Orderly Network (ORDER): Unifying DEX Trading With Omnichain Liquidity
The world of decentralized finance (DeFi) is full of intriguing technology. In addition to standard tools like exchanges and trading bots, there are also many niche service providers that play essential roles in transferring funds across the internet. Whether you usually care about trading infrastructure or not, Orderly Network is a tool worth learning about. Its intriguing system provides helpful services for both investors and developers. This guide will tell you how Orderly Network runs â and why it's so noteworthy.Â
Key Takeaways:
Orderly Network is an operational platform that focuses on making it easier for DeFi products to run.
Instead of managing its own front end, Orderly Network is an operational layer on top of which other projects can run.
Looking to trade Orderly Network tokens? Bybit now offers the ORDER/USDT Spot trading pair. To celebrate this listing, Bybit is holding an exclusive event where you can stake ORDER, USDT or MNT to earn from a 9,000,000 ORDER prize pool!
What Is Orderly Network?
Orderly Network is an operational platform that focuses on making it easier for DeFi products to run. The exchange protocol offers order book-based trading and liquidity provision. Instead of managing its own front end, Orderly Network provides an operational layer that other projects can run on top of.
History of Orderly Network
Orderly Network was founded by Ran Yi and Terence Ng. As an employee at Freddie Mac, Yi witnessed the 2008 financial crisis firsthand. After becoming disillusioned with traditional banking systems, Yi turned to cryptocurrency as a more accessible alternative. While he was trading on crypto networks, he became interested in ways to improve the traditional purchasing experience. Yi partnered with Ng, who had provided software development expertise for many other startups before.Â
Together, the two worked to create a new system for moderating crypto exchanges. Their project has attracted many investors, including Pantera, GSR and Dragonfly Capital.
What Does Orderly Network Aim to Achieve?
Orderly Network's primary mission is to provide a quality decentralized exchange (DEX) experience. Its founders believe that centralized exchanges (CEXs) struggle to provide users with the appropriate level of transparency and security. However, they also noticed that issues such as fragmented liquidity make it hard for new DEXs to launch their system.Â
Ultimately, the team hopes to offer a core set of essential services that other builders can use to run projects. They believe that this will help the DeFi finance industry to flourish. Their vision centers on the idea of a DeFi future in which DEXs can save time and money with Orderly Network â while still keeping power in the hands of their users.Â
How Does It Work?
Orderly Network runs on the NEAR Protocol blockchain, a developer-friendly Layer 1 chain, to create an architecture based on the concept of an order book, an old-school form of trading that involves keeping a definitive list of trades. Orderly Network uses this idea to create an extensive list that monitors crypto token prices, availability and transaction history. In this way, Orderly Network keeps track of all this information and functions as an intermediary.Â
If one user is looking to purchase a crypto at a specific price, Orderly Network will route their request to a user looking to sell at that price. To streamline trading, Orderly Network offers liquidity preserves and transaction management services. Other DeFi decentralized applications (DApps) then connect to Orderly Network to access its data and useful tools.Â
Orderly Network doesnât have a complete user interface with which individual traders can work. Instead, it prioritizes tracking data and making crypto transfers. Its partner DApps are the exchanges that actually offer front-end software that lets users access the system.Â
Features of Orderly Network
As part of its mission to promote DEXs, Orderly Network provides numerous helpful tools to DeFi designers.
Orderly App Chain
The Orderly app chain, called Orderly Omnichain, is a vital part of the system's infrastructure. It functions as a layer in between the Asset Layer and Engine Layer of Orderly Network. Essentially, this means the app chain passes information back and forth between Orderly Network and all the DApps that use its system. It allows countless programs to access all of the program's helpful data.
LayerZero
Orderly Network partners with LayerZero to facilitate communication between all of the DApps on its network. LayerZero protocols quickly move information between various chains and services. For example, if a person wants to buy a token on one exchange, Orderly Network will use LayerZero to check with other exchanges and find the optimal price.Â
Omnichain SDK
A software development kit (SDK) is a suite of tools for developers to use. Omnichain SDK includes coding libraries, software to interact with Orderly contracts and information on Orderly's application programming interface (API). The SDK makes it much easier for developers to build on Orderly Network without having to write all of their code from scratch.Â
Celestia
Orderly Network also includes integrated modular data availability technology from Celestia. This scaling feature allows Orderly Network's clients to adjust their functionality, depending upon how many users they have. It's a major factor in the network's ability to keep its gas fees low. Celestia also makes it much easier to scale the system, so it can easily adjust to accommodate larger numbers of viewers.Â
Shared Order Book
One of the most important features of Orderly Network is its shared order book. Since all of the exchanges within the system use the same basic order book, it's much easier for members of the community to optimize trades. Users can choose whichever exchange interface and system they prefer, and no matter which DApp they select, they can still buy and sell from the same set of orders.Â
Orderly Network Airdrop
To reward the people who have joined its community, Orderly Network has announced a retroactive airdrop beginning on Aug 26, 2024. It consists of a 60-day window during which past users can collect tokens. Anyone who has backed the Orderly Merits Campaign, traded on Orderly Network or posted on Galxe and Zealy will be eligible.Â
This airdrop will distribute 13% of Orderly Network's total token supply to community members. If you're interested in checking your eligibility or collecting your tokens, you can do so through the Orderly Networkairdrop website. [Note: this airdrop is not available in all regions].Â
Orderly Network Road Map
Throughout 2023, Orderly Network's focus was on improving its technology. It created an order book, designed SDKs for DeFi builders and deployed new asset vaults to streamline trading. For the future, Orderly Network's road map will prioritize more multichain compatibility. The network hopes to work seamlessly with all EVM chains so that it can function with a variety of other DeFi products. It also plans to move beyond basic buying and selling of cryptocurrency. Eventually, Orderly Network aims to offer perpetual futures, leveraged trading and other higher-level trading mechanics.Â
ORDER Tokenomics
The ORDER token is designed to help expand and develop the network. People who hold ORDER tokens can stake them to secure the network and vote on Orderly Network governance. There are also future plans to expand ORDER and use it as a payment method for third-party apps. ORDER has a maximum supply of 1 billion tokens, which will be distributed as follows:
Orderly Network Community: 55%
Team and Advisors: 20%
Strategic Investors: 15%
Orderly Foundation: 10%
Where to Buy ORDER
Looking to trade Orderly Network tokens? Bybit now offers the ORDER/USDT Spot trading pair. To get started, youâll first need to create a Bybit account, then fund it with cryptocurrency and navigate to the ORDER/USDT Spot trading page.
To celebrate this listing, Bybit is holding an exclusive event where you can stake ORDER, USDT or MNT to earn from the 9,000,000 ORDER prize pool!
Is ORDER a Good Investment?
The ORDER token seems poised to capture attention from investors. Not only is the Orderly Network getting a lot of positive social media buzz, but the ORDER token started attracting attention as soon as it hit pre-markets. This can be a profitable combination for crypto investors.Â
However, don't forget that this project is still fairly new, and the DeFi space is already crowded with crypto exchanges. Even though Orderly Network does offer some new perks, it may encounter difficulty in distinguishing itself. Investors need to maintain a level of caution and approach the coin with common sense.Â
Closing Thoughts
Orderly Network's mission to provide infrastructure for DEXs may prove to be quite useful. This system's order bookâstyle trading might seem simplistic, but in practice it results in affordable, transparent trading. Investors can expect to see some intriguing outcomes from Orderly Network, one of the up-and-coming crypto projects of 2024.
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