, offers additional staking results which gives users additional options to increase their yield rate. How can users improve their APY further?
Sam I am 🌖 | Orion Money: that’s a great question and happy to share little alpha with Shin Chan community, the rates are about to increase to 15% APY on all stablecoins ! 🔥🔥🔥 in preparation for our 3 tier APY levels we are increasing the rates as promised in original Lite Paper
the day of TGE we will launch our Orion staking and incentivized liquidity pools Orion — ETH
3–4 weeks after we will introduce EARTH | STATION | MOON APY levels
for example if you hold 15% + of your total portfolio value in Orion token you will receive up to 20% APY on your stablecoins
if you decide to earn your interest in Orion tokens, those rates will be up to 25% APY assuming 15%+ of your portfolio value is in Orion token
something similar you might of seen with Celsius or Nexo but done in complete DeFi / non-custodial way
you retain access to your funds and keys at all time by simply interacting with our smart contracts infrastructure through your metamask, ledger or wallet connect
2. Question
Your project is built on the Terra. Although this blockchain has been around for some time, it hasn’t received as much interest from developers as we have in BSC and Ethereum. Why would you build Orion Money on the Terra blockchain instead of other well-established blockchains?
Sam I am 🌖 | Orion Money: Terra is the only stablecoins based blockchain in the space. I believe stablecoins are the most important product of crypto, Terra has superior decentralized algorythmic stablecoins that are backed by economy it’s building. Just with two legos / primitives protocols — Mirror and Anchor, Terra managed to attract the largest TVL in the space after BTC and ETH, there are currently over 60 projects in development that will be launching soon after Columbus 5 mainet upgrade ( scheduled for Sept 30th ) so hard not to be excited about building on Terra.
With continuous regulatory pressure coming from regulators from USA and around the world, you can see them more and more targeting centralized stablecoins and trying to regulate the space. With terra, UST for example is censorship resistence, TerraForm Labs will soon disolve and community will continue to build decentralize financial primitives on Terra in unstoppable way. I think everyone today should have some sort of exposure to UST if they do hold USDC, USDT, DAI, BUSD or other centralized / semi-centralized stablecoins
Today Anchor protocol is proving to be a real gold standard for savings, we’ve partnered with Anchor team to bring Terra to Ethereum and other blockchains. Today there are over $100B in stablecoins on ethereum and yields offered on them are pretty low and variable / unpredictable
even at 13.5% our rates are stable and highest on ethereum when compared to other CeFi / DeFi protocols or projects
3. Question
As the days and months go by, Orion Money doesn’t stop to build their project to make it more stable,and efficient..What’s next for Orion Money? What changes and developments does Orion Money will do to make, to make their project more efficient, stable,and profitable
Sam I am 🌖 | Orion Money: I’m sharing a quick slide of our roadmap, we’ve been around only since April but we’ve done a lot of progress in those short few months. We’ve set some developement targest for this and next year as unlimited internal pools, expansion to Polygon, BSC, Terra and other blockchains, Orion Yield & Insurance product and Orion Pay. We are also planning to launch our refferal and ambassador programs and focus on business to business integrations after TGE to bring billions of TVL to Orion Money in coming months
4. Question
I read that Orion Saver’s smart contract control is done by Solidified. What was checked in the audits and what importance do you place on smart contract security?
Sam I am 🌖 | Orion Money: We are very cautious about smart contracts security so we decided to complete not just one but three smart contract audits to be very certain our platform is save and users funds are SAFU
you can review all audits reports on our website, we are 100% transparent so all the documentation can be found on our website. We’ve also added couple insurance options that users can purchase by 3rd party providers as InsurAce or Unslashed, covering smart contracts failure and potential UST depeg
5. Question
Do you believe that Terra will reach true mass adoption? If yes, in what ways will Orion Money contribute to make Terra reach true mass adoption?
Sam I am 🌖 | Orion Money: that’s a great question and answer is defenitely yes, I believe that. Terra has been focus on widespread adoption from very beginning when they’ve built Chai payment app when today 5% of Korean population using it everyday and you, Luna holder benefit and share all the fees that Chai generates through people using Chai Card or Chai Pay in the real world.
To expand a bit on Terra tokenomics since they are like no others, with every $100 in UST minted, $100 worth of Luna needs to burn. With every $100 worth of KRT minted, $100 worth of Luna needs to burn. With every $100 in USDC deposited in Orion Money, $100 of UST is minted therefore $100 worth of Luna is burning
Orion Money swaps all the deposited stablecoins to UST and deposits to Anchor. If you believe Terra will reach mass adoption you should be bullish on Luna, I believe Orion Money will be ethereum biggest gateway and will help play a big role in Terra growth and adoption. We are just getting started
Telegram Live AMA Begins:
6. Question
High Transaction fee on ethereum is big Problem for most of the users as well as the Projects,
What Attempts you are doing to solve this issue?
