Ordinox is a blockchain platform that enables cross-chain interactions, particularly between Ethereal Virtual Machine (EVM) and Ordinal Inscription-based tokens such as BRC20. The platform facilitates native cross-chain swaps, allowing token holders to move liquidity seamlessly and securely across different blockchain ecosystems. This setup enables users to engage in decentralised Finance (DeFi) activities, earning yields and conducting non-custodial swaps between ERC20 and Ordinal tokens.
Ordinox was founded by Ankit Sethi, who previously served as the chief product officer at Solace Labs. Recently, Ordinox announced that the company has secured $1 million in a pre-seed round, which was led by DAC with participation from CMS Holdings, UTXO Management, Plassa Capital, Outlier Ventures, Sats Ventures, Hidden Street capital, and STS Digital.
The company also recently announced that they have officially joined the Bitcoin Base Camp. In collaboration with leading early-stage founders, Ordinox hopes to be one of the leaders in the industry that focuses on powering the crypto ecosystem through leveraging the Bitcoin Network.
The company's vision is to continue their efforts on developing better DeFi solutions on Bitcoin by facilitating cross-chain swaps between ERC-20 tokens and Bitcoin Inscriptions.
1. Cross-chain interactions - Facilitates native cross-chain swaps between EVM and Ordinal Inscription-based tokens like BRC20.
2. DeFi integration: Allows users to earn yields and participate in decentralised finance activities.
3. Non-Custodial swaps: Ensures secure and non-custodial swaps between different token standards.
4. Liquidity movement: Seamless transfer of liquidity across various blockchain ecosystems.
5. Security: Emphasises secure transactions through a decentralised mechanism
1. Decentralised signing via different validators and TSS: Decentralisation of the validators ensures that all the entry points of potential security breaches are sealed off, thus making it extremely hard for malicious actors to compromise the system.
2. Vault rotation and changing of public keys: For every 20,000 blocks, a new vault is generated through a TSS keygen ceremony. The frequent rotation of vaults and public keys ensures that even if a potential vulnerability is identified, it is quickly mitigated by transitioning to a new, secure vault.
3. Key sign blames and slashing of stake: Validators who behave maliciously or fail to perform their duties will be identified and punished. The key sign-blames process identifies validators who fail to comply with the stated regulations. These validators are then subjected to various forms of penalties. This keeps users incentivised to act in the best interest of the network. The slashing policy deters malicious behavior, reinforcing the security and reliability of the vaults.
In recent years, the DeFi sector has been gaining more and more traction, with more and more investors jumping on the DeFi ship. If you are well-versed in blockchain technology and are looking to leverage cross-chain DeFi opportunities, then Ordinox would be the perfect platform for you. However, you should also be aware of the technical complexities and inherent risks in the blockchain space.
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