AMA Recap — Orion.Money
The session of AMA ( Ask Me Anything ) with Orion was conducted on 24th September 2021 at 6:30 PM IST (1 PM UTC) and lasted for 1:15 hours.
ADMIN ROUND
I welcome both of you on behalf of Crypto players India team, hope you will enjoy today’s AMA session.
Very excited to have you with us.😊
Jonty|Host
Please tell us about yourself and the team working on Orion?
Sam I am| Orion Money
Sure, I’m one of the 3 co-founders of Orion Money. A little background on myself, I started my journey with crypto back in 2014, the time when I first came across bitcoin while doing deep dive into monetary policies, gold investing. Over the last 7 years, I invested in different projects and kept a close eye on the entire industry and how it evolved. I experienced most of the crypto bull and bear runs and saw how in recent years stablecoins market started to grow and how more and more investors started to diversify their portfolio into stablecoins. I came across Terra back in 2019 and if you don’t know anything about Terra just shortly it’s the only decentralized Algo stablecoins blockchain with Luna being the only asset that captures value the growth of stablecoins market. I realized that Terra has something that no other blockchain has. Back then there was no community for Terra, there was just one discord channel so I decided to join the core community and help grow it from day one. Today I’m proud to say we have one of the largest and most passionate communities in the space. I invested and was part of every project that launched on Terra from day 1 and came across Orion Money when Vol and Kos (the other 2 co-founders ) submitted this basic but pretty profound idea to the hackathon, to bring anchor protocol high stable yields to other blockchains, starting from ethereum and enable easy spending of stablecoins in the real world. I immediately joined the team in the first week of the hackathon, we ended up winning the hackathon and we went full speed on developments. We’ve launched our first initial MVP version of the Orion Saver app. Orion. money during the hackathon, little feedback on other two co-founders, they’ve co-founded e-commerce analytics business in the real world and grew it from 3 founders to 300+ employees out of which 75+ were hardcore developers and engineers. Their customers were Amazon, Walmart, Coca-Cola + 150+ large worldwide brands, they sold the company last year to a private equity firm and took some break, looked what else to do in their life long term ( 10+ years ) and found Terra and that’s where our roads crossed paths.
Jonty|Host
What Orion project is about? Give a detailed introduction.
Sam I am| Orion Money
Orion Money’s vision is to become a cross-chain stablecoin bank providing seamless and frictionless stablecoin saving, lending, and spending. Within the Orion Money stablecoin bank, we have three main products planned — Orion Saver, Orion Yield and Insurance, and Orion Pay. As mentioned before Orion Saver is already live for few months. We’ve got close to $75m in stablecoins deposits. You can simply go to app.Orion.money login with Metamask / Wallet Connect and deposit stablecoins as USDT, USDC, DAI, FRAX, BUSD, wUST to earn the highest stable APYs on ethereum.
our detailed roadmap shows some of our progress and future plans for Orion Money protocol, we’ve been moving very fast.
our innovative community farming approach helped us raise $70m in initial TVL and turned our private sale investors as community members, influencers, value-added investors into first users of Orion Money.
Jonty|Host
Are you also planning to add more stable coins to your platform?
Sam I am| Orion Money
we currently have most of the largest mcap stablecoins available for deposits. We are also open and in active discussions with other protocols that offer stablecoins so will def add more with time.
Jonty|Host
Share the benefits of ORION token staking and the staking APY?
Sam I am| Orion Money
We are planning to launch Orion staking and add incentivized LP for Orion-USDC / ETH next week. Orion staking allows you to benefit from all the revenue streams that Orion Money is creating, starting from our validator that currently is number 1 in terms of total staked Luna on Terra ( close to $1b in deposits ) we just introduced a commission of 5% and all net revenue collected from validator will be shared with Orion stakers through Orion Staking Fund.
that’s just one of many revenue streams that we’ve built, another big one will be our multi-tier earning levels that will go live end of next month. Users that hold a certain % of the portfolio in Orion tokens will be eligible for up to 20% APY rates on their stablecoins. For those that choose to earn interest in Orion tokens that APY levels will go up to 25%.
here is a little breakdown of the rates based on a percentage of portfolio allocation to Orion token. all the token buybacks through those revenue streams will create natural buying pressure on the token that will continue to increase with the raise of TVL on the platform. We also have plans for Orion Yield and Insurance products that will also open new streams of revenue that will be passed to Orion stakers.
