By Alicia Maher
Decentralized Finance and Centralized finance aggregator, OpenOcean has taken its capabilities a notch higher with the latest integration with Avalanche. Avalanche is a decentralized and open-source protocol that accommodates transactions on decentralized applications at a faster pace and higher throughput.
OpenOcean aims to facilitate the swapping of tokens at competitive prices and lower slippage. In addition, OpenOcean will likely benefit from the liquidity on decentralized exchanges such as Trader Joe and Pangolin that likewise run on Avalanche. Coupled with the wide range of options provided by OpenOcean’s brilliant routing solutions, it can utilize the liquidity from the other DEXes to effect low trading costs on the platform.
Nearly a Million Transactions Executed on OpenOcean
Since launching in late 2020, OpenOcean has facilitated almost 1 million transactions all estimated to be $2.1 billion. Also, OpenOcean boasts more than 260,000 active addresses. Co-founder of the platform, Cindy, admitted that the decision to roll out an Avalanche integration was informed by the massive support the idea received from over 10,000 members of the platform’s community.
Cindy observed that due to Avalanche’s high-profile protocol and reputation in decentralized finance, the integration is a step in the right direction. The co-founder acknowledged Avalanche and its community’s commitment to the hallmarks of DeFi. In relation to OpenOcean, she agreed that the synergy would help it achieve its vision of integrating the most relevant and reliable protocols in DeFi.
The growth of Avalanche is commendable, moving to become one of the most reliable and top-level blockchain-based ecosystems with more than 200 projects commissioned on its protocol, including amazing projects like Ethereum-based DEX Sushiswap and smart contracts enabler, Chainlink.
Avalanche introduced support for cross-chain functionality recently enabling traders to swap tokens built on the ERC20 standard between Avalanche and Ethereum using the Avalanche Bridge. Token interoperability has also been enabled on OpenOcean such that DeFi traders can trade the AVAX token, Avalanche’s governance token. Trades are completed at the most competitive price possible.
OpenOcean to Provide Support for Cross-chain Activities
The OpenOcean team recently announced that it will be rolling out cross-chain aggregators which will accommodate the swap and transfer of crypto assets through Avalanche and Ethereum. Scheduled for launch later this year, Avalanche’s proposed cross-chain aggregators will equally enable transactions to be completed at the best price and low slippage possible. This will be facilitated through the bridge on Avalanche.
More than ever, DeFi has witnessed various innovations aimed at scaling on past projects or addressing existing challenges. As these technologies keep emerging, total transaction volume is tending toward the peak. As of June, it was reported that transaction volume had topped out at $80 billion, from $1 billion at about the same period in 2020.