AMA Recap — Binance Smart Chain Community

The Binance Smart Chain Community AMA had overwhelming success with many participants and over 150+ questions posted.

Rafael (Binance Angel):

What is OpenOcean and what can users do?

Cindy:

OpenOcean is a full aggregator that aggregates both DeFi and CeFi ecosystems.

Our vision is to build a full aggregator in crypto trading serving as the bridge connecting the isolated islands of DeFi and CeFi. We are working on building an ecosystem that’s beneficial to all kinds of users in the current fragmented market by providing an entrance to one-stop trading with symmetric price information and all mainstream assets available. We want to empower all individual users and investment institutions to trade at the best prices and be able to apply their own investment strategies.

Being the first and leading DEX aggregator on Binance Smart Chain, OpenOcean now helps users to find the best price and lowest slippage possible on our aggregated DEXes and offer price comparison with Binance. Besides BSC, We have also aggregated DEX ecosystems on Mainstream public chains such as ETH,ONT and TRON. Users can choose to trade at the best price on either aggregated DEXes or Binance according to their preference.

Rafael (Binance Angel):

Tell us more about yourself and the team background?

Cindy:

I’m Cindy, Co-founder of OpenOcean. With a Finance Master degree from a leading business school, I used to serve as strategy manager at RBS and as Senior Investment Director at a global private equity. Our team was set up in Singapore. Our first version, Antarctic version, was launched in September 2020. Our technical team are experienced engineers and financial veterans from industry leading financial exchanges and multinational IT companies like IBM, Intel, and HP.

Rafael (Binance Angel):

“What exactly can users do on OpenOcean?”

Cindy:

OpenOcean is your one stop shop and bridge to asset trading on Defi and Cefi platforms that guarantees the best price, low fees and slippage. We are the largest and #1 aggregator in terms of volume on Binance Smart Chain (BSC). The benefits of using our platform include:

✔ Instant spot trading with the best price and lowest slippage possible between both DeFii and CeFi platforms.

✔ Perform cross-chain swap transactions supported by Binance Bridge and withdraw to any chain supported by your OpenOcean account

✔ Instant low cost arbitrage between DEXes and CEXes.

✔ Leveraging our API’s to perform your own customized investment strategy.

Rafael (Binance Angel):

How does OpenOcean offer some of the best possible prices in the market?

Cindy:

OpenOcean finds the best prices and lowest slippage possible for users on Binance and aggregated DEXes on mainstream public chains by utilizing an optimized version of the Dijkstra algorithm (D-star) which then splits routing between different protocols for better transaction rates. This ensures that users get the best price on the market with less gas consumption and lower slippage. OpenOcean also compares the prices on aggregated DEXes with the price on CEXes to support users with one stop shop trading.

On Binance Smart Chain, OpenOcean has aggregated DEXes including Pancake, Julswap, Bakery, Streetswap,DODO, Unifi, Apeswap, Acryptos and will continue to add more as more comes out.

Rafael (Binance Angel):

Are there any additional fees charged by OpenOcean?

Cindy:

No. OpenOcean provides a transparent pricing mechanism without charging any additional protocol transaction fee for DeFi users. Our goal is to ensure our users get the best possible rates available in the market between defi platforms such as BSC and cefi platforms such as Binance.

Rafael (Binance Angel):

What DEXes and CEXes does OpenOcean currently support?

Cindy:

We are currently a one stop shop for trading on Ethereum, Binance Smart Chain, Tron, and Ontology. Solana, Polkadot and Ethereum Layer2 will come soon. We support the following Binance Smart Chain DEXes: Pancake,Julswap, Bakery, Streetswap, Unifi, Apeswap and DODO.

We have also integrated Binance to offer users with better price and more choices.

Rafael (Binance Angel):

What’s the difference between OpenOcean Classic and Pro Version?

Cindy:

The difference between the two versions is that the classic version is relatively simple and easy to use. It is more friendly for those users who prefer doing swap in DEXes and it supports more token pairs.

