Stellar Community Fund

By OrbitCDP

OrbitCDP: CDPs on Stellar

SCF #25

$100.0K

Legacy v5.0 Community Award

Awarded

Collateralize your Lumens for a wide range of stablecoins with Orbit.

Products & Services

What the product is:

Orbit allows anyone to take out stellar backed stablecoins soft-pegged to various different denominations, like the dollar, euro, and yuan. Creating a bridge between the volatile world of cryptocurrencies and the stability of traditional fiat currencies.

What problems it solves, how it solves them, and what audience it solves them for (explain the benefits):

Orbit aims to address several significant challenges within the Stellar ecosystem, with its primary focus on accessibility to a widen of currencies. Through Orbit stablecoins, individuals can retain their native currency and conduct transactions without the need for conversion to another currency. This capability not only streamlines transactions but also eliminates the associated costs and complexities.

The option to overcollateralize lumens to acquire these tokens, without concerns about price stability and trust, is paramount in the cryptocurrency realm. By enabling users to leverage their lumens as collateral, Orbit provides a secure and reliable means for accessing stablecoins, fostering greater confidence and participation in the Stellar ecosystem.

We want to promote financial inclusion, particularly among individuals in economically vulnerable regions such as South America, Africa, and Asia. By offering accessible and stable financial instruments, Orbit empowers individuals in these areas to participate in global commerce and financial activities, thereby contributing to their economic empowerment and growth.

Most importantly, how it works and how it uses Stellar and/or Soroban:

Orbit leverages Soroban to deploy its smart contract and incorporates other protocols on the Stellar network, such as Blend, to manage crucial functions required for system launch. Also the Stellar network was made to support digital representations of any currency, and we feel that our project aligns perfectly with that.