OpenOcean

The OpenOcean project was initially set up in late 2019, and delivered the first version of their product in September of 2020. The basic premise of OpenOcean is simple – give traders the most efficient rates possible for the trade they want to perform.

There’s already aggregators that connect to multiple DEXes, as well as trading terminals where users can trade on different centralized exchanges from one program or website. OpenOcean’s unique proposition is that it brings access to both decentralized and centralized exchanges under one roof. The platform also offers support for multiple blockchains, which opens up the option to perform cross-chain swaps.

Before we get started, let’s check out some of the main pros and cons of the OpenOcean platform:

• DeFi aggregation services offered for free
• Supports 4 different blockchains, with more on the way
• Offers an API which allows advanced users to deploy trading strategies
• Users can connect with 13 different wallets
• Functional and aesthetically pleasing user interface

• Only 1 supported centralized exchange at the moment
• The Pro interface has a limited selection of trading pairs

Users who are finding the most efficient routes to swap tokens through DeFi protocols via OpenOcean are not charged any fees by the platform. Instead, the platform intends to charge fees for customized solutions used by advanced traders, combined margin products, and wealth management products. OpenOcean plans to release these features at a future date.

Several investors have already identified the potential in what OpenOcean is building – the project has already secured funding from the likes of Binance, Kenetic, Multicoin Capital, CMS and other investors.

OpenOcean is already gaining some solid traction - so far, the platform has facilitated more than $800 million worth of trading volume, and has been used by over 150,000 unique blockchain addresses.

After heading to the openocean.finance website, users can choose between the Pro and Classic interfaces. The Classic interface provides the a similar UI to what users are already accustomed to from AMMs like Uniswap and SushiSwap.

The Pro interface, on the other hand, is closer to what one would expect from a cryptocurrency exchange.

In order to start trading, users have to connect their cryptocurrency wallet. OpenOcean supports 13 different wallets, including MetaMask, Wallet Connect, Trezor and Ledger.

The OpenOcean aggregator offers several customization options that users can adjust according to their preferences. Users can adjust their price tolerance, gas price, and which DEXes they would like to have included when OpenOcean is looking for the most efficient trade.

The most impressive aspect of the OpenOcean aggregator is that it covers a very large portion of the cryptocurrency market. The platform’s support for 4 different blockchains and 13 different wallets is impressive, and makes it accessible to cryptocurrency traders of all types.

The upcoming OOE token could also bring a new dimension to the project, so OpenOcean is definitely worth keeping on your radar if you need an aggregator to satisfy your cryptocurrency trading needs. Since OpenOcean’s DeFi aggregation service is free to use, there’s not much downside in checking out the platform.

While OpenOcean already provides a useful tool for cryptocurrency traders, the project has many more features in the pipeline. For example, the team is working on aggregating both centralized and decentralized markets for cryptocurrency derivatives (i.e. futures contracts, options, etc.). Other features the team is exploring include lending and insurance, as well as an investment management product that would allocate users’ crypto assets automatically according to an investment strategy.