OpenOcean integrates Aurora, bringing the sixteenth protocol into its family of supported blockchains
DeFi aggregators like OpenOcean, 1inch and Autofarm are gaining traction as investors seek more ways to benefit from multichain swaps and seamless asset bridging. In the past 30 days, the top 3 decentralized exchange aggregators attracted more than 130,000 unique active wallets.
- DeFi aggregators revolutionize trading and crypto investments by allowing users to swap assets between different chains easily. Users also benefit from the best rates across all dapps on these chains
- OpenOcean integrated the Aurora blockchain on May 9th, allowing users to swap tokens to and from the chain. While 1inch keeps pushing for mainstream adoption with the integration of traditional finance platform Transak
- The DEX aggregators often support the most prominent players in the DeFi space. These include Ethereum, Polygon, BNB Smart Chain, and Avalanche. However, they also offer rising stars such as Aurora to gain an edge over each other.
- The most popular DeFi aggregator is 1inch, which attracted over 100,000 unique active wallets in the past 30 days.
What are DeFi aggregators?
DeFi aggregators are a relatively new product for the crypto world because the multichain paradigm is still in its infancy. Connecting different blockchains and facilitating safe and easy bridges has proven challenging.
However, as blockchain tech develops and teams get even better at making these multichain connections, DeFi aggregators are gaining traction. You might wonder, what does a DeFi aggregator do?
The answer is simple. It takes the exchange rates and swap conditions on numerous dapps built on multiple chains, allowing investors to benefit from the best possible sale or buy rates. Much like NFT aggregators find the best selling price across various secondary marketplaces, DeFi aggregators find the best swap or exchange rates across numerous dapps and protocols.
OpenOcean integrates Aurora
OpenOcean is among the most popular DeFi aggregators, and it supports one of the largest chain portfolios. The latest blockchain integrated on OpenOcean is Aurora, a fast Layer-2 solution aiming to improve the operability issues of the Ethereum blockchain.
OpenOcean’s intelligent routing algorithm finds the best price and low slippage for traders across centralized and decentralized exchanges with no additional fees. With the addition of the Aurora network, OpenOcean users will have the opportunity to swap tokens on Aurora with the best possible market prices. Currently, Aurora swap offers will come from nine different liquidity providers like DODO Swap and NearPad. DODO Swap is one of the DEXs with the largest number of supported chains, including Ethereum, BNB Smart Chain, Avalanche, and Moonriver.
According to the official integration announcement, Aurora also has block confirmation times of just over 1 second and transaction finality times of around 2 seconds. This is exceptionally quick, allowing Aurora to compete with any high-performance blockchain on the market. Transaction costs are currently under $0.30, making the chain a perfect choice for active DeFi traders.
A true multichain approach
The multichain paradigm is the next significant milestone in the developmental path of blockchain technology. Everyone at DappRadar is a firm believer in the adoption of this multichain approach, which is why we strive to add support and tracking for new blockchains every day.
DeFi aggregators that embrace multiple blockchain ecosystems, really emphasize the strength of the multichain approach. Allowing traders to benefit from the offering and liquidity of multiple blockchains, gives multichain aggregators an edge over the competition. Moreover, sifting through hundreds of liquidity providers and swap offers allows investors to benefit from the lowest available swap price.
DappRadar will continue monitoring the DeFi space as it braces to face the current bearish market trends. To learn more about DeFi dapps, check out the complete DappRadar DeFi Rankings. Additionally, you can follow DappRadar on Twitter to get the latest DeFi news and updates first.