Orion is an DEX/CEX aggregator. As it draws rates from both decentralized and centralized solutions, you get the best price, and, you are in control of your funds at all time. That said, I wouldn't call it 100% decentralized, but as it is run by smart contracts and APIs, most of everything is automated in a relatively trustless manner.
They recently announced a solution that seems to me much like the RUNE/Thorchain solution, except in partnership with the Binance Bridge (yeah, I know).
Aside from the debatable idealism of centralized vs decentralized solutions, this is what the User experiences:
1. Connect their ETH wallet.
2. Send tokens at the cost of a simple transfer (still expensive on ETH, but about 1/5th the price of a smart contract call). Expect 5-25 USD worth of fees on ETH.
3. Wait 5-10 minutes, and get your tokens on Orion.
4. Trade freely with fees of the like of Binance Smart Chain (settlement layer).
5. Withdraw back to ETH at the same cost of a simple transfer.
Essentially, Orion has packaged Binance Bridge as a deposit/withdraw function so that the user doesn't see any of it.
This is particularly useful for arbitrage traders, and traders who have to worry about limitations of jurisdiction (such as US traders). You'll still need to use a VPN for bridging assets, however.
You can deposit and trade other chain tokens as well, such as ADA/DOT/BTC/LTC because Binance Bridge supports this.
Now, why is this exciting to me who prefers decentralization across the board (meaning, NOT Binance...since when did a DECENTRALIZED BRIDGE have withdraw limits)?
To me, this is a proof of concept of when they integrate the soon-to-come chains:
Cardano, Fantom, Avalanche, Heco, Elrond.
Basically, take your pick of preferred chain and decentralization, and find the best prices with a simple front end interface. This will empower DEXs as well, increasing their volume and shifting it away from CEXs as Orion will automatically choose the DEX when the price is the best for the user.
Now, some cons:
Fees are certainly higher than centralized exchanges (but cheaper than most DEXs)
Fees are paid in ORN (which means you'll need to get some).
Swap tends to over-estimate what you get back.
No CSV export
History doesn't show fees on trades
Swaps can get "stuck" for periods of time
Right now, you're still mostly using CEXs as they have the highest liquidity.
So, while I'm not buying significant amounts of ORN yet, I'm certainly excited to use their tool and to follow their future.
#Orionprotocol #CEX #DEX #Trading #Orion #Aggregator #crosschain
