ORBS Token Holders Can Now Stake & Swap On SpookySwap
SpookySwap DeFi users have got a new token to play with following the arrival of ORBS liquidity pools. ORBS is the native utility token of Orbs Protocol, which aims to simplify blockchain infrastructure for businesses.
SpookySwap DeFi users have got a new token to play with following the arrival of ORBS liquidity pools. ORBS is the native utility token of Orbs Protocol, which aims to simplify blockchain infrastructure for businesses.
With the arrival of ORBS on SpookySwap, users can now swap the tokens or stake them in one of two liquidity pools – ORBS-USDC and ORBS-FTM – and earn fees for doing so. It’s proving popular already, with the first pool already growing to more than $110,000 in liquidity and the latter currently at $25,000.
The event marks the Orbs Protocol’s expansion onto the Fantom blockchain that powers SpookySwap. Orbs announced its plans to expand into Fantom last month and has wasted little time in doing so.
As the leading DEX on Fantom, SpookySwap is the obvious choice for Orbs. The platform boasts close to $1 billion in total value locked and offers some unique capabilities for traders around yield farming and limited orders, which are unavailable on other DeFi platforms.
To start trading ORBS on SpookySwap, users will need to download a wallet that’s compatible with Fantom. Orbs recommends using MetaMask with the Multichain Cross-Chain bridge. Users can follow these instructions to set up MetaMask for Fantom. They should also fund their wallets with Fantom’s FTM token to pay for transaction fees.
Orbs is also available on Ethereum, Binance Chain, Solana, Polygon, Harmony and Avalanche. It’s a virtual chain infrastructure powered by a Proof of Stake consensus mechanism that aims to provide a foundation for businesses that want to build cost-effective and secure decentralized apps and smart contracts on the blockchain. With Orbs, developers can access an isolated virtual chain that maximizes throughput with minimal latency and low fees. One of Orbs’ key capabilities is that it’s not impacted by congestion on any single blockchain, providing a compelling alternative to Ethereum, for example.
Fantom is one of the top blockchains with regards to DeFi. As a Layer-1 network, it’s home to more than 100 decentralized applications and boasts close to $6.5 billion in total value locked. With that, it ranks 6th overall in the list of DeFi blockchains. Orbs joins other popular DeFi apps such as SushiSwap, Curve and Yearn Finance, which have all integrated with Fantom to take part in its rapid growth.
Orbs said in a blog post that the arrival of ORBS on SpookySwap marks the beginning of a much wider expansion into the Fantom ecosystem. It’s remaining tight-lipped about what might happen next, but fans of the network will be glad to hear that it will announce more news around Fantom in the coming weeks.
