OpenOcean continuously works towards maintaining our status as the most efficient DEX aggregator to benefit all kinds of crypto traders, and that was no different this quarter. As always, we are grateful for the support and passion both our community and the larger DeFi community have shown us. Without our users, we would not be as successful as we are today.
In this report, we will cover the highlights of the second quarter of 2022, including our business development and some key metrics. Let’s start!
Product Development
This quarter we expanded our platform to three more popular chains. Those chains were:
Optimism is an Ethereum rollup chain, meaning all transactions on it are secured by the Ethereum network itself. This makes it attractive for developers and users to use, because it has lower gas fees than Ethereum itself, but is still just as secure. Aurora is an EVM compatible extension of the NEAR blockchain. NEAR has grown in popularity since the end of 2021, and Aurora along with it. Harmony is another chain with extremely low gas fees, making it popular for users to trade lots of volume on. In the future we will continue to integrate more popular chains according to our user demand, potential trade volume, and future prospects.
Additionally, across all our chains, we continued to add more liquidity sources to our aggregator. We added a total of 26 new liquidity sources across supported chains, giving our users access to an impressive $1 billion of additional liquidity. This will give our users and traders even more competitive pricing, and make sure our larger traders incur as little slippage as possible.
API Updates
- Expand to more chains
We are very happy to announce that our API is getting increased usage as we both spread awareness of it, as well as improve it every chance we get. This quarter we expanded our API functionality to Aurora and Harmony. This means builders can speed up their development by outsourcing any swap functionality to our platform.
Broadening the reach of our API is one of our additional goals beyond our DEX aggregation. The more sources that build on OpenOcean, the less users will need to worry about checking multiple liquidity sources before swapping. - Wallet Integrations
OpenOcean integrating into more wallets is great news for all parties involved. For OpenOcean, we see volumes going through our platform. For the wallets and their users, they ensure the best pricing adopted in the wallet. This quarter two wallets stepped up and started using the best DEX aggregator for their users. - ONTO wallet now uses the OpenOcean swap API on Polygon for their in-wallet swap
- Fantom fWallet now uses the OpenOcean swap API for their in-wallet swap
Upcoming, we are happy to work with more wallet developers, and deliver them and their users the best pricing across all liquidity sources.
Community Events
As we believe our strong community of investors and traders is the backbone of what makes OpenOcean so successful, we have made the effort this quarter to give back to our users in the form of both rewards and education. That’s why we launched our Trade-to-earn, Learn-to-earn, and Share-to-earn events on our Discord. If you haven’t participated in these events already, we highly encourage you to do so. Whether you want to show off your best trades, or educate yourself on what to trade, we want to reward our users for interacting with OpenOcean and being part of our community. We have more types of events coming up, so stay tuned and join our Discord if you haven’t already.
In addition to our Earn events on Discord, we additionally ramped up our AMAs. We held AMAs this quarter with FTMAlert, DFX, Meshswap, and more. We also had a joint campaign with ONTO wallet, providing 30,000 OOE tokens to encourage swaps. Lastly, we cooperated with Rango for a trading competition, which helped increase awareness of OpenOcean as well as increase our daily active users and trading volume as a whole.
More to come…
While we are proud of what we accomplished during Q2, we still have more ambitious plans to share with you all in the coming months. Our developers are hard at work creating great features to create value for our token holders and DeFi users as a whole. Please join our community on Discord to stay up to date, and follow us on Twitter as well.
Look forward to more of the OpenOcean you love!
