We want to start by acknowledging the recent issues with the $ORB token contract and reiterating our commitment to making things right. As a team, we are very disappointed about this situation and are eager to move past this and rebuild the trust from the community.

Ensuring the security and integrity of Orby network and the $ORB token has been our top priority before reintroducing any changes. Our goal is to reintroduce $ORB stronger than ever with more robust economics, while also providing fair compensation to our impacted community members.

The article below is the longer version of our previously announced X post and expands upon the compensation for affected users:

High-Level Timeline & Important Deadlines:

• “$ORB Reclaim” form to be submitted before June 24th, 6 am UTC (see point 4 below)
• Eligible reclaim users to be confirmed by June 25th, 9 am UTC
• Eligible reclaim users to send the corresponding $CRO by June 26th, 9 am UTC (Wallet to be announced, please monitor our official channels, we will not DM)
• Relaunch of $ORB Token is targeted to be between June 27th/28th on VVS Finance
• Airdrop of $CRO, $ORB, $esORB to follow shortly after token relaunch

Relaunch Plan

1. We will be taking 2 snapshots to capture your change in $ORB exposure over time

• Snapshot #1 (right before $ORB token issue): Jun-15–2024, 3 PM UTC (block number 14419981)
• Snapshot #2: (Orby’s recovery plan announcement): Jun-17–2024, 11 AM UTC; block number: 14447849)

2. $ORB token will be relaunched with a new contract

• The initial Token Generation Event (“TGE”) will be repeated with a new pool launching on VVS for $CRO-$ORB pair with the corresponding liquidity farm.
• The new contract will fully fix the identified issue and will undergo a further security checks and review to prevent another issue
• Token Generation and liquidity seeding will be held between 27/28 June on VVS Finance

3. If you were an $ORB token holder as at Snapshot #1 and continue to have exposure to the token as at Snapshot #2

• You will be airdropped the new $ORB token at a ratio of 1:1
  - For example, if you held 10 ORB throughout without selling, you will receive 10 new ORB tokens
• The airdrop will happen shortly after the new $ORB token relaunch

4. If you were an $ORB token holder as at Snapshot #1 but sold any amount of $ORB after Snapshot #1 but before Snapshot #2

• You can reclaim the sold $ORB amount by swapping it out with the equivalent of your $CRO from your sale proceeds.
  - For example, if you sold 10 $ORB for 10 $CRO on 15 June, and another 10 $ORB for 20 $CRO on 16 June, you can receive 20 new $ORB tokens — provided that you send over a total of 30 $CRO. We will be providing you with the address to send your $CRO
• You will need to send over the exact amount denominated in $CRO in order to be eligible to receive the new ORB token
• If you fall within this bucket, please fill in this form by June 24th, 6 am UTC
  - Please submit 1 form per wallet address
  - Do note that we will be considering your transaction in $CRO terms. Even if you swapped into another token other than $CRO, your transaction value will be denominated in $CRO terms
• Once we confirm the relevant information, we will publish the confirmed list of eligible reclaim users by June 25th, 9 am UTC, and announce the next steps

5. If you were a holder of VVS’ $ORB-$CRO LP at Snapshot #1, you will be refunded in the following manners:

• You will receive a full $CRO refund sent directly to your wallet at the LP valuation during Snapshot #1 minus any CRO proceeds from breaking the LP before Snapshot #2
• The $ORB equivalent will follow points 3 and 4 (mentioned above), where users will either receive a 1:1 airdrop or a chance to obtain back their sold $ORB amount for the $CRO sale proceedings

6. If you were eligible for Season 1’s Airdrop Campaign, your rewards will be reinstated with the state at the time of Snapshot #1

• Those who have yet to claim the first tranche of Season 1 rewards will be able to claim their rewarded amount denominated in the new $ORB token
• Users who have already claimed tranche 1 will be able to claim the remaining tranches when it unlocks, also denominated in the new $ORB token
• The unlock dates for claiming the remaining Season 1 tranches will remain unchanged
• The following seasons of the Airdrop Campaign will continue as planned

7. If you were a staker of esORB and ORB in our Vaults, your position will be reinstated with the state at the time of Snapshot #1

• Users who staked their $esORB and/or $ORB into the vaults will be airdropped their staked amount plus any unclaimed $esORB incentives

We understand that not every edge case may be covered, but we believe this plan offers the best path forward to rebuild trust and momentum within our community. We are committed to transparency and welcome any feedback you may have.

