Introducing our 10th Grazing Range Pool for #NFT and #yieldfarming! Welcoming @orbs_network
to the herd! https://medium.com/alpaca-finance/grazing-range-pool-10-welcoming-orbs-to-the-herd-257e6fb2a935… #DeFi #BSC #BinanceSmartChain📷 #Binance📷 #NftCollectibles #NFTcollection #NFTartwork #NftCollectibles #nftart #NFTARTFinance #crypto #Cryptocurrency
Grazing Range Pool #10 — Welcoming ORBS to the herd
Dear alpacas,
We senior alpacas are excited to welcome our newest member of the Herd to the Grazing Range — Orbs.
With this partnership, all you alpacas will be able to open leveraged yield farming positions up to 2.0x on PancakeSwap’s ORBS-BUSD pair, which currently yields ~120% APR in CAKE Rewards! The pool will go live on July 13th, 2021 at 10 AM GMT.
As part of the Grazing Range Program, you’ll also be able to stake ibALPACA for $130K USD in ORBS rewards which will be distributed over 4 weeks.
Leveraged yield farmers in the ORBS-BUSD pool will also receive bonus ALPACA rewards, on top of the leveraged yield farming rewards and trading fees from Pancake.
🎁Grazing Range Reward Details
Total Rewards: 1,635,220 ORBS(~$130k USD)
ORBS Token: 0xebd49b26169e1b52c04cfd19fcf289405df55f80
Rewards Period: 4+ weeks
Rewards Start Block: 9,120,700 (Approx. July 13th, 2021 10 AM GMT)
Rewards End Block: 9,927,100 (Approx. August 10th, 2021 10 AM GMT)
Distribution Schedule:
Exclusive NFT Cards for Pool’s Stakers
To be eligible, you must stake ibALPACA in the ORBS Grazing Range pool before July 14th, 10 AM GMT (1 day after the pool opens) and stake for at least 27 days. The NFT tier you receive will be based on the amount of ibALPACA staked.
- Green Tier: staked at least 500 ibALPACA
- Silver Tier: staked at least 5,000 ibALPACA
- Gold Tier: staked at least 50,000 ibALPACA
About Orbs
Orbs is a public blockchain infrastructure designed for mass usage applications and close integration with EVM-based L1s such as Ethereum and Binance Smart Chain. Orbs’ blockchain stack provides developers a proper mix of performance, cost, security and ease of use.
The Orbs protocol is decentralized and executed by a public network of permissionless validators using Proof-of-Stake (PoS) consensus. The Orbs Network has been live since March 2019, is powered by the Orbs Proof-of-Stake (PoS) Universe and is enabled by the ORBS token.
Due to this hybrid architecture, the Orbs Network can be integrated easily with Ethereum and BSC-based DeFi projects and provide a variety of tools to the DeFi space. Accordingly, the team is working hard to establish Orbs as one of the leading projects in the DeFi space.
🔒Security Score Card on ORBS
Have the contracts been audited by professional auditing firms?
Orbs received security audits on the token smart contract for the Ethereum ERC20 instance of the token in May 2018 from SmartDEC, 80Trill and Bok Consulting Pty Ltd.
In February-March 2020, Orbs received additional security audits from SmartDEC and Bok Consulting Pty Ltd. on the V.2 proof-of-stake smart contracts on Ethereum.
The BEP20 smart contract on BSC is a standard contract developed through the AnySwap bridge.
Audit reports can be found here:
What is the project’s inception date?
Production-ready mainnet was launched March 28, 2019.
Has your project even been involved with a hack or exploit?
No
What safety measures are in place to secure your protocols from centralization risk? What contracts are not under timelock? Who has multi-sig?
Generally, the network is built to be as decentralized as possible. Accordingly, all smart contracts on Ethereum that have any impact on user assets, as well as the ERC20 token contract itself, are immutable and do not have any owner roles or ability for modification. The total token supply is fixed and cannot be changed. With the major elements of the network decentralized, the primary remaining elements that could present a less significant centralization risk are as follows:
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The Orbs team controls the ability to push node source code proposals to Github. However, the risk of centralization is mitigated because Guardians (validator nodes) can ultimately decide whether to adopt and run this code or not.
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The separate staking contract on Ethereum does include two roles that exert a certain amount of unilateral influence on the PoS. First, for future-proofing, there is a migration manager that can propose a staking contract migration to the community. The migration manager only has the ability to add a potential migration destination, it cannot transfer tokens or force users to participate in the migration. Every user that will choose to migrate must perform a dedicated transaction by themselves and move their tokens. The purpose of this role is to allow migrations without being subject to the 14 day cooldown. Second, there is an emergency manager who has the ability to prevent new stake from being deposited and to permit existing stakers to unstake their tokens immediately without the 14 day cool-down period. The risks here are also mitigated because neither of these managers has the power to actually transfer any tokens, and certainly cannot destroy or seize any tokens. Stakers have the full autonomy to withdraw their tokens from the system, migrate them to a contract or keep them in the current contract, as applicable.
Does your token have a maximum supply cap?
