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Title: ICX <->ETH Cross- Chain Bridge for ICON DeFi via Orbit Bridge
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Applicant Name: Ozys
Ozys, a leading blockchain technology company in South Korea, works closely with public chain foundations to create widely-used, cutting edge blockchain-based services. Some key projects include: Allbit (decentralized exchange), EveryDAI (bridge for DAI), Klaystation (Klaytn staking tool), KLAYswap (Klaytn AMM Dex), and Orbit Bridge, an open IBC platform. ozys’ own blockchain, Orbit Chain, is a PoS consensus chain that integrates various blockchains and services to seamlessly connect the fragmented token economy. Orbit Chain currently supports 8+ public chains including Bitcoin, Ethereum, Ripple, Tron, Klay, and Terra. ozys is committed to researching the interoperability of heterogeneous chains and further developing the DeFi ecosystem with better products and services. In doing so, ozys will create a more widespread audience and a stable blockchain ecosystem by allowing more DApp growth on various mainnets.
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Contact Information
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Team Contact Information
- Email: support@orbitchain.io
- Twitter: https://twitter.com/Orbit_Chain
- Telegram: https://t.me/Orbit_Chain
- Global Telegram (ENG): https://t.me/OrbitChainGlobal
- Discord: https://discordapp.com/invite/PJzE63A
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Relevant Links
- Orbit Chain Website: https://orbitchain.io
- Orbit Chain Explorer : https://explorer.orbitchain.io
- KLAYswap: https://klayswap.com
- Orbit Bridge: https://bridge.orbitchain.io
- EveryDai: https://everydai.io
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Project Category
- Infrastructure & Core Development (DeFi)
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Project Description
We believe that creating a cross-chain bridge between ICON and Ethereum would be extremely beneficial for the expansion of the ICON ecosystem. Orbit Bridge has already shown its strength as a standout IBC protocol as it already bridges two blockchains, Klaytn and Ethereum. ICON will be the third. Ozys, the developer of Orbit Chain, has recently focused on commercializing interoperability technology with the release of Orbit Bridge, an open IBC platform, and KLAYswap, a cross-chain platform that allows Ethereum and ERC-20 assets to be brought into the Klaytn ecosystem. Orbit Bridge has a reliable, secure environment and structure for interoperability, with global blockchain companies such as ICON, HashQuark, Klaytn, and Terra amongst its 9 validators.
In just a little over one month after launching in October 2020, Orbit Bridge has bridged more than 4,000 transactions and over $70 million USD worth of assets, including sending $40 million USD worth of Ethereum assets to and from the Klaytn network. This was done utilizing KLAYswap, the Klaytn-based decentralized automated liquidity protocol built by Ozys. KLAYswap reached $50M USD in TVL in liquidity pools just three weeks after launching, with around half of the TVL being Ethereum assets converted by Orbit Bridge IBC.
We want to expand the ICON DeFi ecosystem and make it prosperous and give more utility like we have done with Klaytn.
This integration brings more value to both Orbit Chain and the ICON Network, specifically the ICON DeFi ecosystem. Orbit Bridge will connect the assets of heterogeneous chains, including Orbit Chain’s native token, ORC, to the ICON ecosystem. Ultimately, the power of Orbit Chain’s IBC protocol, Orbit Bridge, will lead to more transactions and more value exchange on the ICON Network.
With this new integration of Orbit Bridge, ICON will now support the following Ethereum-based assets to be transferred to the ICON Network, with the potential to add more in the future.
- Orbit Chain — ORC
- Ethereum — ETH
- Tether — USDT
- USD Coin — USDC
- Wrapped Bitcoin — WBTC
- DAI
- Ren Project — REN
- Band Protocol — BAND
- Ocean Protocol — OCEAN
- Chainlink — LINK
- OmiseGo — OMG
- Universal Market Access — UMA
- Loopring — LRC
- Reserve — RSR
- Aragon — ANT
As part of this exciting integration, ICON’s AMM protocol ICONPOOL, will be adding liquidity pools for all 15 assets and pairing them with ICX.
The Orbit Bridge integration has already been completed on ICON’s testnet, and the relevant smart contracts will be released with the official deployment and launch of the mainnet version.
We are applying for this ICON Foundation Grant for two main reasons. Firstly, because of the additional resources it will take for a mainnet version launch and subsequent maintenance. We are currently operating an ETH Vault for the sandbox and are using ORC tokens, the native token of Orbit Chain, for the costs. We ask for the grant to cover this and the numerous other expenses (addressed in point 8) that are required for a full launch. The second reason we want this grant is that we want to be more aligned with the ICON community, which has been very great and receptive to the initial news of the sandbox integration. The strength of the ICON community has been awesome and we want to be more streamlined with and supported by it!
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Project Duration
The duration of this project is 6 months. This is broken down into three main parts. First, from November 2020 to December 2020, we will develop the sandbox. Second, from December 2020 to January 2021, we will develop a mainnet version and launch. The third and final phase is maintenance, and this will last until May 2021
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Project Milestones
We have already completed the first milestone, completing the Sandbox.
The next milestone will be launching a building version and successfully testing the successful asset transfers of the following bridged Ethereum network tokens:
- Orbit Chain — ORC
- Ethereum — ETH
- Tether — USDT
- USD Coin — USDC
- Wrapped Bitcoin — WBTC
- DAI
- Ren Project — REN
- Band Protocol — BAND
- Ocean Protocol — OCEAN
- Chainlink — LINK
- OmiseGo — OMG
- Universal Market Access — UMA
- Loopring — LRC
- Reserve — RSR
- Aragon — ANT
Once this is complete, we will test the successful integration with ICON pool and proceed with testing and maintenance.
Exact dates are subject to change depending on changes to the development process. We plan to continuously update materials related to this operation through further collaboration and discussion with the ICON foundation to take an optimal direction at every turn. ozys will share any updates or technical changes in regards to the plan.
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Funding Amount Requested in USD
Ozys is investing its resources, including its workforce, into the further development of ICON’s DeFi with the addition of an ETH<-> ICX crosscrain bridge as it is an essential addition to growth of the ICON network.
We are requesting $100,000 USD in ICX for the grant and 1 million ICX delegation. As stated above, we ask for this grant amount in recognition of our contribution and to cover the resource costs and the man-months Ozys is putting into this project. In terms of man months we estimate that with contract, backend, frontend, and the planning involved, it will take around 20 man-months in total for this project. In addition to the ETH Vault we are operating, we also must prepare an ICX Vault, which will incur further costs. Server costs are another concern as we must have the necessary bandwidth and infrastructure resources to cover this operation for the duration of development and service. Lastly, we must consider validator rewards. As validators are compensated for the bridging operation, Ozys ultimately incurs the amount that is distributed. We strongly believe the value of the collaboration of Ozys and ICON will far outweigh whatever costs are incurred and that this request is fully justified.
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Public Address
ICON Address: hx73ec48c82112b952e49cc496c7f5a527e5c1e792