Omnichain liquidity layer Orderly Network, built on top of the Near protocol, announced plans to upgrade its system on June 25th. A post on social media platform X indicated that the network will experience temporary unavailability during this period.
The scheduled downtime for the Ethereum Virtual Machine (EVM) is set to occur from 06:00 AM to 07:30 AM UTC, while for Near, it will be from 07:00 AM to 08:30 AM UTC.
Orderly Network integrates an orderbook-based trading infrastructure with a liquidity layer that supports spot and perpetual futures orderbooks. It offers developers the necessary infrastructure and tools to build decentralized finance (DeFi) decentralized applications (dApps), leveraging a variety of available products. Developers can establish their own decentralized exchanges (DEXs) for perpetuals on top of a low-latency, shared liquidity Central Limit Order Book (CLOB) trading infrastructure accessible across major EVM blockchains.
Furthermore, Orderly Network utilizes Near’s technology to enable in-dApp Swaps tailored for mass-market companies, enhancing DEXs with deep spot liquidity for major assets and an on-chain perpetuals experience akin to centralized exchanges (CEXs). Developers have the capability to integrate Swaps, Spot trading, and perpetuals for Near native assets, encompassing BTC, ETH, NEAR, AURORA, WOO, SWEAT, USDT, USDC.e, and NEAT into their projects.
Orderly System Upgrade – EVM & NEAR
Orderly Network will be temporarily unavailable for a scheduled upgrade.
EVM Downtime:
2024/6/25
06:00 AM – 07:30 AM (UTC)
NEAR Downtime: 2024/6/25 07:00 AM – 08:30 AM (UTC)
Please prepare accordingly. Thank you for your… pic.twitter.com/Sxil4VzFax
— Orderly Network (@OrderlyNetwork) June 24, 2024
Orderly Network Prepares For Token Launch, Introduces ‘Merits’ Points Program
Orderly Network was founded in 2021 through incubation by Near and Woo Network. While the Near blockchain continues to play a central role in its operations, the platform intends to develop an omnichain protocol to support both EVM and non-EVM blockchains in the future. Orderly Network has garnered support from notable investors such as Sequoia China, Pantera Capital, Dragonfly, and Jump Crypto. The platform achieved a valuation of $200 million during its token round fundraising one year ago.
Recently, it introduced the points program in preparation for its upcoming token launch this summer. Named “Merits,” this program allows users to accumulate merits that will convert into the Orderly Network token upon its release. The token supply is anticipated to total 1 million tokens, with a major portion reserved for the community. Notably, the airdrop mechanism aims to avoid immediate token unlocks for investors during the token generation event or shortly thereafter.
The post Orderly Network Plans System Upgrade On June 25th, Expects Brief Service Interruption For EVM And Near appeared first on Metaverse Post.
