Orderly Network (ORDER): Complete Guide & How It Works 2024

Bittime – Orderly Network, an innovative DeFi (Decentralized Finance) platform, has attracted great attention in the blockchain industry. This article will discuss the Orderly Network in depth, including what the Orderly Network is, how it works, the services it offers, and its security aspects. 

What is Orderly Network?

Orderly Network is a DeFi platform that integrates an orderbook-based trading system with strong liquidity support. Different from traditional exchanges, Orderly acts as a backend infrastructure that allows developers and companies to build sophisticated trading applications without having to build from scratch.

Orderly's main feature is its ability to combine the efficiency of a centralized exchange (CEX) with the decentralized principles of autonomous transaction settlement and asset management. Orderly's DEX solution allows creators to create their own trading platforms by leveraging existing liquidity and excellent infrastructure.

Read Also: Dogs Coin Hits 20% Price Increase, Market Cap $789 Million

Orderly's long-term vision includes the development of an omnichain protocol, aiming to unite traders from various blockchain networks in one integrated orderbook. By centralizing liquidity, Orderly seeks to change the crypto ecosystem, making bridges and wrapped assets unnecessary in the future.

How Orderly Network Works?

Orderly Network has three main components:

1. Unified Trading Infrastructure: Combines the power of centralized and decentralized exchanges to enable high-performance trading across multiple blockchain networks while maintaining the principles of decentralization.
2. Robust Liquidity Layer: Designed for spot and futures markets, this layer aggregates liquidity from multiple sources to ensure efficient trade execution with minimal slippage.
3. Orderbook System: Uses a traditional orderbook model that offers greater transparency and allows advanced order types such as limit orders and stop-loss orders. While the orderbook is managed off-chain for performance, all settlement is done on-chain to ensure speed and security.

Orderly Network Products and Services

Orderly Network offers two main services:

DeFi Development on Orderly Network

• For EVM: Users can build DEX Perpetuals using the Central Limit Order Book (CLOB) infrastructure which is accessible on all major EVM chains such as Polygon and Arbitrum. This enables seamless integration across various blockchain ecosystems.
• For NEAR: Developers can integrate features such as swaps, spot trading, and futures for NEAR's native assets such as BTC, ETH, and USDT. NEAR technology facilitates Swaps in dApps for mass enterprises as well as providing a CEX-like futures experience on-chain.

Trade on Orderly

Orderly offers several ways to transact through API access or interfaces integrated in the platform. One of the main advantages is that liquidity is shared across all listed applications, so users access the same liquidity pool and orderbook, regardless of the application used.

Orderly also supports Perpetual Futures and Spot Trading:

• Perpetual Futures: Futures contracts that allow leveraged price speculation, profiting from both rising and falling markets without having to own the underlying asset.
• Spot Trading: Live trading where transactions are settled at the current market price and are carried out without leverage.

$ORDER Token: Functions and Uses

The $ORDER token is a core part of the Orderly Network ecosystem. This token is designed to decentralize the protocol, drive network growth, and maintain the platform's economic stability. This token supports governance, staking, liquidity and community engagement.

Benefits of $ORDER Token:

• Governance Rights: $ORDER token holders can participate in decentralized governance decisions.
• Earning VALOR: VALOR is a unique metric based on the amount and duration of $ORDER staking, and can be exchanged for USDC.
• Increased Trading and Market Maker Rewards: Traders and market makers who stake $ORDER will earn a larger share of the rewards.

Orderly Network Security

Security is a fundamental principle in the design of the Orderly Network. The platform has a score of 87.01 on CertiK, indicating a high level of security. Orderly Network ensures that users always have full control over their assets and funds are only transferred to trading contracts when actively engaged in trading.

MEV Protection Features:

• Fast Matching: The fast transaction matching process makes it difficult for MEV extractors to take advantage.
• Batching: Combining transactions before being submitted to the blockchain to reduce MEV risk.
• On-Chain Settlement: All trades are settled on the blockchain to avoid MEV attacks.

Advantages and Disadvantages of Orderly Network

Advantages:

• Omnichain Infrastructure: Enables seamless trading across multiple blockchains with centralized liquidity.
• Hybrid Model: Combines the efficiency of CEX with the transparency of DEX.
• Comprehensive Tokenomics: Supports governance, staking, and community engagement.
• Developer Friendly: Provides APIs and tools for building on EVM and NEAR.
• Gasless Trading: Eliminates the need for repeated signatures or approvals.

Disadvantages:

• No Official DEX: Orderly does not have an official internal DEX.
• Ongoing Development: Some features, especially in NEAR, are still under development.

Conclusion

Orderly Network is a DeFi platform that combines the power of centralized and decentralized exchanges with an innovative omnichain approach. With a robust liquidity infrastructure and advanced features, Orderly offers a seamless trading experience across multiple blockchains. 

Both traders, developers and market makers can take advantage of features such as shared orderbooks and tokenomics to participate in decentralized finance.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn How to Buy Crypto on Bittime.

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.