If you have any questions or believe that you may not have been covered in the cases mentioned above, please reach out to our CMs on Discord and/or submit a ticket.

FAQ

1. Is there any impact on the $USC, $cdcETH, and the mechanism of Orby Protocol?

• No. The $USC token, $cdcETH token, and the main mechanism of Orby Protocol (e.g. minting, redeeming, shuttles, etc) are unaffected and working as per normal.

2. Is there any impact to esORB?

• The esORB contract was not impacted, and we do not need to deploy a new contract for it.

3. Is there any impact on the Stability Pool?

• The Stability Pool is unaffected. Your USC deposits in the Stability Pool, as well as the continued accumulation of esORB incentives, are both safe and working as normal.

4. What happened to my esORB staked in the Vault?

Given that we will be deploying a new Vault contract, all esORB deposited in the current vault will be deprecated. However, you will be airdropped the equivalent amount of esORB staked

5. My situation does not fall within the points mentioned above. Can I be compensated?

• Please submit a ticket in our Discord if you do not fall within any of the situations above, and the team will review on a case by case basis

6. When will all the above-mentioned ORB compensation airdrops happen?

• Compensation, in the form of airdrops, to the above-mentioned affected users will happen shortly after the token relaunch

7. I missed the deadline for this “$ORB Reclaim” form. Can I still apply?

• We aim to compensate affected users as soon as possible. As a result, no extensions will be entertained. Please ensure you fill up the application with the necessary information by the deadline

We are delighted to announce the next major milestone for Orby — the listing of the $ORB token!

Orby Network was launched in February 2024, and since then has accumulated over $83 million (21k cdcETH) in Total Value Locked (TVL), with 23 million worth of $USC in circulation. Our vision for the next phase of growth is to drive further adoption of $USC by adding more accepted collateral and driving more partnerships. Another area of focus is creating more utility for our $ORB and $esORB token holders.

$ORB Tokenomics & Token Generation Event (TGE)

$ORB is the native token of Orby Network. It can be obtained either via purchase on a DEX (VVS), through our seasonal airdrop campaign or by converting your $esORB to $ORB.

• Ticker: $ORB
• Total Supply: 1,000,000,000
• TGE: 12 June 2024
• Listing partner: VVS Finance

*Do note that there will not be a IGO on VVS

Tokenomics Breakdown

Airdrop Campaign— 50,000,000 $ORB [5%]

• To be allocated across multiple seasons
• Given only to eligible participants of the Orby Airdrop Campaign

Community Incentives — 450,000,000 $ORB [20%]

• For community members to incentivise liquidity provision and staking on Orby (e.g. Stability Pool, Vault, Stability Fuel)

Team — 100,000,000 $ORB [10%]

• To incentivise Orby’s current & future team members

Marketing & Partnerships — 200,000,000 $ORB [20%]

• For future marketing and community initiatives

Ecosystem Reserve — 200,000,000 $ORB [20%]

• For network security and maintenance requirements

Liquidity Management— 250,000,000 $ORB [25%]

• To incentivise and deepen liquidity for $ORB and/or $USC on DEXes or other external protocols

End of Season 1 Airdrop Campaign

Season 1 of the Orby Airdrop Campaign will conclude with a snapshot on 7 June. Users will then be able to claim their $ORB rewards on 12 June. Instructions on how to claim your rewards will be shared on the day of the airdrop.

