Orcus Finance - dApp Staking Application

Astar Initiatives Approved proposals
1

Hello, this is 0x1, COO at Orcus Finance. We would like to apply Orcus in dApp Staking Program.

Overview and current state

You may know from the previous application, that Orcus Finance is an entirely decentralized and autonomous protocol with the native governance token which aims to be the first leading Fractional-Algorithmic Stablecoin issuer on the Astar network and to implement multiple useful financial tools and other synthetic assets in the ecosystem.

Our oUSD stablecoin remains stable and is ensured with a sufficient amount of liquidity. The protocol uses deposited collateral (USDC) usefully, at the moment of writing at least $1.6m is deposited into Starlay lending pool to generate profit:

By doing this, we are rewarding ORU stakers and other participants by keeping ORU price stability as well.

Orcus partnered with various protocols on Astar, among them are Sirius Finance, Starbank, Astar Web3 Domains, Celer Network, DIA, ContractWolf, and Subsquid.

Orcus Finance has become the 1st independent project on Astar Network which uses Subsquid:

Sirius Finance listed oUSD Metapool:

We are already listed on various platforms:

  1. DappRadar
  2. PolkaProject
  3. Defillama
  4. DeBank is pending.

We have coordinated with PeckShield to provide Orcus with a second audit report which will ensure security at the highest level. The audit process will be started on May 5th.

Future plans

ORCUS (24)
ORCUS (24)1920×1080 50 KB

According to Orcus Roadmap, we have a lot of plans for this year concerning adding at least 2 more products at Orcus: our own Launchpad with various B2B options for the launching projects and our own Lending protocol. This will expand Orcus services and assets over the Astar ecosystem.

We are working on the oUSD expansion and the current 2 steps were made: ArthSwap and Sirius Metapool listings. More integrations are planned with the other projects.

If that possible to make a slot and support our project, we would be highly glad. Thanks.

5 Likes
2

From my knowledge, you mishandled the token launch after the IDO and this had caused some fud amongst the community. However, you have moved on from there and have made everything good.

Do you mind sharing with us what you experienced through that period of time, what you have learnt and how are you going to use that experience for the betterment of the project?

8 Likes
3

Orcus has a solid roadmap, proved resilient over the IDO “troubled” period and remains focused on the project. (Green flag).

Also auditing is important to the community.

4 Likes
4

From what I’ve know my community a bit disappointed during token launch. Care to explain?

For me , your product is good, and up until now keep delivering your promises, however , it will be good if u can explaining everything and what’s next.

(Love ur UI)

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5

Yes, I can explain this. Our core dev team was overloaded with product development and the biggest problem we faced was the failure to comply with time estimates by some technical team members. We had a difficult conversation with them which almost quarreled us.

It was unprofessional to postpone the launch a week in advance, this caused a huge FUD and displeasure in the community. It was decided to launch the project in spite of everything within the next 24 hours and make a quiet start. This slightly prevented us from achieving the results we expected in the beginning, and also led to some bugs in the UI. Specific individuals were punished for this and mistakes were corrected.

2 Likes
6

Responded in a similar way to the comment below, but there is more to add.

We took action against some people who overestimated their technical capabilities and did not go hand in hand with the business side, where everything was well established.

More professional communication between tech and biz teams is needed.

2 Likes
7

We already have a primary audit report from ContractWolf.

More professional and high-level audit report in terms of security will be executed by PeckShield. The audit process starts on May 5th. They have approved this by their side and we shared this with the community.

4 Likes
8

Hey,

Thanks for the application, could you say what exactly is “Metapool”?

Have you considered to monetize calls in Subsquid? Not at the beginning, of course, but in the future.

Best,
Tomek

1 Like
9

I do like the Orcus’s team motivation and the fact that the token is one of the only transferable ones atm.
However, I’d like to see a Github with contract tests, front&backend.

2 Likes
10

We will prepare a private repo for you (in terms of security measures), please dm me on Telegram, it will be ready the next day.

1 Like
11

We need a further discussion concerning this with the Subsquid. If that is possible we will add this in the near future.

From Sirius docs:
“Meta pools include pools which earn additional interest from decentralised lending protocols and pools list less liquid assets. Both enable LPers to earn extra rewards while preventing diluting existing pools.”

Actually, we added oUSD + Sirius LP (4SRS LP) to ensure more stability and arbitrage possibilities for traders inside the pool.

This is also included in the plan to expand the use of oUSD.

1 Like
12
Join dApp staking
  • Yes
  • No

0 voters

13

@admins
@Ambassadors

Please vote.

2 Likes
14

Thanks for your update.
Is there any specific reason that Orcus chose to use Subsquid?

Currently, there are three pairs for swap: USDC / OUSD, ORU / USDC, OUSD / ORU.
Probably to have more liquidity and TVL, would not it be better to consider pairs with wASTR?
Is it not on Orcus Finance as the liquidity pool is already on ArthSwap?

Best,
Pithecus

15

Subsquid is the best solution using Astar Network. It’s easy to implement and Subsquid provides own hosted service.

We have ORU/WASTR pair that was listed on ArthSwap as well, but we do not use it for rewards, it’s just a technical pair for our Profit Controller contract.

2 Likes
16

Thanks for the quick responses.

If I understood correctly, Subsquid is the best solution on Astar Network.

But would it be possible to elaborate more on the second answer in regard to the ORU/wASTR pair? Would it mean that there are two different smart contracts for ORU/wASTR, i.e., one for the liquidity and rewards and the other for observing the profit or so?

17

ORU/WASTR is not added to the Masterchef as the pool with rewards. We need this pool internally by swapping ORU / WASTR / USDC by our bots on the backend.

18

Congrats! The proposal was approved!

2 Likes