Recap of AMA of Avalanche with OpenOcean

This article was originally published by @KuenShahi https://link.medium.com/WCg50v99Kjb

On the 21st of August 2021 @ 11:00 AM ET, An AMA session was held on Avalanche official Telegram group with special guest Mathias from OpenOcean . Below we present to you an excerpt from AMA with questions and answers. It was wonderful and very informative, Enjoy reading :)

Nicolas | Avalanche

Welcome @OpenOceanTech !

Mathias| OpenOcean

Hi everyone! Nice to be here :) Happy to meet you all. Thanks!

Nicolas | Avalanche

Before we dive into the questions, can you briefly introduce yourself to the Avalanche community, and share some background on your journey to join OpenOcean?

Mathias| OpenOcean

At first, I was very interested in applying blockchain to various use cases across industries such as shipping and pharmaceuticals. Later on, public chains, tokenomics, and DeFi fascinated me, which I’m also currently working with! Previously, I’ve been working with top-tier public blockchain projects taking on technical and commercial responsibilities.

Today’s crypto markets are fragmented, have asymmetric information and make trading inefficient when trading across various exchanges and public chains. The many automated market-making exchanges are siloed from each other and have little interoperability. This forces traders to search for deep liquidity and deploy funds across different protocols and blockchains or carry the consequence of slippage and partial fills.

So we built OpenOcean to provide symmetric information and best price to users in the fragmented market and offer one-stop entrance for users to increase efficiency in trading.

OpenOcean is the world’s first DeFi & CeFi full aggregator. OpenOcean’s intelligent routing algorithm finds the best price and lowest slippage for traders across centralized and decentralized exchanges with no additional fees. As one-stop entrance, we aggregate major exchanges DEXes across 9 public chains.

Actually we have just launched new exciting liquidity mining and staking together with Pangolin!
You can read more about it here: https://blog.openocean.finance/openocean-and-pangolin-partner-up-to-expand-trading-opportunities-31bcdf9c98b3

In addition to aggregating swaps, the team will continue to aggregate derivative, yield, lending, insurance products, and launch combined margin products as well as intelligent wealth management service. OpenOcean also provides proprietary APIs and arbitrage tools for users to do automated arbitrage trading.

Nicolas | Avalanche

Thank you for this introduction :)

Let’s now start taking the questions from Twitter

First question comes from Rahul94750992 he is asking — What is the first thing you would like people to think of when OpenOcean is mentioned to them?

Mathias| OpenOcean

Thanks for the question!

It’s something we’ve been discussing a lot internally and with our community. Personally, I think it would be amazing if users who sees OpenOcean for the first time would think “Single destination to trade crypto assets your way”

Also, it’s really important for us to communicate that traders get the best prices with low slippage on OpenOcean compared to trading directly on the DEXes. OpenOcean is free to use! This is a no-brainer for traders, and it provides direct value because you save money on your swaps.

Nicolas | Avalanche

Question 2 by darkseid89931 — “With aggregation going on, prices are never perfect, there may be arbitrage opportunities between centralized and decentralized and they are sure to see price differences. How can they trade on it?”

Mathias| OpenOcean

OpenOcean aggregates CEX to enable traders to compare prices between DEX and CEX and do arbitrage trading between DEX and CEX. Binance is the first CEX OpenOcean aggregates.

We are working on a SaaS tool for automated arbitrage trading so users can deploy their own arbitrage strategy between DEX and CEX.

Nicolas | Avalanche

Third question also by darkseid89931 — “There are always some hidden fees that are charged from Users who use any platform? What are the fees charged by OpenOcean for using it?”

Mathias| OpenOcean

OpenOcean is free to use, the users only have to pay the normal blockchain gas fees and exchange fees for trades, which are charged by the exchanges and not OpenOcean.

Nicolas | Avalanche

Question 4 by Ray230521 — “How to swap on #Avalanche via #OpenOcean?”

Mathias| OpenOcean

Thanks for the question. When swapping on OpenOcean Avalanche, the first thing is to go https://openocean.finance/ and select “Go Pro” or “Go Classic”.

