OpenOcean

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Discover OpenOcean's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is OpenOcean?

OpenOcean (OOE) is a governance and utility token for the OpenOcean protocol, a decentralized exchange (DEX) aggregator that sources liquidity from DeFi and CeFi markets, enabling cross-chain swaps and derivative trading. The token allows users to participate in governance, provides utility for trading, and offers incentives through liquidity mining and staking rewards.

How is OpenOcean used?

OpenOcean (OOE) is a cryptocurrency token used on the OpenOcean platform, which is a decentralized exchange (DEX) and cross-chain swap aggregator. The platform aggregates liquidity from various decentralized exchanges (DEXs) and centralized exchanges (CEXs) across multiple public blockchains, including Ethereum, BNB Chain, Solana, and others. This allows users to find the best prices for their trades with low slippage and fast settlement.

Key Features and Uses of OpenOcean (OOE)
  1. Best Price Trading:

    • OpenOcean's intelligent routing algorithm finds the best prices from DEXes and splits the routes to provide traders with the best prices and low slippage.
    • Users only need to pay standard blockchain gas fees and exchange fees for trades, which are imposed by the exchanges rather than OpenOcean.
  2. Cross-Chain Support:

    • OpenOcean supports cross-chain swaps between aggregated public chains via cross-chain protocols, enabling seamless transactions across different blockchains.
  3. Derivatives Product Aggregation:

  • The platform plans to expand its product scope into derivatives from DeFi markets, supporting the aggregation of on-chain derivatives and facilitating arbitrage and CTA trading strategies.
  1. Liquidity Mining:

    • OpenOcean's liquidity mining program allows users to participate in liquidity pools on various public chains, such as Tron, BSC, and ETH, with pairs like OOE/ETH, OOE/USDT, and others.
  2. Gas Fee and Slippage Subsidies:

    • In future campaigns, OpenOcean DEX users will be eligible for gas fee and slippage subsidies, reducing trading costs.
  3. Utility and Governance Token:

  • The OOE token serves as both a utility and governance token, allowing holders to participate in decision-making processes and benefit from various incentives.
  1. Investment and Referral Programs:
    • OpenOcean offers referral programs with trading fee rebates for users who invite others to the platform.

Overall, OpenOcean (OOE) is designed to increase capital efficiency and connect isolated markets in the DeFi and CeFi ecosystems, providing users with a comprehensive and efficient trading experience.

How do I store OpenOcean?

To store OpenOcean (OOE) tokens, you can use the Atomic OpenOcean wallet, which is a secure and trusted multi-asset crypto wallet. This wallet allows you to manage your OpenOcean tokens along with over 1000 other coins and tokens, including Ethereum, XRP, Litecoin, and XLM. The wallet is available for both desktop and mobile devices and is trusted by over 5 million users worldwide.

How to buy OpenOcean?

To buy OpenOcean (OOE) tokens, follow these steps:

  1. Create an Account: Open an account on a reliable cryptocurrency exchange such as Kucoin, Gate.io, MXC, BitMart, or CoinEX. Ensure you provide necessary information, including your email address and a secure password. Complete any required identity verification steps.

  2. Choose Funding Method: Select a suitable payment method to fund your exchange account. Common options include credit or debit cards, bank deposits, peer-to-peer trading, and third-party payment services. Each exchange offers different payment methods, so refer to their FAQs for details.

  3. Buy OpenOcean (OOE): Navigate to the "Buy & Sell" section of your chosen exchange and select OpenOcean (OOE) as the cryptocurrency you want to purchase. Choose the desired trading pair, such as OOE/USDT, and complete the transaction.

  1. Transfer to Wallet: Once you have purchased your OOE tokens, you can either hold them in your exchange account or transfer them to a personal cryptocurrency wallet like Metamask for additional security and flexibility.

  2. Optional: Decentralized Exchange (DEX): If you prefer to use a DEX, download a compatible wallet like Trust Wallet, set it up, and connect it to the DEX. Buy BNB Chain as your base currency, transfer it to your wallet, and then trade it for OpenOcean (OOE) on the DEX.

Remember to research the exchange's reputation, read user reviews, and compare different exchanges to choose the most suitable one for your needs.

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History of OpenOcean

OpenOcean, represented by the token OOE, is a decentralized exchange (DEX) aggregator protocol designed to optimize crypto trading by sourcing liquidity from various DeFi markets and enabling cross-chain swaps. The protocol's history is marked by strategic investments and private placements from notable industry investors.

Early Development and Funding

OpenOcean received strategic investments from prominent industry players, including Binance, Multicoin Capital, LD Capital, CMS, Kenetic, and Altonomy. Additionally, the private round saw investments from 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.

