Collect and Select: How does OpenOcean help traders determine the best offer?
Disclaimer: This website doesn’t intend to give financial advice for cryptocurrency. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting the company with an expertise in crypto. It is worth noting, however, that trading and investing in cryptocurrencies solely rely on how well a customer perceives the digital asset based on its market industry.
Every trader should know that trading cryptocurrencies are relatively connected to its volatility. In just a few seconds, unprecedented changes might happen. It could make the graph bloody red or green, which everyone wishes to happen.
With that, how can we determine the best deal for each token? Is there a platform or entity that helps traders benchmark the best trades and deal?
OpenOcean: All for your trading!
The network claims to be the world’s first full aggregation protocol for crypto trading that sources liquidity from Decentralized Finance and Centralized Finance. Amongst the other existing projects in the market, OpenOcean also enables cross-chain swaps while comparing the best deal for different tokens including DEXes from 6 public chains — ETH & Layer2/ BSC/ SOL/Polygon/TRON/ONT and CEX from Binance.
They have set an objective of continuing the aggregation of public chains and exchanges based on the demands of their own community. Every voice matters within this network, thus, it does not only improve the technical network but evolves the management into better leaders.
Not only that, OpenOcean also mentioned more things that are worth taking note of. According to their whitepaper, OpenOcean will continue to aggregate derivative, yield, lending and insurance products, and launch it’s own combined margin products and intelligent wealth management service.
OpenOcean envisioned a perfect network that has a full aggregator for crypto trading. For the team, this is a clear solution to the uncertainty for both decentralized and centralized exchanges, where price, volume and potential slippage can differ significantly. While a well-structured aggregator can increase capital efficiency, this can also act as a bridge linking DeFi and CeFi markets.
Here are the two things we can do on OpenOcean:
- Swap with the best price and lowest slippage possible on the market
- Arbitrage between DEXes and CEXes
We mentioned aggregator several times in this blog, but allow me to properly expound the idea so everyone could be on the same page.
Full Aggregator: One-stop service for all!
First, crypto aggregators combine cryptocurrency trading files and data from the biggest exchanges to a single price feed with the real time status. Aggregators make it possible to trade without interruptions and delays.
However, full aggregation means one-stop services that search DeFi and CeFi to find and optimize the best trading options for all types of crypto assets, across DEXes and CEXes, on various public blockchains.
To put it simply, full aggregation ensures to offer the best option for different types of crypto — may it be Ethereum, Ripple or Stellar.
OpenOcean was also successful in making their own native token called OOE.
OOE: The token of the century!
There are two ways to use the OOE: as a utility token and governance token. The OOE token’s utility is reflected in the incentives that holders benefit from when spending and deploying in the OpenOcean trading aggregation platform.
The OOE can be used to pay gas and trading fees. This can be the key token for liquidity mining and shall be given to the users as an incentive. While exclusive services such as accessing OpenOcean automated arbitrage SaaS platform and fee premium are only available to OpenOcean VIP members.
Where is OOE available?
There are many exchanges that claim the title of “best” exchange. While this may all seem simple enough, however, in choosing the best crypto exchange to invest in, a customer has to pay attention to a myriad of considerations like fees, reputation, security, verification processes, and geographical restrictions an exchange platform has to offer.
To better understand most of the exchanges, as well as some of them that are working actively towards this goal, first, we need to understand some several factors that these crypto exchanges are currently working on:
Security: Safety should always come first. A good exchange will place great emphasis on the security of their users’ accounts, personal information, and the system in general. The majority of the assets should be stored offline in a cold storage system. Also be on the lookout for additional security features such as Two-factor authentication, withdrawal confirmations, etc.
Reputation: A well established, long-standing exchange is a much safer option.
24/7 Support: The support should be responsive, friendly, professional, and ideally reachable through several different channels. A call center is a big plus as it’s comforting to know you have the option to speak to someone in person.
Payment methods: Take into consideration which payment methods are available — do they support credit card purchases, p2p fiat trades, and other methods of payment.
Fees: Fees can vary substantially between different exchanges. The fee schedule has to be provided on the site.
Interface: The site should be easy to navigate, even for crypto beginners.
Geographical restrictions: Some exchanges are locally restricted and their service might not be available in your area.
Uptime: Avoid exchanges with lots of downtimes.
Verification: Even though some users find verification and KYC procedures a hassle, you should look at it from another perspective. They are done with the best intention to protect the exchange from money laundering and all sorts of scams.
Taking everything into consideration, KuCoin is one of the many cryptocurrency exchanges who explored the concept of what the future of cryptocurrency trading looks like. It is also a reputable exchange that adds high-quality projects.
The Best Crypto Exchange To Buy $OOE 2021
There are several exchanges, in fact, catering to different requirements and varying in terms of safety and security, convenience, accessibility, and so on. But unlike most of them, KuCoin is unique in its approach. From their timely upgrades, reports, and recently introduced products & features like KuChain, Margin, KuCoin Futures, Soft Staking, and Pool-X is what I think helps them build a better ecosystem for traders. Significantly, the structure of Kucoin is utterly fascinating, which shows they are more interested in long term growth. I’d say with their competitive services and reputable brand, KuCoin is already one of the leading cryptocurrency exchanges today.
