United States, March 14, 2023 / AlexaBlockchain/ – Orbits is a decentralized exchange (DEX) with an order book and liquidity aggregator that is based on zk-SNARK technology and supports multi-chain transactions. It is the first zk-SNARK based DEX in the market, which makes it a pioneering platform.
Technical Characteristics of Orbits
Orbits employs the Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARK) proof, which is a compact and non-interactive proof-of-knowledge system. Although the technology was previously used by the renowned anonymous project Zcash, Orbits is the earliest DEX platform to utilize it. The consensus on security protection for zk-SNARK proofs ensures that Orbits is highly secure. Additionally, the small size of SNARK proofs results in reduced transaction costs, making it a cost-effective platform.
L1+L2 Network Structure
Orbits has a two-layer network structure that includes Ethereum L1 and L2 shard chains. Smart contracts are deployed on Ethereum L1, while L2 is a shard chain. Orbits network system comprises Collator, Validator, and smart contracts. The collator collects transactions submitted by users to the shard chain, checks the validity of the transactions, and packages valid transactions to the verifier. The verifier calculates the state change and calculates the ZK-SNARK proof and submits the zk-SNARK to the smart contract on the beacon chain for verification. The smart contract governs the L2 shard chain, accesses assets between the beacon chain and L2, and verifies the finality of the shard chain blocks.
Orbits has a liquidity aggregator that shares the depth of liquidity with Binance. The aggregator allows Orbits to share the transaction pool with other platforms and DEXs, which can form a better transaction depth. It prepares funds in several currencies in Binance according to the situation and calls the Binance API to execute the transaction in Binance according to the user’s transaction situation. This enables users to buy or sell currencies at a similar price as Binance.
Modular Sub-Chain SaaS
Orbits has a Software as a Service (SaaS) system that is used to deploy multiple sub-chains. It achieves unlimited expansion of transaction efficiency through modular and customizable sub-chains. The settlement layer uses SaaS to realise this type of modular sub-chain.
Advantages of Orbits DEX
Orbits has several advantages, including:
- Multi-Chain Order Book: Orbits supports trading at market prices or pending orders at limit prices. It also supports viewing positions and historical orders, multi-chain spot and derivative transactions, and token transactions on multiple blockchains.
- Low Cost + High Performance: Since the settlement layer of Orbits is on L2, the transaction has the characteristics of low cost and high performance. The zk-SNARK technology is also conducive to reducing transaction costs. The transaction costs are lower than 1/40 of the main chain, and transactions are executed instantly, and the main chain is confirmed in seconds.
- Security: based on zk-SNARK, it fully inherits the security of Ethereum.
- Better Trading Depth: The aggregator allows Orbits to share the transaction pool with other platforms and DEXs, which can form a better transaction depth.
- Scalability: The SaaS system can be used to implement modular sub-chains, which can be independent DEXs or shared with Orbits. Therefore, the Orbit’s ecology has certain scalability.
Disadvantages of Orbits
When the aggregator calls APIs of other platforms or liquidity pools, users may experience occasional freezes and delays when placing and cancelling orders. However, this issue can be resolved as Orbits develops and grows, and the user scale and transaction depth become larger.
Orbits is a ZK-SNARK based multi-chain order–book DEX with Saas system and liquidity aggregator. It offers several advantages over other DEXs in the market. With its order book-style DEX, multi-chain transactions, low transaction costs, high performance, better trading depth, and scalability, it has the potential to become a significant player in the DEX market. Follow Orbits on twitter https://twitter.com/Orbits_DEX for all the latest updates.