The Ultimate OpenOcean Review | CoinStats Blog

Users can choose from hundreds of decentralized or centralized cryptocurrency exchanges. Decentralized finance (DeFi) has seen new DEXs, market makers and other market players join the market regularly. This gives users even more options. While having a variety of options will always help the end customer, deciding which platform to choose among a  staggering number of crypto exchanges out there can be challenging.

The demand for cryptocurrency market aggregators is high. Aggregators such as OpenOcean reference multiple platforms, allowing users to access several exchanges’ liquidity and prices at once to ensure users find the best rates and lowest fees for their trades. OpenOcean, a multi-chain platform that acts both as an aggregater of central finance and decentralized financing, is also known as OpenOcean.

Our OpenOcean Review will reveal everything you need to know about the OpenOcean exchange, its features, trading fees, customer support, etc., to help you decide if it’s a suitable exchange for you.

Let’s jump right in!

Open Ocean Exchange: What Is It?

OpenOcean Exchange, a multi-chain platform that acts as both a central and decentralized aggregater, is an open-source exchange. OpenOcean aggregates liquidity of several decentralized and centralized exchanges, allowing users to enjoy lower transaction costs and reduced slippage. It’s the first DEX aggregator on the Binance Smart Chain (BSC) and aggregates several DEX protocols such as Ethereum, BSC, TRON, Ontology, and all leading AMM’s like PancakeSwap, Bakeryswap, StreetSwap, and BurgerSwap.

General Information about DEXs

Ever wonder why DEXs have become so popular? We believe it’s mostly because of the following factors:

• DEXs aren’t governed by any central authority; instead, they use smart contracts to allow you to trade in crypto assets without the need for a regulatory authority. To remove intermediaries, they use an automated market maker and grant complete control to the users.
• Most DEXs don’t require you to provide any personal information. It is easy to open an account, and you can start trading immediately.
• DEXs’ servers are distributed worldwide, reducing the possibility of a server outage.
• Hacker attacks on DEXs are almost impossible for them to resist.

Execution 

OpenOcean provides a range of key features to help it serve users effectively. OpenOcean employs its optimization algorithm that is Dijkstra-based and D Star to find the best initial route and charge the least amount of gas. This algorithm uses machine learning to continually optimize routes based upon data. This allows for accurate, efficient and cost-effective aggregation.

Token Economic Subsidies is a method established by OpenOcean that decreases users’ impermanent loss through “slippage subsidies.” This safeguards users in situations when their exchange value is higher or lower than the transaction’s expected value. If the user’s exchange value is higher than the expected value, the user will be fully refunded the exchange value. Users are subsidised with OOE if a transaction has a lower value than they expected.

OpenOcean has also launched OpenOcean’s asset evaluation system (OpenOcean Define Evaluation System). It uses vast amounts of ecological data to evaluate tokens for risk exposure and protect users. Tokens must comply with “low risk” criteria to be provided for exchange. OpenOcean users have an additional layer of security by using this preliminary screening process.

Finally, the OpenOcean team strives to serve all traders; the team’s mission is to become a one-stop trading hub for all assets. OpenOcean Wallet will allow users to trade on centralized platforms like Binance, Coinbase and Bitfinex. OpenOcean also plans to add derivatives platforms by using a portfolio pool. OpenOcean makes it simple for users to connect to their front-end. They provide APIs and custom-fit UXs. OpeanOcean already has a brand new user interface/UI built to offer traders the best possible tools. The team plans to grow, since they currently offer only aggregation for spot and DEX traders.

OpenOcean – Why is it important?

Jusqu’à now, there was no single entry point for crypto trade between CEXs or DEXs. Price comparisons were available on one site. For those users who want to retain control of their funds, DEXs may be preferred. Smart contracts are used for trading. Some users might prefer CEXs because they offer greater liquidity and allow for transactions in fiat currencies. Customers without programming experience will not be able to get the most accurate pricing due to currency and price fluctuations.

OpenOcean allows consumers to find the lowest DEX or CEX prices, and then trade the DEXs and CEXs at the most affordable price using their wallets. OpenOcean users can trade on the CEX without needing to create a new CEX accounts.

The OOE Token

OpenOcean follows the lead of most projects within DeFi. OOE, which is the native token of OpenOcean, was launched on March 8th 2021 with 1 billion tokens. OOE token has multiple uses within OpenOcean. It’s used as a governance token, allowing holders to vote on different OpenOcean-related issues. OOE holders enjoy lower transaction costs due to reduced gas fees, slippage subsidies and special campaigns organized by OpenOcean. OpenOcean platform liquidity miners can use the coins. Users who own a significant amount of OOE will enjoy various benefits when using OpenOcean’s centralized exchange aggregation features.

