After listing its native token on Binance last week, Orion Protocol (ORN) is in the spotlight yet again, this time for integration with Chainlink to “to achieve full collateralization of Orion’s Decentralized Brokerage.”
Announcing this “exclusive integration” with Chainlink today on Twitter, Orion Protocol tweeted,
We're pleased to announce an exclusive integration with @Chainlink to achieve full collateralization of our Decentralized Brokerage.
+ On Main Net launch, Orion will provide Chainlink with trading data to bolster their price oracle.$ORN x $LINK
?? https://t.co/KBDoHOcGqh pic.twitter.com/s980s86W9G
— Orion Protocol (@orion_protocol) October 7, 2020
Andrew Kirk, Community Director at Orion Protocol, told CoinGape,
“With Orion Terminal’s Main Net just around the corner, we’re focused on ensuring our decentralized brokerage at its core is running as efficiently as possible. Part of this involves giving brokers temporary no-cost loans for a clearing period until they can withdraw the funds from exchanges.”
“We’re always looking to ensure our integrations are mutually beneficial,” he added.
It will provide price collateral for a wide variety of crypto loans, including ORN, ETH, BTC, LINK, and BNB pairs.
Integrating All Price Oracles Available
Chainlink’s liquidity aggregator, on which the B2B and B2C solutions are built, will boost its price oracle services by making Orion’s trading data available to other DeFi dApps on the Chainlink Network. The announcement added,
“This integration will see all of Chainlink’s oracles serve as a reference price for issuing loans and triggering on-chain liquidations in Orion’s Decentralized Brokerage, by ensuring that all broker services are fully collateralized by ORN
– Orion Protocol will be using and supporting an upcoming Chainlink-powered ORN/ETH price oracle, as well as integrating all price oracles available”
Chainlink will also enhance its price oracles with accurate and reliable data from all CEX, DEX, and swap pools in the market. A reliable price feed is important to keep the entire platform secured as ORN is the center of all Orion Protocol features.
Additionally, these decentralized price feeds will bring in trustless settlement to the Orion Protocol. Upon their main net launch, Orion will provide Chainlink with the trading data to bolster their price oracle.
The integration will “combine the liquidity of CeFi with the permissionlessness and trustlessness guarantees of DeFi,” said Dan Kochis, Director of Business Development, Chainlink.
Integration boosts ORN
Within minutes of the announcement, the price of ORN saw a whopping rise of 12%, with a 24-hour trading volume of $4,439,904.
However, it didn’t hold steady ground, with ORN seeing a temporary drop, taking the price to $1.92 from $1.96. According to CoinGecko data, at the time of writing, ORN was trading at $1.99, with a 1-hour increase of 8.9% and a 24-hour rise of 11.9%.
