OpenOcean: Lowest Slippage Ever
Introduction
More exchanges are coming up these days with amazing problem-solving ideas, each with their network, mode of operation and their native coin and some with outrageous gas fees. Traders both great and small have been limited to buying a particular type of coin on a particular exchange. First, it was fun, but now it’s a limitation to cryptocurrency at large to opt from one exchange to the other to buy a coin or token.
The solution to this is to build a protocol that can access both the DEFI and CEFI world through aggregation, derive the liquidity of each coin from them and make swapping across chain through an intelligent routing algorithm in finding the best market price from both decentralized and centralized exchange possible. That is what the OpenOcean Protocol is all about. A first it’s kind world-first protocol.
A Look Into How Open Ocean Protocol Operates
The aggregating protocols of OpenOcean is not limited to market price added to it is yield farming. Arbitrage tools make automated arbitrage strategies easy for users. Insurance products and services with lending can also be aggregated all across the chain, network and protocols. OpenOcean’s protocols cut across many exchanges and networks like Binance Smart Chain, Tron and Ethereum Layer 2. This protocol also has a token named OOE which powers its governance and utility.
One of the major benefits of OpenOcean is the amazing lowest slippage you can ever find on any DEFI exchange, since the liquidity is already provided, all that is needed is the transaction gas fee which is still at the lowest. To arbitrage means to shuttle between two exchanges in order to make the best use of the market price where one is high and another is low in making a profit. All a user has to do is have an account on both DEXes. The gain is maximum when OpenOcean is used because users can access different exchanges without any additional fee from the network.
The benefit of these spans beyond arbitraging or swapping alone. The ripple effect goes deep into all other exchanges coming up to put in place users who have a coin on one exchange but the price of deposit and withdrawal keeps them away from trading their coin on another exchange because it cumulatively reduces their profit margin coupled with the network transaction fee.
OpenOcean is changing the way we buy and sell our coins, making arbitraging easy through its aggregators. The OpenOcean protocol does the trademarking by getting the price from the DEXes and CEXes, through its aggregator programmed into each public chain it is interacting with, to finds the best price at that moment with low slippage being subsidized with its own native OOE token and also sourcing and splitting the liquidity needed to provide the transaction across the Dexes, send the price to the users who is trying to execute a trade. The result of this is the best price any user can get on any exchange devoid of high transaction fees.
OpenOcean protocols have many use cases, one of which is the integration of its API into any exchange to boost its low transaction fee and slippage. Many users will flock to any exchange that doesn’t cut a chunk out of their capital all in the name of trading. The OpenOcean Protocol is surely going to revolutionize the Autonomous Market Marker in no time with this innovation.
For more information about Open Ocean, follow their official websites below:
Website: https://openocean.finance/
Telegram: https://t.me/OOFinance
Discord: https://discord.gg/cxK6CCYcGp
Twitter: https://twitter.com/OpenOceanGlobal
Medium: https://openoceanglobal.medium.com/
Gitbook: https://docs.openocean.finance/