Snapshot date & time: 7 June, 8am UTC

Airdrop claims start date & time: 12 June 2024, 8am UTC

Eligibility: any participant who earned the minimum number of points required before the snapshot

$ORB allocation to Season 1: 1%

Claiming of Season 1 $ORB rewards will be staggered across several months. This means that you will only be able to claim part of your allocated amount within the first month. After 1 month, we will unlock more of your token allocation for claiming. Each claiming window last for 1 month.

Do ensure that you claim your rewards within the 1 month claiming window. Any unclaimed rewards will be forfeited and sent to our treasury to be distributed in future seasons.

For more details on Season 1, check out our previous article: https://orbynetwork.medium.com/orby-airdrop-campaign-is-here-b45d515b30a4

$ORB utility: staking

Similar to $esORB, $ORB holders can stake their tokens in the Vault to unlock protocol revenue, $esORB emissions and Stability Fuel. $ORB stakers will receive the same amount of Vault rewards as $esORB stakers.

To recap, Stability fuel is a multiplier that is applied to the Stability Pool. If you have deposited $USC in the Stability Pool and are already earning $esORB emissions, you will get a further boost on these emissions with Stability Fuel.

For more information, you can refer back to our previous article on $ORB and $esORB: https://orbynetwork.medium.com/introducing-orbys-protocol-tokens-orb-and-esorb-c7108a064eb4

ORBY NETWORK PROTOCOL, OUR SERVICES AND THE USC TOKEN ARE NOT OFFERED TO PERSONS OR ENTITIES WHO RESIDE IN, ARE CITIZENS OF, ARE INCORPORATED IN, OR HAVE A REGISTERED OFFICE IN THE UNITED STATES OF AMERICA OR ANY RESTRICTED TERRITORY, AS DEFINED BELOW (ANY SUCH PERSON OR ENTITY FROM THE UNITED STATES OF AMERICAN OR A RESTRICTED TERRITORY, A “RESTRICTED PERSON”). WE DO NOT MAKE EXCEPTIONS; THEREFORE, IF YOU ARE A RESTRICTED PERSON, THEN DO NOT ATTEMPT TO USE OR USE THE INTERFACE. USE OF A VIRTUAL PRIVATE NETWORK (“VPN”) TO CIRCUMVENT THE RESTRICTIONS SET FORTH HEREIN IS PROHIBITED. BY ACCESSING, USING THE SITE OR INTERFACE, OR PARTICIPATING IN THE AIRDROP YOU ACCEPT AND AGREE TO BE BOUND BY AND TO COMPLY WITH THESE TERMS. PLEASE DO NOT ACCESS, USE THE SITE OR INTERFACE, OR PARTICIPATE IN THE AIRDROP IF YOU DO NOT AGREE WITH ANY OF THESE TERMS.

GM Orbies!

We’ve got some exciting news to share with you today. Get ready to experience the magic of Orby’s Airdrop Campaign! 🚀✨

We’re thrilled to announce that the Orby Airdrop Campaign will be held across multiple seasons. And guess what? As a token of our appreciation for your support, you’ll receive soon-to-be-released $ORB as a reward!

For a chance to grab an airdrop, you’ll need to earn points. These points are a reflection of your invaluable contribution to the growth and success of the Orby Network. The more points you earn, the greater your chances of scoring an airdrop! So, how do you earn those points, you ask?

Let’s dive in and find out!

How to earn points?

There are plenty of actions you can take to rack up those points. First, within the Orby Network, you can open a shuttle to borrow $USC, deposit $USC in the stability pool, or even deposit $esORB into the Vault (coming soon).

We will also be giving out a collection of soulbound NFTs which will represent a certain number of points each. Currently, we have already released 2 NFTs, the OG Voyager Pass and the Explorer Pass, to celebrate our early supporters.

But wait, there’s more! We’ve teamed up with some incredible ecosystem partners to make this journey even more exhilarating. You can also earn points by providing liquidity on VVS, Ferro, or Single Finance. This list is not exhaustive and we will potentially be adding to it as we onboard more partners. So keep your eyes peeled for any updates!

