Decentralized Cross Chain Layer 2 Protocol Orbiter Finance Reports 20,000 ETH in Annual Revenue

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As a seasoned crypto investor with over two decades of experience under my belt, I can confidently say that Orbiter Finance is quickly becoming one of the most intriguing projects in the DeFi space. Their impressive revenue figures, outpacing industry giants like Base, are a testament to their innovative approach and robust technology.

Last year, the cross-chain Layer 2 protocol Orbiter Finance generated around 20,000 Ether in revenue from its bridge service. To date, it has handled over 24 million transactions with a total value surpassing $16 billion, making it more profitable than all other third-party cross-chain bridging solutions combined.

According to the information provided to Coingape in a recent press release, Orbiter Bridge stands out as the most lucrative cross-chain bridge protocol within the industry due to its integrated revenue generation mechanism called the Maker system. This system was formerly known for providing liquidity centrally.

This revenue figure sets Orbiter apart from its competitors. For context, Base, another prominent cross-chain bridge, reported $39.075 million in revenue over the same period, but Orbiter’s substantial earnings reflect its competitive edge and growing influence in the DeFi space. The Orbiter Bridge addresses the limitations with traditional bridges’, such as speed, and enhances the efficiency of cross-chaining between various L2s and the ETH mainnet. 

Future Plans using Zk Technology

In the days ahead, Orbiter Finance is preparing for the debut of its zero-knowledge (zk)-based all-encompassing rollup system named Vizing. The goal of this new infrastructure is to transform the blockchain landscape by tackling liquidity dispersion and boosting compatibility across Ethereum rollups. Vizing promises to offer innovations like a unified wallet setup and pooled liquidity, thereby increasing the protocol’s efficiency and user-friendly interaction.

Iris Cheung, Co-founder of Orbiter Finance, shared that their aim is to shape an omnichain future and smooth cross-chain connectivity is the initial step. Unlike other bridges such as Arbitrum, Optimism, and ZKsync Lite which have a 7-day waiting period for Layer 2 transactions, Orbiter offers immediate bridging. This “Trend-Driven” approach has proven successful, as they entered the market when many were skeptical about Ethereum L2s.

Currently, the Orbiter team is concentrating on making the system more decentralized so that third-party liquidity providers can participate. The protocol’s dedication to decentralization has been reinforced by a strategic investment from OKX Ventures earlier this year. This venture firm has successfully completed a Series A funding round and enjoys significant support from Tiger Global, Mirana Ventures, Skyland Ventures, Mask Network, Redpoint Ventures China, and Hash Global.

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2024-08-23 13:27