OpenOcean expands trading solution by aggregating Arbitrum’s DeFi exchanges
Arbritrum was developed by Offchain Labs, as a scaling solution for Ethereum apps, reducing costs and increasing capacity, without sacrificing security.
OpenOcean has aggregated Arbitrum as well as its leading decentralized exchanges – UniSwap v3, Balancer v2, SushiSwap, Curve, DODO, Synapse, and Swapr.
Arbitrum is a Layer-2 scaling solution on top of Ethereum that has gained commitment from large players and an increase in total value locked (TVL).
The network executes transactions on Layer-2 and submits the data to Layer-1, thus ensuring transaction costs are lower than Ethereum.
Low cost and instant confirmation
OpenOcean, a DeFi & CeFi full aggregation protocol, will now allow users to trade with maximum returns on these multiple Ethereum Layer-2 constructions.
Cindy Wu, Co-founder of OpenOcean, commented: “On the one hand, we know our users are trading on Ethereum and have been requesting us to aggregate more Layer-2 solutions to access cost efficient and fast trading while still being in the Ethereum ecosystem. On the other hand, we also know that some of our users have been hesitant or directly reluctant to trade on Ethereum due to the cost. With the Arbitrum aggregation we mash two potatoes with one fork and our users can swap around the trading universe with one-stop trading on OpenOcean”.
Arbitrum is a Layer-2 leader with 40%+ market share of the Layer-2 TVL, boasting the most volume and the highest number of users among Ethereum’s Layer-2 constructions.
Abritrum is a leading scaling solution for Ethereum apps
Arbritrum was developed by Offchain Labs, as a scaling solution for Ethereum apps, reducing costs and increasing capacity, without sacrificing security.
Steven Goldfeder, Chief Executive Officer of Offchain Labs, said: “We are thrilled to have Open Ocean joining the Arbitrum ecosystem. Low-slippage aggregated DEX trading is a phenomenal use case of Arbitrum’s low cost and instant confirmation, providing an excellent experience for DEX traders”.
Porting contracts to Arbitrum requires no code changes or downloads as Arbitrum is fully compatible with most existing Ethereum developer tooling.
The Arbitrum team is working with hundreds of projects that are building on Arbitrum One, which was recently launched on Ethereum mainnet.
The addition of Arbritrum is thus a major milestone for OpenOcean’s DeFi and CeFi full aggregator, which features an intelligent routing algorithm that finds the best price and low slippage for traders across centralized and decentralized exchanges with no additional fees.
OpenOcean has aggregated major decentralized exchanges across public chains, including Ethereum and Layer 2, Binance Smart Chain, Avalanche, Polygon, Solana, Fantom, HECO, TRON, Ontology, and a CEX (Binance).
The protocol plans to continue its support of cross-chain swaps via bridges and cross-chain protocols, aggregate more DeFi and CeFi products, and launch intelligent management services.
