DEX Aggregator OpenOcean expands to Solana
Key points to remember
- OpenOcean, a DEX aggregator that captures liquidity between DEXs and CEXs, has integrated Solana.
- The protocol will compete with other DEX aggregators based on Solana such as Frontier Finance.
- Solana’s DeFi ecosystem has grown at a rapid pace recently. It is one of Ethereum’s strongest competitors.
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OpenOcean, an aggregation protocol for CeFi and DeFi, added Solana to their list of supported blockchains.
OpenOcean adds support for Solana
OpenOcean has expanded to Solana.
The popular aggregator announced the update on Friday, saying it now includes Solana-based decentralized exchanges (DEX) to provide DeFi traders with a one-stop-shop interface. Besides Solana, OpenOcean supports multiple DEXs across multiple blockchains, including Ethereum, Binance Smart Chain, Ontology, and Tron. It also integrates Binance.
OpenOcean uses APIs to access liquidity across various blockchains and implement routing algorithms to power complex trade routes. This capability is precisely how major Ethereum DEX aggregators such as 1 inch and Matcha work. Within the Solana ecosystem, OpenOcean will compete with other DEX aggregators such as Frontier Finance. Traders use DEX aggregators to get the big picture 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. This means that using an Ethereum-based aggregation tool can be costly in terms of gas costs. In this context, multi-chain DEX aggregators like OpenOcean can be very beneficial 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 SOL, RAY, SRM, OXY and FIDA tokens will all be redeemable on the platform, the press release notes.
OpenOcean further added that it had decided to join Solana after a high number of requests from the community.
Founded in 2017, Solana is one of the few smart contract platforms to have been adopted. The high speed chain is known for its high speed and low cost. It can process over 50,000 transactions per second, which is one of the highest transaction rates of any Layer 1 blockchain. By taking advantage of its high performance features, the Solana network is quickly becoming one of the leading hubs. DeFi alongside Ethereum.
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