What is Orion Bridge?
The market is incredibly fragmented, with different assets spread across different exchanges built on different blockchains. While projects and protocols increasingly work to achieve interoperability, the industry is still too siloed to evolve to a state of full-interoperability without a solution that sits across the entire market. As a chain-agnostic liquidity aggregator, that’s exactly what Orion Protocol is building: a decentralized gateway to the crypto market to include every centralized exchange, decentralized exchange and swap pool.
Orion Protocol has already integrated Ethereum and Binance Smart Chain into the protocol, with Cardano, Polkadot, Fantom, Avalanche, HECO, and Elrond underway - and more to be announced. Orion Protocol has created Orion Bridge to integrate different chains' respective bridges into the terminal to enable cross-chain trading between assets held across different chains.
As other chains successfully deploy their own cross-chain bridges, these will be integrated into Orion Bridge in turn, as Orion Protocol works towards a seamless, cross-chain trading solution that encompasses the entire crypto market.
What is Binance Bridge, and how does it fit into Orion Bridge?
In collaboration with Binance Smart Chain, Orion Protocol has become the first partner to integrate Binance Bridge into its trading terminal via Orion Bridge. Binance Bridge creates a gateway to cross-chain liquidity from other blockchains onto the Binance Chain and Binance Smart Chain dApps. The number of projects built on Binance Smart Chain continues to grow, but these projects (including PancakeSwap) are yet to integrate Binance Bridge into their platforms, requiring users to use an external bridge with a number of steps in place in order to effectively trade cross-chain. Orion Protocol’s integration of Binance Bridge into Orion Bridge allows for this to occur seamlessly on Orion Terminal.
How does it work?
Orion Protocol has become the first to allow users to efficiently trade across the ETH ecosystem on Binance Smart Chain, enabling accessibility of ETH assets without ETH network fees and latency. Users will be able to trade ERC20 tokens listed on Orion Terminal directly from their ETH wallet on Binance Smart Chain using a ‘helper wallet’, with all settlement on Binance Smart Chain. Users need only to pay Ethereum network fees when depositing into the smart contract on Orion Terminal; all subsequent trading and withdrawals will benefit from the marginal network fees of BSC. Learn more below.
What are the benefits?
Not only does BSC halve wait times for off-chain order execution and on-chain order settlement, transactions on BSC can cost 135x less than they currently cost on Ethereum, making commissions for deposits, withdrawals, order execution, etc. on the terminal negligible. This enables traders greater flexibility, accessibility, and affordability in trading, allowing users to trade ERC20 tokens without the associated latency and ETH network fees.
How to use Orion Bridge on Orion Terminal
Preparation: Before starting, make sure you have ERC20 ORN, 0.5 BNB (first use) and ETH in your Ethereum wallet. ORN will initially be needed as all non-ORN related trades like BNB to USDT will require ORN as a fee. Please note, while this process contains a number of steps, this will only need to be carried out once.
Step One: Connect your Wallet
1. Firstly, open Orion Terminal and select a network in your wallet. In this case, “Ethereum Mainnet.”
2. On the left dashboard choose “Add Wallet.”
3. Select Binance Smart Chain as the trading network.
4. Now select a wallet - in this example, MetaMask.
5. A prompt lets you know that your transactions will be made through Binance Bridge, as your wallet network is different from the Terminal network. Click “Okay.”
6. Sign the request in your wallet.
Step Two: Deposit into the smart contract
1. On the left-hand panel, click “Dashboard.”
2. In the ETH row, choose “Deposit.”
Please note, this is the only step in the process in which you are required to pay ETH network fees. All subsequent trading and withdrawals will benefit from the marginal network fees of BSC.
3. Click the checkbox at the bottom of the window title “I want to swap 0.5 BNB for gas” (this is required by Binance Bridge).
If this is your first Binance Bridge transaction, the checkbox will be required to make sure gas fees are covered.
4. Now add the desired amount of ETH and Click “Deposit”.
** An alternative method to swapping 0.5 BNB would be to send BNB manually via the BSC network to the Helper Wallet address listed in the dashboard.
5. Check through the wallet notification and press “Confirm.”
6. Opening the “Explore” button lets you see your transaction on the blockchain.
7. Select “History” on the left panel.
8. From here you can view your Bridge transaction when clicking “Bridge.”
9. Wait while each stage of the deposit verifies.
10. When completed, in the left panel, click “Dashboard”. You can see that your deposit has been made to the smart contract.
Step Three: Start Trading1. On the left panel again, click the “Trading Terminal” icon to trade, or the “Swap” function, as in this case.
2. Choose your desired tokens from the dropdown menus that you wish to swap from, and to. We have selected ETH to ORN.
3. Enter the amount of ETH you would like to spend. Once you are happy with the return amount of ORN, and the fees, click “Swap Now.”
4. Choose the timer icon in the top right panel - this shows the pending transaction in progress.
5. When “Settled,” click “Dashboard” again on the left panel.
6. You can now see your newly purchased ORN in the smart contract.
Step Four: Withdraw your asset
1. To withdraw the ORN, click the “Withdraw” button.
2. Enter the amount of ORN, and select “Withdraw”.
3. Confirm the amount of ORN to withdraw and click “OK”. The “Please wait…” prompt allows you to see the transaction on the blockchain again when clicking “Explore.”
4. Select the “History” option from the left panel.
5. Clicking the “ORN” button in the “Withdraw History” shows the Bridge transaction taking place.
6. Click the “Dashboard” icon again on the left panel. Here you can view the newly withdrawn ORN in your connected wallet.
Thanks to Binance Bridge via Orion Bridge, you have successfully carried out a trade on the ETH ecosystem, with all settlements on Binance Smart Chain. Please note, while this process contains a number of steps, this will only need to be carried out once.