Cross-chain swaps are next in the roadmap
OpenOcean, a popular DeFi & CeFi aggregator, is officially launching on Polygon. This is the latest in a series of developments and chain integrations. OpenOcean is available on Ethereum, Binance Smart Chain, Solana, Tron, and now Polygon as well. This is not a surprising move on OpenOcean’s side, as Polygon is steadily becoming the go-to blockchain in DeFi.
In May, OpenOcean released a poll on their Twitter account asking which network should the company aggregate next. The overwhelming majority of answers went to Polygon.
Polygon is steadily gaining traction in the DeFi space because of the low gas fees the blockchain offers. Not only that, transaction processing happens faster, which makes Polygon an extremely useful chain for DeFi solutions and aggregators like OpenOcean.
According to Cindy Wu, co-founder of the platform, “DeFi users and traders have a strong preference for more open and powerful Ethereum-compatible blockchain networks that offer cheaper and faster transactions.”
OpenOcean on Polygon just launched, and it’s already showing good signs. According to DappRadar data, in the past 24 hours, the platform has attracted upwards of 300% more unique active wallets. The volume processed by Polygon smart contracts also rose and reached more than $330,000.
Connecting to OpenOcean on Polygon
Polygon network is easily accessible through OpenOcean’s Classic or Pro version. Users have to connect with a Polygon wallet or a service like MetaMask. While the Classic service gives users access to more mainstream tokens and Polygon DEXs, the Pro version includes advanced price comparison tools.
One of the biggest advantages OpenOcean Pro gives users is the ability to compare pricing on DeFi and CeFi via the integrated spread chart. With this tool, users can easily spot arbitrage opportunities and execute them manually. The platform also plans on launching an automated SaaS tool for arbitrage strategies.
For more information on how to set up your MetaMask wallet and get started trading on Polygon with OpenOcean, you can read the OpenOcean user guide here.
Cross-chain swapping and trade mining in the works
With the integration of numerous new chains, OpenOcean is looking to launch cross-chain swapping. Swapping happens via bridges and cross-chain protocols. This means traders can now easily swap and transfer assets across public chains such as Ethereum and Polygon via Matic Bridge V2. The feature was introduced at the DeFi Summit in June, and it looks like it will be one of the most utilized functionalities of the platform.
Cross-chain swapping comes to users thanks to bridges and cross-chain protocols. The functionality will allow users to easily swap between tokens, even if they are on different chains.
In addition, the team has been hard at work to develop trade mining and bring it to the platform. With trade mining, users will receive OOE tokens allocated for each transaction made on Polygon via OpenOcean. Additionally, this functionality will significantly increase the incentive for users to take advantage of OpenOcean on Polygon. Users can take advantage of their OOE tokens by also locking them in liquidity mining pools offered by OpenOcean. Currently, there are two liquidity pools supported – one with OOE and BNB, and a second one with OOE and BUSD.
Throughout the promotional campaign for the Polygon aggregation, OpenOcean will give 1,000 lucky users the chance to win 100,000 OOE tokens. The only condition to participate in the prize draw is to spend over 500 UDT on Polygon via OpenOcean. The promotion started on July 12, with the launch of OpenOcean on Polygon, and will continue for two weeks.