The Orbs Protocol has officially expanded into the Fantom blockchain ecosystem with the debut of its $ORBS token on the SpookySwap decentralized exchange.
SpookySwap users can now swap $ORBS tokens and add liquidity to $ORBS pools, earning rewards for doing so, making good on a promise Orbs made last month to expand into one of the most promising DeFi ecosystems in the crypto sphere.
The $ORBS token is available on Fantom via the Multichain cross-chain bridge that spans Ethereum, Avalanche, Binance Chain and Fantom. $ORBS has also been added to FTMScan, a leading block explorer on the Avalanche chain.
Orbs is developing an open-source blockchain infrastructure that’s designed to enable mass-usage decentralized apps. It’s aiming to make blockchain more accessible to businesses, which it does by providing developers with the right mix of performance, security, cost and ease of use. The decentralized protocol is executed by a network of permissionless validators via a Proof-of-Stake consensus. The $ORBS token plays a key role, fueling smart contracts, transaction fees and consensus-based storage.
Given Orbs’ ambition, it’s easy to understand why it has targeted Fantom for its next stage of expansion. Fantom might be one of the youngest Layer-1 blockchains in DeFi, but it’s also one of the hottest with over 100 decentralized applications built on its mainnet and over $6.5 billion in total value locked, ranking 6th overall among all blockchains.
SpookySwap is the leading DEX on Fantom, boasting just under $1 billion in TVL and a daily trading volume of around $150 million. As one of the few DEXs on Fantom to utilize an Automated Market Maker algorithm, SpookySwap has attracted a pretty massive following. It’s best known for its yield farming protocol, which has numerous possibilities. It makes swapping of tokens seamless through its removal of intermediaries. Somewhat unusually for DEXs, it also allows for limited orders, meaning traders can make a purchase order for a specific price that will only be executed if and when that price is attained.
At launch SpookySwap is offering two liquidity pools with $ORBS, including the $ORBS-$USDC pool that currently has more than $110,000 in total liquidity. Users can add $ORBS tokens to the pools by searching for it in the tokens list on SpookySwap, though they may need to first add the token by entering Orbs’ contact address in the search bar.
To participate in $ORBS trading on SpookySwap, users will need a wallet that’s compatible with Fantom. One of the best options is MetaMask, though users will need to set up Fantom compatibility first. They’ll also need to choose a cross-chain bridge – Orbs recommends using the Multichain bridge. Once done, users will be able to fund their wallets with $ORBS. Don’t forget, a few $FTM tokens will also be required to pay the network gas fees on Fantom.
Orabs said the availability of $ORBS on SpookySwap is just the beginning of its integration with Fantom and that more news is on the way soon. More important is that Orbs has now expanded to seven major blockchains, including Ethereum, Avalanche, Binance Chain, Harmony, Polygon and Solana.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
