Orbit Bridge Klaytn Orbit ChainPrice

(OORC)

Orbit Bridge Klaytn Orbit Chain (oORC) is a cryptocurrency token operating on the Klaytn platform, integral to the broader Orbit Chain ecosystem. It serves as a bridge service, enabling seamless interchain communication and token conversion across over 15 public blockchain networks. The 'o' prefix in tokens like oORC, oETH, or oUSDT indicates that they are assets bridged by Orbit Bridge, facilitating cross-chain transfers within the decentralized finance space.

The ORC token is central to the Orbit Chain ecosystem, serving multiple crucial functions. Its primary uses include paying transaction fees for operations on the network and enabling holders to participate in network governance, influencing key decisions. Furthermore, ORC acts as collateral in various decentralized finance (DeFi) protocols built within the Orbit Chain ecosystem. The tokenomics of ORC also incorporate Proof-of-Stake rewards for network validators and a buyback and burn mechanism designed to introduce deflationary pressure.

Orbit Bridge facilitates asset and data transfer between disparate blockchains to overcome ecosystem fragmentation. It utilizes a sophisticated consensus mechanism, specifically a Multi-signature Byzantine Fault Tolerance (BFT) system, combined with Multi-signature (Multi-sig) based transaction consensus for robust security and reliability. The platform operates under a decentralized governance model, allowing community stakeholders to collectively make decisions. When bridging assets, native tokens like ETH or BNB use a 'deposit' method, while ERC20 tokens use 'depositToken'. Bridged tokens often receive an 'o' prefix (e.g., oETH on Klaytn is an ERC20 token bridged from Ethereum).

Orbit Bridge's security framework is designed around a decentralized governance consensus and a multi-signature consensus mechanism for validating transactions, aiming for transparency and trustless operations. The project underwent security audits by firms like Theori and received ISMS certification. However, the platform experienced a significant security breach on December 31, 2023, where approximately $81.5 million was stolen. This incident is widely attributed to compromised private keys, with seven out of ten of the bridge's multisig private keys reportedly affected. Investigations are currently underway with law enforcement and security experts.

On December 31, 2023, Orbit Bridge suffered a major cyberattack, resulting in an estimated $81.5 million to $82 million being stolen from its Ethereum vault by an unidentified attacker. Assets like ETH, WBTC, USDT, USDC, and DAI were compromised in five separate transactions. The stolen funds were subsequently converted to ETH and DAI and dispersed among various wallets. The attack methodology showed similarities to tactics used by the Lazarus Group. The exploit pointed towards a compromise of credentials or private keys rather than a smart contract vulnerability or validator key theft, highlighting critical vulnerabilities in cross-chain bridges and the importance of robust multisig security.

Orbit Bridge tokens find utility within various decentralized finance (DeFi) protocols that support them, such as KLAYswap, Belt Finance, and Meshswap. Users can also trade these tokens on decentralized exchanges (DEXs). However, tokens minted via Orbit Bridge are generally not supported by centralized exchanges. Users should always verify the compatibility and support of any DeFi protocol or exchange before attempting to convert or transfer their tokens, ensuring smooth and secure transactions.