OpenOcean: Decentralized Aggregation Protocol
OpenOcean is the first on-chain crypto transaction aggregation protocol that focuses on deploying liquidity aggregation on multiple decentralized and centralized exchanges (DEXs and CEXs). The project was established at the end of 2019 and its first online version was released in September 2020.
By applying the protocol, crypto-assets traders can easily execute trades at an optimal price with low slippage via an optimized smart routing algorithm. OpenOcean offers a protocol that is free of charge for individual traders and can be used by anyone.
This means individual traders get access to deeper liquidity at no cost. For advanced custom-made UI and investment strategy execution, OpenOcean will charge a fee to institutional investors. The OOE token is the governance token that provides holders with voting rights within the OpenOcean community.
In addition, OpenOcean DEX users can benefit from gas price subsidies and price slippage following its future strategy. The team also expects to undertake an initial liquidity mining scheme after the release of the OOE.
OpenOcean is among the emerging participants that are looking to support free-flow crypto trading on various chains in one place. The protocol brings together a sophisticated set of tools and scalable architecture to leverage their liquidity aggregation abilities.
Liquidity pools on DEXes and CEXes that OpenOcean has aggregated, such as ETH, BSC, ONT including pairs like OOE / ETH, OOE / DAI, OOE / BNB, and others will be deployed.
What Does OpenOcean Do?
The lack of a convenient one-stop solution for trading crypto assets between DEXs and CEXs supported by price comparison is one of the biggest challenges in the DeFi space. Asset prices vary from different DEXs and CEXs and users often have difficulty comparing prices between different trading platforms.
Another problem is the lack of toolsets to support investment strategies like spreads and CTAs. Most of the trading instruments on DEXes are incomplete and unfriendly to individual and institutional investors. Insufficient liquidity on AMM results in high slippage.
Assets cannot be swapped on mainstream public chains like ETH with those on other public chains.
OpenOcean has outperformed its DEX aggregator counterparts in terms of prices and fees. OpenOcean offers traders a better price and significantly lower gas fees.
Its price will improve further as the complete machine learning algorithms are integrated into its D-star algorithm.
More importantly, the platform charges zero protocol fees and will even subsidize users for the loss due to slippage with OOE tokens after token issuance. Until now, there aren’t many platforms that address these problems like OpenOcean.
More Ways to Stay On Top of the Market
OpenOcean’s features include spot and derivative trading with the best offers and lowest possible slippage in the market. The protocol supports swaps and cross-chain swaps across different cryptocurrencies like ETH, BSC, ONT, TRON, and more.
OpenOcean also opens an arbitrage opportunity for traders to generate some profits between DEXes and CEXes. In addition, the API connection enables traders to plan and run their specific investment strategies with a tailored user interface.
The progressive approach of OpenOcean provides the best offers for users on DEXes with lower slippage using an enhanced variant of Dijkstra’s D-star algorithm, which subdivides routing across various transactional protocols at a better rate.
A comparison of the best prices on DEXes and CEXes is also integrated into the user interface.
OpenOcean is the first CEX synthesis engine on Binance, aggregating liquidity from the largest exchanges like PancakeSwap, BakerySwap, StreetSwap, or BurgerSwap.
The protocol enables users to select their wallets for trading at the best price on the DEXes or CEXes as their preference. Users don’t need to own a particular CEX account as they can simply trade on CEXes using an OpenOcean account.
An easy-to-use interface is a big advantage that OpenOcean brings to the table.
The standard framework includes common exchange functionality, the different point is that users can connect multiple chains in one interface. Additionally, the professional version allows direct transactions as well as order book setting up on chain with no need for identity verification.
The platform also displays a price graph, DEX exchange price index and AMM integrated on the platform.
OpenOcean – A Look At The Features
Currently, OpenOcean provides a full aggregation protocol that encourages all mainstream crypto traders to trade across multiple chains at the best execution price through DEX aggregation.
In addition, the feature also covers CEX aggregation that can aggregate spot trading on mainstream CEXs.
OpenOcean’s innovative solution primarily targets the best fee offering with lower slippage for users on the DEX. Routing will be distributed across various protocols which results in better transaction rates.
The platform enables real-time best prices and the lowest slippage in active trade on aggregated DEXs. Traders can use the OpenOcean price comparison feature. This way gives users the choice to trade at the best price on their selected DEXs or CEXs.
Being a full aggregator on both DEXs and CEXs, OpenOcean doesn’t limit its capabilities in DEX and CEX aggregation, the protocol likewise opens up to other mainstream products including derivatives, yield-bearing instruments, lending, and insurance products aggregation.
Apart from providing a complete selection of aggregated asset classes, OpenOcean also specializes in intelligent routing and machine learning to guarantee the best price and lowest gas fees thanks to its optimized version of the Dijkstra algorithm called D-star.
The Team Behind OpenOcean
OpenOcean’s development team consists of 16 full-time employees with broad expertise in blockchain development. Both OpenOcean’s co-founders have an outstanding background in investment and trading systems development.
Core members of the development team are experienced engineers and financial veterans from leading industry exchanges and multinational IT companies such as IBM, Intel, and HP.
The project has also partnered with major companies and projects to expand the capability of trading features and to offer crypto enthusiasts a complete world of investment opportunities.
According to a recent announcement, OpenOcean just ended a fundraising round, with Binance as a strategic investor, along with other high-profile names, such as Multicoin Capital, CMS, Kenetic, Altonomy, and LD capital.
The Future Of OpenOcean
OpenOcean protocol provides a multi-chain trading platform that allows an almost instant AMM trading experience, alongside signature functions such as cross-chain trading, order book integration, margin orders, and derivative products, making it easy to use all on one platform.
When it comes to its roadmap, it is noteworthy that OpenOcean not only targets aggregating spot trading. There is more to expect in the future from the company, as it is working to create a derivatives market, income products, as well as lending and insurance services via global protocol versions.
The full liquidity aggregator, while offering real-time quotes from decentralized exchanges, also serves as an entry point for crypto traders to have access to all product portfolios, not to mention the ability to facilitate any kind of comprehensive trading strategy.
Overall, OpenOcean has defined itself as a market aggregation tool that is user-oriented. The protocol has driven a considerable adoption since a new wave of active users has bought abundant active wallet addresses, and also a rise in transaction volume.
The company is still in its early development phase and is the pioneer in the DEX/CEX synthetic ocean. With the launch of the Pro version and further integration of CEX, OpenOcean is set to make a big impact on the cryptocurrency trading space.
The post OpenOcean: Decentralized Aggregation Protocol appeared first on Blockonomi.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Nicholas Say, @Khareem Sudlow