ICON Network Expands Its DeFi Ecosystem with Orbit Bridge Integration
ICON Network Expands Its DeFi Ecosystem with Orbit Bridge Integration
December 19, 2020
ICON Network Expands Its DeFi Ecosystem with Orbit Bridge Integration
ICON Network Expands Its DeFi Ecosystem with Orbit Bridge Integration
December 19, 2020

ICON’s Orbit Chain Integration Allows Ethereum-Based Digital Assets to Be Transferred  to the ICON Network 

ICON (www.icon.foundation), one of the world’s largest decentralized networks, announced an integration with ozys’ Orbit Bridge, allowing Ethereum-based digital assets to be transferred onto the ICON Network. Orbit Bridge is a decentralized Inter-Blockchain Communication (IBC) platform. Its interoperability protocol will help ICON expand its DeFi capabilities by connecting it to other top blockchains and their applications.

This integration brings more value to the ICON Network, specifically its DeFi ecosystem, by bridging assets between different blockchains and bringing more economic activity to the ICON Network. Traders can now take advantage of arbitrage opportunities, and DeFi projects built on ICON can now enable borrowing and lending of assets across different networks and bridges. Ultimately, this all leads to more transactions and more value exchange on the ICON Network. 

Ricky Dodds, Strategy and Communications Lead at ICON, said:

“The Orbit Bridge integration is an exciting next step for the growth of the ICON DeFi ecosystem, and we look forward to bringing this technology to the community. As blockchain technology continues to progress, there will be a number of different ways to bridge assets between different networks. For example, we expect to see Orbit Ethereum and BTP Ethereum on ICON when ICON 2.0 launches. We look forward to our continued collaboration with the ozys team.”

Orbit Bridge is already in production with two other blockchains, making ICON the third. The integration will allow the following Ethereum-based assets to be transferred onto the ICON Network: 

  • Orbit Chain – ORC
  • Ethereum – ETH
  • Tether – USDT
  • USD Coin – USDC
  • Wrapped Bitcoin – WBTC
  • MakerDAO Stablecoin – DAI
  • Ren Project – REN
  • Band Protocol – BAND
  • Ocean Protocol – OCEAN
  • Chainlink – LINK
  • OmiseGo – OMG
  • Universal Market Access – UMA
  • Loopring – LRC
  • Reserve – RSR
  • Aragon – ANT
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In addition, ICONPOOL will add liquidity pools for all 14 assets and pair them with ICX. ICON will also introduce liquidity mining programs for some tokens. ICON plans to roll out additional DeFi products in Q1 of 2021. 


ABOUT ICON FOUNDATION

ICON (www.icon.foundation) is one of the world’s largest decentralized networks. ICON’s blockchain is used for real-world applications in banking, healthcare, education, and more. ICON is scalable for both public and private blockchain use cases, and employs a transparent governance system and AI to create a sustainable, decentralized ecosystem.


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Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.