Orbs Integrates With Axelar Satellite To Enable Cross-Chain Token Swaps Across 5 Blockchains
Tel Aviv, Israel, August 14th, 2023, Chainwire
Orbs, the Layer-3 infrastructure network for decentralized applications, has announced it’s partnering with Axelar Network to provide the community with a secure and reliable way to bridge ORBS tokens to leading blockchains including Ethereum and BNB Chain.
Orbs previously relied on the Multichain cross-chain protocol to bridge ORBS tokens to alternative networks. Unfortunately, Multichain announced in June that it had been forced to cease operations after “unusual activity” resulted in over $126 million worth of funds being withdrawn from its wallets. While the exact nature of the events surrounding Multichain’s collapse remain unclear, the Orbs team has been focused on finding the community a reliable alternative that will safely allow them to bridge their ORBS tokens.
Orbs quickly established the criteria for a new bridge provider for the community, stipulating that it must identify a stable project that provides not only the highest level of security, but also support for ORBS across all previously supported chains.
With this criterion in mind, Orbs is delighted to reveal that it has now integrated with Axelar Satellite, which enables secure cross-chain communication for Web3 projects building multichain dApps that expand beyond a single blockchain ecosystem. Axelar utilizes the proof-of-stake consensus mechanism that has been battle-tested by some of the world’s leading blockchains, including Ethereum, Cosmos, Polygon, and others. Cross-chain communication allows multichain Web3 dApps to deliver a consistent experience for users across every supported network, and makes it possible to bridge assets across chains in just a few clicks.
Axelar Satellite is notable for its simple UI that makes it easy for users to transfer digital assets across supported chains. To date, the bridge has facilitated more than 700,000 cross-chain swaps with a total transaction volume of more than $1.8 billion. Crucially, Axelar meets the high level of standards expected by Orbs users, with ongoing security audits of its smart contracts and infrastructure. What’s more, Axelar’s codebase is completely open and can be viewed by the community via its Github page.
Orbs’ integration with Axelar Satellite means users can safely bridge their ORBS tokens across Ethereum, BNB Chain, Avalanche, Fantom, Arbitrum, and Axelar from today.
About Orbs
Orbs is a blockchain infrastructure project. Have been around since 2017, with the network and token live since 2019. Orbs is now focusing on building use cases supported by the network and tech.
The most used apps on Orbs now are dTWAP and dLIMIT – these are limit order and TWAP protocols that are 100% decentralized, EVM compatible, and can integrate with most DEXs. Currently live with multiple DEXs such as QuickSwap, SpookySwap, Thena, Chronos, and more. The project is being developed by a dedicated team of more than 30 people, with team members in Tel Aviv, London, New York, Tokyo, and Seoul.
For more information, please visit www.orbs.com, or join our community at:
Telegram: https://t.me/OrbsNetwork
Twitter: https://twitter.com/orbs_network