Jonty|Host
Tell us about ORION’s first product Orion Saver and next product Orion Yeild and insurance. How it works?
Sam I am| Orion Money
let me share to this little screenshot of our Saver rates comparison.
also little alpha, those rates are about to go up to 15% to align them with our targeted 3 tier APY levels ( Earth | Station | Moon ). Orion Yield products will offer even higher stable APYs on stablecoins through partnerships with upcoming money markets protocols on Terra as Mars Protocol, Nexus Protocol and others. We will also add our own native insurance backed by Orion Staking Fund where users with higher risk appetite will be able to get additional coverage. currently, we’ve added a couple 3rd party insurance options that cover smart contract failure and risks of UST depeg.
TWITTER ROUND
Orion Money’s vision is to be a cross-chain stable coin bank. What’re the steps you will take from now on for this goal to be fulfilled? Which chains will initially be interoperable with #OrionMoney?How will you become the best place in DeFi to save, lend & spend in stable coins?
Sam I am| Orion Money
We’ve started with Ethereum because that's the biggest untapped market for stablecoins atm, over $100b in stablecoins are located on Ethereum. We are also quickly expanding and will offer support for Polygon in the coming weeks. We are in active discussions with the wormhole team, we see the possibility of quickly expanding to Solana through a wormhole and other L1 L2 with times. The overall vision is to become the de facto largest cross-chain stablecoin bank.
Liquidity issue is the major — problem compared to centralized ones. How does ORION can solve the liquidity problem and create liquidity for DEXes which is different from CEXes? Are all assets on ORION insured and SAFU?
Sam I am| Orion Money
We are just launching our token on September 30th. We are going live on GATE.IO first and then will add liquidity to uniswap and pancakeswap. We’ve worked really hard in recent weeks to build strong awareness around different crypto communities. Our Twitter channel grew to 85,000 followers, our TG is up to 43,000 followers so def our efforts are working 🙂 staking our tokens will be beneficial since APY levels will come from actual revenue sources and not pure inflation as with 99% of projects so liquidity will grow together with TVL growth.
They highlight that the Orion Money development team is focused on being the best place in DeFi to save, lend and spend on stablecoins, but when investors want to take their profits to FIAT money, how can you do this process, maybe through Orion Money they can do that or not?
Sam I am| Orion Money
Good question as we look back at our roadmap our long term goal is to offer Orion Pay where users will be able to easily spend their stablecoins in the real world through 3rd party integrations for debit cards and fiat on/off ramps.
COMMUNITY ROUND
Pantheong
can I buy your tokens now, what are your current contracts and how can I buy them and what are the benefits?
Sam I am| Orion Money
we are about to launch our token next week Sept 30th, we are launching on GATE.IO first and shortly after on dexes as Uniswap and Pancakeswap.
common28
Do you have AUDIT certificates, or are you working to AUDIT your project, to make it more secure and reliable?
Sam I am| Orion Money
we’ve done 3 smart contract audits, you can review all of them here https://orion.money/security-and-audits
Suna Bou
Do you have a Token Burning plan to increase Token value and attract Investors to invest?
Sam I am| Orion Money
yes but not right away at launch, we are thinking to add burn functionality in the coming months after our TVL grows above $1b.
Kismot Ali
How many people are currently working on developing the protocol? How many more do you plan to attract people?
Sam I am| Orion Money
currently we have 9 developers, 2 commercial co-founders and 1 designer but scaling with demand quick.
Lylibelle
While you build your project, do you take into account community feedbacks and demands?While you build your project, do you take into account community feedbacks and demands?
Sam I am| Orion Money
always, we do listen to the community and take all the feedback into account, expanding our vision based on community feedback.
The AMA recorded many great questions from the Crypto Players India community, as well as meticulous answers from our guest Sam from Orion.Money. AMA Concluded at 7:45 pm IST.
