Sep 14, 2021
Here’s our 120th AMA recap!
Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with Orion MoneySeptember 13, 2021. This guest star,
- Sam — One Of The Co-Founder
Introduction
Sam :
Sure, I’m one of the 3 co-founders of Orion Money. 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 last 7 years I invested in different projects and kept a close eye on entire industry how it evolved, experienced most of 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 its the only decenralized algo stablecoins blockchain with Luna being the only asset thats directly captures value from the growth of stablecoins market.
I realized that Terra has something that no other blockchain have. Back then there was no community for Terra, there was just one discord channel so I decided to join core community and help grow it from day one. Today i’m proud to say we have one of the largest and most passionate community 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 ( other 2 co-founders ) submitted this basic but pretty profound idea to 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 first week of hackathon, we ended up winning the hackathon and we went full speed on development. We’ve launched our first initial MVP version of Orion Saver app.orion.money during the hackathon, guys built it essentially in 48 hours during hackathon 😁
Little feedback on other two co-founders, they’ve managed to build big e-commerce analytics business in the real world 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 private equity firm and took some break, looked what else to do in their life long term ( 10+ years ). They came across Terra back in March and decided to build Orion Money
QUESTIONS MODERATOR
Starting with the very basics, can you provide a simple description Orion Money for our community? What is the vision and mission?Sam :
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.
What makes Orion Money different from other DeFi projects? What are the advantages of Orion Money, on the other hand?Sam :
if you look at existing state of stablecoin yields in DeFi or CeFi, Orion Money is positioned very well with the highest, stable APY levels across CeFi / DeFi today. That’s our big advantage and through partnership with Anchor protocol we are able to extend that offering not only to Ethereum but also BSC and other blockchains
we are pretty young project but from start we tried to innovate and attract initial $70m of TVL through our community farming approach, where we saw active community members, influencers and value added investors join in on our vision and over 500+ people participated in our version of private sale.
we’ve managed to do this without even launching token, our IDOs are planned on ethereum at the end of this month and TGE on September 29th
once we launch our token we will be able to offer even higher APY levels powered by Orion token
up to 25% stable APY on stablecoins in full decentralized, non-custodial way.
You can already go to app.orion.money today, login with metamask / wallet connect and make a deposit. With couple clicks you are able to access anchor protocol directly on ethereum
Can you explain the utility & usecases of ORION tokens in the Orion Money ecosystem?Sam :
great question, we are building real revenue sources for Orion Money and essentially all the net revenue generated from fees, different APY levels, Orion validator, Orion Yield & Insurance and other Orion dApps will be used to market buy Orion tokens and distribute to Orion stakers through Orion Staking Fund
We are not earning any revenue for ourselves, as a tech team we simply building a tech, non profit where we share all the revenue with Orion hodlers and stakers
We setup validator on Terra Station first week of the project. Today i’m proud to say our validator is number 1 validator on Terra Station with total of $1b+ in Luna delegations. We are planning to introduce 5% commission on that validator in couple weeks. All net profit from that validator will also go to purchasing Orion tokens on the open market and distributing with Orion stakers
Who are Orion Money current partners and backers?Sam :
if you look at this graphic you will see a lot of names that joined in on Orion Money journey
having access to the highest stable APY levels on ethereum really enables us to partner with different protocols, CeFi projects, DAOs and plug them into Orion Money via our smart contracts so their users can take benefit of this offering directly on their platform
good example will be our recent partnership announcement with BlockBank
https://twitter.com/orion_money/status/1435172727648837635?s=20
with one integration we are able to bring 45000 users to Orion Money indirectly, we will fully focus on more partnerships on this nature after TGE
What are the major milestones Orion Money achieved so far? What are your further plans for Orion Money that you can share with us here?Sam :
We do have a formal roadmap that we are expanding on
Besides that, we’ve completed 3 smart contract audits, added 2 insurance options to Orion Saver, grew our community organically to 30000 followers
we’ve also identified some pain points when running community farming with high cross-chain fees and high gas fees being a challenge for smaller depositors. To solve that, we’ve built internal pools and started to batch transactions to eliminate cross chain fees and reducing gas fee 3–5x for deposits under $20k
