With the debut of Binance Smart Chain, the cryptocurrency exchange, Binance has come a long way chasing the DeFi wave. The exchange giant recently revealed the listing of yet another DeFi platform, Orion Protocol’s native token [ORN] in a recent announcement. According to the official blog post, Binance also announced the initiation of trading for ORN/BTC and ORN/USDT trading pairs on the 30th of September.
Orion Protocol: In Brief
Founded in 2018, Orion Protocol essentially calls itself “decentralized brokerage” allowing the users on its platform to access liquidity from both centralized and decentralized exchanges in a non-custodial manner. Its native ERC 20 token, ORN holds the utility for broker staking, staking rewards, discounts, and licensing fees.
In addition, Orion Protocol raised $3.45 million in “dynamic coin offering” or “DYCO” in July this year DYCO refers to a fundraising method in which investors can claim a refund if projects fail to deliver or miss milestones. Prior to this stint, the DeFi liquidity aggregator project had been operating with its own seed funds of roughly $300k. Part of the platform’s success is through its collaboration with Elrond Network. Orion has also partnered with BitMax, MXC, and Acheron to join the Orion Network as ‘power brokers’.
The KuCoin Hack
Several decentralized tokens were siphoned off by the hacker[s] in the latest security breach on Kucoin which included 3.8 million ORN funds. In order to prevent the hacker from profiting from the exploit, the platform took an “executive decision” to reissue all ORN tokens 1:1 via a token swap with the automatic distribution of new tokens to all ORN holders, rendering the stolen tokens worthless and with no impact on the secondary market.
Orion Protocol [ORN] Price Surge
Notably, the token price fell sharply following the incident, by more than 20% from $2.37 to $1.89 in less than 24-hours. Nevertheless, ORN quickly bounced back and gained traction. It hit an all-time high of $4.01 after the latest announcement of Binance listing. Following the subsequent market correction, the token stabilized its value at $2.69 while registering a market cap of $26 million and a 24-hour trading volume of $12.93 million.