ICON network expands DeFi ecosystem with Orbit Bridge integration

Submitted 17/12/2020 - 9:34am

Decentralised network ICON has announced an integration with ozys’ Orbit Bridge, allowing Ethereum-based digital assets to be transferred onto the ICON Network. 

Orbit Bridge is a decentralised Inter-Blockchain Communication (IBC) platform. Its interoperability protocol will help ICON expand its DeFi capabilities by connecting it to other top blockchains and their applications. 

This integration brings more value to the ICON Network, specifically its DeFi ecosystem, by bridging assets between different blockchains and bringing more economic activity to the ICON Network. Traders can now take advantage of arbitrage opportunities, and DeFi projects built on ICON can now enable borrowing and lending of assets across different networks and bridges. Ultimately, this all leads to more transactions and more value exchange on the ICON Network. 

“The Orbit Bridge integration is an exciting next step for the growth of the ICON DeFi ecosystem, and we look forward to bringing this technology to the community,” says Ricky Dodds, Strategy and Communications Lead at ICON. “As blockchain technology continues to progress, there will be a number of different ways to bridge assets between different networks. For example, we expect to see Orbit Ethereum and BTP Ethereum on ICON when ICON 2.0 launches. We look forward to our continued collaboration with the ozys team.”

Orbit Bridge is already in production with two other blockchains, making ICON the third. The integration will allow the following Ethereum-based assets to be transferred onto the ICON Network: 

Orbit Chain - ORC
Ethereum - ETH
Tether - USDT
USD Coin - USDC
Wrapped Bitcoin - WBTC
MakerDAO Stablecoin - DAI
Ren Project - REN
Band Protocol - BAND
Ocean Protocol - OCEAN
Chainlink - LINK
OmiseGo - OMG
Universal Market Access - UMA
Loopring - LRC
Reserve - RSR
Aragon - ANT.

In addition, ICONPOOL will add liquidity pools for all 14 assets and pair them with ICX. ICON will also introduce liquidity mining programs for some tokens. ICON plans to roll out additional DeFi products in Q1 of 2021. 

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