Orbit Chain Introduced Buyback & Burn Program

Orbit Chain is excited to announce the launch of the “ORC Buyback & Burn” initiative, designed to strengthen Orbit Chain’s token economy in an immediate and impactful way!

The Decentralized Finance market has been growing rapidly, and Orbit Bridge has been actively serving its purpose as on-chain, heterogeneous asset transfer infrastructure, to provide the market with the much-needed liquidity transfer solution. In March, in order to incorporate ORC into the ecosystem and bring stability to the Bridge, the Bridge Tax model was adopted and activated.

The “ORC Buyback & Burn” program is a culmination of this Tax model, which brings immediate use to ORC’s token economy by using the tax collected through Bridge use to empower the Orbit ecosystem. By creating a deflation model affecting the ORC token economy, the entire Orbit ecosystem can now benefit from the profit generated by the Bridge, and will serve to differentiate Orbit Chain from the rest of the market and further nurture the ecosystem.

Below are the details regarding the program mechanisms and schedule.

Assets that will be used in the Buyback & Burn Program

The assets received by Orbit Bridge as Bridge Tax will be used as funds for the Buyback & Burn Program. The number and amount of assets may increase depending on Orbit Bridge’s plans for connecting additional chains and adding additional tokens.

• List of assets used for ORC Buyback: ETH/BNB/XRP/USDT/DAI/WBTC/ORC/BELT/AUTO
• You can check the amount of each asset that will be used in the program on the Orbit Chain Voting website. [https://voting.orbitchain.io/orbit/market]

Program Mechanism

Assets accumulated in the fund other than ORC will be converted to k-assets through Orbit Bridge and will be used to buy kORC within KLAYswap. Burning will take place after the purchases, and the TXID (Transaction ID) containing the burn will be announced to the community.

• ORC: Burn starts immediately
• Other Assets (e.g. ETH/ WBTC/ USDT/ BNB/ XRP/ etc.): After conversion to k-Assets through Orbit Bridge, they will be used to buyback kORC on KLAYswap
• kORC bought back on KLAYswap will be burned in entirety on the Ethereum network

Program Schedule

The buyback & burn will start on July 30, 2021 and will continue each quarter.

1st Buyback & Burn: July 30, 2021 (KST/UTC +9)

Next Buyback & Burn: During Q4 2021

Conclusion

During the last half of the year, Orbit Bridge has seen over 130,000 on-chain transactions and over $4.5B of assets moved cross-chain. In doing so, it has continued its mission to become the standout Bridge protocol of choice that acts as the anchor in the decentralized world as the solution for interoperability and liquidity. Orbit Chain is surprised and pleased at the overall result, but are tirelessly working to create even more opportunities for usage through expansion of networks and assets by working with various organizations and foundations.

This ORC Buyback & Burn program marks an important turning point in the actualization of the relationship between the Bridge and ORC token, and will serve as a starting point for the future that Orbit Chain will create.

The decentralized finance market continues to grow at an exponential speed, fueled by innovations, even now. Orbit Bridge will continue to work to become the go-to liquidity solution infrastructure, even through this time of change. We humbly ask for your continued support and participation in the decentralized world that Orbit Chain is contributing to. Thank you.

📰 INFO

https://medium.com/orbit-chain/orc-buyback-burn-program-810a744060e3