The decentralized finance ecosystem is improving daily and as a result, it is being besieged by numerous investors. More traditional finance investors are embracing the features that the DeFi space offers. Traders want to have access to the right information to make rational decisions.
OpenOcean saw this issue. It is one of the leaders in the decentralized finance realm as it aggregates decentralized exchanges and centralized exchanges, thereby allowing traders to easily compare and see what exchange has the best prices in one spot. Instead of heading to different exchanges to make the comparison, which could be cumbersome, OpenOcean brings the data into one decentralized platform.
As an aggregator, it shows what exchanges have the lowest slippage for different cryptocurrencies across chains.
With this information on the tips of one's fingers, it is easy for traders to spot opportunities that could make them a killing. Arbitrage trading could even be made with this detailed information. The data available here come from different exchanges on the six major chains, which are ETH, Tron, Binance Smart Chain, Polygon, Solana, ONT, as well as from Binance exchange.
At the moment, both centralized finance and decentralized finance platforms are fragmented, with traders not having access to the necessary opportunities. OpenOcean's underlying principle is to create a full aggregator for crypto trading which connects every aspect to traders. This means that traders will easily know where the best prices are and make their trades.
How It Works
To do the job as an aggregation protocol, it utilizes a deeply optimized intelligent routing algorithm, thereby making it source the best options, which include the lowest slippage and best prices that traders can use and make their decisions. The data come from both decentralized and centralized exchanges. This service is available without the trader having to pay exorbitant fees.
To function effectively, it possesses smart contracts that are active on the public chains, while adding new innovations like routing and discovery mechanisms.
Great transaction rates are common in OpenOcean because it utilizes a better model of the D-star algorithm that splits the routing between the different protocols.
Conclusion
OpenOcean ticks the boxes that every trader in the crypto world wants. Instead of having to jump from one exchange to the other or a chain to the other, seeking for necessary data to make trading decision, all these can be accessed in one place.