https://twitter.com/orion_money/status/1434878637275336714?s=20
some more info in that twitter thread
as mentioned before we are going to focus on 2b2 partnership after TGE but also will start our referral program and ambassador program to help grow our retail user base
QUESTIONS TWITTER
Orion Money provides Industry-Leading APY interest rates on stablecoins. Why did you choose stablecoins over cryptocurrency? And we all know that the market is unstable, How Orion Money give guarantee that the assets of user will increase even its bearish or bullish?https://twitter.com/Lidiamga/status/1435147016280047617?s=19
Sam :
that’s a great question, in recent years we’ve all witnessed incredible growth of stablecoins market, IMO stablecoins are the most important product of crypto, mcap grew despite recent crypto correction to $120b+
We are focusing at start on that market because we see untapped potential and green fields of opportunities related to stablecoins. More and more investors realizing its important to have partial exposure for their portfolio in stablecoins as a diversification method. We want to be major player and play big part in this trend
How will your project generate profits / income to sustain your project and what is the revenue model? How will it benefit your investors and your project?https://twitter.com/elliekingcash/status/1435152183771631618?s=19
Sam :
that was pretty well answered already during our AMA
https://t.me/InfinityChains/173699
please check from this point down
When creating a financial platform you need to have an addictive factor, so users will spent more time in it, how do you keep users hooked after they know your platform? what makes Orion Money interesting as time pass by?https://twitter.com/Greyhair_08/status/1437304964255293440?s=19
Sam :
our approach to building a great platform is sustainability and reducing risk for users to earn with us in fully non custodial way, you hold your keys at all time. We will introduce more dApps in coming months were users will be able to experience different products through one platform Orion Money
I’ve read that you have been working on minimizing ETH gas fees? So how was it so far? Are there solutions now on what to do with high Eth gas fees? Can you advise on how to minimize gas fees & slippage when depositing into #PrivateFarming & to #OrionSaver deposits?https://twitter.com/Wormz29/status/1437277589232521217?s=19
Sam :
also answered this question, please check above or reference this twitter post
https://twitter.com/orion_money/status/1434878637275336714?s=20
With Orion Money,we can protect our principal money and yield with insurance. So,can you tell us what are the instances covered by the insurance you offer? Do you have any insurance company partnership? If yes,what insurance company would it be?https://twitter.com/MissUnicorn299/status/1437348426144833538?s=19
Sam :
we do have two insurance partners, InsurAce that covers smart contracts failure and Unslashed that covers UST depeg.
QUESTIONS TELEGRAM
How many teams are there in your project? Is your team anonymous? If yes, do you have plans to be public in the near future?Sam :
the team is not anonymous, we scaled the team in recent month from 3 co-founders to 12 people now, 9 developers, 2 commercial co-founders and one front end developer. We also have few admins that help voluntarily out of excitement for the project
I saw your initiative about providing airdrops for Luna Stakers and Orion Validator Delagators. How can we join this airdrop? Where can we stake out tokens and aside from the airdrop, what other perk can be benefit by participating on validating a node?Sam :
we will launch staking and LPing at TGE ( around September 29th ) you will be able to earn our tokens by providing liquidity or start earning first revenue from platform by staking Orion tokens. You can also delegate your luna on station.terra.money to Orion Money, we will have 2 airdrops on terra for those that stake with us and those that overall stake with any validator on Terra Station
What is the next big step for your project?Sam :
we have 4 IDOs planned for out of which 2 will happen on Ethereum in coming weeks, we will announce them in couple days so stay tuned please. TGE will mark the launch of our staking LPing
The Orion Money platform is capitalizing on a significant untapped opportunity in the stablecoin savings market, what solutions does it offer to achieve better savings performance and more attractive operations?Sam :
we’ve partnered with anchor protocol to provide the highest stable APY on stablecoins across all blockchains, starting from ethereum and shortly after expanding to BSC, Polygon and other blockchains
While you build your project, you can medo you take into?? account community you feedbacks and demands????Sam :
yes we will soon launch our referral program and ambassador program to engage our community and enable them to earn some $ by referring others to Orion Money
- Telegram Chat : https://t.me/Orion_Money
- Telegram Channel : https://t.me/orion_announcements
- Twitter : https://twitter.com/orion_money
- Website : https://orion.money/
- Medium : https://orion-money.medium.com/
- Discord : https://discord.gg/5vbWB2PWeS
Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about Orion Money.
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