Sam I am 🌖 | Orion Money: great question, we’ve realized some big pain points when onboarding initial $70m in TVL for our community farming and yes you can find Shin Chan logo within 500+ partcipants 🔥🔥
to help ease high ethereum fees we’ve done few things already and implementing some more things in coming weeks
we’ve limited internal pools, removing curve slippage and cross-chain fees, reducing gas fee 5x when making under $20k deposits in USDT or USDC
we are in process of finalizing implementation of unlimited pools for under $1m in deposits that will pretty much do the same thing for all stablecoins offered 🔥🔥
we are also finalizing Polygon L2 integration
that will allow users to deposit to Orion directly on Polygon with very low fees that Polygon currently offers
7. Question
How is Orion Money applying a witness node or deploying/managing a smart contract? Also is your lending and lending platform overly decentralized and pegged to stable coins, what if someone borrows with ETH or Luna and the price drops, that will lead to huge loss and also can be exploited on the other hand, how will you manage these types of vulnerabilities leaving the integrity and trust of the platform without mistake on your part?
Sam I am 🌖 | Orion Money: we are actually not exposing users to any of lending / borrowing mechanics of Anchor Protocol. People who use Anchor protocol on terra are able to deposit POS assets as bLUNA or bETH and borrow against it in overcollaterized way ( max 60% LTV )
if your ratio goes above 60% liquidation oracle will automatically liquidate your luna to repay your loan. In terms of deposits to Anchor Earn, users are not exposed to those liquidation risks.
8. Question
For $ORION holders who intend to Stake !!!!! Can you elaborate on the benefits that will be due? and What is the minimum period of time allowed to stake $ORION and will there be a penalty for early unstaking?
Sam I am 🌖 | Orion Money: we are implementing staking Orion functionality around TGE ( next week ) you will be able to earn pretty nice APY on your Orion tokens when staked and also power up the highest earning rates on your stablecoins when 3 tier APY levels go live. Stakers share Orion Money protocol revenue that comes from all the dApps that we are building, Orion Validator, Orion buybacks ( if user chooses to get paid in Orion tokens ) and many more upcoming streams of revenue.
9. Question
With Orion Pay Have you considered approaching Traditional payment Banks for services related to fiat to Crypto on the Orion platform? Are there any plans you will collaborate with Visa, Mastercard, paypal, Simplex etc for this purpose?
Sam I am 🌖 | Orion Money: we are planning to make integrations with 3rd party debit card issuers that are currently building on Terra. The same for fiat on / off ramps. We are focusing on building our DeFi products and platform and for all highly regulated products we decided to partner with those that already done plenty of work in that space
10. Question
Compound and Aave,two of the pioneering decentralized money market protocols that rewards the depositors with yeild.
How foes Anchor protocol differ from these protocols? And Why did @orion_money opt for Anchor?What problems with Compound and Aave does Anchor intent to solve?
Sam I am 🌖 | Orion Money: very simple answer, check compound / aave rates vs anchor stable high rates. Anchor quickly becoming gold standard for savings / borrowing and lending and we are in perfect position to capitalize on that
11. Question
I saw on your website how Orion Money manages deposited and withdrawn funds within its platform. When a fund is deposited/withdrew, it goes to a 4–5 simple steps that works behind Orion’s user interface and into its protocols. May I know, will this be an automated and one-time process or do we need to comply do these steps each one? Will there be a separated transaction fees on each steps?
Sam I am 🌖 | Orion Money: from users perspective you only take couple clicks actions when making deposit or withdraw. First you login with your metamask / wallet connect at app.orion.money than click approve and deposit next to stablecoin that you choose to deposit and sign transaction with your wallet. Everything else happens on the backend automatically through our smart contracts infrastructure
12. Question
There we have many Cefi/DeFi protocol such as AAVE, NEXO, Coinbase which provides a good APY for stabelcoin. So, why should we choose Orion protocol? What advantages do you have over them?
Sam I am 🌖 | Orion Money: just check our rates compare to others you mentioned, thats a good enough reason to choose Orion over others
13. Question
Is the airdrop still active? How much $LUNA do I need to stake to get the airdrop?
Sam I am 🌖 | Orion Money: you can stake luna with any validator on station.terra.money to receive our genesis airdrops when we come to terra
to get 2nd airdrop and monthly airdrops you stake your luna with Orion Money validator
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