Remember to connect your wallet and select the Avalanche network! Next you can select the trading pair you want to trade and then type in your query to get the best price with low slippage. Here’s a detailed guide for OpenOcean Avalanche: https://docs.openocean.finance/how-to-guides/how-to-swap-on-avalanche-via-openocean

We have two interfaces, Classic and Pro: Classic is good for beginners and executing simple swaps with more token pairs, while the Pro version is for more sophisticated traders and all future products beyond swaps. I will share the link below:

Classic: https://openocean.finance/classic
Pro: https://openocean.finance/pro

Nicolas | Avalanche

Question 5 by Rahul94750992 — “Can you explain about the tokenomics and utility of $OOE token?”

Mathias| OpenOcean

The OOE token name originates from the OpenOcean Ecosystem.

It is the governance token and utility token of OpenOcean that enables the community to make use of the token within the OpenOcean platform for trading functions and services, supply liquidity, and participate in voting.

The OOE token’s utility is reflected in the incentives that holders benefit from when spending and deploying in the OpenOcean trading aggregation platform.

OOE is a multichain token with a fixed supply of 1,000,000,000 (one billion) tokens. OOE also exists on Avalanche!

33% of the total OOE token distribution is allocated to liquidity and trade mining rewards in order to distribute the token fair, incentivize liquidity providers, and offset trading fees.

Initial circulating supply at TGE was 78.989.286 OOE and the remaining will be distributed over the next 3–5 years.

You can find the full documentation here: https://docs.openocean.finance/ooe-token

Nicolas | Avalanche

Question 6 by FabianRizalez — “How can we earn the OOE token and what are the benefits of owning the token?

Mathias| OpenOcean

We are very bullish on Avalanche for obvious reasons such as superior consensus algorithm, amazing projects built on Avalanche, and fantastic teams. But most importantly, we are impressed by the Avalanche community who already got involved with our project and gave us great feedback on our journey into Avalanche network.

Therefore, we have also launched the most liquidity mining and staking program on Avalanche. As I mentioned before, we have programs ongoing with Pangolin, which you can find more info on here https://blog.openocean.finance/openocean-and-pangolin-partner-up-to-expand-trading-opportunities-31bcdf9c98b3

I also want to highlight OpenOcean Avalanche Farm here: https://openocean.finance/farms (remember to connect wallet and select Avalanche network)

OOE is the governance token and utility token of OpenOcean and users can use it for trading functions and services, supply liquidity, and participate in voting.

Nicolas | Avalanche

Question 7 by darkseid89931 — “How does governance system work on open ocean? Who is in charge of governing the system, what is needed to be eligible for being authorized? On what kind of decisions can they vote on about the project?

Mathias| OpenOcean

OpenOcean launched its token just two months ago and the token distribution incl. fair distribution has started. The governance of OpenOcean protocol is still rather centralized around the core team because the project is relatively new, and we haven’t opened for proposal/voting yet.

The project will move towards a more decentralized governance as tokens get distributed and communities participate actively. We want the token holders and communities to be deeply involved in governance and critical decision making. It’s a journey we will start and slowly move towards decentralization while still keeping up the core development of the protocol to maintain highest quality and most important; provide the best price with low slippage!

Nicolas | Avalanche

Question 8 by luckymarkie01 — “I saw on your website that one of the good features is the Vaults, so can you give more details about the OpenOcean vaults? How attractive are the APYs for community members to be interested in participating?

Mathias| OpenOcean

Thanks for the question!

We use our Vault to fairly distribute the OOE token and work with partner projects for staking. Currently we have exciting programs ongoing with our amazing partner Pangolin. On OpenOcean Vault you can find Stake OOE to earn PNG with APR higher than 50%! If you want to try it out, go to https://openocean.finance/vault , connect your wallet, and select Avalanche network.

You can also read more about our programs with Pangolin here: https://blog.openocean.finance/openocean-and-pangolin-partner-up-to-expand-trading-opportunities-31bcdf9c98b3

Generally speaking, when we host Vaults, our APR/APY is above industry standards because our tokenomics are focused on distributing the OOE token to the communities.

Besides staking programs, as I mentioned earlier we are also partnered with Pangolin to have dual rewards in the Liquidity mining program. Below is the summary of the current liquidity mining and staking program on Avalanche network.

Liquidity mining: supply OOE/USDT.e to earn OOE + PNG (total $90,000) — for 60 days, ending 15:00 (UTC) Nov.12th.

