OpenOcean

Introduction

OpenOcean is the most efficient DEX aggregator aggregation protocol for crypto trading that sources liquidity from DeFi markets and enables cross-chain swaps. Our intelligent routing algorithm finds the best prices from DEXes and splits the routes to provide traders the best prices with low slippage and fast settlement. The product is free to use; OpenOcean users only need to pay the regular blockchain gas and exchange fees for the trades, which are charged by the exchanges and not OpenOcean.

OpenOcean aggregates major exchanges (DEXes and CEXes) and across Ethereum, Layer 2s such as Arbitrum and Optimism, BNB Chain, Solana, Avalanche, Fantom and more, and is the first full aggregator on BNB Chain, TRON, Ethereum Layer 2, and Binance exchange. We continue to expand more public chains and decentralized exchanges based on the needs of the community.

Besides aggregation of swaps, OpenOcean will continue to aggregate derivatives products and launch its own intelligent wealth management services. OpenOcean provides an API and arbitrage tools for users to operate automated arbitrage strategies.

The vision is to build a full aggregator for crypto trading that increases capital efficiency and connects the isolated islands in the current fragmented DeFi and CeFi markets. Regardless of being a small individual investor or large institution, everyone should have the opportunity to trade at the best prices and apply their own investment strategies to various crypto asset classes.

OpenOcean has its own token - OOE, which serves as a utility and governance token.

What is a Full Aggregator?

Full aggregation means one-stop services that search DeFi and CeFi markets to find and optimize the best trading options for all types of crypto assets across various public blockchains.

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 matures.

Connecting DeFi and CeFi through CeFi trading aggregation

We are continuously aggregating value by adding exchanges. Users with large orders will automatically optimize the best route between markets to execute transactions at the best price across DEXes and CEXes.

Derivatives product aggregation

The protocol will expand product scope into derivatives both from DeFi and CeFi markets based on user needs. We are planning to build products to support the aggregation of on-chain derivatives and act as a one-stop-shop for derivatives traders to help facilitate arbitrage and CTA trading strategies for various products, such as perpetual futures and options.

In addition, OpenOcean will also provide intelligent investment services to help users participate in the DeFi and CeFi ecosystem and automate their asset management process.

Full user coverage

OpenOcean will support not only DeFi but also CeFi users. No matter if you are beginner or professional traders, OpenOcean is ready to use. The existing interface is user-friendly and completely free for users. For funds and professional traders, OpenOcean provides an API and customized trading interface services to assist investment institutions in developing trading strategies such as quantitative arbitrage.

Investors

OpenOcean has a completed strategic investment and private placement fundraising by well-known industry investors. The strategic round investment is led by Binance, and other strategic investors include Multicoin Capital, LD Capital, CMS, Kenetic, and Altonomy. In the private round, the investors were Altonomy, LD Capital, DAOMaker, OKEx Blockdream Ventures, AU21, FBG, the TRON Foundation, Asymmetries Technologies, and LIAN Group. In July 2021, Huobi Ventures Blockchain Fund also made a strategic investment in OpenOcean.

How it Works

1. Price quotation from DEXes and CEXes

2. Optimize and find the best trading routes for the best price with low slippage

3. Communicate the prices to the user and execute trades

Protocol algorithms

The OpenOcean protocol consists of public smart contracts deployed on each aggregated public chain and proprietary technology such as discovery and routing algorithms. OpenOcean utilizes an optimized version of the Dijkstra algorithm (D-star) which then splits routing between different protocols for better transaction rates. This ensures that users get the best price on the market with less gas consumption and lower slippage.

• Applies an optimizing algorithm based on Dijkstra and D-star to get the initial best route

• Optimizes the routes based on machine learning using platform data

• Offers the best price to users by comparing the prices on aggregated DEXes with the best price on CEXes

• Protects user interests by subsidizing slippage losses with OOE tokens

• Utilizes transparent pricing mechanisms without charging additional protocol transaction fees

The public smart contracts facilitate transactions between users and exchanges through an API, which is either accessed via the OpenOcean interface or the user’s API setup. The contracts include several inner contracts that each perform a specific function such as swap, price quote, route, calculate, optimize, and communicate with the algorithms. To view our smart contracts here.

OOE Token

OOE is the governance and utility token of OpenOcean that enables utility for users of the protocol and lets the community participate in governance. Governance token holders can shape the protocol’s future by suggesting proposals and voting on protocol parameters and future DEX and chain aggregations.

OOE is a multichain token minted on Ethereum ERC-20 with a finite supply of 1,000,000,000 that cannot be increased – there is no minting function in the token contract.

• 1.9% of the total supply was claimable at the TGE (token generation event) for our early users who qualified for airdrop rounds 1 and 2

• 33% of the total token supply is allocated for liquidity mining

• Liquidity mining and trade mining programs went live at the TGE

• The initial circulating supply at the TGE was 78,989,286 OOE

Contract addresses

Avalanche, ERC-20: 0x0ebd9537A25f56713E34c45b38F421A1e7191469

OOE Utility and Voting

OOE token holders can utilize tokens for trading on OpenOcean, participate in governance via voting, provide liquidity and stake to earn, or simply hold.

Utility

The OOE token’s utility is reflected in the incentives that holders benefit from when spending and deploying on the OpenOcean trading aggregation platform.

Gas fee and trading fees: OOE can be used as a gas or trading fee in a single chain swap and cross-chain swap transactions across public blockchains.

OpenOcean VIP membership and exclusive services: OpenOcean VIP membership rewards our loyal users and token holders.

1. SaaS platform - OpenOcean VIP members can gain limited access to the OpenOcean SaaS platform that features automated arbitrage tools designed for institutional investors.

2. Fee premiums - VIP members can also enjoy the benefits of trading on centralized exchanges aggregated by OpenOcean, such as maker/taker fee premiums, trading fee subsidies, and token withdrawal fee subsidies.

Combined margin pools: OOE tokens can be used as margin in combined margin products to facilitate one-stop derivative trading across different exchanges. With this, traders can be more capital efficient by requiring less overall margin as collateral when hedging across platforms.

Collateral as margin for lending: OOE can also be used for collateral as margin for lending.

Voting

The community can develop proposals, and OOE token holders can vote on listed proposals.

Proposals

The OpenOcean team will continuously listen to the community and collect proposals through social media and other platforms. Everyone is welcome to post proposals regardless of being community members or token holders. The suggestions will be screened, selected, and passed on for voting if successful.

Currently, OpenOcean welcomes the community to post proposals on Discord: https://discord.gg/cxK6CCYcGp in # 🗳 proposals.

OpenOcean welcome all types of proposals and ideas as long as they do not include inappropriate language or content. Here are some topics we think are particularly interesting: new trading pairs and aggregations, liquidity mining, protocol enhancements, ecosystem initiatives, and features development.

Vote

Once proposals have passed 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.

Distribution

Total OOE supply: 1,000,000,000‌ (1 billion)

• 5.6% is distributed over 2 years to strategic investors that are partnering with us to create a sustainable ecosystem

• 7.5% over 2.5-3 years for private placement and strategic round two

• 29% over 3 years for OpenOcean Lab to support protocol development, onboard value-adding ecosystem partners, community developers, and bounty programs

• 33% over 5 years for liquidity mining to encourage future liquidity providers and incentivize users

• 7% over 3 years to the ecosystem foundation that manages OpenOcean ecosystem building, community incentives, marketing, and campaigns

• 15.9% over 3 years for the team and advisors

• 2% to our early users, which were distributed upon token issuance