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    5. OpenOcean Review 2024: Our...

    OpenOcean Review 2024: Our Findings and Opinion

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    OpenOcean Review: Our Opinion

    OpenOcean, tagged as the one-stop decentralized crypto trading solution, supports a wide range of Web 3 wallets for payment and over 20 blockchains including Ethereum, Binance Smart Chain, Avalanche, Polygon, and Kava. 

    It also gives users access to a ton of decentralized crypto exchanges and is straightforward to use even for beginners. 

    Plus, when compared to other similar decentralized exchanges, the exchange offers more trading features than regular swaps at a good price, as it features limit trading and perpetual trading as well as cross-chain swaps.

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    Out of 5

    An Overview of OpenOcean

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    Founded in 2019, with offices in Helsinki, Finland, and London, the United Kingdom, OpenOcean launched the first version of its project in September 2020.

    The objective of the project was to offer a solution that solved all decentralized exchange needs in one place. 

    To achieve this goal, OpenOcean supports over 20 blockchains, and more than 7 Web 3 wallets, and provides access to over 15 dApps like Uniswap and PancakeSwap. 

    It also supports centralized exchanges (only Binance currently).

    Beyond its support for various DeFi services and coins, OpenOcean also enables its over 850,000 active users to earn on their cryptocurrencies via its liquidity pools, Ethereum liquid staking, and farms/vault.

    In addition, users that stake their native OOE token can participate in its DAO governance decisions. 

    Currently, OpenOcean has a fairly high trading volume. It has facilitated over $2.0 million in trades and has more than 300 aggregated sources. 

    The project is backed by a lot of investors and big names in the crypto industry including Binance Labs, OKX Labs, Kinetic, DAO Maker, TRON, SafePal, Multicoin, Altonomy, and Polkastarter.



    OpenOcean Review: Unique Features

    OOE Token 

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    OOE is the utility and governance token of OpenOcean. OOE holders take part in the governance of the protocol by suggesting proposals and voting on protocol parameters and future DEXs and chain aggregations. 

    OOE holders can trade with the token, hold the token, provide liquidity, and stake to earn. 

    Asides from governance, OOE had several other utilities in the OpenOcean ecosystem.

    OOE can be used to pay trading fees for derivative trading. OOE stakes in derivatives can earn up to a 20% fee rebate in derivative trading. OpenOcean intends to develop OOE to cover gas fees for swap trading. 

    Users who stake OOE can earn xOOE. OpenOcean uses a 1:1 conversion ratio. The longer the staking term, the higher the APY and the more xOOE. 

    33% of the OOE token is allocated to liquidity and mining rewards. The token is used to incentivize liquidity providers. 

    To ensure deeper liquidity and incentivize liquidity providers, reward programs are distributed to OOE pools. 

    Trade mining programs are also deployed to offset trading fees by providing subsidies for OOE-related trading and by earning OOE from related transactions. 

    ​The OOE is a multichain token minted on BNB Chain BRC-20. 

    The Token has a maximum supply of 1 billion tokens. It has a circulating supply of 504.43M and a current market cap of $ 5.80M USD. The current price of OpenOcean is $ 0.011489 per (OOE / USD) with a 24-hour trading volume of $ 595,612.91 USD.

    OOE does not have any minting function in its contract. 

    Here are some numbers for the token: 

    • 33% of the token supply is allocated for liquidity mining. 
    • 2% of the total supply was claimed at the token generation event (TGE) 
    • 29% was allocated to OpenOcean Lap and Co-builders to support onboard value-adding ecosystem partners, protocol development, bounty programs, and community developers
    • 15.9% for OpenOcean’s team and advisors 
    • 7.5% is allocated for private placement and strategic round two
    • 7% is allocated to the ecosystem co-builders that manage ecosystem building, campaigns, and community incentives. 
    • 5.6% was distributed over 2 years to strategic investors that partner with the exchange to create a sustainable ecosystem. 

    Perpetual Futures

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    Perpetual futures trading allows traders to amplify their trade positions and profits with leverages. Perpetual futures trading on OpenOcean is currently available on Arbitrum and Avalanche. 

    Perpetuals also known as Perp Swaps are market derivative futures contracts that have no expiry date. It involves trading crypto without actually buying or selling the crypto. 

    Instead of buying the crypto, you can deposit collateral and enter into a perpetual swap contract that allows you to speculate on the market price of the underlying token 

    With perpetual futures, you can enter and exit trade positions on your terms. 

    The exchange uses a maker/taker fee structure for perpetual futures tradingOOE is the default payment option for trading fees (maker fee-0.012% and taker fee-0.030%). 

