Insights on OpenOcean protocol
OpenOcean is the world’s first full aggregation protocol for crypto trading that sources liquidity from DeFi and CeFi, and enables cross-chain swaps. This protocol has a routing algorithm that finds the best prices from DEXes and CEXes and splits the routes to provide traders the best prices with low slippage and fast settlement. The function is free to use, OpenOcean users only need to pay the normal blockchain gas fees and exchange fees for the trades, which are charged by the exchanges and not OpenOcean.
OpenOcean also aggregates swaps and by that I mean major exchanges. OpenOcean aggregates major exchanges, Decentralised and centralised exchanges (DEXes and CEXes) and across Ethereum, Ethereum Layer 2 such as Loopring and Polygon, Binance Smart Chain, Solana, Ontology, TRON, and is the first full aggregator on Binance Smart Chain, TRON, Ethereum Layer 2, and Binance exchange. There is continuous aggregation of public chains and exchanges based on the voice of the users or community.
Besides the aggregation of exchanges, OpenOcean continues to aggregate derivative, yield, lending and insurance products, and launch it’s own combined margin products and intelligent wealth management service. OpenOcean provides API, application programming interface and arbitrage tools for users to operate automated arbitrage strategies.
The vision is to build a full aggregator for crypto trading that increases capital efficiency and serves as a bridge connecting the isolated islands in the current fragmented DeFi and CeFi markets. Regardless of being a small individual investor or large institution, everyone should have the opportunity to trade at the best prices and apply their own investment strategies on various crypto asset classes. Basically Open ocean aims to bring about equality in trading to the cryptosphere.
Some of the features to expect from OpenOcean protocol are the following.
OpenOcean being a full aggregator. Earlier, there was a mention about open oceans’ vision being efficiency and equality provided via building a full aggregator. But what is full aggregation? Full aggregation means one-stop services that search DeFi and CeFi to find and optimize the best trading options for all types of crypto assets, across DEXes and CEXes, on various public blockchains. Searching through different Blockchain to find the best optimized trading options not only on decentralised finances DeFi, but also CeFi. Both types of finance hold a special place in the cryptocurrency movement. They offer faster transactions, attractive yields, and infrastructure that promotes advanced and secured finance.
Cross-chain support is another feature. OpenOcean supports cross-chain swaps between the aggregated public chains via cross-chain protocols, and will support direct cross-chain transactions once the infrastructure is mature.
Another feature of OpenOcean protocol is Connecting DeFi and CeFi through CeFi trading aggregation. They are continuously aggregating value adding exchanges and users with large orders will automatically optimize the best route between markers in order to execute transactions at the best price both via DEXes and CEXes
Derivatives, lending, and insurance products aggregation is also to be expected from dealing with OpenOcean protocols. Based on user needs, the protocol will expand product scope into derivatives, both from DeFi and CeFi. They achieve deep aggregation of derivatives through portfolio margin. OpenOcean users can trade both long and short on multiple exchanges simultaneously with combined cross margins from both DEXes and CEXes.
In addition, OpenOcean will also aggregate lending and insurance products, as well as provide intelligent investment services to help users participate in the DeFi & CeFi ecosystem and automate their asset management process.
Finally, OpenOcean has successfully completed strategic investment and private placement fundraising by industry well known investors. The strategic round investment is led by Binance, other strategic investors include Multicoin Capital, LD Capital, CMS, Kenetic and Altonomy.
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