OpenOcean Review | Aggregating Crypto Exchanges is Really Worth it?

In this article, we will review OpenOcean, a gateway to efficient crypto trading with low fees. A comprehensive aggregation protocol brings liquidity from a range of decentralized and centralized exchanges (DEXes and CEXes). The Ocean Protocol allows you to swap with the best price and lowest slippage on the market and identify arbitrage opportunities between CEXes and DEXes. It was founded in 2017 by a group of experienced consultants and entrepreneurs. They offer a simplified pricing scheme for DeFi users, with no additional protocol transaction fees. 

Some notable investors of OpenOcean are Kenetic, Multicoin Capital, LD Capital and  Altonomy.

Summary (TL;DR)

• OpenOcean is a CEX and DEX aggregator.
• You can swap tokens with the best price and lowest slippage.
• It allows you to compare pricing between CEXes and DEXes and identify arbitrage opportunities.
• They offer two trading platforms OpenOcean Classic and OpenOcean Pro
• OOE is a governance token that provides advantages such as reduced gas fees and slippage subsidies from time to time, voting and participating in the community, and more.
• They use intelligent routing and machine learning to offer the best rates and the lowest slippage gas fees.
• They offer extensive customer support.

Why OpenOcean?

Until now, the crypto sector lacked a single point of entry for free-flow crypto trading between DEXes and CEXes that was backed up by price comparison on a single website.

Some users prefer DEXes and maintain control over their cash; therefore, they choose to trade with smart contracts.

Other users may prefer to trade on CEXes since they have more liquidity and can transact in fiat currency. However, due to price volatility and difference between exchanges, customers without extensive programming skills will be unable to obtain the best pricing rapidly.

OpenOcean allows users to compare the best pricing on DEXes and CEXes.The protocol allows users to trade at the best price on the DEXes or CEXes of their choice using their wallets. Users who have an OpenOcean account can trade on a CEX without needing a separate CEX account.

OpenOcean Review: Features

In OpenOcean, one can swap at the best price and with the least amount of slippage on the market, arbitrage between DEXes and CEXes, cross-chain swap transactions, and more.

It contains a collection of mainstream DEXes from various public chains. On mainstream CEXes, it also aggregates spot and derivative trading. Cross-chain swap transactions are supported.

Trading Options

• Customizes the user interface to ensure that traders don’t miss any important information when trading on DEXes and CEXes.
• Individual investors are provided with a user-friendly interface to support spot and derivative trades at the best price and with the least amount of slippage.
• Transaction tools such as limit orders and candlestick chart tools, profit and loss setting, timely monitoring and reminders, and custom APIs with customizable user interfaces that support trading strategies are available.

Arbitrage

OpenOcean helps you in spotting the price difference between CEXes and DEXes and identify the arbitrage opportunity. You can also read a detailed guide on how to arbitrage on OpenOcea.

Better liquidity

Integrates liquidity from prominent DEXes and CEXes to give additional transaction depth and a faster response time. Mainstream wallets are supported. With OpenOcean portfolio margin pool and wallet, you may do one-stop transactions on any CEX.

They use intelligent routing and machine learning to offer the best rates and the lowest slippage gas fees. They use an optimized version of the Dijkstra Algorithm (D-star) for routing between different protocols.

OpenOcean Classic

It is a user-friendly platform and are used for swapping in DEXes. They support more token pairs compared to OpenOcean Pro.

OpenOcean Pro

OpenOcean Pro is an advanced platform for swapping and arbitrage. They support charts. Additionally, they are planning to add derivatives, lending, and insurance products.

OpenOcean Review: API

OpenOcean provides traders and institutions with (APIs) and custom user interfaces to assist their investment strategies. By connecting via API, they can run their custom investment strategies.

OOE Token

OOE is a governance token. If you are an OOE token holder, you will receive the following advantages- 

• You can vote and participate in the growth of the community.
• Reduced gas fee and slippage subsidies from time to time
• You can be a part of the initial liquidity mining program that will go live on various public chains like ETH, BSC, ONT, TRON, and more. They will include pairs such as OOE/ETH, OOE/USDT, OOE/DAI, OOE/BNB, OOE/BUSD, etc.
• Use collateral as a margin for lending.
• If you are a large token holder, you will have exclusive access to VIP CEX services like Taker/Maker fee premiums, trading fee subsidies, token withdrawal fee subsidies. VIP members with a particular token quantity can also access the PME product (SAAS) arbitrage tool designed for institutional investors for some time.
• It can be used as a margin in combined margin products to facilitate one-stop derivatives across exchanges.

Centralized Exchanges and Supported Blockchains

OpenOcean supports Binance and will support Deribit soon.

They support the Ethereum Network, Binance smart chain, the Tron network, and the Ontology network. Additionally, they are planning to support Ethereum Layer 2, Solana, and Polkadot.

OpenOcean Review: Supported Wallets

• ETH
  MetaMask, ONTO, Trustwallet, Mathwallet, BitKeep, SafePal, ImToken, TokenPocket
• BSC
  MetaMask, ONTO, Trustwallet, BSC Wallet, Mathwallet, BitKeep, SafePal, TokenPocket
• ONT
  ONTO, Cyano
• TRON
  TronLink

OpenOcean Review: Fees

OpenOcean does not charge any additional protocol transaction fee for DeFi users. 

The fee is charged in the following four scenarios – 

• Institutional investors pay for running investment strategy on their custom-made UI.
• Primary Membership Edition(PME) is an automated SaaS that helps in capturing arbitrage opportunities between CEXes and DEXes.
• Combined Margin products.
• Intelligent wealth management service.

OpenOcean Review: Customer Support

OpenOcean offers live chat on their website. You can also connect with them through the following social media channels –

• Twitter
• Telegram
• Discord

To know more about their product, you can also follow them on Medium.

OpenOcean Review: Conclusion

OpenOcean is a CEX and DEX aggregator that offers the best price and lowest slippage for swapping tokens. They integrate liquidity from prominent DEXes and CEXes to give you additional transaction depth and a faster response time. You can identify arbitrage opportunities. Additionally, they also provide OOE governance tokens. Other aggregators present in the market support less no of crypto wallets and public chains.

Frequently Asked Questions (FAQ)