Trade Like A Pro and Earn More Benefits with OpenOcean

When we want to buy #crypto, one way we can do it is to buy it through a centralized exchange. There are several well-known #CeFi names such as Binance, Coinbase, and Huobi.

Buying crypto through a CEX is quite easy. We only need to make a deposit, then exchange the fiat for the crypto we want.

Illustration of Buying $OOE through CeFi.

Pretty straightforward, but…

Despite the convenience, CEX has 2 main problems.

  • Few crypto pairs are available

There are usually fewer cryptocurrencies available on CEX because their listing process is strict. CEX really considers the supply and demand of a cryptocurrency.

Then CEX is prone to delisting. CEX will usually end the sale of a cryptocurrency if there is no demand from investors.

  • The price of crypto varies on each exchange

Have you ever been interested in a cryptocurrency, then you checked the price and availability in which market through the CoinMarketCap website and it turns out that the price is different on each exchange? Me too!

The price of the BNB/USDT pair in each market. Source: https://coinmarketcap.com/currencies/binance-coin/markets/

This was due to poor liquidity on the exchange. They only use 1 source of liquidity for a crypto pair.

What about Decentralized Exchange?

Decentralized Exchange or DEX can actually solve the 2 problems above. There are several well-known DEXs today, Uniswap (Ethereum), PancakeSwap (Binance Smart Chain), QuickSwap (Polygon), and many more.

Dex solves the problem of limited crypto pairs by allowing users to create any pair they want. So investors can create the pairs they need freely if they didn’t exist before. This can be achieved because DEX is permissionless.

For the issue of price differentials for cryptocurrencies, DEX solves this problem by allowing investors to provide liquidity on its platform. This is called Liquidity Mining. Investors who provide liquidity are called Liquidity Providers.

However, this creates a new problem.

Because there are so many DEXs available, liquidity is scattered in many places. This causes us to have to move from one DEX to another just to buy and sell a cryptocurrency.

This problem is the result of the large number of available blockchain networks competing for users to use their respective networks. Many Liquidity Providers who withdraw from a DEX move to another DEX because the DEX provides better incentives. because this DEX is still newly launched, investors are tempted by large APY, hundreds to thousands of percent.

But, there’s no need to worry. #OpenOcean is here to solve all these problems.

What is OpenOcean?

OpenOcean is the first crypto #FullAggregator protocol to combine Centralized Finance and Decentralized Finance in 1 place and place to perform cross-blockchain token swaps. Just imagine there is 1 place where you can do many things such as staking, lending, yield farming in 1 place? Cool isn’t it. So you don’t have to move around anymore. All are provided by OpenOcean.

Logo of OpenOcean

Then, how does Open Ocean Solve the Problems We Have Discussed?

  • Limited Crypto Pairs Availability

OpenOcean combines all liquidity sources from CeFi and DeFi in one place so that all the crypto pairs we want are available on one platform. We no longer need to switch exchanges, from CEX to DEX just to buy a cryptocurrency.

OpenOcean already combines 7 blockchains: Ethereum, Binance Smart Chain, Ontology, Tron, Solana, Polygon, and Heco Chain. By becoming a #DEXAggregator, all DEXs that use these 7 blockchains automatically can be used on OpenOcean. In the future, the available blockchain is not limited to 7 blockchains. Polkadot, Harmony, and other blockchains will be powered by OpenOcean.

For CEX, OpenOcean already supports Binance. OpenOcean users can also choose the CEX option if the crypto they want to buy is not available on the DEX. In the future, they will combine CEX such as OKEx and Huobi in one place.

By combining CEX-DEX in one place, there is no crypto that we can’t buy. All are available on OpenOcean.

Illustration of OpenOcean Full Aggregator. Source: https://docs.openocean.finance/usage-and-fees
  • Different Crypto Prices on the Exchanges

OpenOcean has a sophisticated Dijkstra (D-star) routing algorithm to find the best price for a crypto pair. This algorithm utilizes smart contracts to find the best price for DEX-CEX which has been combined by OpenOcean. Then, the algorithm will divide the search route so that we can get the best price.

Not only that, this algorithm can work cross-blockchain. This feature allows us to trade with small slippage and fast settlement.

How OpenOcean’s Algorithm Works. Source: https://docs.openocean.finance/openocean-functionality

Not only do we get the best price, additionally we can also do arbitrage on OpenOcean. We can buy crypto at the lowest price on OpenOcean and then sell the crypto in a place that values it more. Cool, at no extra cost! We only need to pay the gas fee/exchange fee.

Getting the best price of BNB/USDT with OpenOcean Pro.
  • Scattered Liquidity on Different Exchanges

Since OpenOcean is a Full Aggregator, the liquidity is always good. If there is liquidity in a dex that is not good, we can exclude or remove the dex from the options available on OpenOcean’s website.

So no worries about liquidity fluctuations on an exchange and when there is a new dex or blockchain. OpenOcean could support a new dex or blockchain if the community wanted that. You can voice your voice against the OpenOcean protocol update provided you have a governance token, #OOE.

Get More Benefits With OOE Token

OOE tokens serve as voting rights and utilities in the OpenOcena protocol. You can use OOE tokens to provide proposal suggestions, protocol update options, and good DEX and CEX recommendations to add to the OpenOcean protocol.

OOE is a cross-blockchain token with a maximum supply of 1,000,000. This token cannot be added anymore because there is no minting function in the smart contract.Semakin banyak kamu memiliki token OOE, semakin banyak benefit yang akan kamu rasakan. Benefit tersebut adalah:

  1. VIP membership and exclusive services
  2. Saas Platform for arbitrage trading automation
  3. Cheaper premium fees when trading
  4. OOE token as cheap trading and gas fee
  5. Collateral for Lending

OOE Token Distribution:

$OOE Token Distribution. Source: https://docs.openocean.finance/ooe-token

Actually, there are still many benefits that you can get if you use OpenOcean such as lending, insurance, and product derivatives. In the future, OpenOcean will be the hub for you to do anything in the crypto world.

You can learn more about OpenOcean using this link:

  1. Website: https://docs.openocean.finance/
  2. Twitter: https://twitter.com/OpenOceanGlobal
  3. Discord: https://discord.gg/cxK6CCYcGp
  4. Telegram: https://t.me/OOFinance
  5. Telegram Announcement: https://t.me/OOFinanceAnn
  6. Medium: https://openoceanglobal.medium.com/

This article is part of a rewarded contest.

BSC Wallet Address: ******aBb586A

#OpenOcean #OOE #FullAggregator #DeFi #CeFi #DEXAggregator #crypto.

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