Recapitulation of Orion_Money PROJECT AMA event held at AMA LOVERS CLUB.
Date: Wednesday, 8th September, 2021
Time: 16:00 UTC
The Orion_Money PROJECT team was represented by @Getitdone1 who judiciously shared with us detailed knowledge and information about Orion_Money PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on ORION MONEY?
ANS: I'm one of the co-founders of Orion Money project. I've been in crypto since 2014, invested in many projects in last 7 years and overall follow the whole space for years. I normally do a lot of research on the projects before investing and back in 2019 I divided deep and checked 600+ projects from coinmarketcap one by one. I looked at team, white paper, vision and target market. Back than I realized stablecoins market will continue to grow rapidly so when I discovered Terra back than I decided to go big. I got involved in community building efforts for Terra supported every project that launched on Terra since then.
I discovered Orion Money project when it came through hackathon back in April. The idea was very simple but profound, pretty much bridging stable high anchor protocol yields to ethereum and also enable spending of stablecoins in the real world
I quickly decided to join the team in 1st week of hackathon and went full speed ever since.
The other two co-founders of Orion Money ( Vol and Kos ) used to work for Google / Microsoft and than ended up starting e-commerce analytics business which they grew from 3 co-founders to 300+ employees, $20m in ARR and customers like Amazon, Walmart, Coca-Cola
They sold their company last year to private equity firm and took some time off to think what they want to do next in their life. They came across Terra back in March and decided to build Orion Money so applied to hackathon. It was sponsored by Delphi, we ended up winning first place, got first MVP version of our product built in 48 hours during hackathon 😁 and that's how the journey started.
Q2: Can you introduce ORION MONEY, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: let me share a slide for this and then answer...
currently there is no protocol on ethereum that offer higher, stable APY rates comparing to Orion Money. If you look at first slide you can see all the APR interest rates on stablecoins in CeFi and DeFi
even at 13.5% we offer the highest stable APY rates in the space but soon after TGE we will launch even higher APY 3-tier levels through Orion token incentivizes where you will be able to earn up to 25% APY on your stablecoins in non-custodial way
our Orion Saver dApp is already live, you can check it out here: http://app.orion.money
our product is fully smart contract based, we don't keep users funds and anyone can take advantage of those rates by simply login in with your metamask or wallet connect and make a deposit. With couple clicks you can start earning today.
Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: we've been around since April, we've launched initially Alpha version of Orion Saver, completed 3 smart contract audits https://orion.money/security-and-audits/, added 2 insurance options, completed seed round with some of the best VCs in the space, designed and launched new concept for private sale, which we called private farming.
our goal with private farming was to convert our investors into first users of Orion Money, where whitelisted participants simply deposit stablecoins into Orion Saver and instead of earning 15% APY in stablecoins that 15% APY is swapped for Orion Money tokens at private farming preset price of $0.035 per token. Through this we enabled core community members, influencers, value added investors to participate and be part of Orion Money journey. We reached our target deposit cap of $70m in 3-1/2 days !
Today we are planning our IDOs on Terra and Ethereum, we will have 2 IDOs on ethereum with the largest IDO platforms in the space. IDO token price will be at $0.05 so pretty close to private farming round. Our TGE is planned for September 30th and that's when our Orion token staking will start, soon after we will launch 3-tiered earning levels so users can earn up to 25% APY on their stablecoins.
After TGE we will also refocus on B2B partnerships where we can simply plug in existing projects, protocols, treasuries to our smart contract and essentially become their source of yields for their users. We just announced couple partnerships with BlockBank and StudentCoin but many more to come as we are actively discussing with other projects and protocols.
We will also start our referral program in coming weeks and other incentivizes to grow retail user base for Orion Money Saver dApp.
Q4: Can you give an overview of your Tokenomics, and the UTILITY of the $ORION Tokens?
Orion Money will consists of many dApps as Orion Saver, every dApp will generate revenue on its own, all the generated revenue will be used to buy Orion tokens on the open markets and added to Orion Money Staking Fund which will distribute that revenue to Orion token stakers.
today we have the largest validator on Terra, that currently have close to $750m in Luna delegations. We will soon increase commission to 5% on our validator and all net revenue from validator will also be used to market buy Orion tokens and added to Orion Staking Fund
essentially we are non-profit tech company that creates multiple revenue sources which will all flow and be distributed to Orion Money stakers. We are planning to go full DAO in coming years and add governance where community will be deciding and proposing any future upgrades, new products, dApps that we as a tech team can build or other tech teams can build.
2nd Segment: LIVE Questions
Q1: Insane gas fees is robbing off most users from benefiting from yield farming and other opportunities DeFi offers, How does Orion Money intend to come to the rescue of retail investors who feel pain of high gas fees the most? What features are you currently working on to help make Orion products easy and cheaper to use?
ANS: Great question, we've observed all the pain points when onboarding initial $70m in TVL to solve this we've built and added internal pools plus batching of transactions for all deposits under $20k, something that lowers gas fees by 4 - 5x and eliminated curve swap fees and bridge fees. Please check more details in this twitter post?
Q2: Orion is helping it users hold stable coin on anchor platform, which is quite awesome,
What will happen if I exchange my stable coin and put on anchor?
Do I get the same yield as putting UST on anchor too?
Terrastation staking on Orion validator does it give me drops of Orion?
ANS: great question, currently mcap of all stablecoins on ethereum is $120B, that's our initial target market. Many projects and retail users don't know about Terra or have technical knowledge about how to use Terra so we are providing easy, couple clicks solution where you can take advantage of high stable Anchor protocol rates wherever you are. Soon we are planning to all add Polygon support and expand to BSC and other blockchains. Many existing protocols and projects on ethereum are built in solidity and are not able to just added Terra support, that will require rebuilding their whole infrastructure from scratch.
Q3: I read that Orion Money is having 4 IDOs and Airdrops in Ethereum and Terra at the end of September. I'm curious to know, why did you decide that? What do you expect to achieve doing those 4 events?
ANS: we are planning to build max awareness on ethereum about Orion Money. Two major IDOs will be with top IDO platforms ( will announce in coming days ) we believe that this approach will help us onboard a lot of new users to Orion Money. We are doing 2 IDOs on Terra since our initial community growth came mainly from Terra. We want to give back to those early supporters and enable them to get Orion tokens at $0.05 / token.
Q4: Besides the AMAs, what other marketing strategies are Orion Money using to make your project known in the various communities in the crypto space? How do you hope to make Orion more known?
ANS: We have a lot of great marketing groups and influencers that participating in Orion private farming, we will have a lot of them helping us build awareness for Orion Money project long term. We are also planning some very strong incentivizes like referral program and ambassador program to increase more awareness organically and convert a lot of users to eager supporters of Orion Money. We are also planning targeted airdrops on Ethereum and Terra. We will share more details about airdrops in coming days.
Q5: °°°A few hours ago you at Orion Money announced that you were establishing a partnership with BlockBank. What were the main reasons that motivated you to collaborate with this company? What benefits will users get from this?
ANS: Blockbank will connect directly to Orion Money smart contracts and offer their 45000 users high, stable APYs on their stablecoin deposits. They have currently $100m in stablecoin deposits so by us becoming their main source of yields, we will indirectly grow our TVL. Our short term goal for next 6 - 9 months is to grow our TVL to $1b+ through this type of partnerships and direct users growth.:
Thank you again for hosting me and you do have a great community, all the questions were very well though through, rare to see. We have a lot of exciting things coming in next couple weeks so whoever is interested please follow us and get involved! All early supporters will be rewarded with airdrops and other incentivizes !
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