Before I start writing, I would like to state that I am not in any collaboration with the project, it is just a review of a platform that I enjoy using and Binance is among its investors. Blockchain projects are risky investments and what I write is definitely not investment advice. Enjoy reading!
OpenOcean is a DeFi and CeFi aggregator project. By implementing a deeply optimized smart router algorithm, OpenOcean ensures the best price for traders in bulk DeFi and CeFi with minimal slippage without charging additional fees.
OpenOcean came on my radar when it announced that it would hold a public sale round on DAO Maker. In addition to the roadmaps promising to offer a comprehensive product to users in both the DEX and CEX parts of the business, another detail that caught my attention was that the lead VC investors were Binance.
I am attaching the metrics when I wrote this article below to make a note for myself.
Ticker : $OOE
Circ. Supply : 504,425,832
M.Cap : 13,4 M $
In addition to working as a DEX aggregator on a total of 20 different blockchains, OpenOcean also includes different functional mechanisms and incentive systems such as up to 100% gas fee refund. Before touching on these one by one, let me point out that the CEX aggregator and Arbitrage Path features in the roadmaps have not been implemented yet. In fact, the CEX Aggregate event should have happened now according to the road maps they first published, but the change and development of the platform from the first day to today is a detail that makes me ignore this and wait with curiosity. Let's dive deep into the platform together!
Swap
It is a concept known to everyone who has a Metamask wallet and has made an on-chain transaction at least once. When it comes to swaps, the first names that come to mind are Uniswap and Pancakeswap. Since OpenOcean is an aggregator, it offers you the best price offer in swap transactions from all pools containing the parity you are trading with.
While trading, under the chart section, you can see the path the router will follow, the prices in the pools you can trade in, the amount you will have in the final, and which path it chooses for you.
The feature that catches my attention most in the swap section and which I use frequently because I use different wallets, is the feature that allows you to send tokens to a different wallet while swapping. Before confirming the transaction, you can send tokens by clicking on the button and typing the wallet you want to send.
Limit Emir
It is a concept that we are familiar with from centralized exchanges. With OpenOcean, this transaction is also possible on-chain. The best part is that you do not pay gas fees for limit order transactions, except for spending permission. You can choose the validity period of your orders between ten minutes and one year.
Cross-Chain Swap
Cross-Chain Swap may be my favorite feature of OpenOcean. This feature is only available for EVM Compatible blockchains.
For example, you have OOE tokens on the BNB network and you want to sell them and transfer them to the ERC20 network as a stable coin. Normally, you need to swap your OOEs in the BNB network and transfer them to the ERC20 network using a bridge, or deposit them to a central exchange and then withdraw them to your wallet.
In OpenOcean, you can easily swap your OOEs in the BNB network to USDC in the ERC20 network! Of course, you can do this for many tokens.
Derivative - Leverage
OpenOcean currently only offers up to 25x cross margin trading on Arbitrum. I do not know whether it will be available on different blockchains, but I received an answer to my question about isolated margin that it will be active soon.
If you remember, after the period when centralized exchanges had problems with reserve proofs, while everyone was withdrawing their assets to their metamasks or ledger-like wallets, decentralized derivative exchanges suddenly became on the agenda. However, in my opinion, it was a barren agenda that did not go beyond two or three already known names. Although it may take more effort and time to discover high-quality platforms that are not visible in such crises, I believe that the reward will be greater. Anyway, some people shilled their own investments, and some people wanted to interact. Since we do not accept what is imposed, let's say that we are looking to dive into the depths of this ecosystem and continue.
Respect to Nakatomo!
Earn
Of course, the single asset staking and liquidity pool features that we are accustomed to in decentralized platforms are also available on OpenOcean.
Governance
In OpenOcean, users also have a say in governance. To have voting and bidding rights, you need to stake $OOE in the Governance pool. What I like most here is that you can get a certain amount of gas fee refund on all EVM compatible blockchains, depending on your stake amount.
Gas fee refunds are made in $OOE, locked for 30 days. Your governance rights and gas fee refund rates according to your stake amount are as follows. By the way, I would like to point out that they have a very educational approach to the community regarding governance offers in their discord.
Reference System
We are very familiar with the system that central exchanges use most frequently to attract members and where both you and your reference receive commission discounts.
In OpenOcean, you receive a 15% gas fee refund for each transaction of the user who registers with your reference link, and your friend who uses your reference link receives a 10% gas fee refund. This is also valid for all EVM Compatible networks. It will soon be activated on other blockchains, especially Arbitrum.
If you would like to be my friend and get a 10% gas fee refund on every transaction you make on OpenOcean, I leave my reference link below, yes, including the Ethereum network with its brutal gas fees!
https://app.openocean.finance/referral/tv31Utfso7mYBX4WlsM9vdvvOGJehUoF3oug8U4WOZSPHju8Q-XuU2AICHNKGkjj
I enjoyed telling you about a platform that I really enjoy using. I hope you enjoyed reading it. See you in the next articles!
