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What Makes Notum a DeFi Hub? Q & A with OpenOcean

By Notum

Jun 10, 20245 min read


What Is OpenOcean?

OpenOcean is one the leading DEX aggregators that integrates the most liquidity sources across 30+ blockchains into one seamless trading interface. This makes it possible to bring users a universal trading solution. 

Source: OpenOcean Docs

OpenOcean has integrated about 30+ blockchains and provided the most flexible and efficient swap solution. The solution provides the deepest liquidity for users to trade low-liquidity tokens without any price impact. There are more than 280 liquidity sources. You can check the full list here.

the EVM* and non-EVM* chains on OpenOcean includes:

Ethereum, Arbitrum, zkSync Era, Avalanche, Base, Scroll, Blast, Mantle, Polygon zkEVM, Gnosis, BNB Chain, Optimism, Polygon, Fantom, Linea, Solana, Mode, Manta Pacific, Telos, Rootstock, Kava, opBNB, Starknet, Aptos, Near, Harmony, Metis Andromeda, Celo, Cronos, Aurora, Moonriver, Ontology EVM.

How Does OpenOcean Work?

The OpenOcean protocol public smart contracts are deployed on each supported public chain, along with proprietary technology like discovery and routing algorithms. 

OpenOcean uses an optimized version of the Dijkstra algorithm, D-star, which divides routing across different protocols. This enhances transaction rates. It also ensures that users secure the most favorable market prices while incurring lower gas costs and reduced slippage.

Source: OpenOcean Docs

OpenOcean: Key Components & Functionalities

  1. Optimizing Algorithm: Thanks to Dijkstra and D-star OpenOcean finds the best route for transactions;
  2. Route Optimization through Machine Learning: Routes become even more efficient due to machine learning techniques based on platform data;
  3. Best Price Search: The platform offers the best available prices by comparing them across aggregated DEXes;
  4. User Interest Protection: OpenOcean protects user interests by subsidizing slippage losses with using of OOE tokens;
  5. Transparent Pricing: The protocol sticks to transparent pricing mechanisms, staying away from additional transaction fees.

Q & A with OpenOcean

  • What makes OpenOcean the leading DeFi aggregator & cross-chain aggregator? What sets OpenOcean apart?

In the dynamic world of DeFi, innovation, and adaptability are major driving factors to staying ahead. OpenOcean, a leading multi-chain dex aggregator, exemplifies these qualities by continually pushing the boundaries of what's possible in DeFi. As we embark on an exciting collaboration with Notum, an exciting DeFi Hub with advanced management tools, we're both looking to redefine how our users interact with on-chain DeFi ecosystems by combining forces for growth and expansion. 

Currently, OpenOcean offers a variety of swap options such as on-chain swaps, gas-free limit orders, and cross-chain swaps. But innovation doesn't stop here; we are exploring intent-based swaps and private swaps to adapt to the evolving needs of the web3 landscape continually.

  • How many and what types of swap options do you offer? Are there any immediate expansion plans?

OpenOcean's extensive reach across the crypto space is unrivaled. With more chains than other aggregators, OpenOcean routes transactions through over 1,000 unique liquidity pools. This vast network is not just a statistic; it's a core part of our strategy to ensure users and partners, including prominent dApps like MetaMask, LiFi, and Camelot, receive the most efficient and value-optimized trading experience possible. Besides, you could also trade with OpenOcean limit orders and cross-chain swap functions

  • Can you detail the most advanced technical features of OpenOcean and explain how they enhance user experience?

At the heart of OpenOcean's offerings is our proprietary v3 routing API, a testament to our in-house algorithmic expertise. This technology optimizes transaction pathways for maximum efficiency and has secured over $2 billion in swap value, serving an array of users from individual dex traders to enterprise solutions. This commitment to reliability and efficiency significantly enhances our user satisfaction by providing the most seamless, cost-effective transactions in DeFi. 

  • What major trends do you see in the DeFi space, and how are you adapting? 

The DeFi sector is rapidly embracing long and short tokens (LRT and LST), and OpenOcean is at the forefront of this trend. We integrate new protocols and tokens by incorporating wrappers/unwrappers and indexing new LRT/LST LP pools, ensuring our platform retains the largest on-chain index. Our proactive collaboration with LRT/LST providers helps to enhance native tooling and ultimately offers users the best LRT/LST experience directly on our platform.

  • What security measures do you have in place? What steps are you taking to continuously improve the security?

Security is paramount in DeFi, and OpenOcean adheres to the highest standards to protect our users. With a spotless security record, we require all associated platforms to meet our rigorous auditing and safety guidelines, ensuring a safe trading environment for everyone.

  • Additional question:  Do you have any active incentive programs or campaigns? If so, can you briefly describe them so we can include them in the article?

OpenOcean actively engages its community through incentivized liquidity provision and on-chain campaigns. Users can participate directly by staking in the OpenOcean DAO for rebates on trading fees or engaging in liquidity provisions on BNB Chain and Arbitrum. These initiatives not only enhance user benefits but also strengthen our ecosystem.

As OpenOcean continues to lead and innovate in the DeFi space, our partnership with Notum is set to amplify our capabilities and reach. Through this collaboration, we aim to provide easy access to DeFi services, making it easier and more efficient for users to engage with the ever-evolving crypto landscape. 

Join us in shaping the future of DeFi today with Notum and OpenOcean!

For further details, and updates, and to become part of our journey, visit OpenOcean's website and explore how we're setting new standards in the DeFi space.

*EVM-compatible blockchains are networks that can run the EVM (Ethereum Virtual Machine) and support smart contracts on Ethereum.

* Non-EVM chains are those that do not stick to the standards and specifications set by Ethereum's EVM for smart contracts and dApps.