OpenOcean released 10 million OOE tokens (1% of total supply) to users who had completed at least four legal OpenOcean transactions or executed a transaction worth more than 40 USDT between the platform’s inception and March 8, 2021. People who didn’t get the chance to participate in the initial airdrop may still be eligible for another round. This opportunity gives an additional incentive to people who haven’t traded on OpenOcean yet to try it out.

Here’s a more extensive analysis of the OOE supply distribution:

• Existing users can receive airdrops of 2%
• 18.5% for team and advisory
• Protocol development: 29%
• Over a five-year period, 34% of Liquidity Mining Programs were completed
• Strategic investors: 10%
• Ecosystem Foundation:

OpenOcean: The Team Behind It

OpenOcean was co-founded by Michael “Monty” Widenius, the “spiritual father” of MariaDB, and one of the original developers of MySQL and Tom Henriksson, who invested in MySQL and MariaDB. Both of OpenOcean’s co-founders have extensive experience in investment and trading systems development.

OpenOcean’s development team consists of 16 full-time employees with broad expertise in blockchain development. The development team’s core members are seasoned engineers and financial veterans from prominent industry exchanges and international IT businesses, including IBM, Intel, and HP.

Additionally, key organisations have partnered with the project to improve trading functionality and give crypto investors a variety of investment options.

OpenOcean announced that it has closed a round of funding. Binance was a strategic investor and other names such as CMS, Multicoin Capital Altonomy Kenetic, LD Capital, Kenetic, Kenetic, and CMS were included in the announcement.

OpenOcean: Review of Features

OpenOcean allows swaps to be made at the highest market prices and the least slippage. OpenOcean also allows arbitrage between DEXs or CEXs, as well as cross-chain swap transactions. OpenOcean aggregates DEXs of various popular public chains to develop spot and derivative trading.

Trade Options

• When trading on DEXs and CEXs, traders can customize the user interface to ensure they don’t miss any critical information.
• Trading strategies can be supported by limit orders, candlestick charts tools, profit- and loss setting tools, prompt monitoring, reminders and custom APIs that allow for customizable user interfaces.
• An interface is available to individual investors that allows them spot and derivative trading at the lowest possible price, with little slippage.

Increased liquidity

OpenOcean blends liquidity from the major DEXs, CEXs, and other exchanges in order to offer transaction depth and faster responses. All major wallets can be supported. OpenOcean’s portfolio margin pool wallet and wallet allow for one-stop transaction on all CEX. Intelligent routing and machine-learning make them the most affordable and offer lower slippage gas costs. The Dijkstra Algorithm is optimized for routing across protocols.

Arbitrage

OpenOcean can help you to identify price differences between CEXs/DEXs as well as arbitrage opportunities. OpenOcean has a detailed guide about arbitrage.

OpenOcean Classic

It’s a simple platform used for swapping in DEXs. They support more token pairs than OpenOcean Pro.

OpenOcean PRO

OpenOcean Pro, an advanced platform for arbitrage and trading that also supports charts, is OpenOcean Pro. The company also plans to offer derivatives, lending and insurance products.

OpenOcean Review, Supported Wallets

ETH

• MetaMask Trustwallet ONTO, Mathwallet and SafePal. BitKeep, TokenPocket. ImToken

TRON

ONT

BSC

• BSC Wallet MetaMask Trustwallet ONTO Mathwallet SafePal BitKeep TokenPocket

OpenOcean Reviews: API

OpenOcean has APIs (and custom interfaces) for institutions and traders to assist them in their investment strategy. Through API, they can connect to their own investment strategies.

Blockchains and Exchanges that are Supported

OpenOcean allows you to create decentralized exchanges using the Ethereum, Binance Smart Chain and Ontology blockchains. There are 19 DEXs supported by OpenOcean. Here are just a few:

• Uniswap with Ethereum
• Pancake Swap (Binance smart chain)
• Curve (Ethereum).
• Kyber Network (Ethereum).
• JustSwap – TRON

OpenOcean is working to expand the support for blockchains. Plans include Polkadot and NEO as well as additional public blockchains.

Users only need to connect their wallets in order to trade on DEXs with OpenOcean. OpenOcean accounts are required for users who desire to use OpenOcean’s liquidity. Users must verify their identity before they can withdraw more than 2 BTC from a central exchange. Binance was the first central exchange to be integrated into OpenOcean.

OpenOcean Review – Fees

OpenOcean doesn’t charge any transfer fees or withdrawal fees other than the network fees. The following fees apply:

• Products with Combined Margin
• Intelligent wealth management service.
• An institutional investor pays for an investment strategy that is built into their UI.
• Primary Membership Edition (PME), an SaaS-based automated SaaS, allows you to capture arbitrage opportunities between CEXs or DEXs.

OpenOcean Reviews: Customer Support

OpenOcean provides live chat via their website. Follow them on these social media sites:

OpenOcean Security

OpenOcean uses a security first approach to safeguard users against security flaws and other issues. In addition to their internal auditing of security, they often work with partners outside the organization to verify that users are meeting industry-standards. OpenOcean is highly secure and your private key is not at risk. You can also access the Twenty-Four Hours active support group.