Yes, the token’s maximum supply is capped at 10,000,000,000.
Mint function. If Token does not have maximum supply, how is the mint function controlled?
Token is pre-minted and has a maximum supply capped at 10,000,000,000.
Centralized treasury. If the protocol collects fees, where do they go and how are they controlled? Is there any kind of treasury or insurance fund under centralized control?
Orbs team holds a token reserve pool, which was initially 55% of total supply and vests monthly over 55 months from TDE. Such tokens are reserved for development, ecosystem and partners. For example, a primary use of the token reserve pool is to provide staking rewards to delegators and Guardians (validator nodes) who participate in the PoS Universe, which is the basis of the Orbs network’s token economics. Tokens are held in a multi-sig wallet, with the keys held by different key Orbs team members.
Migration Function. Is there a migration function in the code? Why is this there and how to control this function from making a malicious action?
As noted above, there is a migration function in the proof-of-stake smart contract. This is there to provide for a migration in the event of a problem in the current protocol or migration in the event of a network upgrade in the future. However, the power of the migration manager is limited to adding a potential migration destination and token holders would need to engage in a voluntary transaction to actually transfer any tokens. This significantly limits the ability for the function to engage in a malicious action, because the function only permits users to migrate to a destination contract without the usual 14-day cooldown period, but does not actually move any tokens to the destination. Migration only occurs if users opt in and migrate their tokens manually by sending a transaction.
Upgradeable contracts. Are the contracts upgradeable? Why is this there and how to control this function from making a malicious action?
The ERC20 smart contract is immutable and does not include any upgrade features. The separate staking contract on Ethereum is also immutable, but it can be replaced as the primary staking contract for the network if the community would accept a proposal to migrate to a new staking smart contract. Such proposal could be done by any person, whether the project team or another party, and would only be significant if participants took action to manually move their tokens to the new location. The migration requires active participation by every staker, as only they can manually issue a transaction to migrate their own tokens and move them to the new staking contract. This is not much different from them unstaking their tokens and staking in a new contract.
In addition, network validator logic code can also be upgraded by releasing new software versions that the Guardians, the independent network validators, can choose to install on their nodes. The process is similar to how Bitcoin nodes are upgraded. The main difference is that these logic upgrades do not influence the ORBS token itself, as the asset is implemented as an independent ERC20 contract on a different blockchain — Ethereum, and is not running natively over the network logic executed by the Orbs network validators.
Third-party risk. What underlying external parties do your contracts rely on?
The contracts do not rely on any external third parties.
Where are tokens currently listed?
Bittrex, Bithumb, Upbit, Bibox, OKex, Coinone, LaToken, FTX, KuCoin, Gate.io, IndoDax, P2bPb2b, CoinsBIT, BHEX, 1inch, Bitbns. There are also DEFI liquidity pools at Balancer, Anyswap, Uniswap, PancakeSwap, SushiSwap and KyberDMM.
Please briefly describe the utility of your tokens and all the relevant tokenomics (e.g., burn, staking, locking, etc.)
As the native token for the network, the Orbs platform relies on the ORBS Token to fuel network operation and provide the means to pay the fees involved with operation of the consensus layer, execution of smart contracts and consensus-based storage, which are the three primary services provided by the platform — very similar how Ethereum relies on ETH to pay for smart contract execution. ORBS Tokens are also used to participate in the network’s proof-of-stake ecosystem — where tokens holders delegate their tokens to Guardians in order to elect them for the consensus committee.
All ORBS Tokens were subject to the distribution plan (including vesting schedule) set forth here https://www.orbs.com/orbs-universe/orbs-token-distribution/
When staked, ORBS tokens are subject to a 14-day cooldown period before they can be withdrawn from the proof-of-stake contract. Participants who stake their tokens are eligible to receive additional ORBS tokens as rewards, as dictated by the protocol.
Does your token have any advanced mechanics such as deflationary/rebase/reflexive?
None.
Please share your project’s roadmap https://www.orbs.com/technology/roadmap/
What % of the token supply is/will be controlled by the team
20% of total supply was allocated to the team members and founding partners (in their personal capacities), vesting over 3 years from TDE. 55% was allocated to the token reserves controlled by the team, vesting over 55 months from TDE. 5% was allocated to advisors, vesting over 1 year from TDE. Not all of these tokens have actually been allocated or used, including the vast majority of the reserve tokens, which remain in their initial pool wallet.
What % of the token supply is controlled by investors? What is the token distribution model?
20% of the tokens were issued to private sale purchasers. In addition, tokens from the reserve pool, advisor pool and team pool are being gradually released in accordance with their vesting schedules, although to date the majority of vested tokens have remained in their pools and are not currently distributed or planned to be distributed.
In the case of the reserve tokens, one significant use is the distribution of ORBS tokens as rewards to participants in the proof of stake universe, which over time transfers an increasing percentage to token holders.
