OpenOcean is a comprehensive liquidity aggregator that works with both decentralized and centralized exchanges. OpenOcean scans through different DEXes and CEXes for the most profitable trading options for various crypto assets on multiple public blockchains. It also offers full support for cross-chain swaps between the aggregated public chains via cross-chain protocols.
OpeaOcean is a platform with low fees. Users just have to pay standard blockchain gas fees and exchange fees for trades, which are imposed by the exchanges rather than OpenOcean.
What is OpenOcean About?
The cryptocurrency market is highly fragmented, with a number of decentralized and centralized exchanges competing for users. However, some users prefer to use centralized exchanges because they usually offer fiat channels and a lot of liquidity. Others, on the other hand, favor decentralized exchanges because they want complete control over their cash.
As a result, pricing variations between the different exchanges may exist. However, unless you’re a computing guru, you won’t be able to spot these possibilities. This is where an aggregator like OpenOcean comes in handy. Traders who use OpenOcean will also benefit from the best pricing and extremely low slippage across a wide range of products.
OpenOcean examines various types of exchange products, finds the cheapest transaction rates and offers prices in real-time with very little slippage. Price updates are instantaneous, allowing users to move their funds quickly.
The $OOE Token
The $OOE token is OpenOcean’s native token. It plays the role of a utility and governance token on the platform. OOE is a multichain token minted on Ethereum ERC-20. It has a fixed supply number of 1,000,000,000 tokens that cannot be extended. The token contract lacks a minting function. Here are details of the token
- Token Name: OpenOcean
- Ticker: OOE
- Blockchain: Ethereum
- Token Standard: ERC-20
- Contract: 0x7778360f035c589fce2f4ea5786cbd8b36e5396b
- Token type: Utility
- Total Supply: 1,000,000,000 OOE
Use Cases of the $OOE Token
Crypto influencer, Jimmy Hope who is also an ambassador for Bagels Finance, Dexsport, NASDEX, and OpenOcean, shared a long thread on the use of the $OOE token. Let’s run through some of the use cases of this utility token.
Personally before I invest in any project I look at what solution the Projects ecosystem is bringing to #DeFi space , And most importantly what usecases the token has, For $OOE of #OpenOcean , here's a THREAD of the numerous usecases , that is , what can you do with your OOE ? pic.twitter.com/bE5yYsePbN
— JimmyFX 📉📈 (@JimmyHope_) February 16, 2022
- Protocol Governance Protocol: The community can initiate proposals and OOE token holders can vote on proposals. Users can propose new trading pairs and aggregations, ecosystem activities, protocol enhancements, and liquidity mining. Furthermore, proposals will be listed for formal voting once they have cleared the vetting process. Holders of the $ OOE tokens can vote, and their voting power is proportionate to their holdings.
- CEX VIP Membership: The $OOE tokens will offer users with substantial numbers of $OOE tokens access to VIP CEX features such as trading fee subsidies, Taker/Maker fee premiums, and token withdrawal fee subsidies. Furthermore, VIP users with a specified token number can use the PME product (SAAS) arbitrage tool created for institutional investors.
VIP members with a certain token quantity can also access the PME product (SAAS) arbitrage tool designed for institutional investors for a period of time.#OpenOcean $OOE
— JimmyFX 📉📈 (@JimmyHope_) February 16, 2022
3. Derivatives Combined Margin: $OOE tokens can also serve as a margin in combined margin products. This is to promote one-stop derivative trading across exchanges.
4. Liquidity Mining: Following the issuance of $OOE, the first liquidity mining program will go live. OpenOcean’s Liquidity Pools will launch on a variety of public chains, including Tron, BSC, ETH. It will feature pairs such as OOE/ETH, OOE/USDT, OOE/DAI, OOE/BNB, OOE/BUSD, and others.
5. Gas Fee and Slippage Subsidies: In future campaigns, OpenOcean DEX users will be eligible for gas fee and slippage subsidies. This would help reduce trading costs.
In Conclusion
OpenOcean’s long-term goal is to create a full aggregator for crypto trading that improves capital efficiency and acts as a link between disparate blockchains. So, the $OOE token plays a vital role in its long-term plan.
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