What Is OpenOcean (OOE) And How Does It Work? | KuCoin Crypto Gem Observer

2021/07/08 11:50:32

Trading cryptocurrencies can be difficult, especially if you want to get the best value from your trades. After all, not all exchanges are created equal, and so between decentralized exchanges and centralized exchanges, the price, volume and potential slippage can differ significantly.

Thankfully, OpenOcean is developing a full aggregation protocol that makes this process much easier by comparing some of the top exchanges to get the best deal. With its upcoming world premiere listing on KuCoin, it is well worth looking into today.

What Is OpenOcean?

OpenOcean is a decentralized full aggregation protocol, the number 1 on BSC and the first of its kind on Solana and TRON. It aggregates the world’s top 24 DEXs & CEXs to help users compare and find the best price and lowest slippage for different cryptocurrencies across chains, including DEXes from 6 public chains - ETH & Layer2/ BSC/ SOL/Polygon/TRON/ONT and CEX from Binance.

Its vision is to build a full aggregator for crypto trading that serves as a bridge connecting the isolated islands in the current fragmented DeFi and CeFi markets, enabling everyone to have the opportunity to trade at the best prices and apply their own investment strategies on various crypto asset classes.

How Does OpenOcean Work?

OpenOcean uses a deeply optimized intelligent routing algorithm to power its aggregation system. This helps it find the best price and lowest slippage for traders across centralized and decentralized exchanges with no additional fees.

The OpenOcean protocol consists of public smart contracts that are deployed on each of the aggregated public chains and proprietary technologies such as discovery and routing algorithms. OpenOcean makes use of an optimized version of the Dijkstra algorithm (D-star) in order to split routing between the different protocols to achieve better transaction rates.

Otherwise, it offers API and SaaS arbitrage tools that enable users to take advantage of arbitrage opportunities automatically.

Besides the aggregation of swaps, OpenOcean will continue to aggregate derivative, yield, lending, insurance products, and launch its own combined margin products and intelligent wealth management service.

Who Created OpenOcean?

OpenOcean team was set up in Singapore. Its first version, Antarctic, was launched in September 2020. The core team members have more than 10 years’ experience in leading traditional trading platforms, multinational IT companies such as IBM, HP and Intel, as well as international bank RBS and global private equity funds.

Backed by Binance, OpenOcean is also invested by top tier VC funds including Huobi, Multicoin Capital, CMS Holdings, Kenetic, Altonomy, OKex Blockdream ventures, LD Capital, DAOMaker, FBG, TRON Foundation, Polkastarter etc.

What Is the OOE Token and What Is It Used for?

OOE token serves two purposes: utility and governance.The OOE token’s utility is reflected in the incentives that holders benefit from when spending and deploying in the OpenOcean trading aggregation platform. The OOE token has six main uses in the OpenOcean ecosystem.

Utility functions include Gas fee and trading fee, ‌ liquidity mining and trading incentives, OpenOcean VIP membership and exclusive services such as accessing OpenOcean automated arbitrage SaaS platform and fee premium.

Closing Thoughts

The appeal of OpenOcean is clear: you get an overview of the best prices, along with the lowest slippage and lowest fee options available across DEXs and CEXs. This means that users can save time and money by using the platform.

Its cross-chain abilities also add to the attraction, making it much more versatile. Some of the biggest chains are already supported, including Ethereum and Binance Smart Chain, with more planned to be supported, including Polkadot.

For those interested in OOE, OpenOcean will be holding their world premiere listing on KuCoin this July 12. Even better, you can trade OOE on KuCoin and set up a KuCoin Trading Bot to do the heavy lifting for you.

KuCoin’s trading bot strategies will empower the value of OOE by enabling KuCoin users to gain profit via the best suitable off-hand trading strategies during market volatility.

Whether in a bullish, bearish, or turbulent market, users can choose from the four trading bot strategies offered by KuCoin to enjoy a convenient, time-saving, intelligent and off-hand trading experience to gain profit.

Basically, now is the best time to consider the OOE token. Register on KuCoin for more details.