Please share the profile of key team members
Founders and key members of the leadership team are as follows:
Tal Kol, co-founder and director — Tal co-founded Appixia, a mobile app startup acquired by Wix.com, and was Wix.com Head of Mobile Engineering. He is an expert in blockchain consumer applications, and former Head of Engineering in Kin by Kik Interactive. Tal is an open-source enthusiast, contributor to the React ecosystem and conference speaker. He holds BSc summa cum laude in Computer Engineering from the Technion and is a veteran of an elite section of the IDF 8200 unit. https://www.linkedin.com/in/talkol/
Netta Korin, co-founder and director — Netta served as Sr. Advisor to Gen. Mordechai on special projects in the Ministry of Defense of Israel, and as Sr. Advisor to Deputy Minister for Diplomacy Dr. Michael Oren in the Prime Minister’s Office. Netta currently chairs IMPACT! one of the largest scholarship programs in Israel, which has helped produce over 7,000 graduates and 4,000 students in Israel. For over 15 years Netta has served on multiple boards in Israel and America, holding high-level positions in Executive Committees.
Daniel Peled, co-founder, director and president — Daniel was the co-founder and CEO at PayKey, an Israeli Fintech startup with investors such as MasterCard and Santander InnoVentures. He is also a veteran member of the Israeli Bitcoin community and the first person in Israel to ICO a blockchain company. Daniel holds a LL.M and BS in Economics. https://www.linkedin.com/in/dpeled/
Uriel Peled, co-founder and advisor — Uriel was a key advisor for several notable crypto projects and was named one of Israel’s top 25 blockchain influencers. Prior to Orbs, Uriel co-founded Visualead, an AR/VR startup that was acquired by Alibaba. He is a former team leader at Mellanox, a leading Israeli high-tech company. Uriel holds a BSc summa cum laude in Electrical Engineering from the Technion. Uriel stepped down from his active full-time role at Orbs in February 2020 to build a digital asset investment management firm, moment Capital, and is currently serving as an advisor to the Orbs project. https://www.linkedin.com/in/uriel-peled-61073b29/
Nadav Shemesh, Chief Executive Officer — Nadav was previously Professional Advisor to the Minister of Finance in Israel, responsible for reforms, policy and execution in the Finance & High Tech Sector. Prior to that, he was Deputy CEO of Babylon Software. Before his business career, Nadav was an F16 Pilot in the IAF. He has a degree in Electrical Engineering and Computer Sciences from Tel Aviv University. His philanthropic activities have included teaching physics for graduation exams in a low-income High School. https://www.linkedin.com/in/nadav-shemesh-58394063/?originalSubdomain=il
Nechama Ben Meir, Chief Financial Officer — Nechama has over 20 years of experience in senior financial and operational positions in the Israeli high-tech industry. She was Head of Accounting and Taxes at CheckPoint, responsible for the company’s global financial operations, and before that, CFO & COO at Crescendo Networks Ltd. and Director of Finance at Radware. In her spare time, Nechama is involved in activities improving the position of women in society. https://il.linkedin.com/in/nechama-ben-meir-3347434
Ran Hammer, General Counsel and Corporate Development — After specialising as a corporate and transactional lawyer in the fields of high-tech, venture capital and cross border M&A and prior to joining Orbs, Ran founded a blockchain, cryptocurrency and digital asset practice in one of Israel’s largest law firms and was established as one of Israel’s leading blockchain law and business practitioners. Ran holds an LL.B. summa cum laude from the University of Haifa. https://il.linkedin.com/in/ran-hammer-32323278
What monitoring or controls do you have in place that could catch issues, halt functions, or delay attacks to protect assets?
All smart contract mechanics related to user funds are immutable and cannot be halted. The only exception is the staking contract which allows the emergency manager role to stop the contract from accepting new deposits. When this happens, all existing stakers can unstake immediately without the normal 14-day cooldown limitation. This function could be used to allow token holders to unstake and safely withdraw their tokens in the event a vulnerability was discovered.
Do you have a bug bounty program in place/planned?
Currently, no official bug bounty program is in place, but the team receives community feedback and compensates reporting of potential issues on a discretionary basis.
Safety practices. Is there someone dedicated to security on the team? Does your git include your test/qa scripts? Describe your current IS/QA processes? Will you commit to auditing your code at least quarterly/semi-annually/annually and for major updates and releases?
All project code is open source and publicly available from the first commit for community review. All code contains thorough unit tests and end-to-end tests running automatically in CI that are required to pass before merge to master is possible. Merges to master must be approved by two different team members. Significant versions are released to a fully functioning test net for a period of community experimentation before being deployed to mainnet. Security audits are conducted before major feature releases. Project founder Tal Kol (GitHub user u/talkol) leads all security aspects with various team members holding various areas of security expertise such as Solidity vulnerabilities or economic vulnerabilities.
To learn more about Orbs, you can visit their official communication channels:
Website: https://www.orbs.com/
Telegram: https://t.me/OrbsNetwork
Twitter: https://twitter.com/orbs_network
Blog: https://www.orbs.com/blog/
Reddit: https://www.reddit.com/r/ORBS_Network/
Linkedin: https://www.linkedin.com/company/orbs/
Github: https://github.com/orbs-network/
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