The fast-paced world of cryptocurrency means traders are constantly looking for the best trades where they can earn the most profits. This struggle has led to the shift from Centralized exchanges to Decentralized exchanges. Although both exchanges have their advantages, the goal of every trader remains the same; profit.

In a bid to solve this issue for traders, OpenOcean was born. OpenOcean integrates blockchain liquidity sources into its platform, bringing users a one-stop trading solution. In this article, we will focus on what OpenOcean is all about, how it works, its features, and its utility token, OOE.

What is OpenOcean?

Source: Official website

OpenOcean is a trade aggregator designed to provide users with the best trading prices from different centralized and decentralized crypto exchanges. Developed to provide the best trading opportunities, OpenOcean has become a one-stop hub for cross-chain swaps by enhancing pricing through a unique routing algorithm.

The platform’s major objective is to build a full aggregator for crypto trading that bridges the worlds of DeFi and CeFi, offering users the best of both for free. The platform is able to divide routing between several De-Fi protocols to derive the most cost-effective rates for users through D-star, an advanced version of the Dijkstra algorithm.

History of OpenOcean

OpenOcean was established in late 2019, and the first version of its protocol was released in September 2020. It was developed as one of the first on-chain crypto transaction aggregation protocols focused on multiple decentralized and centralized exchanges. The protocol’s vision is to become a full aggregator for crypto trading, bridging the DeFi and CeFi markets.

How Does OpenOcean Work?

OpenOcean combines routing algorithms and public smart contracts from several public chains to provide its services to users. It utilizes an enhanced version of the Dijkstra algorithm to split routing among different protocols, leading to improved transaction rates. This creates a favourable environment for users to trade tokens with lowered gas fees and reduced slippage.

The protocol also applies optimizing algorithms based on Dijkstra and D-star to find the best routes and then further enhances these routes using machine learning and platform data. Furthermore, the user, through the platform, has access to the best prices across the different DEXs in the ecosystem. It also helps protect users from losses due to slippage by using OOE tokens and employs transparent pricing mechanisms at no added cost.

The public smart contracts allow users to transact with exchanges using an API (Application Programming Interface). The API can be accessed through the OpenOcean interface or set up by the user. These contracts contain several inner contracts, each performing specific functions such as swap, price quoting, routing, calculation, optimization, and algorithm communication.

Features of OpenOcean

OPenOcean has many products that ensure that users have all they need when transacting on their platform. Some of these features include:

DEX Aggregator

Source: OpenOcean Docs

The OpenOcean platform serves as a DEX aggregator, gathering liquidity from several blockchains to grant users access to the best trading costs at the cheapest cost available. The platform implements both EVM and non-EVM chains into its network, creating a one-stop solution for trading in the De-Fi ecosystem.

Some of the EVM chains include Ethereum, BNB Chain, Polygon, Avalanche, Arbitrum, Optimism, and zkSync. The non-EVM chains include Solana, Ontology, and Tron. The platform has currently aggregated over 185 liquidity sources and is continually adding new DEXs to allow users to trade low-liquidity tokens without any price impact.

Cross-Chain Swap

Source: OpenOcean Docs

OpenOcean has a decentralized hub for bridging, swapping, and transferring assets across the ecosystem. Its algorithm helps find the best cross-chain swap routes across all major networks and bridges. It maximizes returns by comparing the total rates from the different bridges while calculating the gas and bridge costs included in the transaction.

OpenOcean also offers extensive token support with its TAT (Trade Any Token) feature, which allows users to swap any whitelisted token from a supported chain to any other chain in the ecosystem. Currently, they offer interoperable cross-chain swaps between 1100 coins across different projects.

A major tool in the success of the cross-chain platform is the implementation of Celer’s IM framework, which delivers a one-time approval function to all transactions. Once a user requests a token swap, the message is transacted through the Celer State Guardian Network. Granting OpenOcean a platform that specializes in single-clock cross-chain swap without complicated interactions across several blockchains.

Limit Orders

Source: OpenOcean Docs

OpenOcean utilizes a gasless limit order to ensure traders can execute trades efficiently. The platform combines an RFQ feature and an AMM mechanism to find the best price quotes available anywhere on different DEXs and Aggregates. The two combinations, paired with OpenOceans’s deep liquidity across major DEXs, significantly increase the functionality of the limit order, securing several trading opportunities easily.

