OpenOcean Expresses Continued Innovation of DeFi Aggregation at the DeFi Summit

The aggregator shared their future plans for innovation, indicating their dedication to improvement.

By
Chung Yee
on
June 21, 2021
Category:
Blockchain News

Expanding the SaaS Tools

In the recent DeFi summit, OpenOcean co-founder Cindy Wu, a former banker and a former investment director with a private equity fund, explained the OpenOcean roadmap and their dedication to innovation. Wu shared how the existing inefficient and inconvenient market infrastructure makes trading difficult, which OpenOcean aims to solve. The DeFi summit ran from June 14th to June 18th, according to the official summit website. Wu claimed the entire inefficiency exists as a result of an opaque market infrastructure and asymmetric market information. 

In sharing the OpenOcean’s roadmap, the former banker shared how the platform will give value to its users. It will provide SaaS (Software as a Service) tools that can support automatic arbitrage between CeFi and Defi. Arbitrage allows for a trader to profit from the non-uniformity of the price of an asset across multiple markets. It allows for the purchase of a cheaper asset at one exchange and to sell it on another platform at a higher price. She also mentioned that OpenOcean will be launching combined margin products to increase trading efficiency and intelligent wealth management services to its users. The final addition to their impressive lists of services, the final component in its roadmap which is the wealth management service is likely to be launched in 2023. 

Aggregating the DeFi and CeFi

OpenOcean’s mission is simple, targeting the best price with lowest slippage for its users. This project is the world’s first leading full aggregator for crypto trading that bridges the DeFi and CeFi, in a mission to create a single ecosystem to what exists currently as fragmented isolated islands. This protocol uses an optimized version of the Dijkstra algorithm called D-star. This allows for split routing between different protocols. 

Source

The aggregation exists on five public chains, which are Ethereum, Binance Smart Chain, Ontology, Tron and Solana. Progress to include other chains are in the pipelines. One of the more anticipated chains is the growing Polygon (formerly MATIC) chain. The benefit of their solution is that it allows for the individual traders to share the same platform with large institutions whilst getting the best price at lowest slippage. Traders can start applying their own strategy in various crypto assets on the OpenOcean platform. 

The anticipated cross-chain swaps that will be launched soon can allow for crypto assets that sit in one public chain to be swapped with another. It means it will be possible to swap an Ethereum token with a token on Binance Smart Chain. The cross-chain swap and aggregation of the Polygon will be available in June. 

Source


Free to Use

In his presentation in the DeFi Summit, OpenOcean’s Tech Community lead Matthias drew attention to one of the most notable features in OpenOcean - the services are free to use. A trader only needs to pay the blockchain gas fee which is charged by the blockchain and the exchange fees which is charged by the exchange. The platform caters to its users by having two different trading terminals, the first to cater for simple trades and serve as a second terminal for professional traders. 


Bringing Sophistication to the Normal Traders

The entire project by OpenOcean is focused on giving the average trader a chance to stand on a level playing field by optimizing costs and time. The trader can focus entirely on the trading strategy. OpenOcean through its intelligent routing and machine learning are designing features that push the boundaries of innovation. Traders now can avoid losses that are a result of slippage - and the days of the average trader being left in the cold are in the past.

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Chung Yee

Chung Yee has a legal background and has been involved in research works for the legal and compliance industry. Writing is his passion, centered on topics such as the blockchain and finance. His largest crypto holdings are Solana, Ethereum, and BNB Token.

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