What is OpenOcean?
OpenOcean is the world's first full aggregation protocol for crypto trading that sources liquidity from DeFi and CeFi, and enables cross-chain swaps.
How does OpenOcean work?
OpenOcean searches across DEXes and CEXes to find and optimize the best trading options for various crypto assets on different public blockchains. It supports cross-chain swaps between the aggregated public chains via cross-chain protocols and will support direct cross-chain transactions once the infrastructure is mature. Users only need to pay the normal blockchain gas fees and exchange fees for the trades, which are charged by the exchanges and not OpenOcean.
Normally when doing a trade on OpenOcean, the protocol will execute these 3 steps:
- Price quotation from DEXes and CEXes.
- Optimize and find the best trading routes for the best price with low slippage.
- Communicate the prices to users and execute trades.
Read more: How to use OpenOcean to maximize the profit
What are OpenOcean’s features?
- Swap with the best price and lowest slippage possible on the market.
- Arbitrage between DEXes and CEXes.
Take the case as an example illustrating the Arbitrage feature on OpenOcean:
- A user has 1000 LINK on Binance account.
- The LINK/USDC price on a DEX is 12.5987.
- At the same time, the best price found by OpenOcean for that trading pair is 12.293 → LINK/USDC currency pair on CEX (Binance) has a better price compared to the price on DEXes.
- Traders can exchange 1000 LINK for 12293 USDC on Binance and then exchange that 12293 USDC for 1024.8 LINK on OpenOcean at the same time. The net gain of the arbitrage transaction is 24.8 LINK, and the net profit ratio for the transaction is 2.48%.
Why is OpenOcean unique?
- Offers the best price to users by comparing the prices on DEXes with the best price on CEXes.
- Transparent pricing mechanism: OpenOcean does not charge additional protocol transaction fees rather than the normal blockchain gas fees and exchange fees which are charged by the aggregated exchanges.
- Cross-chain support: OpenOcean supports cross-chain swaps between the aggregated public chains via cross-chain protocols and will support direct cross-chain transactions once the infrastructure is mature.
- Derivatives, lending, and insurance products aggregation: Based on user needs the protocol will expand product scope into derivatives, both from DeFi and CeFi. In terms of the aggregation of derivatives, traders in the future can trade both long and short on multiple exchanges simultaneously. In addition, OpenOcean will also aggregate lending and insurance products, as well as provide intelligent investment services to help users participate in the DeFi & CeFi ecosystem easily.
What is OOE token?
OOE token is the native asset of the OOE Ecosystem. It serves as a utility and governance token.
Detailed information about OOE token
Key Metrics OOE
- Token name: OpenOcean.
- Ticker: OOE.
- Token Standard: ERC-20, BEP-20, ARC-20, HRC-20, OEP-4
- Ethereum, ERC-20: 0x7778360f035c589fce2f4ea5786cbd8b36e5396b
- Binance Smart Chain, BEP-20: 0x9029fdfae9a03135846381c7ce16595c3554e10a
- Avalanche, ARC-20: 0x0ebd9537A25f56713E34c45b38F421A1e7191469
- Polygon, ERC-20: 0x9d5565dA88e596730522CbC5a918d2A89dbC16d9
- Huobi ECO Chain, HRC-20: 0x40817e1ab07fc872b7af6a959c4b7a8febf6c4ab
- Ontology, OEP-4: 9f4650436a446f635db2db989e7ac067dcea240d
- OKExChain, ERC-20: 0x40817e1ab07fc872b7af6a959c4b7a8febf6c4ab
- Token use cases: Utility, Governance.
- Circulating Supply: 78,989,285.00 OOE.
- Max Supply: 1,000,000,000.
- Total Supply: 1,000,000,000.
OOE Token Allocation
- Strategic Investors: 5.6% distributed over 2 years.
- Private Placement and strategic round 2: 7.5% distributed 2.5 - 3.
- OpenOcean Lab: 29% distributed over 3 years.
- Liquidity Mining: 33% distributed over 5 years.
- Ecosystem Foundation: 7% distributed over 3 years.
- Team and advisors: 15.9% distributed over 3 years.
- Early Users: 2%.
OOE Token Release Schedule
OOE Token Sale
- Strategic Sale: 56 million were sold at 0.025 USD per OOE. ROI since then is 2762.6%
- Private Sale: 46.7 million were sold at 0.04 USD per OOE. ROI since then is 1689.1%
- IDO (May 20th - May 28th 2021): 2.5 million were sold at 0.04 USD per OOE. ROI since then is 1689.1%
- IDO (Jul 11th - Jul 12th 2021): 3.75 million were sold at USD per OOE. ROI since then is 1689.1%
OOE Token Use Cases
OOE token’s functionality includes:
- Gas fee and trading fee: OOE can be used as a gas fee or trading fee.
