DeFi Aggregator OpenOcean Adds Avalanche to Improve Liquidity and Streamline Trading
OpenOcean , a comprehensive DeFi and CeFi aggregator, is pleased to confirm that it has launched on Avalanche, a high-throughput and open-source protocol for deploying decentralized finance apps and supporting enterprise-grade blockchains.
By integrating Avalanche , OpenOcean will be able to benefit from competitive prices along with low slippage when swapping various crypto-assets. OpenOcean platform users may seamlessly access liquidity via Avalanche-based decentralized or non-custodial exchanges (DEXs) like Pangolin or Trader Joe.
The extra liquidity should lead to lower trading costs since OpenOcean’s intelligent routing solution may provide more options to select from.
After going live in September of last year, OpenOcean has handled over 970,000 transactions valued at $2.1 billion USDT in aggregate transaction volume. It has over 270,000 unique and active crypto addresses.
OpenOcean co-founder Cindy noted that after 10,000+ protocol community members had voted for an Avalanche aggregation, they decided to listen. Because of Avalanche’s solid reputation within the DeFi space and top-notch protocol, this integration was a “no-brainer” for OpenOcean, Cindy added. She also mentioned that the Avalanche protocol and community “stay true to the core values of DeFi” and that this partnership may help fulfill their vision of integrating DeFi’s “most useful and most secured ecosystems.”
Avalanche has quickly become one of the most widely-used and popular blockchain/DLT-focused ecosystems with over 225 initiatives launched on the platform, including leading projects such as Chainlink, Circle, The Graph, and SushiSwap.
Recently, Avalanche had introduced the Avalanche Bridge (AB), allowing users to transfer certain ERC-20 compliant tokens between Ethereum and Avalanche. OpenOcean currently provides support for the Avalanche Bridge, and lets users trade AVAX, which is Avalanche’s native token. Trades are executed at the most competitive prices.
The OpenOcean developers also confirmed that in the coming weeks, they intend to launch cross-chain aggregations that assist users with swapping and transferring crypto-assets via Avalanche and Ethereum at the optimal price with low slippage. This process will be facilitated through the latest version of the Avalanche Bridge.