We’re currently working on a way for you to track your points on our website. But for now, keep completing those actions we mentioned earlier to maximize your chances of earning an airdrop. The more points you rack up, the greater your shot at getting your hands on those sweet rewards!

Introducing Season 1

Season 1 of the Orby Airdrop Campaign is already in full swing with the introduction of 2 soulbound NFTs. We have also started recording user actions on both Orby and our partner protocols. For the next few months, you have the opportunity to earn those coveted points by completing the actions mentioned above. So, don’t waste a second — join us for Season 1 and let the fun begin! 🎉🌟

How can I qualify for the airdrop?

The launch of $ORB will take place after season 1’s snapshot. This snapshot will be instrumental in determining your final $ORB allocation. The date of the snapshot will be disclosed at a later date.

We’ve also got a surprise up our sleeves for our earliest supporters. We have something special in store for you, and it will be factored into the final points calculation.

Now, it’s essential to note that completing the actions we mentioned earlier doesn’t guarantee you an airdrop allocation. There’s a minimum number of points you need to accumulate by the end of the snapshot to qualify. And remember, the amount of rewards you earn will depend on the points you’ve earned relative to other users.

Get ready to embark on a thrilling adventure with Orby Network’s Airdrop Campaign. The journey promises excitement, rewards, and surprises beyond your wildest dreams. So, buckle up, crypto enthusiasts, and let’s soar to new heights together. We’ll see you at the finish line! Happy earning! 🌟💰

For more information, check out our gitbook: https://doc.orby.network/overview/airdrop-campaign

Discord | Twitter | Medium | Gitbook

$ORB and $esORB are the twin stars of our mission, shining bright with potential.

Orby network is a crypto lending protocol that offers interest-free borrowing of $USC, Orby’s native stablecoin. Orby’s ecosystem will be driven by 2 tokens, namely $ORB and $esORB.

What is $ORB?

$ORB is the protocol’s native token and will be a tradable token on DEXs and CEXs.

To unlock further utility for the token, you can deposit it in the Vault🔐.

What is $esORB?

$esORB is the time-locked version of $ORB and is a non-tradable or transferable.

$esORB:

1. Can be deposited into the Vault to unlock rewards similar to $ORB depositors
2. Can be converted to $ORB (following a 90-day conversion period)
3. Is pegged 1:1 with the price of $ORB

The Vault🔐?

Holders that deposit $esORB and/or $ORB into the Vault both enjoy the same rate rewards, including:

1. More $esORB
2. Share of protocol revenue
3. Stability fuel — a further boost of $esORB rewards for users who are Stability Pool depositors

Any $esORB and/or $ORB withdrawn from the Vault has to undergo a 90-day cooldown period before it can be claimed to a user’s wallet.

During this cool down period:

1. $esORB and $ORB will not earn any rewards
2. Tokens are only available to be claimed to a user’s wallet after the end of 90 days
3. All $esORB will be converted to $ORB at the end of the period
4. Cooldown period is not reversible — any tokens currently in cool down cannot be moved back into the Vault
5. Users can cool-down tokens anytime. Any tokens newly added for cooldown will have their own 90 day countdown

What is Stability Fuel?

Stability Fuel is a feature that allows users to deposit $esORB or $ORB in the Vault to boost the APR of Stability Pool. Stability Pool depositors who deposit their $esORB or $ORB in the Vault will be able to earn a higher share of the $esORB emission and $USC revenue sharing of Stability Pool.

Higher amount of $esORB and $ORB deposited in the Vault will give you a higher boost multiplier. The boost multiplier will be used to multiply the value of staked $USC, such that you can earn a higher share of emission with the same amount of $USC staked.

For instance, Alice has deposited $1,000 USC and Bob has deposited $500 USC in the Stability Pool. Assuming Alice and Bob are the only 2 depositors in the Stability Pool (and have not deposited $esORB in the Stability Pool), Alice will get 67% of the reward allocation, and Bob will get 33%.

