Isn’t it exhausting and inefficient to manually check for the best crypto trading prices on different Centralized and Decentralized exchanges and then carry out the trades? That is where price Aggregators fit in. They work just like Expedia works for your travel bookings. They are getting you the best deals always.
However, CeFi and DeFi run in parallel universes. For example, DeFi has aggregators like 1inch and Paraswap, and there are eToro and Crypto.com for CeFi exchanges like Binance. It’s always been one or the other. Until OpenOcean entered the space, the first DeFi CeFi crypto aggregator.
Therefore, we think it’s a project with lots of potential because it seems to be providing maximum returns and swap rates, outperforming most of the DEX aggregators. In this article, you will discover everything about this excellent decentralized platform.
What is OpenOcean?
OpenOcean is a financial app in the crypto economy that can appeal in decentralized and centralized worlds because it offers DeFi and CeFi options. Some are calling it CeDeFi. So, why limit yourself only to DEX or centralized exchange pricing when you can get the best of both worlds?
The enormous increase in DeFi and financial apps means exchanges and AMMs (automated market makers) are constantly looking for liquidity and great pricing for themselves and their customers. And that’s what aggregators like OpenOcean do.
As part of launching the new Atlantic upgrade, OpenOcean tested more than 4500 swaps to see how its system did compare to other DEX aggregators. And what they found out was that 69% of the time, OpenOcean beat 1inch on price and speed. For anyone, trader, AMM, or individual, 69% is a big difference and an excellent reason to give OpenOcean a try.
Through this update, it delivers traders the BEST RETURNS!
Traders can take full advantage of improved algorithm for more efficient order routing, heavily reduced gas fees and minimal slippage👊https://t.co/NbZFZAQ59W
— OpenOcean (@OpenOceanGlobal) November 1, 2021
And with over $66 billion in liquidity, 1.2 million trades, and 350,000 customers, the public likes what OpenOcean offers.
With an initial supply of 78,989,286, OpenOcean’s ERC-20/BEP-2 token,$OOE, has a market cap of USD 91.8 million. It’s available to buy and sell on Kucoin. Therefore, the token has three uses:
- Governance-make proposals and vote on suggestions to improve OpenOcean
- Trading & Services-OOE helps keep gas and trading fees down, especially for cross-chain transactions
- Collateral-OOE can be used for margin trading or as collateral for margin lending
On the other hand, there is a total fixed supply of 1 billion $OOE, and there is a fixed schedule for releasing new tokens into the market. All 1 billion will be issued within five years with a plan:
Source: OpenOcean Whitepaper
OpenOcean Ecosystem and Roadmap
OpenOcean Atlantic runs across aggregated blockchains like Binance Smart Chain, Avalanche, Polygon, among others. Also, there is support for OKExChain, Tron, Ontology, and Heco. Also, they will support Ethereum.
Therefore, an ecosystem foundation is designed to make future integrations of blockchains, trading partners, and complimentary services easier. The ecosystem foundation currently holds ~10 million $OOE.
On the other hand, according to the roadmap, goals during this stage entering Q4 2021 include:
- Adding more public blockchain networks like Solana. They currently support ten different blockchains.
- Support aggregator activities across chains and perform cross-chain swaps seamlessly for customers.
- Add more spot products.
- DeFi yield products to aggregator services.
- CeFi derivative products like USDT and Coin based futures contracts.
— OpenOcean (@OpenOceanGlobal) November 8, 2021
Competitors & Potential Risks
On the CeFi, centralized exchange side of things. Aggregators like Cryptoradar, eToro, Binance, and CEX.io are direct competitors for OpenOcean. On the DeFi side of things, 1inch, Paraswap, and Matcha.
On the other hand, you need to be aware of a couple of risks aside from the general risks involved with trading crypto, trying to arbitrage, or using derivative products.
Between management, early and strategic investors, advisors, and the development team, 58% of the coins are already committed to others. That means there is not a ton of liquidity in the market, and those holders can sell at any time after their lockup periods end.
TOP 15 AVALANCHE DAPPS BY VOLUME 7D
Top 4 positions remain the same this week while top 5 is replaced by a new factor @stabilize_fi. Let's see others. #AvaxholicInsights #Avalanche #AVAX #dApp $JOE $AAVE $PNG $MIM $SET $LYD $ELK $OOE $TEDDY $YTS pic.twitter.com/wQ8OHmjP38
— Avaxholic 🔺 (@avaxholic) November 7, 2021
The release of 1 billion tokens in five years is one of the fastest rates we’ve seen from a cryptocurrency that could add downward pressure to prices.
Finally, the price of $OOE has been between $0.26 and $1.01. For most of the last six weeks, $OOE has ranged from $0.60 to $0.75. In the intermediate-term, the chart shows the range getting tighter, which can manipulate the $OOE token.
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