Proof-of-stake blockchain, Orbs, has announced expansion into the Fantom network. The move is in line with its development of the Layer 3 infrastructure. It builds on its launches on Ethereum, Solana, Polygon, Chainlink BNB, Harmony, and Avalanche. Also, it comes at an opportune time, with Orbs building its PoS V3 and Layer 3 capabilities. Already, Orbs is powering the Revault Network, an Open DeFi Notification Protocol.
Orbs’ venture into the Fantom ecosystem presents it with a great opportunity to leverage Phantom’s high speeds and smart contract capabilities. Also, Fantom is EVM-compatible and has a respectable$7 billion worth of DeFI TVL and more than 100 dApps.
Furthermore, key disruptive projects like Curve, Multichain, Beefy Binance, and others have established a presence in the network. These factors point to the high growth potential for Fantom in the future.
For Orbs, the decision to branch off into Fantom is likely to increase the level of interest in its PoS V3 upgrade. Specifically, the protocol upgrade introduces the concept of multi-chain staking on the Ethereum and Polygon ecosystems. That is likely to cause significant disruption in the DeFi sector and is likely to attract more projects.
It is also likely that the ORBS token will rise in the coming weeks as more projects adopt the network. It is likely to gain traction due to its multi-chain capabilities. The pair-up with Fantom creates a ready platform for collaborative works with DeFi protocols keen on leveraging Orbs’ Layer 3 functionalities.
Founded in 2017, Orbs is a PoS consensus blockchain built to support mass usage applications. It is an EVM-compatible network, which makes it have a broader reach in dApp and DeFi segments. It does this by integrating with L2 and L1 blockchain solutions. Furthermore, it has Layer 3 (L3) capabilities, thanks to a decentralized network of nodes. The mainnet has been operational since March 2019, and the ORBS token powers it.