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Open Ocean Finance

Open Ocean Finance – One of 1INCH’s biggest competitors

After months of waiting, Open Ocean will be revealed. Introducing a new competitor to the 1inch Network, a news aggregator.

Open Ocean: What Is It?

Decentralized exchanges (DEX) have grown rapidly to 100 Billion dollars in trading volume and therefore, aggregate trading platforms have become more important. In 2020, Uniswap, AAVE, Serum, Sushiswap, and 1inch were the most popular protocols.

Messari data indicates 5% or more of CEX transactions were conducted through DEX during 2020 August. About 20–25% of DEX transactions on the Ethereum network were processed on the aggregator platform.

  1. Intelligent routing algorithm which has been highly optimized

Through the OpenOcean search engine, dozens of DEX trading platforms are analyzed, using an optimized D-Star algorithm to calculate the initial optimal path, then the path is adjusted and optimized in real-time during subsequent trading.

2. Subsidies for tokenenomics

Mining token incentives and subsidy slippage, in conjunction with mining token incentives, help OpenOcean compensate for the impermanent loss of customers.

A user’s exchange value that exceeds the expected value of the exchange application will not be captured by OpenOcean. Instead, the user will receive the exchange value when the application is submitted.

OpenOcean will subsidize the user with its platform token if the user’s exchange value falls below the expected value in order to avoid leading the user to a loss.

3 ODES is a system for evaluating assets

4 Experience the ultimate interactivity

5 Add more DEXs to the aggregate

OpenOcean’s roadmap indicates it will also integrate a greater number of DEX platforms using non-ETH chains, such as Newdex, Switcheo, Justswap, Pancake, etc., as well as Polkaswap.

6 CEXes Aggregated

DeFi and CeFi price comparison and swaps will be possible by using OpenOcean, which is a one-stop shop for centralized swaps between multiple top exchanges.

The first centralized exchange, Binance, has been integrated into OpenOcean. OpenOcean has become the first full aggregator which is able to provide seamless public access with this first integration.

As a result, there are several key advantages:

  • An innovative smart algorithm searches for the lowest DeFi and CeFi exchange price.
  • To receive all benefits on OpenOcean, users must have a username and password.
  • Support for CEX exchanges and withdrawals across multiple chains.
  • You can arbitrage more often between DEXs and CEXs with fewer slippage rates.
  • Support OOE Token VIP memberships

Investing And Listing

A tweet informed me that Open Ocean will be live on July 12th, after waiting and postponing dates. At the same time, OOE will launch its liquidity mining service.

Tokens will become available on July 12th after the IDO timeline is open on July 9th.

A couple of months ago, I mentioned that they had been thinking about doing their token sale this way but ultimately decided to reschedule it.

There is going to be an airdrop for early users of Open Ocean to claim 2% of the Open Ocean tokens as an airdrop on the 9th, which means it will be live on the 9th for most of you right now. There is also going to be liquidity mining later this week.

This is basically what Open Ocean does. The protocol offers full aggregation and decentralisation of finance and funding. Basically, as you can see in the picture below, they leverage some of the largest blockchains, including Ethereum, Binance Smart Chain, Ontology, Tron, Solana, and Polygon.

Additionally, you can also see here who will be coming in the near term, including Polkadot, Neo, Avalanche, Harmony, and I’m sure we’ll see more coming as well.

In essence, Open Ocean gives you the ability to find the most competitive price on the market with the least amount of slippage.

In other words, they will apply their intelligent routing algorithm to any swap that you’re making in order to deliver the best price.

This would be a full-blown public network aggregator that would manage most assets, which would be far beyond what we’re seeing right now.

With this major advancement, you are actually able to cross chains seamlessly and have an interoperable experience with switching between some of the world’s biggest and most popular blockchains.

Comparing With 1inch

The concept is similar to another cryptocurrency called 1INCH, which is currently working with Ethereum and Polygons, but it is expected to expand to more networks in the coming days and weeks.

The Open Ocean product is not a fantasy product that will launch in the distant future. It’s a product that is coming today.

On the Binance Smart Chain, it’s already the leading aggregator of decentralized exchanges. What a great accomplishment.

In addition, it is the first and only decentralized exchange aggregator currently operating on Solana, which is very interesting as well.

In fact, it is currently the only one aggregating exchanges on the Tron blockchain. In other words, they’re already doing a lot of pretty awesome things.

As of now, they already have over 200,000 unique active addresses that have used their protocol over seven or thirty thousand transactions taking place at a volume of more than two billion dollars, which is astounding for a protocol so new.

There is a lot of interesting information here as they are not just going to talk about simple swaps, but will also discuss margins.

In addition to derivatives, we are going to come to terms with insurance products, there is no limit to what they are planning I find Open Ocean to be an exciting protocol since it does all of those things.

Updates & Partnerships

The one that I reckon will get traction when they launch the token in the coming days here is one that’s worth keeping an eye on. Seeing that it is among the most crucial exchanges that are investing in Open Ocean, it is definitely worth keeping an eye on as well. For example, Binance is one of the biggest investors and Huobi is another huge exchange.

There are two major cryptocurrency foundations out there: Tron Foundation and DAO Maker. They have held some very successful launches, more so than FBG Capital.

These are some of the biggest ICO launches ever. Therefore, there is an impressive number of individuals behind Open Ocean.

According to my research, 1inch is probably the closest competitor at the moment. There are currently half a billion dollars in market capitalization for 1inch.

Interestingly, the market capitalization of 1INCH has fallen by over half from its all-time high, indicating at one point the stock was a unicorn, and even exceeded the 1 billion mark.

Basically, Open Ocean has Stellar backers, so it will offer more blockchains, and more access, and more products, all at a valuation in the millions compared to 1inch’s current valuation in the hundreds of millions. This is certainly one to pay attention to, in my opinion.

Disclaimer:

I‘m not a financial advisor and this article is simply for educational purposes. It should not be used to make any decisions regarding your finances. If you need investment advice, please contact a qualified financial advisor.

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