OpenOcean Project Review: The First DEX Aggregator on the BSC

OpenOcean is the first DEX Aggregator that has launched on the BSC, aggregating liquidity from the largest exchanges: PancakeSwap, BakerySwap, StreetSwap and BurgerSwap.

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BSCNews
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December 23, 2020
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What are Dex Aggregators

Let's start with Decentralized exchanges; we have seen a rapid growth of DEX's with Ethereum based projects such as UniSwap, SushiSwap, and Injective. On top of this, many DEX's have found themselves on the Binance Smart Chain (BSC) such as PancakeSwap, StreetSwap, and BakerySwap. These exchanges allow users to trade and swap cryptocurrencies using a distributed database.

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Messari data displaying rapid growth of DEXes

DEX's appeal to many users as traditional Centralized Exchanges (CEX) have many weaknesses concerning coin custody, identity breaches, server downtime, fees, and even insider trading. DEX's address many of these problems, especially as they continue to develop and innovate, improving on these weaknesses further.

While DEX's can capitalize on privacy, ease of access, fees, and downtime, it is not uncommon for DEX's to have liquidity issues. These issues are most apparent in low demand/small market cap tokens, resulting in considerable slippage and spreads. Without a centralized entity, developers must bootstrap liquidity through incentives such as liquidity mining or direct revenue exposure.

This is precisely the issue that DEX Aggregators such as OpenOcean aim to solve. DEX Aggregators reference multiple exchanges, analyzing the price to ensure users the best fill price. Instead of restricting users to a single DEX, these platforms allow users to access numerous exchanges' liquidity at once, where it will select the most optimal deal. One of the largest DEX Aggregators can be found on the Ethereum Network, 1 Inch Exchange, where it aggregates over 15 different exchange feeds, granting users the most efficient swaps.


What Is OpenOcean?

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OpenOcean is a DEX aggregator that supports multiple chains such as ETH, BSC, and ONT. Across all chains, OpenOcean aggregates 12 different exchanges, allowing users to receive optimal fills. Specifically, OpenOcean is the first DEX aggregator on the Binance Smart Chain (BSC), aggregating liquidity from multiple large exchanges. OpeanOcean ensures users buy tokens for the optimal price on the BSC, aggregating from all leading AMM's: PancakeSwap, Bakeryswap, StreetSwap, and BurgerSwap.

Key Features:

  • Developing a one-stop spot and derivative trading on both DEXes and CEXes
  • Cross-Chain Swaps
  • Best Price and Lowest Slippage
  • Tailor-made interfaces suiting specific traders

 

Execution

OpenOcean boasts a few key features which allow it to serve its users effectively. To ensure users obtain the best fills and optimal gas fees, OpenOcean applies its optimizing algorithm basted on Dijkstra and D-star to find the best initial route. From there, the algorithm uses machine learning, continually optimizing routes based on data. This system allows for efficient and accurate aggregation without gouging users for fees.  

OpenOcean has introduced a system coined Token Economic Subsidies, which reduces users' impermant loss through "slippage subsidies." This protects users in scenarios when their exchange value is higher or lower than the transaction's expected value.

 In the scenario that the users exchanges value is higher than the expected value, the user will be fully refunded the exchange value

When a transaction is completed with a lower than expected value, users are subsidized with the platform token, OOE. 



On top of this, the OpenOcean team has introduced its asset evaluation system, OpenOcean Defi Evaluation System (ODES). In order to protect users, the system evaluates token in terms of risk exposure, using a large amount of ecological data. For tokens to be provided for exchange, they must meet a threshold of "low risk." This serves as a preliminary vetting feature, adding an extra layer of protection to OpenOcean users.

Finally, the team at OpenOcean aims to cater to all traders; the teams' vision is to become a one-stop trading spot for all assets. This means users will be able to trade using centralized platforms such as Binance Coinbase and Bitfinex using the OpenOcean Wallet. OpenOcean is also striving to incorporate derivatives platforms using a portfolio margin pool. To provide users ease of access to their front-end, OpenOcean gives users APIs and custom-fit UI's to suit their needs. OpeanOcean is already implementing a brand new UI/UX to offer their traders the optimal tools. Overall the team plans to expand further as they only cater aggregation to spot and DEX traders currently.


Upcoming OpenOcean UI

OpenOcean Roadmap

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Currently, OpenOcean has been able to integrate its aggregating technology into three different chains. It has claimed itself as the first proper yield aggregator on the BSC, capturing all AMM's.

Moving forward into 2021, the team aims to aggregate on two to three additional chains. On top of this, they are going to begin issuing their governance token, OOE. This portion is referenced as the Indian Ocean version and is set to be complete in Q1 of 2021

The next version is coined "Atlantic Ocean" and set to launch in Q2 of 2021. The main goal of this is to launch De-Fi yield products, most likely distributing their native OOE token.

In the latter half of 2021, the team aims to release its Pacific Version, Integrating CeFi and DeFi derivatives products. To facilitate these trading services effortlessly, the team will also launch its portfolio margin pools, giving users a dedicated one-stop trading service.

