PONTEM x OPENOCEAN: WATERSIDE WEDNESDAY RECAP

On January 18, Pontem hosted a community call with OpenOcean to discuss the importance of interoperability in the DeFi space and how OpenOcean is enabling efficient asset management across multiple chains.

The discussion also highlights what sets OpenOcean apart from other DeFi aggregators, including its ability to quickly move and adapt to new frontiers, its innovative approach to handling large trades, its efficient and secure token-bridging cross-chain solution, and its focus on providing a seamless and efficient user experience.

You can listen to the full recording on Twitter, or Discord.

OpenOcean: Pioneering the DeFi Space with Wide-Reaching Decentralized Liquidity

OpenOcean is a decentralized exchange aggregator that brings together billions of dollars worth of liquidity across 19 chains. Their goal is to provide the best price for trades and to stay ahead of their competitors in the highly competitive aggregation space.

The recent integration of Aptos has been particularly exciting for the team, as they explore ways to bring their features to the novel layer one chain.

What sets OpenOcean apart from other DeFi aggregators is its ability to quickly move and adapt to new frontiers. With a large dev team and novel routing contracts, OpenOcean can process and handle trades in a highly efficient manner. This is evident in the platform's ability to consistently rank at the top of the list on DefiLlama.

OpenOcean's commitment to liquidity is evident in its innovative approach to handling large trades. Instead of subjecting users to high amounts of slippage, OpenOcean can break down trades into smaller parts and calculate the cost of routing in real time, offering users the best prices. This not only reduces slippage but also allows for a more efficient and cost-effective trading experience.

Another advantage of OpenOcean is its ability to facilitate trades via indirect calls. This allows for liquidity to be matched where it may not have existed before, improving overall efficiency. OpenOcean's strong community of supporters also helps to lift and sustain the platform in the highly competitive DeFi space.

Gas costs are a key consideration in the DeFi space, and OpenOcean takes this into account when quoting trades. With low gas costs on networks like Solana and Aptos, OpenOcean can offer quotes that are closer to what the user will receive. This is because the cost of gas can be more accurately estimated, making it easier to offer a result that is transparent and reliable.

Efficient and Secure Token Bridging: OpenOcean's Cross-Chain Solution

OpenOcean aims to offer its community the most options possible. To this end, the team has been working on cross-chain swaps for a long time and has recently released its first version of cross-chain token swaps. This means that tokens can be bridged to other networks, making the experience more seamless and efficient.

A combination of MPC and State Guardian Network was employed to ensure secure and easy access to trades. OpenOcean has now released its first version of cross-chain cross-token swaps, which includes integration with AVAX, ETH, and Fantom among others. This new development provides users with a faster and more cost-effective solution to bridge tokens from one network to another and swap them in the process.

The feedback from the OpenOcean community has been overwhelmingly positive, with users appreciating the ease of use and security offered by the cross-chain swaps. The platform’s cross-chain swap offering is a major time-saver and removes the hassle of trying to find a bridge with sufficient liquidity. The full quote is laid out in front of users, providing a clear and transparent experience.

Going forward, OpenOcean is committed to adding more networks to its cross-chain swap offering. While integrating a new network can be time-consuming, the platform is determined to provide users with as many options as possible. The goal is to provide a secure and audited cross-chain experience that can help to dispel any doubts or fears about the risks involved in cross-chain swaps.

Bridges and Aggregators: Enabling Efficient Asset Management Across Multiple Chains

Bridges allow users to move their assets from one chain to another, while aggregators provide a single platform where users can access and manage multiple chains and tokens. By combining the two, users are given the ability to move their assets freely and efficiently between chains, without having to go through the hassle of using multiple platforms.

The selection process of which chains to support and integrate on OpenOcean is not as simple as it may seem. It requires a combination of factors such as community feedback, narrative, and ease of use:

• Community feedback helps to determine what networks users want to use and what they want to trade and connect with.

• The narrative is another important factor, as the crypto industry is known for its fickleness, with the focus shifting from one topic to another. The narrative around a particular chain can greatly impact its adoption and usage.

• Ease of use is another critical consideration in the selection process. With so many networks available, users are often faced with a confusing array of choices and high fees.

The future of crypto lies in multi-chain solutions that allow for composability and a seamless user experience. The ability to move assets freely and efficiently between chains is key to achieving this goal, and bridges and aggregators play a crucial role in this.