DCA (Dollar-Cost Averaging)

Dollar-cost averaging (DCA) is a form of investment in which a fixed sum of money is invested at frequent intervals regardless of the price of the assets. This mitigates the effects of market volatility by spreading investor funds over time, making sure that at the market’s peak, the investor does not invest the majority of their funds. This ensures that the investor is able to take advantage of different entry and exit points, boosting their profits.

Ethereum Liquid Staking

OpenOcean’s Ethereum Liquid Aggregator is built to simplify the difficult process involved in sourcing and staking Liquid Staked Tokens (LSTs) and getting the most profit. This provides a comprehensive view of the entire liquid staking landscape, ensuring users can monitor several metrics that inform decisions. Users also have access to discounts and can boost their strategies to maximize their returns.

Farm and Vaults

OpenOceans Liquidity pools allow liquidity providers to pair their tokens in the platform’s app and receive a portion of swap fees according to the level of liquidity provided. The liquidity pools offer traders, and liquidity providers added benefits like cheaper alternatives to the industry standard fees and the OOE governance token for providing the liquidity needed to grow the ecosystem.

OOE Token

OOE governs and utilities the OpenOcean platform. It makes important decisions regarding the protocol’s governance and shapes its future. Users can decide on DEX integrations and chain aggregations through decision-making processes, proposals, and voting.

Furthermore, the token can be used as a trading fee for derivative trading. Users who stake the OOE in derivatives can earn a 20% fee return in derivative trading. Rewards are also distributed to the OOE pools as incentives to liquidity providers and to increase the volume of the liquidity pools.

OpenOcean DAO

The OpenOcean DAO was built to give the platform’s community a voice and boost decentralization. It is currently on the OpenOcean website to empower the community through polls and proposals. DAO community members can draw up proposals to alter the platform’s state or add new partners through these methods.

The DAO is open to anyone who has the platform’s best interest at heart, seeking to boost operability and enhance its sustainability. Subsequently, the DAO will be democratic in nature, giving the community members a voice in the ecosystem’s affairs.

Lastly, only OOE stakers are allowed to vote in polls and draw up proposals, ensuring that only community members can vote and make decisions regarding the OpenOcean DAO, ensuring the community’s success.

OpenOcean Audits & Security

The OpenOcean platform has a primary security audit, and as an extra layer of security, it frequently works with external partners to ensure it meets industry standards. OpenOcean passed security auditing by CertiK, one of the world’s leading blockchain security services, which utilizes a unique formal verification technology on smart contracts and blockchains.

Also, SlowMist Technology, a blockchain ecosystem security company well known for its integration of threat discovery and defense systems, tailored to meet the needs of local conditions also conducted an audit on OpenOcean.

OpenOcean’s (OOE) Token Distribution

The OOE token has a market supply of 1,000,000,000 OOE tokens and is to be distributed in the following manner:

Source: OpenOcean Docs

• Strategic Investors: Partners who work to sustain the ecosystem receive 5.6% of the total supply over two years.
• Private placement: 7.5% of the total supply will be distributed between two to three years
• OpenOcean Lab and Co-builders: 29% of the total supply will be shared with OpenOcean Lab and co-builders to support the protocol’s growth and onboard important ecosystem partners, community developers, and bounty programs.
• Liquidity Mining: 33% of the total market supply will be shared over five years to incentivize users and encourage other liquidity providers.
• Ecosystem Co-builders: 7% of the total market supply is distributed to those who manage the OpenOcean ecosystem within three years.
• Team and advisors: 15.9% of the total market supply will be distributed within three years.
• Early Users: 2% of the total supply.

Is OpenOcean a Good Investment?

As one of the first on-chain trading aggregators, OpenOcean has become a novelty project pushing the growth of the crypto ecosystem. Its unique approach to deriving the best trading options for users makes it a vital tool for traders across the ecosystem, securing more users and, ultimately, more investors.

How To Buy OOE

OOE can be acquired through centralized exchanges like Gate.io. However, you first need to open an account, fill in your details, fund the account, and finally start trading the OOE token.

Take Action on OOE

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• OOE/USDT
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