The last of OpenOceans current developments is a complete integration of their De-Fi and Ce-Fi ecosystem. This version will be known as the OpenOcean, and it integrates an asset management platform for both De-Fi and Ce-Fi apps.

OOE Token

The OOE token will be used as OpenOcean's native governance token. OpenOcean will airdrop this token to early users who use the platform in the coming weeks and months, leading to the token release. This token will allow users to vote for specific protocol changes or features, protocol fee switches, liquidity mining, and advanced trading functions. While the airdrop's specifics have not been released it may be wise to begin exchanging on the platform to become eligible. The OOE token will be issued starting in Q1 of 2021; with the launch of OOE, the liquidity mining program will also go live.

Binance Christmas Campaign

The OpenOcean team has launched two separate campaigns in partnership with the Binance Smart Chain Christmas Campaign. The first campaign consists of an airdrop to the first 5000 BSC wallets on OpenOcean. On top of this, campaign two will contains two-part reward system, distributing a total of $5050 of rewards to users. 

To qualify, make a trade here

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The following passage outlines the extent of Campaign 2: The trading competition

Campaign 2: $ 5050 OpenOcean Xmas Gift

Promotion period: 2020/12/21(00:00) to 2021/1/1(00:00) (GMT+8)

Part I

OpenOcean is rewarding active addresses with a shared prize-pool of overall $3000 in USDT. 300 active addresses with BinanceSmartChain trading volume above $50 will be picked randomly everyday. Each address will receive $1 daily by airdrop.

Trade & Win: https://openocean.finance/exchange/BNB

Part II

At the end of the 10 day promotion period, the top 40 wallets with the highest trading volume will be rewarded as below:

1st Place: $ 500

2nd Place: $ 300

3rd Place: $ 200

4th-20th Place: $ 50

21st-40th Place: 10 $

Trade & Win: https://openocean.finance/exchange/BNB


Users who wish to participate in these campaigns check out the medium article outlining all rules and aspects. Individual pieces of information -such as specific rules- have been redacted to keep this article concise.

Dual Rewards

Several projects in the BSC ecosystem are also holding their own Christmas events, allowing users to capitalize on a plethora of rewards. Users can easily participate in multiple Christmas rewards from various projects such as Venus, Beefy.Fi and BakerySwap. The idea behind earning dual rewards is that you can swap for these tokens using OpenOcean, earn rewards, then deposit them onto the respective platform to earn even more rewards.

The team at OpenOcean has provided the following strategies in order for users to maximize their rewards:

OpenOcean & Venus

Trade on OpenOcean and buy $SXP, get the best price in the market

-- You join the OpenOcean Christmas campaign, a total prize of $5050 right there waiting

-- Switch to Venus.io and stake your $SXP, SXP and XVS borrowers sharing reward pool of $20k

OpenOcean & Beefy.finance

Buy your $BIFI tokens on OpenOcean, with best possible price and low fees.

-- By trading $BIFI on OpenOcean, you are qualified for our $ 5050 Christmas prize-pool

-- Go to Beefy.finance and stake your $BIFI, you willl also be able to join their Christmas campaign

OpenOcean & Bakery

Do your trade on OpenOcean and buy $BAKE token with best possible price and low fees:

-- By trading on OpenOcean, you are qualified for our $ 5050 Christmas prize-pool

-- Go to Bakeryswap.org and stake your $BAKE, you also get a chance to win the Bakeryswap.org NFT rewards

These opportunities only outline a couple of the ways you can optimize rewards during this Christmas promo. There are tons of projects that have teamed up with the Binance Chain Community to provide these rewards. Users who are unfamiliar with this promo or wish to learn more about the involved projects check them out here. Overall there are plenty of incentives floating around the BSC during the holiday. If I were you, I would maximize my earnings while I can!


Concluding Thoughts:

OpeanOcean is the first to provide an essential service to the BSC. It allows users to effortlessly and efficiently swap tokens. Through using its algorithm, it ensures users receive the optimal fill and lowest gas fees. OpenOcean launched on the BSC and currently supports ETH and ONTO, with more chains being added shortly. Keep an eye out on OpenOcean as they develop themselves into a one-stop trading shop!

OpeanOcean already provides innovative services to the BSC and does not plan on stopping there. Over the next year, the team aims to become a one-stop trading shop, allowing users to trade spot and derivatives on both DEXes and CEXes all from one platform. This innovation will be a considerable step enabling users to satisfy all the crypto trading needs from one platform. Overall the team at OpenOcean has developed a great product and does not plan on slowing down any time soon. For those of you who use the BSC it is a no-brainer to use this DEX Aggregator.

At the end of the day none of our articles contain financial advice. All financial decisions should be made on your own behalf or on the behalf of a professional financial advisor.

For more information, or if you wish to stay up to date on the project, check out their media and social media

pages.

Website

Telegram

Twitter

Medium


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