With the Stability Fuel feature, Bob also staked $esORB in Vault, which gives him 2x Boost Multiplier. As a result, Bob’s staked $USC will be multiplied by 2, making it worth $1,000 USC. In this case, Alice and Bob’s Stability Pool reward share will both be 50%.

The total Stability Fuel multiplier will be up to 2x.

Rewarding early supporters

We will be launching a rewards point system to acknowledge the contributions of early Orby participants, such as individuals who mint $USC and deposit into the SP. 😉

Till the next update, Orby!🛰️

Discord | Twitter | Telegram |

GM Orbies!
This is Captain Orby at the helm. 🚀🎙️

Welcome to our in-depth exploration series, as we dive into the heart of Orby — exploring key features, understanding their purpose, and breaking down what it all means for you as a user.

For those cosmic adventurers who are just joining our ranks, or if you’ve drifted a bit off course, you can find our foundational articles here:

• Introduction to Orby Network
• Navigating Stability: How Orby’s USC Maintains Its Dollar Peg
• The Pulse of Orby: Streamlining Liquidations for Efficiency and Inclusivity

Monitoring overall protocol risk

Risk monitoring is a critical component within Orby. A key prevention mechanism that we have employed is the concept of “Recovery Mode”, which is explained in more detail below.

Recovery Mode

Recovery Mode activates when the Total Collateral Ratio (TCR) of a specific collateral falls below a certain level. TCR is defined as the total dollar value of a collateral divided by the total dollar value of the corresponding debt.

During Recovery Mode, the liquidation threshold is temporarily raised up to the TCR level for the affected collateral, which helps to avoid a scenario of insufficient collateralisation on Orby. Moreover, the system blocks any transactions that would lower the TCR any further. For example, an existing user will only be allowed to submit an action if it improves his overall collateral ratio. In addition, a new user will only be able to mint new USC as long as his collateral ratio is above the TCR.

The objective of Recovery Mode is to encourage behaviours that will eventually raise the TCR back above a specified healthy level for that collateral type.

What does it mean for you?

Recovery Mode is designed to incentivize borrowers to behave in ways that raise the TCR. In addition to blocking actions that would lower the TCR, minting fees for borrowing new USC drop to 0% — this helps to encourage more healthy levels of borrowing on the protocol.

A key risk to users is the possibility of getting liquidated when Recovery Mode kicks in. In order to keep your position safe in Recovery Mode, users are encouraged to maintain their collateral ratio above the TCR, which is currently at 150%. This can be done by adding more collateral, repaying debt, or both.

So, Orbies, there you have it — the mechanics, the tricks, and what it all means for you. Be sure to follow us on our socials to keep updated on any latest developments! 🚀

Captain Orby out🎙️

X | Medium

GM Orbies!
This is Captain Orby at the helm. 🚀🎙️

Welcome to our in-depth exploration series, as we dive into the heart of Orby — exploring key features, understanding their purpose, and breaking down what it all means for you as a user.

For those cosmic adventurers who are just joining our ranks, or if you’ve drifted a bit off course, you can find our foundational articles here:

• Introduction to Orby Network
• Navigating Stability: How Orby’s USC Maintains Its Dollar Peg

Making liquidations more efficient

The Stability Pool (SP) is a relatively unique approach to liquidations. In contrast to its counterparts, Orby relies on the Stability Pool as the primary funding source for liquidations. Users are incentivised to contribute USC upfront, creating a pool specifically reserved for liquidations. When a loan falls below the liquidation threshold, this pooled USC is then swiftly deployed to settle outstanding debts. Simultaneously, collateral from the liquidated user is transferred to the Stability Pool as payment to liquidity providers.

Conversely, other protocols that also rely on third-party liquidators require these parties to supply their own capital to pay off any outstanding debt. This not only creates barriers to entry for smaller retail users, but could also lead to more bad debt if the outstanding debt positions are not profitable enough (after transaction fees) to incentivise external players to pay them off. Such a scenario could potentially occur during periods of high gas fees or for smaller debt positions.