The Pro version supports most frequently traded token pairs and offers charts on OpenOcean(the best price we offer on DEX), Binance and Spread, which is the difference between the OpenOcean price and Binance Price.

The PRO version comes with a wide range of new features and a completely revamped appearance to improve the platform’s functionality and users’ trading experience. The future aggregation of derivative products, lending and insurance products will be on Pro version.

It is worth mentioning that we will improve the pro version to offer the highest k-line accuracy for DEX in the industry, with prices being updated once every minute. Professional investors can now have the price updates to once every minute through the API to capture fleeting trading opportunities.

Rafael (Binance Angel):

How can BSC users be eligible for airdrops?

Cindy:

By using OpenOcean, users that are eligible for both round1 and round2 airdrop will be able to claim airdrops at $OOE token issuance day.

$OOE tokenomics see 2% of the $OOE token supply being allocated as airdrops to our valued users at the same time as the $OOE token issuance.

The first round of the airdrop (1%, 10,000,000 $OOE) has been snapshot and the airdrop reward will be claimable when the token goes live. We have also teamed up with ONTO wallet and Safepal wallet for campaigns to distribute 1Million $OOE to eligible participants. The second round of the airdrop (and the rules) will be announced when $OOE goes live. Please stay tuned.

As a full aggregation protocol, OpenOcean’s first step is to provide users with the best price and lowest slippage by aggregating DEX and CEX to become a one-stop trading portal, hoping to bring convenience to users when trading.

The first airdrop is mainly to give back to our regular customers who have been with us and helped us grow over the past six months.

The second round of the airdrop has not yet set up detailed rules, we will give out according to the number of transactions and transaction amounts before the launch. The main reason for setting up the second round of airdrops is to attract more in-depth DeFi users to use our product and use us as a gateway to DeFi trading, to experience the best prices, lower slippage and gas fees.

Here we also recommend that you do not trade just for the airdrop. Although we do not charge fees from DeFi users, you still need to pay not only the gas fee but also the DEX trading fee, which can be a heavy cost overall. So we hope that you will just trade according to your trading needs and experience the real value that OpenOcean brings to you.

Rafael (Binance Angel):

What utilities does the governance token have?

Cindy:

There are 6 main functions of the $OOE token:

● Community Voting Rights — $OOE holders can participate and vote in the growth of the community.

● Gas Fee Reduction & Slippage Subsidies — Trading costs will be reduced by being a OOE token holder in campaigns from time to time.

● Liquidity Mining — Liquidity mining programs with LP pairs will be live on the ETH, BSC, ONT, TRON chains with the following pairs: OOE/ETH, OOE/USDT, OOE/DAI, OOE/BNB, OOE/BUSD.

● CEX Trading VIP Membership — Token Holders with large holdings will gain taker/maker fee premiums, trading fee subsidies, token withdrawal fee subsidies, limited access to the institutional PME arbitrage tool.

● Derivatives Combined Margin — Less margin is needed with our cross margin pooling

● Collateral as Margin for Lending

Rafael (Binance Angel):

What does the product roadmap look like and how can I stay updated on the project?

Cindy:

We will issue our token $OOE in April.

Starting from the second quarter of 2021, we will continue to aggregate more public chains and centralized exchanges, aggregate monthly reverse contract (USD-M futures) products, and forward contract (Coin-M futures) from centralized exchanges and aggregate decentralized derivative products.

In addition, OpenOcean will aggregate centralized derivatives and pure options in the first and second quarters of 2022 and introduce combined margin products afterwards. In order to meet the diverse needs of users, loans and insurance products will be aggregated in the second half of next year, and intelligent wealth management service will go live in 2023 to further improve the OpenOcean ecosystem.

We will also dynamically adjust the product roadmap according to market development and user needs to help users realize transactions through OpenOcean more conveniently, and improve revenue and capital utilization efficiency.

Decentralized full aggregation protocol that sources liquidity from mainstream public chains with intelligent routing.