Token Generation Event (TGE) and Distribution

The OOE token was minted on BNB Chain with a finite supply of 1 billion. At the TGE, 1.9% of the total supply was claimable by early users who qualified for airdrop rounds 1 and 2. The initial circulating supply at the TGE was 78,989,286 OOE. The token distribution includes allocations for liquidity mining, strategic investors, private placement, OpenOcean Lab & co-builders, ecosystem co-builders, the team, and early users.

Protocol Development and Expansion

OpenOcean aggregates major decentralized exchanges across Ethereum, Layer 2s such as Arbitrum and Optimism, BNB Chain, Solana, Avalanche, Fantom, and more. It is the first DEX aggregator on BNB Chain, Avalanche, Fantom, Solana, and Gnosis. The protocol continues to expand to more public chains and decentralized exchanges based on community needs.

OOE Token Utilities and Governance

The OOE token serves as both a utility and governance token. It enables utility for users of the protocol and allows the community to participate in governance by suggesting proposals and voting on protocol parameters and future DEX and chain aggregations. OOE token holders can utilize tokens for trading on OpenOcean, participate in governance via voting, provide liquidity and stake to earn, or simply hold.

Future Plans and Vision

OpenOcean aims 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. The protocol plans to expand its product scope into derivatives and launch intelligent wealth management services. It will also support direct cross-chain transactions once the infrastructure matures.

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How OpenOcean works

OpenOcean (OOE) is a decentralized full aggregation protocol designed to optimize crypto trading by sourcing liquidity from both DeFi (decentralized finance) and CeFi (centralized finance) markets. It achieves this through a highly efficient DEX (decentralized exchange) aggregator protocol that facilitates cross-chain swaps and ensures the best possible prices for traders while minimizing slippage and gas costs.

Key Components and Functionality
  • Optimized Algorithm: OpenOcean employs an optimized variant of the Dijkstra algorithm, known as D-star, which intelligently divides routing across different protocols to enhance transaction rates and secure the most favorable market prices for users.

  • Route Optimization through Machine Learning: The protocol continuously improves efficiency by optimizing routes using machine learning techniques based on platform data.

  • Best Price Comparison: OpenOcean compares prices across aggregated DEXes to secure optimal deals for users.

  • User Interest Protection: The protocol safeguards user interests by subsidizing slippage losses through the use of OOE tokens.

  • Transparent Pricing: OpenOcean adheres to transparent pricing mechanisms, refraining from imposing additional transaction fees.

Public Smart Contracts and API
  • Public Smart Contracts: The protocol comprises public smart contracts deployed on each supported public chain, which facilitate transactions between users and exchanges through an API.

  • API and SaaS Tools: OpenOcean offers API and SaaS arbitrage tools that enable users to take advantage of arbitrage opportunities automatically.

Cross-Chain Support
  • Cross-Chain Swaps: OpenOcean supports cross-chain interaction between various public chains, including Ethereum, Binance Smart Chain, Tron, and others, allowing seamless asset transfer and swapping across multiple chains.
OOE Token
  • Dual Purpose: The OOE token serves both as a governance token and a utility token, providing functionality to users of the protocol and offering the community an opportunity to actively participate in its governance.

  • Utility Functions: OOE token holders benefit from incentives such as gas fee and trading fee reductions, liquidity mining, trading incentives, VIP membership, and exclusive services like accessing OpenOcean's automated arbitrage SaaS platform and fee premiums.

Governance and Community
  • Community Voting Rights: OOE token holders can participate and vote in the growth of the community, influencing the protocol's direction through proposals and votes on protocol parameters, DEX and chain aggregations.
Institutional Support
  • Notable Investors: OpenOcean has received strategic investments from prominent institutions such as Binance, Kenetic, Multicoin Capital, CMS Holdings, Altonomy, and others, demonstrating significant support for the project.
Future Development
  • Aggregation of Derivatives and Other Products: OpenOcean plans to aggregate derivatives, yield-generation, lending, insurance products, and launch its own combined margin products and intelligent wealth management service in the future, further expanding its ecosystem.

Overall, OpenOcean's advanced technology and comprehensive approach to aggregating liquidity from both DeFi and CeFi markets make it a highly efficient and versatile platform for crypto traders.

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OpenOcean's strengths

The OpenOcean (OOE) token has several strengths that contribute to its value and utility within the OpenOcean ecosystem.

Governance and Voting

The OOE token serves as a governance token, allowing holders to vote on various OpenOcean-related issues. This gives token holders a say in the platform's development and decision-making processes, ensuring that the community has a significant influence on the project's direction.

