Today, we’re bringing you something special. Our latest guest on BSC Project Spotlight is OpenOcean. OpenOcean is an aggregator, which means that its platform brings together trades across various finance platforms into one location, saving you time and increasing efficiency for cryptocurrency trades.
Let’s get into it.
Spotlight on OpenOcean
IMPORTANT: Please note the following content does not constitute an endorsement or approval of any of the products, services, or views of the project, organization, or individual interviewed in this article.
Welcome under the Spotlight, OpenOcean. Let’s kick it off with an introduction to your project. What is OpeanOcean, and what’s your vision and mission?
OpenOcean is the world’s first DeFi and CeFi full aggregator providing you the best swap pricing across decentralized and centralized exchanges with top trading efficiency.
OpenOcean Atlantic’s intelligent algorithm optimizes trading for the best returns based on multiple parameters, including better price, lower gas fee, lower slippage, and optimizes routing automatically to get you the most out of every trade. No longer will you need to worry about the tradeoff between the best price and the high gas fees that come with multiple routes.
The vision of OpenOcean has always been to help users get the best trade on digital assets across multiple networks without charging additional fees. As a one-stop trading destination, we have aggregated over 50 DEXes across public chains, including Binance Smart Chain and Binance (CEX).
We are building upon this success by creating the best-priced cross-chain swaps, combined margin pools for greater capital efficiency on derivatives, and intelligent wealth management services for institutions looking to tap into an ocean of liquidity.
Coming soon, OpenOcean will serve as a one-stop derivative trading destination, aggregating decentralized derivative protocols and opening a whole new world of trading opportunities to individuals and institutions alike with intelligent wealth management services. Users will trade with the best pricing on futures swaps via split routes, spread trading, combined margin pools, spot/derivative arbitrage, and support for executing CTA strategies.
OpenOcean allows you to trade crypto your way, with the freedom of choice between centralized and decentralized. Whether you’re looking to trade on multiple networks, swap cross-chain, spot, derivatives, perform arbitrage, or execute advanced strategies, OpenOcean is your one-stop destination to find you the best possible trade with no extra fees.
Can you introduce us to your team?
Based in Singapore, our team is composed of experienced engineers and financial veterans from leading financial exchanges and IT corporations such as IBM, RBS, Intel, and HP with more than 15 years of industry experience. The founders also have extensive financial and risk management experience from international investment institutions. Before developing OpenOcean, team members supported the design and development of the world’s top ten public chains and top-tier global exchanges.
How was OpeanOcean born? Why did you decide to launch this project?
OpenOcean was born in September 2020 in Singapore. Since then, we have consistently executed our roadmap and delivered on all our milestones, leading to 350k active users/wallets, over 3 billion in trading volume, and 50+ aggregation sources.
Today’s crypto markets are fragmented, leading to inefficiencies when trading across exchanges and DEXs on public chains. Many decentralized exchanges using automated market-making (AMM) are siloed from each other and have little interoperability. This forces trader looking for deep liquidity to deploy funds across various protocols and blockchains at the risk of high slippage and incomplete order fills. OpenOcean was developed to provide users with a single destination to simplify their trading and achieve deep liquidity for complete orders with the best pricing and lowest slippage.
Why should I use OpeanOcean and not some of the other available options? What are your main advantages and benefits?
OpenOcean is the world’s first and leading exchange aggregator to aggregate liquidity from both decentralized and centralized exchanges, which is unique to OpenOcean. Using full aggregators offers users the option to trade on centralized exchanges where you don’t need to store your own keys and KYC is required, and through DeFi where users are 100% in control of their own assets and can preserve privacy.
In initial testing of our latest version, OpenOcean Atlantic delivers better returns in 60% of cases than other leading DEX aggregators. OpenOcean differs from mainstream DEX aggregators by expanding offerings to aggregate decentralized derivatives, yield-generation, lending, insurance products, and introducing combined margin products and intelligent wealth management services.
Compared to projects from mainstream financial markets, OpenOcean is entirely crypto native, allows users to access all the different blockchains OpenOcean aggregates from a single site, and access a larger variety of digital assets than can be typically found through mainstream financial markets.
Tell us something about how you keep your users and their funds secure. What is your security strategy?
OpenOcean takes a security-first approach to protect users from security vulnerabilities and other incidents. Besides our own internal security auditing, we frequently work with external partners to make sure we pass the most updated and leading industry standards. As for now, we have passed security auditing on all OpenOcean public contracts from Certik on March 9, 2021, and SlowMist on February 18, 2021, without any issues.
You can find full documentation on security here: https://docs.openocean.finance/security-and-auditing
What is the best way to start using OpeanOcean? Can you point me in the right direction?
We just launched our new version called OpenOcean Atlantic, where we’ve updated the platform’s user interface to be much more intuitive and user-friendly.
I strongly recommend you start your journey at https://openocean.finance/, read through the front page, and then hit the “Start trading” button to see our platform in action. Remember to select your desired blockchain network and click “connect wallet” in the top right corner. If you are a hardcore DeFi user, try “Go advanced” to see our platform customized towards trading professionals.
We also have a lot of great “HOW TO GUIDES” in our documentation: https://docs.openocean.finance/
You can learn how to use our trading platform here: https://docs.openocean.finance/how-to-guides/classic-guide
Complementary protocols and investment institutions can learn how to embed our API into their protocol or trading systems through the guide found here: https://docs.openocean.finance/api/openocean-api-2.0.
What made you build on the Binance Smart Chain?
As a full aggregator, we help participants of the digital economy, in all shapes and sizes, to find and execute the best trades across public chains via DEXes and CEXes. This also means that we have to keep up with the trends, aggregate the most attractive public chains, and make our token available where users are.
We aggregated BSC at project inception due to its increasing popularity, and OpenOcean was actually the first aggregator to include BSC. Our protocol contract and tokens exist on BSC and other public chains, which have provided great value for our DeFi users who now prefer cheaper, faster, yet secure alternatives to Ethereum. Going further, OpenOcean has plans to aggregate derivatives protocols on BSC continually as they become available.
Moreover, we found the communities in the BSC ecosystem to be explorative and ahead of the game, so we naturally wanted to be part of that. As Binance is the biggest crypto exchange globally, we also would like to contribute our power to make the whole ecosystem more booming.
As it’s a tradition, the last questions are about the future. What would you like to see in the future of BSC?
We think the DeFi movement has come to stay. All the tremendous development we have seen from different communities, especially the BSC community and projects, proves that this provides real value and can challenge traditional finance.
We believe the BSC DeFi community will continue to grow, face challenges, have ups and downs, but eventually become a more fair digital financial system. OpenOcean’s role in this won’t change from what it is now – we will serve as a full aggregator that helps participants of the digital economy, in all shapes and sizes, to aggregate more emerging products and services – we always strive to keep up with the new trends!
And what do you see as the main challenge for the future of DeFi?
There is no doubt that the DeFi movement will continue full speed ahead; however, decoupled from traditional finance, which also can be viewed as one of the challenges. For DeFi to achieve mainstream adoption and capture the masses, DeFi and traditional finance must become closer in terms of user base and align on regulations and technology.
