Cryptocurrency trading is one of the ways to make money on the side. A decade ago, only Centralized Exchanges (CEXs) were mostly used for cryptocurrency trading.
The equation has been changed with the introduction of Decentralized Exchanges (DEXs). Now, there is stiff competition between both crypto trading platforms (CEXs and DEXs), as the traders are continually exploring both to see the one that offers more value.
On the one hand, Centralized Exchanges (CEXs) are a popular choice for traders who want to have access to more cryptocurrency trading tools. The primary downside to CEXs is that they are sometimes susceptible to manipulations because of the centralized structures.
On the other hand, the Decentralized Exchanges (DEXs) have proven to be a better cryptocurrency trading platform. The DEXs do not only facilitate transactions but also have more robust security measures. However, DEXs can sometimes be missing some of the important trading tools.
A Merger in the Offing
In light of the mixing features on both the DEXs and CEXs, it became imperative to find a viable solution. That solution is OpenOcean.
This is a review of all that OpenOcean wants to achieve, especially in terms of the unification tendencies for both the Decentralized Exchanges (DEXs) and Centralized Exchanges (CEXs).
What is OpenOcean?
OpenOcean is a full aggregation protocol designed to be used by many cryptocurrency traders. One of the most outstanding features of the protocol is the full aggregation feature, which ensures that both the features of the DEX and the CEX can be tapped and unified under one ecosystem.
Thus, you should expect your cryptocurrency trading activities to be more advanced, as OpenOcean has enabled most of the trading tools on DEXs and CEXs. That way, you will have all the trading tools you need in-house.
Features of the OpenOcean Aggregation Protocol
Let us now talk about some of the features of the full aggregation protocol set up by OpenOcean.
These features include but are not limited to:
- DeFi Trading Aggregation
This is one of the primary features of the OpenOcean protocol. In this case, we are looking at the enablement of Decentralized Finance (DeFi) trades, irrespective of the platform where the assets are trading.
Through the cross-chain support and aggregation protocol, OpenOcean can obtain data about DeFi assets from both the Decentralized Exchanges (DEXs) and the Centralized Exchanges (CEXs).
The relevance of the DeFi trading aggregation tool used by OpenOcean is that it makes it easier for the users to source DeFi assets’ data from Centralized Exchanges (CEXs) and Decentralized Exchanges (DEXs). Also, the OpenOcean DeFi trading aggregation tool is used for finding the best prices to trade the DeFi assets, as well as getting low slippage with a fast settlement.
- Cross-Chain Support
Many blockchain networks are yet to collaborate or be interoperable in terms of data transmission and value sharing.
OpenOcean is also looking into this and has started implementing steps to foster blockchain communication. This can be achieved by the cross-chain support that enables the interoperability of several blockchain networks.
OpenOcean is doing an awesome job of making Decentralized Finance (DeFi) more lucrative by facilitating the interoperable transactions of DeFi assets across multiple trading platforms.
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