orbiter finance Archives - Coin Engineer https://coinengineer.net/blog/tag/orbiter-finance/ Btc, Coins, Pre-Sale, DeFi, NFT Sat, 24 Aug 2024 06:23:33 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://coinengineer.net/blog/wp-content/uploads/2024/04/cropped-Coin-Engineer-Logo-Favicon-2-32x32.png orbiter finance Archives - Coin Engineer https://coinengineer.net/blog/tag/orbiter-finance/ 32 32 Orbiter Finance, Decentralized Cross-Chain Layer 2 Protocol Generates 20,000 ETH Annual Revenue https://coinengineer.net/blog/orbiter-finance-decentralized-cross-chain-layer-2-protocol-generates-20000-eth-annual-revenue/ https://coinengineer.net/blog/orbiter-finance-decentralized-cross-chain-layer-2-protocol-generates-20000-eth-annual-revenue/#respond Sat, 24 Aug 2024 12:00:21 +0000 https://coinengineer.net/blog/?p=27539 Orbiter Finance announced that it generated 20,000 ETH in revenue last year as its decentralized cross-chain Layer 2 protocol. This performance shows that Orbiter Finance has achieved great success with its cross-chain bridge protocol and has surpassed the total revenues of other third-party bridges in the industry. Orbiter Finance’s Prominent Performance Orbiter Finance has processed

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]]> Orbiter Finance announced that it generated 20,000 ETH in revenue last year as its decentralized cross-chain Layer 2 protocol. This performance shows that Orbiter Finance has achieved great success with its cross-chain bridge protocol and has surpassed the total revenues of other third-party bridges in the industry.

Orbiter Finance’s Prominent Performance

Orbiter Finance has processed over 24 million transactions in the last year, with a total transaction volume exceeding $16 billion. The revenue generated by the company allows it to stand out as the most profitable cross-chain bridge protocol in the industry. This revenue engine, known as the Maker system and previously operating as a centralized liquidity provider, is cited as one of the main reasons for Orbiter Finance’s high profitability.

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These revenue figures set Orbiter Finance apart from its competitors. For example, another major cross-chain bridge protocol called Base generated $39.075 million in revenue during the same period. However, Orbiter Finance’s high revenues reflect its competitive advantage and growing influence in the DeFi (decentralized finance) space. Orbiter Bridge increases the efficiency of cross-chaining between various L2s and the ETH mainnet by overcoming the limitations of traditional bridges, such as speed.

Orbiter Finance’s Future Plans

Orbiter Finance is preparing to launch Vizing, a zk-based omni-rollup infrastructure in the future. This new infrastructure aims to solve liquidity fragmentation and improve interoperability between Ethereum rollups. Vizing will further improve the protocol’s scalability and user experience by offering features such as a unified wallet system and bulk liquidity.

“We have a vision to create an omnichain future, and seamless cross-chain bridging is the first step to achieving this goal,” Orbiter Finance co-founder Iris Cheung said in an interview with Coingape. Cheung emphasized that Orbiter Finance provides instant bridging, unlike Layer 2 transfers that other bridges like Arbitrum, Optimism, and ZKsync Lite have a 7-day waiting period. He noted that this “Trend-Driven” strategy was extremely effective as they entered the market at a time when the potential of Ethereum L2s was not believed.

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]]> https://coinengineer.net/blog/orbiter-finance-decentralized-cross-chain-layer-2-protocol-generates-20000-eth-annual-revenue/feed/ 0 $80 Million Hack Attack on Orbit Bridge! https://coinengineer.net/blog/80-million-hack-attack-on-orbit-bridge/ https://coinengineer.net/blog/80-million-hack-attack-on-orbit-bridge/#respond Mon, 01 Jan 2024 09:26:08 +0000 https://coinengineer.io/blog/?p=9059 Orbit Bridge has been targeted by an unknown attacker, resulting in the theft of 80 million dollars worth of cryptocurrency from the platform. Using new wallets for WBTC, USDT, USDC, and DAI, the attacker successfully transferred 9,500 ETH (21.7 million USD) from Orbit to an unknown wallet. The hack originated from a vulnerability noticed during

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]]> Orbit Bridge has been targeted by an unknown attacker, resulting in the theft of 80 million dollars worth of cryptocurrency from the platform.
Using new wallets for WBTC, USDT, USDC, and DAI, the attacker successfully transferred 9,500 ETH (21.7 million USD) from Orbit to an unknown wallet. The hack originated from a vulnerability noticed during test transactions.
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The Orbit Bridge team has not yet made an official statement, but it is claimed that the total loss exceeds 80 million dollars. This could potentially be one of the largest cross-chain bridge hacks in history.
Users are advised not to use the service until the next announcement and to monitor their wallets for suspicious activities.
Just three hours ago, hackers exploiting the Orbit Bridge, the bridging service of Orbit Chain, carried out an 82 million dollar exploit. The hackers transferred assets such as Tether, USD Coin, Ether, Wrapped Bitcoin, and DAI to new wallets.
The Orbit Chain protocol has strong connections with the Klaytn network, a modular layer-1 blockchain. The nature of the exploit is yet to be determined.
No statement has been received from Orbit Chain and Klaytn yet. Cryptocurrency users are urged to be cautious for their security and monitor suspicious activities.

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