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What are Dex Aggregators

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

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DEX’s appeal to many users as traditional centralized exchanges (CEX) have many weaknesses in terms of coin custody, identity breaches, server downtime, fees and even insider trading. DEX addresses many of these issues, especially as they continue to evolve and innovate, further improving these weaknesses.

While DEXs can benefit from privacy, ease of access, fees and downtime, it is not uncommon for DEXs to have liquidity issues. These issues are most evident in tokens with low demand/small market caps, resulting in significant slippage and dispersion. Without a centralized entity, developers must raise liquidity through incentives such as liquidity mining or direct revenue exposure.

This is precisely the problem DEX Aggregators that OpenOcean aims to solve. DEX Aggregators refer to several exchanges, analyze the price to ensure users the best fill price. Instead of limiting users to a single DEX, these platforms allow users to access the liquidity of several exchanges at the same time, where they will choose 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, providing users with the most efficient exchanges.

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What is OpenOcean?

OpenOcean is a DEX aggregator that supports multiple chains such as ETH, BSC and ONT. Across all chains, OpenOcean brings together 12 different exchanges, so that users can receive optimal fillings. Notably, OpenOcean is the first DEX aggregator on the Binance Smart Chain (BSC), aggregating liquidity from multiple major exchanges. OpeanOcean ensures that users buy tokens for the optimal price of BSC, collected from all leading AMMs: PancakeSwap, Bakeryswap, StreetSwap and BurgerSwap.

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Key features:

• Develop a one-stop spot and derivatives trading on both DEXs and CEXs
• Cross chain replacement
• Best price and lowest slippage
• Tailored interfaces to suit specific retailers

Execution

OpenOcean has a few key features that enable it to serve users efficiently. To ensure users get the best fill-ups and optimal gas charges, OpenOcean uses its optimization algorithm based on Dijkstra and D-star to find the best initial route. From there, the algorithm uses machine learning, continuously optimizing routes based on data. This system enables efficient and accurate aggregation without users having to pay fees.

OpenOcean has introduced a system of Token Economic Subsidies, which reduces users’ lasting losses 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 user’s trade-in value is higher than the expected value, the user will receive a full refund for the trade-in value

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

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

Finally, the team at OpenOcean aims to accommodate all traders; The teams’ vision is to become a one-stop trading point for all assets. This means that users will be able to trade using centralized platforms such as Binance Coinbase and Bitfinex using the OpenOcean Wallet. OpenOcean also strives to incorporate derivatives platforms using a portfolio margin pool. To provide users with easy access to the front-end, OpenOcean provides users with APIs and custom user interfaces that suit their needs. OpeanOcean is already implementing a brand new user interface/UX to offer its traders the optimal tools. Overall, the team plans to expand further as they currently only cater to aggregation for spot and DEX traders.

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OpenOcean Roadmap

Currently, OpenOcean has been able to integrate its aggregation technology into three different chains. It has claimed to be the first proper return aggregator on BSC, capturing all AMMs.

Going forward in 2021, the team aims to collect two to three additional chains. On top of this, they are going to start issuing their governance token, OOE. This section is referred to as the Indian Ocean version and is set to be completed in the first quarter of 2021

The next version is made “Atlantic” and will be launched in Q2 of 2021. The main goal of this is to launch De-Fi yield products, most likely to distribute their original OOE token.

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

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

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OOE Token

The OOE token will be used as OpenOcean’s native governance token. OpenOcean will send this token to early adopters using 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 swaps, liquidity mining, and advanced trading features. Although the specifications of the airdrop have not been released, you may want to start switching on the platform to become eligible. The OOE token will be issued from the first quarter of 2021; with the launch of OOE, the liquidity recovery program will also go live.

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Binance Christmas Promotion

The OpenOcean team has launched two separate campaigns in collaboration 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 feature a two-part reward system, giving out a total of $5,050 in rewards to users.

To qualify, make a trade here

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The following passage outlines the scope of Campaign 2: The Trade Competition

Promotion 2: $5050 OpenOcean Xmas Gift

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

Part I

OpenOcean rewards active addresses with a shared prize pool totaling $3,000 in USDT. 300 active addresses with BinanceSmartChain trading volume over $50 will be randomly selected every day. Each address will receive $1 daily by air.

Trade and 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 dollars

2nd. place: $300

3rd place: $200

4.-20. place: $50

21.-40. place: 10$

Trade and win: https://openocean.finance/exchange/BNB

Users who wish to participate in these promotions, please check the medium article which outlines all rules and aspects. Individual information – such as specific rules – has been edited to keep this article concise.

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Double rewards

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

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

OpenOcean and Venus

Shop on OpenOcean and buy $SXPget 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 bet $SXP, SXP and XVS borrowers share $20k reward pool

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OpenOcean & Beefy.finance

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

— By trading $BIFI on OpenOcean, you are eligible for our $5050 Christmas prize pot‍

— Go to Beefy.finance and bet $BIFI, you will also be able to join their Christmas promotion

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OpenOcean & Bakery

Make yours shop on OpenOcean and buy $BAKE token with the best possible price and low fees:

— By shopping on OpenOcean you are eligible for our $5050 Christmas prize pool

— Go to Bakeryswap.org and bet $BAKE, you’ll also get a chance to win bakeryswap.org NFT Rewards

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These opportunities outline just a few of the ways you can optimize rewards during this Christmas campaign. There are tons of projects that have teamed up with the Binance Chain Community to provide these rewards. Users who are unfamiliar with this campaign or want to learn more about the projects involved, check them out here. Overall, there are many incentives floating around BSC during the holidays. If I were you, I would maximize my earnings as long as I can!

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Final thoughts:

OpeanOcean is the first to offer an important service to BSC. It allows users to easily and efficiently exchange tokens. By using the algorithm, it ensures that users get optimal filling and the lowest gas tax. OpenOcean launched on BSC and currently supports ETH and ONTO, with more chains to be added soon. Keep an eye on OpenOcean as they evolve into a one-stop trading shop!

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OpeanOcean already provides innovative services to BSC and does not plan to stop there. Over the next year, the team aims to become a one-stop trading shop, allowing users to trade spot and derivatives on both DEXs and CEXs all from one platform. This innovation will be a significant step enabling users to satisfy all their crypto trading needs from one platform. Overall, the team at OpenOcean has developed a great product and has no plans to slow down anytime soon. For those of you who use BSC, using this DEX Aggregator is easy.

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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 behalf of a professional financial advisor.

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For more information, or if you want to keep up to date with the project, check out their media and social media

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