On 11th October, 10am UTC, a community talk was held on OpenOcean official Telegram group with the core members of OpenOcean team. Below are the details of the talk. This recap only covers the updates of OpenOcean core team and 6 questions from pre-collected Q/A. It is very informative and interesting to read. Enjoy!

Tina: Today we have Cindy, Co-founder of OpenOcean and Mathias, Head of Global Market Strategy joining us. Mathias, I know you have some news and updates to share. Please go ahead!

Mathias:

Hi OpenOcean community. It’s a pleasure as always :)

First I want to recap our vision to demonstrate that our achievements reflect the original ideas and we still steer in the same direction.

In September 2020, a group of experts from traditional finance industries formed OpenOcean with the vision of building a full aggregator that serves as a bridge connecting the isolated islands in the current fragmented DeFi and CeFi markets. We set work to increase trading efficiency and profits, and capture trading opportunities for crypto traders. Everyone should have a chance to trade at the best prices and apply their investment strategies to various crypto asset classes.

Now that OpenOcean has been around for a year, I would like to talk a bit about what we have achieved in this period of time.

Since its inception, OpenOcean has successfully grown as the first and leading CeFi and DeFi aggregator, including aggregation of 50+ DEXes across 10 public networks — Ethereum & Layer 2, Binance Smart Chain, Avalanche, Polygon, Fantom, Solana, HECO, OKExChain, Ontology, and Tron. Also, we aggregated Binance to provide users with the option to trade on a CEX after comparing the price between DEXes and a CEX. Deep liquidity from different sources and an optimized intelligent routing algorithm provide OpenOcean users with the best price at the lowest gas fee and slippage on their favorite assets.

OpenOcean has facilitated more than 1.2 million transactions with an accumulated 3+ billion in trading volume since launch. In addition, the number of unique active addresses on OpenOcean has surpassed 350,000, and the number of CEX registered accounts has exceeded 8,000, continuing to grow at a healthy pace. As for social media, Twitter has grown to 170,000 followers, Telegram and Discord communities have exceeded 65,000 members, and our Medium has 7,800 subscribers.

Most of you have probably already seen the pre-announcement for our Atlantic Version that will provide best final swap returns amongst all aggregators.

I’m happy to share that the OpenOcean’s Atlantic Version upgrade will go live soon. It will route users to the best final returns through improved algorithms. The upgrade will go live on Ethereum, Binance Smart Chain, Avalanche, Fantom, and Polygon. According to third-party testing, OpenOcean provides very competitive or better swap price returns than other DEX aggregators, including 1inch, Matcha, and Paraswap. Later on, we will also expand to Arbitrum. The upgrade provides users with maximum returns on a swap that outperforms other existing protocols and is still free to use.

Besides that we have new revolutionary features coming up. Later this year, cross-chain protocol aggregation will launch, allowing users to transfer assets across chains and trade at the best price with low slippage. OpenOcean professional tools will also be ready to go online to support automatic arbitrage trading between DEXes and CEXes. Moreover, we will also aggregate derivative products and provide more advanced trading functions based on the aggregation. We have more exciting details to share, so stay tuned.

Finally, a lot of you are OOE token holder. Let me talk a bit about what you can do as an OOE token holder

As OOE holders, you are shaping the protocol’s future by suggesting proposals and participating in voting. You can also utilize tokens to access different tiers of OpenOcean VIP membership to enjoy advanced trading functions such as access to SaaS tools for automated arbitrage trading, utilizing OOE as the gas fee to trade across multiple networks, gas fee subsidies, and more.

Currently, we have ongoing and highly profitable liquidity mining and staking programs on Ethereum, Binance Smart Chain, Avalanche, and Polygon. It is an excellent opportunity to make your OOE work for you! As outlined in the tokenomics, 33% of the total OOE token supply is allocated to liquidity and trade mining rewards. There are more programs on the way, and this will be a continued strategy to distribute OOE fairly, incentivize liquidity providers, and offset trading fees.

All aboard! We’re ready to set sail on the Atlantic Ocean. Thanks! This will conclude the first section.

Tina: Wow, this is quite insightful and we’ve had a lot of transactions thanks to the community

Thanks Mathias. Now we will move on to the next section where we will answer some of the pre-collected questions. Cindy will take over from here. Here goes our first question.

Question #1 by @AdwiPumpsik You mentioned that OpenOcean is free to use, but how will you maintain the platform if you provide free services? Can we know the OpenOcean revenue model? I saw roadmap in Q2, Team will launch SAAS product that support automated arbitrage transaction between DEXes and CEXes. This is interesting. Can you tell me how it will work and how user can use that properly?

Cindy: Thanks for the question. It’s correct that OpenOcean swap function and API are free to use and it will continue to be. In the future we will have revenue streams from institutional investors that run investment strategy through our custom-made UI and API. Also we will launch several services, some of which you mentioned in your question, that will generate revenue. The services will both be accessible by subscriptions for access but also available for OOE token holders, in different tiers based on their holdings. Below are a few of the services:

PME (Primary Membership Edition), which is a SaaS that captures arbitrage opportunities between DEXes and CEXes and executes automatically for users. In the future, the SAAS product function will also be expanded to capture arbitrage opportunity and assist arbitrage trading between spot and future, helping traders to execute CTA strategies etc.

