DEX Aggregator OpenOcean Expands to Solana

Key Takeaways

  • OpenOcean, a DEX aggregator that captures liquidity across DEXs and CEXs, has integrated Solana.
  • The protocol will compete against other Solana-based DEX aggregators such as Frontier Finance.
  • Solana’s DeFi ecosystem has grown at a rapid rate recently. It’s one of Ethereum’s strongest competitors.

OpenOcean, an aggregation protocol for CeFi and DeFi, has added Solana to its list of supported blockchains. 

OpenOcean Adds Support for Solana 

OpenOcean has expanded to Solana. 

The popular aggregator announced the update Friday, saying it now includes Solana-based decentralized exchanges (DEXs) to provide DeFi traders with a one-stop interface. Besides Solana, OpenOcean supports several DEXs across multiple blockchains, including Ethereum, Binance Smart Chain, Ontology, and Tron. It also integrates Binance.

OpenOcean uses APIs to gain access to liquidity across various blockchains and implement routing algorithms to power complex trading routes. This capability is precisely how leading Ethereum DEX aggregators like 1inch and Matcha function. Within the Solana ecosystem, OpenOcean will compete with other DEX aggregators such as Frontier Finance. Traders use DEX aggregators to get a bird’s eye view of the market and find the best possible price for their trades.

Of all the major Layer 1 blockchains, Ethereum is by far the most congested. That means that using an Ethereum-based aggregation tool can be expensive in terms of gas fees. In this context, multi-chain DEX aggregators like OpenOcean can be very advantageous as they allow traders to access liquidity on other chains through a single platform.

There are already several popular DEXs on Solana, including Serum, Doce Finance, StableSwap, and Orca. The Solana tokens SOL, RAY, SRM, OXY, and FIDA will all be tradeable on the platform, the press release notes. 

OpenOcean further added it decided to integrate Solana after a high number of requests from the community.

Founded in 2017, Solana is one of the few smart contract platforms that has found adoption. The high-throughput chain is known for its high speed and low costs. It can process more than 50,000 transactions per second, which is among the highest transactional throughput of all Layer 1 blockchains. By leveraging its high-performance features, the Solana network is quickly becoming one of the main DeFi hubs alongside Ethereum.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source: Read Full Article