On Orby, the capital needed for liquidations is provided by users, not just third-party liquidators, leading to a unique profit distribution model. Instead of profits solely benefiting the liquidator, they are shared among all liquidity providers, thereby democratizing the liquidation process for wider participation.

What does it mean for you?

The SP is a mechanism that not only ensures the efficiency of liquidations but also empowers a broader user base to actively participate in and benefit from the process.

Ultimately, the Stability Pool allows ordinary users like yourself to profit off liquidations on Orby. On top of this and in order to bootstrap liquidity, we will also be further incentivising depositors to the SP in the following ways:

1. A share of protocol revenue
2. esORB incentives

it’s clear that the Orby Network’s Stability Pool (SP) represents a paradigm shift in the realm of liquidation protocols. By democratizing the process and incentivizing user participation, Orby aligns with the true spirit of decentralization — where every member not only contributes to the health of the network but also shares in its success.

Stay with us as we continue our odyssey through the Orby Network.

Captain Orby out🎙️

X | Medium

GM Orbies!
Captain Orby here🎙️

Welcome to our in-depth exploration series, as we dive into the heart of Orby — exploring key features, understanding their purpose, and breaking down what it all means for you as a user.

If you missed our intro article, no worries — catch up with the link right here.

We kick things off by unraveling the mechanisms that keep USC soft-pegged to the dollar.

Mechanisms to maintain USC’s dollar peg

USC is a decentralised, overcollateralised stablecoin that is native to Orby Network. In order to maintain USC’s peg to the dollar, Orby employs a combination of tools which work to manage and influence total USC supply, interest rates, and overall user activity. Let’s break it down!

Market operations

When any USC transaction occurs on Orby — be it minting, repayment, or redemption — it settles at the parity value of USD 1. This acts as a stabilizing force during market fluctuations, guiding USC back to the USD 1 benchmark. For instance, when USC exceeds USD 1, users are incentivized to mint and sell it on the open market, thereby injecting liquidity and increasing the USC supply. Conversely, if USC trades below USD 1, a reverse pattern is anticipated. Over time, these market operations naturally realign the peg to 1:1, reinforcing the credibility of the soft peg.

Floating Base rate

The base rate determines the amount of fees a user pays for minting and redemptions. This rate increases with more redemption demand, but gradually decreases with a decline in fee events (defined as new issuance of USC or collateral redemptions).

The variability of transaction fees on Orby acts as a soft peg mechanism by encouraging or discouraging the borrowing of USC. For example, a lower base rate generally encourages borrowing, stimulating USC supply, while a higher base rate can have a dampening effect, effectively curbing the supply of new loans.

Redemptions

The redemption mechanism plays a pivotal role in maintaining price stability. To recap, redemptions allow users to always redeem 1 USC for USD 1 worth of underlying collateral. When a user exercises this function, he effectively repays another user’s USC debt and receives their underlying collateral in return. The riskiest shuttles on Orby will always be redeemed against first.

When USC falls below USD 1, users are incentivised to take advantage of the arbitrage opportunity. This redemption process hence helps reinforce a hard peg for USC, especially when it’s worth less than USD 1.

What does it mean for users?

Orby’s appeal to borrowers stems from its unique loan structure. A one-time minting fee (capped at 5%) and refundable 20 USC deposit make USC borrowing cost-effective, particularly for long-term borrowers.

Additionally, users can borrow, repay, or redeem USC for USD 1 at any time, presenting arbitrage opportunities during downward deviations from the peg.

However, users should be cognizant of the risk of redemptions against their own debt positions. To mitigate this risk, we advise all users to maintain a higher and healthy collateral ratio.

As we continue this journey together, our next installment will delve into the robust liquidation strategies that set Orby apart. We’ll examine the Stability Pool’s innovative approach to liquidations and how it not only maintains the system’s health but also opens up new opportunities for users to participate in and benefit from the network’s growth.