This is why OpenOcean has chosen to align itself with networks such as Aptos that prioritize simplicity and a positive user experience. With its low transaction costs and open playing field for development, Aptos has been making big waves in the crypto industry. Its capabilities and scalability, combined with the power of the Move language, make it a compelling choice for users looking for a seamless and efficient experience.  

The Importance of Interoperability in DeFi

DeFi is a constantly evolving landscape that is marked by innovation, adoption, and experimentation. While the ecosystem has witnessed exponential growth in the past few years, it still faces a range of challenges that must be overcome for it to achieve its full potential. In this context, the concept of interoperability has emerged as a key factor that could shape the future of DeFi.

Interoperability refers to the ability of different blockchains to communicate and exchange information seamlessly. In the context of DeFi, this means that users can move their assets and liquidity across different chains and protocols without any hindrance.

This is crucial because the fragmented nature of DeFi means that there are multiple protocols and applications that operate on different blockchains, making it challenging for users to navigate the ecosystem effectively.

One of the most significant challenges facing the DeFi ecosystem today is the issue of tribalism. Different communities and projects are often siloed, leading to a lack of interoperability and communication between them. However, there are signs that this trend is changing, as more and more projects begin to work towards building bridges between different chains.

By creating wrapped tokens on different chains, users can move their assets and liquidity around seamlessly, making it easier for them to navigate the ecosystem. The development of cross-chain liquidity will be essential for the growth of DeFi, as it will enable users to leverage the strengths of different blockchains, ultimately leading to a more robust and interconnected ecosystem.

While the benefits of interoperability are clear, there are still some challenges that must be overcome for it to become a reality. Security is one of the most significant concerns, as moving large quantities of tokens across different chains can be risky.

However, OpenOcean ensures that security is a top priority, by conducting regular audits and working with trusted partners to maintain the safety and security of their users.

As the DeFi ecosystem continues to mature, the importance of interoperability will only become more pronounced. With the adoption of cross-chain liquidity and the development of bridges between different chains, the potential for growth and innovation in DeFi is limitless. While there are still challenges to overcome, the future of DeFi looks bright, with interoperability as a critical factor in driving its growth and success.

Understanding the Value Proposition of OpenOcean's Native Platform Token: OOE

At the heart of OpenOcean is its native platform token, OOE. OOE incentivizes usage of the platform, and users can earn rewards through various schemes, such as referral programs, staking, and liquidity mining campaigns.

While the token has experienced some price action due to the recent market downturns, OpenOcean is committed to securing the token's future and making the platform sustainable in the long run. One of the ways they are doing this is by launching liquidity mining campaigns, such as the recent $9,000 reward campaign on KuCoin.

The OpenOcean team is passionate about bringing greater flexibility to the trading community, and they are constantly exploring new ways to improve the platform. They have a renewed focus in 2023 to make sure the platform is secure and sustainable for years to come. If you are interested in learning more about OpenOcean, you can visit their website and explore the DAO, reward rates, liquidity pools, and single-sided staking.

ABOUT OPENOCEAN

OpenOcean is a decentralized exchange aggregator that sources liquidity from different DeFi markets and facilitates cross-chain swaps. OpenOcean is the ultimate tool for traders looking to get the best prices and swap rates on the market as it integrates major liquidity sources across 19 chains, in addition to featuring an intuitive interface that makes it easy to find the best rates and prices from different DeFi markets and lending protocols.

OpenOcean is constantly monitoring the market for the best swap rates and prices, so traders can always be sure to get the best deals. Furthermore, it also features a variety of features that help traders manage their funds, such as portfolio tracking, in-app wallet, and price alerts.

OpenOcean recently made a remarkable expansion to Aptos and has successfully integrated with about 12 protocols based on the Aptos blockchain, providing a vast pool of liquidity sources for its users. These protocols include Pontem, PancakeSwap, and Ditto, among others. This integration will allow OpenOcean to offer its users the best possible prices for their trades and further solidify its position as a leader in the aggregation space.

ABOUT PONTEM

Pontem is a product development platform that enables global financial inclusion through blockchain technology. Pontem is developing infrastructure and decentralized tools for the fastest and most scalable Layer 1 blockchain – Aptos.

The Pontem Wallet is the gateway to the Aptos ecosystem available for Chrome,  Firefox, and iOS. Pontem Wallet users can send and receive tokens, connect to decentralized applications, and explore the Aptos ecosystem.

As a result of its partnership with Aptos, Pontem has developed foundational dApps like the Move Playground IDE, Liquidswap AMM, and ByteBabel code translator.