Staking: stake OOE to earn PNG ($50,000) — for 60 days, ending 15:00 (UTC) Nov.12th.

Liquidity mining: supply OOE/AVAX to earn PNG, with continuous rewards

Staking: stake PNG to earn OOE ($50,000) — for 60 days, ending 15:00 (UTC) Nov.12th. Read more details here.

Nicolas | Avalanche

Question 9 by Rahul94750992 — “Are there any plans to get more connected with the community? like any type of social media system, where people can share ideas and suggestions? Because we know the power of community to easily create famous projects.”

Mathias| OpenOcean

Of course, users may refer below our social medium channels for sharing ideas and comments, and also get the most updated information from us.

Twitter: https://twitter.com/OpenOceanGlobal
Medium: https://openoceanglobal.medium.com/
Telegram: https://t.me/OOFinance
Discord: https://discord.gg/cxK6CCYcGp
Reddit: https://www.reddit.com/user/OpenOcean_Finance

Nicolas | Avalanche

And last question from Twitter by FabianRizalez — “How many tokens and which trading pairs should we trade to be eligible for the openOcean Adventure rewards?”

Mathias| OpenOcean

In our ongoing hot Ocean Trading Adventure III on Avalanche, users need to trade at least two of the tokens ($PNG, $Qi, $XAVA, $PEFI or $OOE), such as OOE/USDT.e and PNG/AVAX. Also, during the campaign, users need to trade over $200 in total volume, so despite those two, users can also trade other Avalanche tokens as you like.

Of course, if users trade those FIVE tokens, we will pick 10 users to give $100 worth of tokens for rewards!

So, don’t miss this great chance to win the reward!! More detail here: https://openocean.finance/avax-gem-hunting

Nicolas | Avalanche

Thank you for answering these questions from Twitter @OpenOceanTech !

Now, we will unmute the channel and take the community’s questions. It will be open until there is enough questions for the remaining of the hour

Ens U

Hi, D-star algorith caught my attention,
what is the optimizing dijkstar algorithm success rate comparing to unoptimized version and what is your thoughts about avalanche ecosystem ? Thank you.

Mathias| OpenOcean

We have very good results with our current intelligent routing and D-start algorithm. In almost every quote OpenOcean will provide better price with low slippage — even for small trades because we can also route between pools and pairs within one DEX.

We will soon launch a new version of OpenOcean with even better price and low slippage that’s powered by machine learning

Elif

What do you think of arbitrage? Whether this is an advantage or a disadvantage for you, why

Mathias| OpenOcean

Arbitrage is something that will occur in all markets which is fragmented across different actors. There will always be trader who’s trading on arbitrate to make a profit and it makes the markets more efficient. At OpenOcean you can spot opportunities manually between DEX and CEX with our Pro verison where you can see the spread. We are currently working on a SaaS tools for automated arbitrage trading

Andre Wu

Security is the key on DEFI or CEFI platform. Did @OpenOceanTech have any security audits? And when i have to report about bug, where can i contact report it?

Mathias| OpenOcean

We have all the reports and bug submission here: https://docs.openocean.finance/security-and-auditing

Markie ∀🔺

What effort is OpenOcean currently making to rapidly expand its user base and increase the number of coins in its tracking vaults?

Mathias| OpenOcean

We are always putting the voice of our community first! We often ask them what they would like us to aggregate and what products are needed. E.g. when we asked the community which network to aggregate next, Avalanche had more than 10k votes!

Andre Wu

did you have any plan to add another blockhain in @openoceantech ?

Mathias| OpenOcean

For now, we have aggregated 9 public networks. We will keep asking our communities if they need more. But it seems like the aggregation of Avalanche was a big hit! We are really excited about this and want to take all the effort to get involved

Lucifier

What is the difference between pro and classic versions of openocean?

Mathias| OpenOcean

Classic is good for beginners and executing simple swaps with more token pairs, while the Pro version is for more sophisticated traders and all future products beyond swaps.

calvin-Ainfinity NB

Is OpenOcean going to aggregate more dexes from Avalanchec?

Mathias| OpenOcean

Currently we have aggregated 5 DEXes! We will continuously aggregate other ones to source more liquidity

Thanks for all the great questions :)

Nicolas | Avalanche

Thank you so much for taking your time to answer these questions @OpenOceanTech. It was great to have you here!

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