OpenOcean Finance: Aggregating CeFi and DeFi Using Dex and Cex
One of the very interesting aspects of the crypto industry is that there never ceases to be innovation. All the time, someone somewhere is burning the midnight candles, cracking his/her brain on how to provide great value in the space and improve the global financial situation. OpenOcean Finance is one of the numerous innovative products built on the crypto ecosystem.
OpenOcean Finance
OpenOcean is the world’s first on-chain crypto transaction aggregation technology, aimed at deploying liquidity aggregation across various centralized and decentralized exchanges (CEXs and DEXs).
The cryptocurrency industry has progressed to the point that users may now select from a variety of cryptocurrency exchanges at a time. Before now, some traders preferred decentralized exchanges because it helps them retain control of their money; while others prefer to trade on centralized exchanges since they have more liquidity and can conduct transactions in fiat currency. Unfortunately, due to price fluctuations and differences between exchanges, users are unable to find the best price for an asset quickly.
Additionally, owing to the massive growth of DeFi, new decentralized exchanges and automated market makers are regularly joining the sector, offering even more possibilities. Although being provided with the luxury of so many choices is beneficial, deciding which platform to use to achieve maximum satisfaction can be challenging.
This is where the demand for cryptocurrency market aggregators comes in; an initiative that involves linking a platform to numerous trading platforms and then identifies the best possible prices for a transaction between two crypto assets and this is exactly what Open Ocean offers to the public.
According to the OpenOcean team, they are devoted to establishing an ecosystem that is beneficial to all types of users in the existing fragmented market, by building a full aggregator for crypto trading that acts as a bridge linking the isolated islands in DeFi and CeFi. They aim to enable all individual users and investment institutions to trade at the best rates and apply their own investing strategies across several crypto asset classes.
By applying the OpenOcean protocol, crypto-asset traders can execute trades at a fast pace and at an ideal price with low slippage; thanks to an improved smart routing algorithm. OpenOcean provides a protocol that is free for individual traders and available for anyone’s usage. This implies that individual traders can have access to more liquidity free of charge. Nonetheless, OpenOcean charges institutional investors a fee for sophisticated custom-made UI and investment project implementation.
Key Features of OpenOcean Finance Protocol
Minimal Gas Fee and Low Slippage
The OpenOcean platform uses a highly optimized intelligent routing algorithm to adequately oversee transactions on the network. When an order is placed on the platform, the user will enjoy less slippage, less gas consumption, and better prices compared to other platforms.
Enhanced Security
OpenOcean tracks and analyzes DeFi trading assets, and has developed a new asset evaluation tool named OpenOcean DeFi Evaluation System (ODES), based on ecological big data. The network assesses every token for risk potentials, and only tokens with less risk are made available for trade.
Token Economic Subsidies
OpenOcean compensates for users’ impermanent losses by trading mining token incentives and slippage subsidies.
When a user’s exchange value is greater than the anticipated value, OpenOcean will not record the surplus; instead, the user will be fully refunded when submitting the exchange application.
In a situation whereby the user’s exchange value is lower than the anticipated value, OpenOcean will subsidize the user with its platform token to mitigate the user’s loss.
User-Friendly Interface
OpenOcean did well in providing its users with a very conducive platform. Its simple design and a user-friendly interface allow even inexperienced users to conduct transactions efficiently.
OpenOcean Token (OOE)
The OOE is the native token of the OpenOcean project which will serve several purposes inside the OpenOcean ecosystem. The OOE will mainly serve as a governance token, allowing holders to vote on various decisions affecting the OpenOcean project. Holders of OOE also stand to acquire great profits from cheaper transactions during special events organized by OpenOcean, due to the unique features of gas fee reductions and slippage subsidies.
The OOE token will also be used in OpenOcean platform liquidity mining activities. Users that possess a big amount of OOE will benefit from many advantages like premiums for taker and maker fees, trading fee subsidies, token withdrawal fee subsidies, and limited access to the institutional PME arbitrage tool when using OpenOcean’s centralized exchange aggregation services.
Conclusion
The most exciting feature about the OpenOcean aggregating network is that it covers a huge percentage of the cryptocurrency market. The platform’s support for various over four different blockchains and over thirteen different wallets is a remarkable feat, making it accessible to all sorts of cryptocurrency traders.
Decentralized exchanges OpenOcean supports include Uniswap, Apeswap, Bakeryswap, Justswap, Curve, amongst numerous others. Centralized exchanges supported by OpenOcean include just Binance, with Coinbase and Deribit under consideration.
Blockchains supported by OpenOcean include Ethereum, BinanceSmartChain, Ontology, Tron, Solana, Polygon, and Heco. Several other blockchains will follow.
If you need an aggregator to meet your cryptocurrency trading demands, OpenOcean is highly recommended. Its DeFi aggregation service is free to use and there isn’t much risk in trying out the platform.
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