Reduced Transaction Costs

OOE holders benefit from cheaper transactions due to gas fee reductions and slippage subsidies during special campaigns. This reduces the overall cost of trading on the platform, making it more attractive to users.

Liquidity Mining and Incentives

The token is used in OpenOcean's liquidity mining operations, providing an incentive for users to participate in the platform's liquidity pools. Additionally, users who own a significant amount of OOE enjoy various benefits when using OpenOcean's centralized exchange aggregation features.

Cross-Chain Swaps and Aggregation

OpenOcean's native token facilitates cross-chain swaps between different public blockchains, enabling users to access a broader range of trading options. The platform's aggregation capabilities ensure that users can find the best prices across various exchanges, making it a comprehensive liquidity aggregator.

Utility and Multichain Support

The OOE token is a multichain token minted on Ethereum ERC-20, with a fixed supply of 1 billion tokens. It supports various blockchain networks, including Tron, BSC, and ETH, and can be used in different liquidity pools and trading pairs.

Security and Risk Management

OpenOcean's token is also linked to the platform's asset evaluation system, which assesses tokens based on risk exposure to protect users. This adds an extra layer of security for users trading on the platform.

Overall, the OOE token's strengths lie in its multifaceted utility, governance capabilities, and cost-saving benefits, making it a valuable asset within the OpenOcean ecosystem.

OpenOcean's risks

OpenOcean (OOE) faces various financial risks that can impact its performance and the value of its token. Here are some key financial risks associated with OpenOcean:

  1. Market Volatility: OpenOcean's token value can fluctuate significantly due to market conditions, making it a high-risk investment. Market volatility can lead to significant losses for investors if they buy during a peak and sell during a downturn.

  2. Liquidity Risks: OpenOcean's liquidity mining and trade mining programs are designed to incentivize liquidity providers. However, if these programs are not successful, liquidity risks can arise, making it difficult for users to buy or sell the token quickly and at a fair price.

  3. Security Risks: OpenOcean has faced security breaches in the past, such as the Poly Network exploit, which compromised the security of its main bridge and led to the unauthorized transfer of multiple assets, including OOE tokens. Such incidents can lead to significant financial losses and undermine investor confidence.

  1. Regulatory Risks: As a decentralized token, OpenOcean is subject to regulatory risks. Changes in regulatory environments or legal frameworks can impact the token's value and usability, potentially leading to financial losses for investors.

  2. Operational Risks: OpenOcean's operations are susceptible to internal and external factors that can affect its financial performance. These risks include human error, inadequate processes, system failures, and external events such as natural disasters or political changes.

  3. Governance Risks: As a governance token, OOE holders have a say in the protocol's future through voting. However, if governance decisions are not in the best interests of the community, it can lead to financial risks and undermine the token's value.

These financial risks highlight the importance of thorough risk assessment and due diligence before investing in OpenOcean (OOE).

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Did OpenOcean raise funds?

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OpenOcean’s team

  • Michael "Monty" Widenius: Co-founder, known as the "spiritual father" of MariaDB and one of the original developers of MySQL and Tom Henriksson.
  • Tom Henriksson: Co-founder, experienced in investment and trading systems development.
  • Ekaterina Almasque: General Partner, Investment Team, with expertise in Artificial Intelligence, Data Infrastructure, Cybersecurity, Quantum Computing, and DevOps.
  • Patrik Backman: General Partner, Investment Team, with expertise in Data Infrastructure, Artificial Intelligence, Open Source, and DevOps.
  • Ralf Wahlsten: Chairman, Investment Team, with expertise in Data Infrastructure and Open Source.
  • Sri Ayangar: Investment Associate, Investment Team, with expertise in Data Infrastructure and DevOps.
  • Lisa Edgar: Strategic Advisor, with expertise in advising.
  • Sam Hields: Principal, Investment Team, with expertise in Artificial Intelligence, Cybersecurity, DevOps, and Data Infrastructure.
  • Mirva Laatunen: Investment Analyst, with expertise in investment analysis.
  • Raoul Lehtonen: Finance Manager, Back Office, with expertise in finance and back office operations.
  • Tony Nysten: Principal, Investment Team, with expertise in FinTech and Artificial Intelligence.
  • Crystal van Oosterom: AI Venture Partner, with expertise in Artificial Intelligence.
  • Ollie Sellers: Senior Associate Data Scientist, Investment Team, with expertise in Artificial Intelligence and Data Infrastructure.
  • Kulpreet Singh: Operating Advisor, with expertise in Automation and advising.
  • Naureen Zahid: Investor Relations Director, with expertise in investor relations.

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