Traders on the popular DeFi platform SpookySwap have more staking and swapping possibilities thanks to the arrival of Orbs Protocol’s native token ORBS.
The debut of ORBS brings the project onto the Fantom blockchain for the first time. SpookySwap is the most popular decentralized exchange on Fantom, with close to $1 billion in total value locked, according to DeFiLlama. Orbs recently announced its plans to expand to Fantom, its seventh supported blockchain infrastructure, and it’s doing so for the first time with SpookySwap.
In addition to ORBS landing on SpookySwap, Orbs said the ORBS token address has now been added to FTMScan, a block explorer tool on the Avalanche blockchain.
Orbs now supports Ethereum, Binance Chain, Avalanche, Harmony, Solana, and Polygon, in addition to Fantom.
The expansion to Fantom was made possible by Orb’s decision to support the Multichain cross-chain bridge that connects the blockchain to Ethereum, Binance Chain, and Avalanche.
With the availability of ORBS, SpookySwap users can not only trade the tokens but also stake in one of two liquidity pools. At present, the DEX is offering USDC/ORBS and FTM/ORBS pools. By providing liquidity for traders on SpookySwap, users can earn a share of the 0.2% transaction fees applied to each swap.
SpookySwap is a smart choice for Orbs to make its debut as it provides a number of interesting features that set it apart from other DEX platforms, not only on Fantom but on all blockchains. It’s one of the few DEXs that supports users making limit orders, where they can specify a price, with the transaction only executed when it reaches that price. It’s a way for traders to prevent losing money due to slippage. Limit orders are also handy for investors who want to “buy the dip” or accumulate at a lower price or “take profit” or sell at a higher price.
To get started trading ORBS on SpookySwap the first step is to add the ORBS token by finding it in the search bar. If it’s not there, add the ORBS contact address and it should appear. Next, download a Fantom-compatible wallet. Orbs recommends using MetaMask though there are other options available. Whatever wallet you choose will need to be configured to work with Fantom – for instructions on how to do that with MetaMask, check here. Finally, select the Multichain bridge and you’re good to go.
Orbs isn’t done with Fantom yet. While it hasn’t said what’s next, it revealed that its debut on SpookySwap is just the start of a much wider integration with the Fantom ecosystem as it plans to take advantage of the more than $6.5 billion in TVL on the sixth most valuable DeFi platform.
Bringing ORBS into Fantom’s orbit helps Orbs get closer to its long-term goal of becoming the infrastructure of choice for businesses building decentralized applications. Orbs has created an open-source, virtual chain infrastructure that delivers fast transactions at low cost and with no congestion. It’s designed to make blockchain accessible to business applications that cannot compromise on those qualities. The ORBS token serves as a utility coin, paying for transactions and application storage.