HECO AMA Series Recap — OpenOcean

Introduction — Segment IIntroduction — Segment I

Today with us we have Mathias from OpenOcean.

Welcome, Mathias. Could you tell us about yourself? What did you do before OpenOcean and why did you choose to work for OpenOcean?

Mathias: Hi, I’m Mathias — Community Tech Lead for OpenOcean. It’s a pleasure to be here! The HECO community is awesome.

I first came across blockchain/crypto in 2014 and haven’t been doing anything else since — I love it! 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.

Question & Answer— Segment II

Q1: Could you tell us more about your project? In other words, what does OpenOcean do?

Mathias: OpenOcean is the world’s first DeFi & CeFi full aggregator that finds the best prices with low slippage for traders on aggregated top tier public chains and their exchanges by applying a deeply optimized intelligent routing algorithm.

We support both centralized and decentralized exchanges! The platform will soon support cross-chain swaps via bridges and cross-chain protocols so traders can now easily swap and transfer assets across public chains such as Ethereum and HECO via PolyNetwork.

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.

Besides the aggregation of swaps, OpenOcean will continue to aggregate derivative, yield, lending, insurance products, and launch its own combined margin products and intelligent wealth management service. The platform provides API and automated arbitrage tools to run own trading strategies.

The vision is to build a full aggregator for crypto trading that serves as a bridge connecting the isolated islands in the current fragmented DeFi and CeFi markets. Regardless of being a small individual investor or large institution, everyone should have the opportunity to trade at the best prices and apply their own investment strategies on various crypto asset classes.

Q2: There are many similar out there, some have been quite successful. What is special about OpenOcean compared to other projects?

Mathias: OpenOcean is the world’s first and leading CeFi and DeFi full aggregator for crypto trading. This means that we aggregate both decentralized and centralized exchanges, which none of the other ones do. Besides that, we will work on the aggregation of derivatives, yield-generation, lending, insurance products as well on both DeFi and CeFi, and to launch our own combined margin products and intelligent wealth management products.

We also gain an edge with our proprietary algorithms that find the best prices and split the routes to provide traders the best prices, low slippage, low gas fees, no additional fees, and fast settlements.

Together with leading machine learning experts, we are working on an upgrade that will complement our current system to provide better trading prices on Ethereum. We will launch cross chain swaps to better facilitate one stop trading experience.

As an DEX aggregation, 1inch and Matcha are OpenOcean’s competitors.

Below are some of OpenOcean’s competitive advantages:

1. More public chains integrated: OpenOcean aggregates DEX ecosystems on all mainstream public chains such as ETH, ETH Layer2, BSC, TRON, ONT, SOL, Polygon and more. OpenOcean will also support cross chain transactions with the best price.

2. Lower transaction cost for users: OpenOcean offers free service to users and will further subsidize users’ slippage loss and gas fees with OOE token in campaigns.

3. More products available:Besides Swap trading OpenOcean will aggregate derivative, yield products, lending & insurance products on DeFi.

Q3. Great, could you give us some info on the OOE Token?

Mathias: OOE is the governance and utility token of https://openocean.finance/ that enables utility for users of the protocol and lets the community participate in governance. Governance token holders are able to shape the future of the protocol by suggesting proposals and voting on protocol parameters, dex aggregations, and future chains for starters.

OOE is a multichain token that is minted on Ethereum ERC-20 with a finite supply of 1.000.000.000 that can’t be increased — there’s no minting function in the token contract.

• 1,9% of the total supply was claimable on TGE for our early user who qualified for AirDrop round 1 and 2
• 33% total token supply is allocated for liquidity mining
• Liquidity mining and trade mining programs went live on TGE
• Initial circulating supply at TGE was 78.989.286 OOE

The OOE token name originates from OpenOcean Ecosystem.

Besides the 2% of the total OOE supply for our lovely early users including the wallet campaign winners, 33% of OOE is allocated to liquidity mining, 29% for OpenOcean Lab to support further protocol development and ecosystem building, 16% for the team and advisors, 7% for ecosystem foundation and the rest 13% is for our investors.

Here’s the full tokenomics: https://docs.openocean.finance/ooe-token

Q4: What would be one’s motive to hold OOEtokens? What can we do with $OOE?

Mathias: I believe traders, users, investors etc etc will have different motivations to hold OOE and it’s difficult to answer them collectively. However, in my opinion, you can hold OOE because it enables utility that provides direct value for you as a trader and the opportunity to participate in governance via proposing and voting.

OOE token holders can utilize tokens in trading functions, participate in governance via voting, provide liquidity and stake to earn, or simply HODL.

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

• Gas fee and trading fee
• OpenOcean VIP membership and exclusive services
• Combined margin pool
• Collateral as margin for lending

For governance, the community can develop proposals and OOE token holders can vote on proposals that are listed.

Q5: What is the main problem you solve?

Mathias: 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.

By witnessing the rapid rise of decentralized trading and aggregation platforms such as Uniswap, YFI, 1inch, and the exploding liquidity of DeFi, we see how aggregators can bring great value to the crypto community.

OpenOcean team developed the protocol of OpenOcean.Finance 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.

Q6: If you were to summarize your project in 1 word, what would it be? Why?

Mathias: “Master” Picture of turtle: Because we swim fast and live the longest in the OpenOcean

Q7: How do you guarantee users’ asset security?

Mathias: First of all, users must do their own research before investing in any crypto assets or using any platform including OOE and OpenOcean. When that’s said, OOE is a multi-chain token that issued on Ethereum ERC-20, but exists on other public chains like HECO, can be transferred via cross-chain protocols like PolyNetwork, and therefore have multiple contracts. OpenOcean platform also operates a set of public contracts to help you trade at the best price with low slippage. All our contracts are audited internally and by security auditing service providers such as CertiK and SlowMist — without any critical issues.

We also avoid using high-risk business logic and operation methods in our contracts. Besides that, we educate our users in security in order to avoid incidents e.g. make users aware of the risk of unlimited unlock functions before using it.

· HECO Website

· HECO Twitter and Telegram Channel (For the latest news)

· HECO Telegram Community

· HECO Discord (Welcome all developers to join!)

· HECO Explorer