Brief: Fly with Orbiter Finance ๐ธ
A decentralized cross-rollup bridge โ the infrastructure of Layer 2
Credits: Decentraleo
The Ethereum Layer 2 season is upon us. With Optimism launching their token (and airdrop) in June 2022 and Arbitrumโs token soon to be announced, many protocols have emerged on layer 2 chains.
Orbiter Finance is a decentralized cross-rollup Layer 2 bridge with a contract only on the destination side. It is already instantaneous, inexpensive, and facilitates transfer between 13 networks.
These networks include:
zkSync
Polygon
Ethereum
Arbitrum
Arbitrum Nova
Loopring
Optimism
ZKSpace
Immutable X
Metis
Boba
StarkNet
BNB Chain
How to use Orbiter
Select origin chain and destination chain
Select token
Connect wallet
Send and Confirm
Sign the transaction on your wallet
Within a few seconds, the transactions will complete and you may view the transactions on chain! (It might take longer for Ethereum mainnet transactions though)
There is also a minimum and maximum transfer amount.
Full details here: https://docs.orbiter.finance/orbiterfaq-1
Here is the link to the official tutorials on youtube: https://www.youtube.com/channel/UC8oEJxM3_4IAYtEeAzR2bog/videos
Orbiter L2 Data
Orbiter L2 Data is an on-chain data aggregation and data analysis platform specifically for the Ethereum layer 2 ecosystem(Rollup Ecosystem).
Orbiter has designed data products including โRollups Dataโ, โDapp dataโ, and โNew Contractโ. Orbiter has also refined the data metrics and analytics dimensions to provide the data users with more reference value. Based on this, users can further conduct in-depth research on the L2 ecosystem, track L2 hotspots and trends, and explore value targets.
How Orbiter works
There are two roles in Orbiter, the Sender and the Maker. When the Sender initiates a transfer, the Maker provides liquidity for it. The smart contract ensures the security of this process. If the Maker does bad behaviors and the transfer fails, the Sender can initiate an arbitration request to the contract with Makerโs margin and then get the excess compensation.
Orbiter Finance aims to solve the cross-rollup problems instead of the cross-chain issues. The cross-chain projectโs primary goal is to ensure the security of transactions between two unique chains and avoid the 51% attack. But the cross-rollup project uses the same Ethereum data layer with each rollup which can naturally prevent the 51% attack. Based on this, Orbiter comes up with a cross-rollup mechanism that can inherit the security of Ethereum L2.
Orbiter supports the high-frequency cross-rollup transaction in an optimistic way, so it can be cheap and fast enough to fit more cross-rollup user cases in the long term. If you have already tested Orbiter App and viewed the transaction log on the block explorer, you will find youโve sent it to a Makerโs EOA address, not to a contractโs address. Thatโs the remarkable difference between Orbiter and other bridge protocols.
Orbiterโs Fees
There are two parts in the fee, withholding fee and trading fee.
Total fee = withholding fee + trading fee
A withholding fee is to pay Makerโs gas fee when transferring funds to the destination network.
Trading fee, is 0.2% to 0.3% of the transaction amount.
Orbiterโs Security
Security is the most important thing besides being cheap and fast as a bridge protocol. Orbiter eliminates the double-spending risks for senders by implementing the excess margin mechanism. Also, all Makerโ margins will be kept in Orbiterโs MDC contract, so as to ensure the security of makerโs liquidity funds.
For full detailed information: https://orbiter-finance.medium.com/besides-being-cheap-and-fast-how-about-the-security-of-orbiters-cross-rollup-mechanism-52c26c1efd6f
Future for Orbiter
In the future, not only will Orbiter support more networks and tokens, but it will also enable developers to develop cross-environment transfer protocols based on Orbiterโs contract system. Developers can customize the environment, token type, and amount. Any network with open transfer data could use Orbiterโs mechanism to implement cross-chain designs. At the same time, Maker can also offer services in more tokens.
Orbiter Guild
Join the Guild: https://guild.xyz/orbiter-finance
Complete various tasks to obtain roles in Orbiter Finance!
(There may potentially be airdrops to participants based on role ranking.) Tweet:
Final Thoughts
Orbiter Finance doesnโt have an own token yet but could launch an own token in the future. Using the bridge to transfer assets between chains may make you eligible for airdrop if they launch an own token.
If you believe in the Layer 2 ecosystem for Ethereum, Orbiter Finance will be one of the strong protocols facilitating its success.
Orbiter Socials
Twitter: https://twitter.com/Orbiter_Finance
Discord: https://discord.com/invite/orbiter-finance
Reddit: https://www.reddit.com/r/OrbiterFinance/
Youtube: https://bit.ly/3mED0rz
Medium:
https://orbiter-finance.medium.com/