- Collateral as margin for lending: OOE can also be used for collateral as margin for lending.
- Liquidity and trade mining incentives: 33% of the total OOE tokens will be used to incentivize liquidity providers as liquidity and trading mining rewards.
Governance: The community can develop proposals and OOE token holders can vote on proposals that are listed.
- Proposals could include new trading pairs and aggregations, liquidity mining, protocol enhancements, ecosystem initiatives, and features development.
- Once proposals have passed the screening and selection successfully, they will be listed for official voting. OOE token holders can participate in voting, and their voting power is proportional to their holdings.
How to store OOE Tokens
You can store, send, receive OOE Tokens on Coin98 Super App with a few single steps. The guides on how to make transactions with OOE on Coin98 Super App are as follows:
Step 1: Open app & click Receive on the home screen.
Step 2: Search OOE Token.
Step 3: Click on the correct result, copy the wallet address and send OOE to any of its addresses.
How to buy OOE Tokens
You can use Coin98 Exchange to swap other tokens for OOE. Besides Coin98 Exchange, users can also trade OOE tokens on other exchanges, such as KuCoin, ZT, Gate.io, BKEX
Roadmap & Updates
2020 Q3 & Q4: Antarctic Ocean
- Aggregated DEXes on Ethereum, Binance Smart Chain, and Ontology.
- Became the first DEX aggregator on BSC.
- Launched cross-chain swap functions.
2021 Q1: Indian Ocean
- Continued aggregation of swaps on TRON.
- Aggregated spot products on Binance.
2021 Q2: Atlantic Ocean
- Integrated more public networks such as Ethereum Layer2 and Solana.
2021 Q3: Atlantic Ocean
- Issued Governance Token $OOE.
- Aggregated more public networks including Polygon.
- Launched cross-chain protocol aggregation and supported cross-chain swaps to facilitate the one-stop trading experience.
- Continued with the aggregation of spot products on more mainstream CEXes.
2021 Q4: Atlantic Ocean
- Aggregate DeFi Yield Products.
- Aggregate CeFi derivative product USDⓈ-M.
- Futures and COIN-M Futures.
2022 Q1 & Q2: Pacific Ocean
- Aggregate DeFi Yield and Lending products.
- Continue the aggregation of CeFi derivative products such as Vanilla Options.
- Introduce cross-exchange combined margin pool.
2022 Q3 & Q4: Pacific Ocean
- Aggregate more DeFi products.
- Integrate more DeFi & CeFi products such as lending and insurance products to build the OpenOcean ecosystem.
2023 Q2 & Q3: OpenOcean
- Launches intelligent asset management platform covering centralized and decentralized financial solutions.
Is OOE a good investment?
Below are some highlights for your consideration:
- All OpenOcean public contracts have passed security auditing executed by Certik on March 9, 2021, and SlowMist on February 18, 2021, without any issues. The team also has done a pretty good job catching up the roadmap and finishing their goals on time.
- Lower fees: The trading fee for swapping with OpenOcean Liquidity Pools is a flat 0.2% - which is lower than the industry standard of 0.25% or higher (0.3% for Uniswap and 0.25% for Pancake Swap). 0.15% goes back to the liquidity providers and 0.05% to the treasury.
- Even though the project has a good idea and it has a good mechanism, it has not attracted a lot of attention yet. Since OpenOcean acts as an aggregator, sources liquidity from DeFi and CeFi, and enables cross-chain swaps, the more Dexes and Cexes it can aggregate, the better. During this week, OpenOcean has announced the aggregation of Fantom and its leading DEXes: SpookySwap, SpiritSwap, SushiSwap, and Curve. OpenOcean’s plan is to continue to integrate other public chains as well as centralized trading platforms such as Coinbase, Bitfinex, Bitmex, etc.
- OpenOcean will implement limit order functions by integrating Chainlink’s price feeds.
Team, Investors, and Strategic partners
Founders/ Team members
OpenOcean completed strategic investment and private placement fundraising by industry well-known investors. The strategic round investment was led by Binance, other strategic investors included Multicoin Capital, LD Capital, CMS, Kenetic and Altonomy.
In the private round, the investors were Altonomy, LD Capital, DAOMaker, OKex Blockdream ventures, AU21, FBG, TRON Foundation, Asymmetries Technologies and LIAN Group. In July, Huobi Ventures Blockchain Fund made a strategic investment in OpenOcean.
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- Coin98 (C98): A protocol providing an ecosystem of DeFi products that is more accessible to Defi users.
The future vision of OpenOcean is to build a full aggregator for crypto trading that increases capital efficiency and serves as a bridge connecting the separated blockchains altogether. This article has included the most critical and detailed information on the OOE Token. Please leave any questions you have below, and we will get back to you as soon as we can!