We will launch combined margin products so users can trade different derivatives on different exchanges utilizing the same margin pool.

Besides, we are planning to provide Intelligent wealth management service where users can deploy their digital assets to earn more for them based on different risk profiles.

If you are a VIP user of OpenOcean, you can enjoy certain profits in above mentioned functions.

Tina: Thanks for the detailed answer. Here comes the second question:

Question #2 by @Ngan993 I noticed that your project is very active in holding giveaway and airdrop events for the Community. My question is, apart from airdrops and giveaways, what other marketing strategies have you implemented to increase community awareness of the potential that your project brings?

Cindy: A large part of our tokenomics is for liquidity mining and trade mining, which is a part of our strategy to fairly distribute the token. We believe the more distributed the tokens are, the better foundation we have for a sustainable project that’s partly run by token holders and communities.

Besides that, we are very active on different social media where we talk with our communities e.g. TG and Discord. Also, we work closely with our project partners such as the public networks we aggregate and the DEXes/ad hoc projects on the networks in order to create awareness across the entire crypto universe we aggregate and where OOE exists.

Developing meaningful partnerships is a main part of our current marketing strategies because it allows new users to get their hands on OpenOcean and see the value we bring.

Tina: Question #3 by

Mahdi Lahni

* What is the main differences between this openocean and the the new V2?*

Cindy: We call it OpenOcean Atlantic Ocean version. This version routes users to the best final returns with improved algorithms and is scheduled for October 2021.

It will provide users with a superior algorithm and protocol upgrades to optimize trading for the best returns based on multiple parameters, including better price, lower gas fee, lower slippage and routes to maximum final return.

This means that you do not need to worry about the tradeoff between the best price from numerous routes and the higher gas fee that may come with more routes — OpenOcean’s Atlantic Ocean considers everything and offers the best solutions to you by choosing the route with maximize overall return.

On top of that, the intelligent routing algorithm has been upgraded to provide better rates with faster response times and much lower gas fees by using improved routes. Besides that, additional liquidity sources such as new DEXes and trading pairs have been aggregated in the Atlantic version to support lower prices and more choices.

The current OpenOcean trading terminals (Classic and Pro) will also get a significant makeover, along with new enhanced features such as advanced route visualization. You can see the route on Fantom now as a teaser.

The good news is the Atlantic version is still free for everyone. You can still trade transparently, with zero added fees. The API will also be available for use by all.

Tina: I’m so excited about the Atlantic version on other chains. I’m sure the community is as excited.😂🥳🥳

Question #4 by @nmluthfi Regarding Q4, it stated it’ll focused on derivatives product and yield product, would you mind to elaborate more so we can have a bigger picture.

Cindy: As for derivatives, we plan to aggregate decentralized futures contracts in 2021 Q4. Here’s some information about derivative strategy and long term plans:

• Assist one-stop trading on OpenOcean on various future products across various protocols;

• Look for best price options with algorithm, split routes to assist best trades in all similar future products which include orderbook and AMM;

• SAAS product to capture arbitrage opportunities and execute CTA strategies etc.

Tina: Question #5 by @waves_Em1 What problem is this project looking forward to tackle in the crypto space and what better feature have they got over an already similar existing project in the crypto space?

Cindy: Today’s crypto markets are fragmented with asymmetric information scattering everywhere which makes it difficult to trade efficiently across various exchanges and public chains. The many automated market-making exchanges are siloed from each other and have little interoperability. This forces traders to search for deep liquidity and deploy funds across different protocols and blockchains or carry the consequence of slippage and partial fills.

The OpenOcean team developed the protocol of OpenOcean.Finance to provide symmetric information and best price to users in the fragmented market and offer one-stop entrance for users to increase efficiency in trading.

Compared to the other aggregations, we aggregate 10 networks and 45+ exchanges and once launch Atlantic Ocean we will provide users the best final returns with improved algorithms.

OpenOcean’s Atlantic Ocean considers price and gas fee together and offers the best solutions to you by choosing the route with maximize overall return.

What’s more, we are going to offer more revolutionary solutions such as derivative aggregation and intelligent wealth management services to benefit the traders.

Done with this question.

Tina: Since we received 2000+ really good questions, we’ve chosen to add one more rewarded Q&A.

Question #6 by @Ccyanogen When will the cross-chain swap function be released and online?I’v seen several dexs contain this recently although none of these runing well.Hope everything go well.

Cindy: Great! Yes we are still building our cross-chain swap functions. It will be launched after the arbitrum aggregation. We saw the needs for cross-chain swap aggregation solutions when nowadays various DeFi ecosystems are emerging from various public networks. Our solution will be based on the aggregation of cross chain protocols and best price swap on OpenOcean.

Tina: Amazing session with Cindy and Mathias for the 2 segments.

Thank you for your time reading this recap! 💙

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