Stay tuned and follow us to get the latest update🚀

Captain Orby out🎙️

X | Medium

What is Orby Network?

Orby network is a crypto lending protocol that offers interest-free borrowing of USC, Orby’s native stablecoin. USC is a decentralised, overcollateralised stablecoin soft-pegged to the US dollar and is designed to function as a store of value, a unit of exchange, and a unit of account.

Borrowing USC enables users to access liquidity via a stablecoin on their holdings — allowing users to hold on to their assets as they potentially appreciate in value, while being able to utilise USC to participate in other ecosystem activities.

With Orby, you will be able to:

1. Deposit multiple types of collateral to borrow USC
2. Borrow USC interest-free
3. Secure Orby and earn liquidator fees by providing USC to the Stability Pool
4. Arbitrage by redeeming 1 USC for USD1 worth of collateral when USC falls below USD 1
5. Deposit the protocol token in our Vault and for a share of revenue and other rewards

How does Orby work?

USC is created when users deposit accepted collateral in a “shuttle” (similar to a collateral debt position) and receive a loan against said collateral. Every user needs to maintain a minimum collateral ratio within his shuttle. For example, if the minimum collateral ratio of cdcETH is 135%, that means for every USD100 of cdcETH used as collateral, a borrower can borrow a maximum 74.7 USC. A user with debt exposure more than that will be liquidated.

A key differentiating factor for Orby is that, unlike other lending protocols, users don’t incur on-going interest rates for borrowing $USC. Instead, users incur 2 types of fees upfront: a minting fee, and liquidation reserve.

The diagram above illustrates how the 2 types of fees are derived: based on the assumptions in the example, a user opens a “shuttle” by depositing 1000 cdcETH tokens to borrow out 600 USC tokens. The total debt incurred by the user will be 632 USC tokens — 600 USC to be sent to the user’s wallet, 12 USC for minting fees, and 20 USC set aside as the liquidation reserve. However, when the user chooses to fully unwind his position, the debt to be paid will equal to 612 USC ; this is because the liquidation reserve is considered a deposit and will not be included in the final debt repayment.

Backed by a robust liquidation mechanism

Orby’s Stability Pool (SP) acts as an internal and immediate source of liquidity for liquidation events, and is a relatively unique mechanism versus other lending peers. In the event of a liquidation, any outstanding debt will be offset by a corresponding amount of USC from the Stability Pool. The shuttle’s debt will be fully repaid and the collateral distributed among Stability Pool depositors.

The SP mechanism ensures that Orby can instantly cover outstanding debt in an efficient manner, while allowing community members to acquire liquidated collateral at a discount. We will explain this process in greater detail in our upcoming blog posts.

Maintaining USC’s peg

In order to influence USC’s peg stability in a more direct manner, Orby will have mechanisms in place to bring the price of USC back to peg — with one of them being our Redemption Mechanism.

Similar to fiat-back stablecoins such as USDC and USDT, USC is always redeemable 1:1 for its underlying collateral. That means, at any one time, a user can redeem 1 USC for USD 1 worth of collateral. This Redemption Mechanism works to enforce a hard peg for the value of USC when it falls below US$1.

Does Orby have a token?

Orby’s ecosystem will be driven by 2 tokens, namely $ORB and $esORB. $ORB is the protocol’s native token and will be a tradable token on DEXs and CEXs. $esORB is the time-locked version of $ORB and is a non-tradable or transferable.

Users will be able to enjoy rewards paid out in $esORB when they deposit their USC in the Stability Pool. $esORB can then be converted into $ORB, subject to a 90-day conversion period.

We will be having a $ORB TGE in the near future, along with some surprises for our early supporters. Over the next few weeks, we will be sharing more about Orby Network with you. We can’t wait to join the $CROFAM, but in the meantime, follow our social to get the latest updates!

X | Medium