OpenOcean trading on OpenOcean: What to do

To trade on OpenOcean, you’ll need a cryptocurrency wallet that allows you to access and utilize decentralized apps.

Step 1. Connect your wallet with OpenOcean

OpenOcean is compatible with MetaMask (Ledger), Portis, as well other Ethereum wallets like Ledger and Portis. You can access Binance Smart Chain and Ontology using wallets such as MetaMask and BSC Wallet. Cyano Wallet and TronLink are also supported.

OpenOcean allows you to connect your wallet to the platform. First, go to OpenOcean to select the trading interface (Classic and Pro). Select the blockchain on which you wish to trade on the trading page, and then click “connect wallet” to link your wallet to the platform.

Step #2: Swap OpenOcean

After selecting the blockchain and linking your wallet to OpenOcean, choose the cryptocurrency you want to swap in the “from” box and enter the amount. Then, in the “to” section, select the cryptocurrency you wish to swap to. It will then compare the prices of multiple DEXs to find you the most favorable price. If you click on the “Exchanges” tab, you will see the decentralized exchange that will be utilized for your order and less favorable prices on other exchanges. Click on the “swap now” then the “confirm” button to complete the swap.

OpenOcean Slippage, Gas Price

Before you can do a swap with OpenOcean, you have the ability to change your price tolerance or gas price. You can also indicate which decentralized exchanges you do not want to use for your order. Go to the switch interface. Click the settings button. You can select a number between 0.5%, 1.1% or 3.0 for price tolerance. Or, enter a custom number. To perform a quicker transaction, select “fast” or “immediate” instead of “standard” in the gas price column or input a custom / cheaper gas price.

OpenOcean: Binance Smart-Chain Trading

OpenOcean allows you to trade on Binance Smart Chain. To do this, select the BSC network and link MetaMask/BSC Wallet. OpenOcean is a decentralized platform that collects liquidity on several exchanges built around BSC. It allows you to trade BEP20 tokens. BSC offers several pegged tokens, which allow you to trade your BEP20 tokens in USDC, USDT and BUSD. OpenOcean allows you to perform token swaps over BSC. The protocol compares prices across several BSC-based, decentralized exchanges so you can get the best deal.

The Roadmap and Recent Developments

OpenOcean currently has 67,000 active accounts and $800 million in trading volume as of March.

Binance managed to secure a successful strategic financing round. Soon after, the company launched a private placing of shares, which was facilitated by a number of investors who had also invested in the project’s funding round.

The funds were to be used to carry out OpenOcean’s extensive roadmap, which is currently on track. This roadmap has four phases. The first includes the aggregation of liquidity from Ethereum and Ontology. Also completed is the second, which includes token issuance. It continues with cross-chain Swaps and CEX Aggregation. Next, CeFi and DeFi derivatives products will be integrated into OpenOcean to provide one-stop trading. An integrated cross-exchange margin pool will be also implemented. OpenOcean will be completing its final phase. It aims to develop into an intelligent asset management platform with a wide range of financial services.

Commonly Asked Questions (FAQs)

What Blockchains does OpenOcean Support?

OpenOcean is a supporter of the Ethereum Network and Tron Network. The OpenOcean Foundation also plans to support Ethereum Layer 2, Solana or Polkadot.

OpenOcean Does Support Centralized Exchanges

OpenOcean has supported Binance and is planning to continue supporting Deribit.

Closing Thoughts

OpenOcean is an aggregator that covers a large section of cryptocurrency markets. This platform is compatible with 13 distinct wallets as well as 4 different blockchains. The platform will provide real value to all level cryptocurrency users. The platform allows you to quickly and efficiently exchange tokens while obtaining the best fill rate and low gas fees. The protocol for aggregating tokens is available free of charge. Traders only have to pay exchange fees and regular blockchain gas. Keep an eye on OpenOcean, as it develops into a single-stop trading platform!

This team also aims to combine both decentralized and centralized crypto derivatives markets, i.e. options, futures, and options. Other services being considered by the team include financing and insurance, as well as an investment management tool that would automatically distribute customers’ crypto-assets according to an investment strategy.

OpenOcean’s market cap can be checked on CoinStats. This is one the top crypto platforms. You can also visit the CoinStats Blog to find out more about cryptocurrency exchanges and portfolio trackers. Also, take a look at our detailed buying guides for how to purchase various cryptos!

Information about InvestmentsThis website contains information that is intended to be informative. It does not recommend you to purchase, sell or hold any security, financial product or instrument.

The market for cryptocurrency can be volatile and subject to secondary activity. Do your research thoroughly and only lose what you are able to afford. Trading stocks and CFDs can be risky. CFD trading can cause losses of between 74-89% in retail investor accounts. It is important to consider all aspects of your financial situation before you make any investments. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant regulators’ websites before making any decision.