OpenOcean is a decentralized exchange (DEX) aggregator that integrates liquidity sources from various blockchains into one unified trading platform. Its primary goal is to provide users with an efficient and cost-effective trading experience by sourcing liquidity from multiple DeFi markets and liquidity providers.
To facilitate swaps, OpenOcean uses an advanced ‘in-house’ routing algorithm to find the best prices across different DEXes, minimizing slippage, ensuring fast transaction settlements, and avoiding pesky MEV attacks. Users only need to pay the blockchain gas and exchange fees, with no additional charges levied by OpenOcean.
The platform supports over 30 blockchains, including Ethereum, BNB Chain, Solana, Avalanche, and a huge basket of L2’s, making OpenOcean the first and sometimes only DEX aggregator on several of these chains.
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OpenOcean offers an extended basket of tools, including cross-chain swaps, which involve trading crypto across different blockchains. To facilitate cross-chain swaps, OpenOcean has integrated various bridging solutions from Stargate and Celer to Squid and Symbiosis, allowing users to bridge, swap, and transfer assets between different networks seamlessly and at the most competitive rates.
In addition to aggregating swaps, OpenOcean offers various other features, such as non-custodial limit orders, perpetual futures, farms and vaults, and Ethereum liquid staking. OpenOcean also has its own native token, which is a critical cog in the platform's infrastructure machine.
OOE Token
The OOE token is the governance and utility token of OpenOcean. It enables users to participate in protocol governance, allowing them to propose and vote on changes to the platform's parameters and to decide on future developments.
OOE token holders can influence decisions on protocol improvements, new feature implementations, and which DEXes and blockchains to aggregate next.
The OOE token also has various utility functions within the OpenOcean ecosystem. It can be used to pay for trading fees, particularly in derivative trading, where OOE stakers can earn a 20% fee rebate.
Additionally, OOE tokens are used in liquidity mining programs, where liquidity providers are rewarded with OOE for their contributions to the liquidity pools.
Staking OOE tokens allows users to earn xOOE, which grants them more voting power in the OpenOcean DAO and additional rewards. The longer users lock their tokens, the more xOOE they earn, enhancing their influence and benefits.
Overall, the OOE token is integral to the governance, utility, and incentive structures within the OpenOcean ecosystem.
The First DEX Aggregator Into BTC Layer-2s
OpenOcean is launching support for Bitcoin L2s in 2024, starting with a partnership with Rootstock, an Ethereum-based EVM Bitcoin L2. This integration allows DeFi users to benefit from Bitcoin's security and interact with EVM smart contracts.
OpenOcean's aggregation algorithm sources liquidity from Rootstock's DEXs, like OKU and Sovryn, for the best on-chain swap rates. The project is committed to expanding its services and support for Bitcoin's ecosystem, aiming to be a comprehensive DeFi trading solution.
Limit Orders
OpenOcean's non-custodial limit orders allow users to set specific price points for executing trades, providing greater control and flexibility. Unlike market orders, limit orders execute only when the desired price is reached.
OpenOcean's limit orders combine RFQ and AMM order flow mechanisms, ensuring optimal price execution, oftentimes at better-than-market rates. Users can place limit orders without locking any tokens and, subsequently, incur no gas fees for creating or canceling orders. This feature is available across 13 supported blockchains.
DCA (Dollar-Cost Averaging)
OpenOcean is the first liquidity aggregator that has launched DCA tooling on Base. This will expand to even more chains soon.
DCA is a great token acquisition strategy where you trade a fixed amount of tokens at regular intervals, regardless of the asset's price. This method helps mitigate the impact of market volatility by spreading out your token buys or sells over a longer timeframe, smoothing out the peaks and troughs of market volatility.
There are also multiple advantages of OpenOcean DCA:
- No cancellation fees;
- Non-custodial - you hold your assets;
- Gasless transactions - OpenOcean covers your gas;
- Best on-chain rates through the OO LP aggregator.
OpenOcean API & SDK Services
V4 API is OpenOcean’s newly launched aggregator swap API on all mainstream chains, offering partners:
- Industry-leading response times (over 80% under 200ms, 90% under 300ms);
- Higher accuracy with real-time token prices for lower slippage trades;
- Increased scalability and capacity for high-frequency trading and larger userbase requests;
- Exceptional customer support for all integration needs.
OpenOcean’s API could help significantly enhance your DeFi platform's user experience.
The API has been mass adopted by top-tier protocols, including wallets like MetaMask Rabby, leading ETH staking protocols, cross-chain solution providers like LiFi and Rubic, perpetual trading protocols like GMX, best-priced FIAT on Ramp service providers like Banxa, leading DEXes on major networks chains, and lending protocols.
Farms and Vaults
OpenOcean farms and vaults provide users with opportunities to earn rewards by providing liquidity to OpenOcean liquidity pools. These pools integrate directly into the OpenOcean app, offering lower trading fees for OOE-related pairs.
Liquidity providers earn a share of swap fees and additional OOE governance tokens through liquidity mining programs. Initially available on Binance Smart Chain, these features will expand to other blockchains supported by OpenOcean. By the way, the platform uses contracts from PancakeSwap, ensuring security and reliability for users.
ETH Liquid Staking
OpenOcean's ETH liquid staking aggregator simplifies the process of staking Ethereum by providing a comprehensive overview of various Liquid Staked Token (LST) providers, such as RocketPool, Lido, Stakewise, Ankr, and Frax.
This service enables users to easily compare metrics and select the best options. By leveraging advanced smart-swaps, OpenOcean offers discounts on ETH LSTs. Additionally, OpenOcean presents boost strategies to maximize returns on popular LSTs, providing access to high-return products and lucrative boost pools with increased payouts.
To sum up, OpenOcean offers one of the most advanced tool suites in the space. Everything from the most advanced on-chain swaps to bridging, staking, FIAT on/off ramping, DAO governance, limit orders and DCA tools.
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