Orion Protocol launches decentralized p2p atomic swap bridge

Rick Steves

The fragmentation within the digital asset ecosystem limits mainstream adoption, which can only be obtained through a state of full interoperability, achieved with a chain-agnostic meta-aggregator, that sits across the entire market.

Orion Protocol has launched a ‘truly decentralized’ peer-to-peer atomic swap bridge, the first to be integrated into a trading platform, according to the the provider of decentralized gateways to the digital asset market.

Orion Bridge enables cross-chain, cross-exchange liquidity aggregation on Orion Terminal, and almost zero fee trading of ERC20 assets as the space enters the race toward interoperability.

Cross-chain bridges are gaining popularity but most are vulnerable

Timothea Horwell, CMO of Orion Protocol, said: “As Orion Bridge grows to include more assets and chains, and as other bridges sadly continue to succumb to exploitation, Orion Protocol plans to become the leading cross-chain bridge in the market, finally removing the boundaries between blockchains. Our goal is to enable users to trade any asset across any chain – without limits, delays, refused orders, blocked funds, or exploits.”

Increasingly different asset types, built on different blockchains, held across different exchanges are resulting in incredibly siloed pools of liquidity, without any infrastructure to bridge them together.

The fragmentation within the digital asset ecosystem limits mainstream adoption, which can only be obtained through a state of full interoperability, achieved with a chain-agnostic meta-aggregator, that sits across the entire market.

Cross-chain bridges are increasing in popularity, volume and TVL, but many succumb to hacks and exploitation. Qubit and Multichain, for example, were both exploited in the last fortnight alone: $80 million and $4 million respectively.

Orion Protocol argues that both exploits ultimately come down to one thing: the need for wrapping and minting of assets.

Orion Bridge was thus launched as the first truly decentralized cross-chain bridge powered by peer-to-peer atomic swaps.

It is designed to enable users to trade native Layer 1 assets across different blockchains without limits, delays, refused orders, blocked funds, or exploits.

Atomic swaps are implemented in very few projects but they allow Orion to offer immediate exchange of two native assets on different blockchains, without wrapping or minting assets.

“The operation is called atomic because it implies that the whole procedure cannot stop halfway – the exchange either occurs completely and both parties receive their exchanged assets, or it does not occur at all and both parties retain ownership of their existing assets. As such, neither party can exploit any stage of the transaction, and thus Orion Bridge cannot be exploited in the same way as the likes of leading bridges”, the firm explained.

As to decentralization, most bridges are dependent on layers of validators and therefore susceptible to 51% attacks. Orion Protocol states that it enables individual parties to exchange assets without the involvement of a central authority. There is no central server or host, making Orion Bridge highly resistant to attacks.

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