    If you do not have OOE tokens in your account, USDC will be used for the fees. Paying your trading fees with OOE attracts 20% off.

    Cryptocurrencies Available on OpenOcean

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    OpenOcean allows users to trade over 500 cryptocurrencies across 23 blockchains. 

    Supported cryptocurrencies include Tether USD Coin, Dai, Binance USD, Floki Compound, Loom Network, Loopring, Math token, MANA, MATIC, Wrapped Luna token, Maker, Paxos Standard, Paxos Gold, Quant, Rarible, Shiba Inu, Sushi Token, etc. 

    OpenOcean Review: Fees

    Unlike centralized exchanges, users only have to pay gas fees and exchange fees on OpenOcean. 

    The exchange fees are due to the different decentralized crypto exchanges used by the aggregator while the gas fees are paid directly to the validators and miners on the particular blockchain. 

    OpenOcean plans to implement fees for tailored solutions utilized by experienced traders, wealth management offerings, and bundled margin products.

    For token swaps via its liquidity pools, OpenOcean charges a flat 0.2% fee with 0.15% going directly to liquidity providers and 0.05% to the OpenOcean treasury.

    OpenOcean Review: Payment Methods

    OpenOcean only accepts Web 3 wallets for payments including WalletConnect, MetaMask, Uniswap, TrustWallet, Brave, Coinbase, SafePal, Binance, Clover, Terra Station, Phantom Wallet, XDEFI, Coin98, and ONTO Wallet. 

    For investors who want to buy cryptocurrency using fiat, OpenOcean partners with a third-party payment processor, Banxa, which allows crypto traders to buy digital assets with credit/debit cards, Google Pay, and wire/ACH transfer. 

    That said, to buy crypto via the third-party processor you’ll have to undergo their KYC verification process if you don’t already have an account with them.

    OpenOcean Review: Security

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    OpenOcean is a decentralized exchange. Like most decentralized exchanges, it is not regulated by any regulatory body. It, however, has security measures in place to protect users’ data and assets from security vulnerabilities or any incident that may compromise their security. 

    It conducts regular internal security audits. It also frequently partners with external security auditing firms like Certik and SlowMist. 

    The exchange has passed security auditing on all its public contracts from SlowMist on February 2021 and Certik on March 9, 2021.

    OpenOcean also runs a Bug Bounty program. You can report any bug program to the security team via email at security@openocean.finance

    On the 2nd of July 2023, there was an attack on the Poly Network which resulted in the unauthorized transfer of over 57 assets including OOE. In response, OpenOcean suspended all OOE trading pairs on the platform. 

    It also restricted OOE’s on-chain liquidity. All centralized exchanges were also notified to halt all deposits of OOE. 

    This was done to ensure that the security of the exchange and users’ assets was not compromised. 

    After the incident, OpenOcean has been implementing a series of protective measures to shield token holders and the ecosystem from any future risks. 

    The exchange proposed an OOE migration plan on a scheduled date which entails moving the token to a new contract on the BNB Chain. This proposal has been approved by The DAO vote. 

    The migration to a new contract was proposed for the following reasons: 

    • Since OOE is a fully decentralized token, OpenOcean’s ability to transfer or burn a large quantity of OOE tokens from the Poly Network is restricted. The migration will allow the exchange community to regain control and prevent potential misuse of the stolen tokens. 

    • The OOE liquidity mining pools operate in a decentralized manner. This prevents OpenOcean from blocking the hacker’s address from trading or halting transactions. 

    Upon the agreement of the DAO, the migration started at 9:00 UTC, July 6, 2023

    OOE trading resumed on OpenOcean at 9:00 AM UTC, July 6, 2023.

    OpenOcean Review: Staking Rewards

    The exchange allows users to earn rewards on their cryptocurrencies via staking in liquidity pools, farms and vaults, and Ethereum liquid staking. 

    It also offers governance rights to users that stake its native token, the OOE token.

    Supported Countries

    OpenOcean is available in over 100 countries worldwide including the United Kingdom, Australia, United Arab Emirates, Canada, Spain, Finland, and much more. 

    OpenOcean Review: Opening an Account

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    OpenOcean is a decentralized exchange and unlike centralized exchanges does not require users to undergo a KYC verification process where personal data like email address, first and last name, etc. will be requested for you to start trading. 

    To use the exchange you simply need to go to https://openocean.finance and then click on the “Launch dApp” button at the center of the screen. 

    After the new page opens, click the “Connect Wallet” button.

    Choose your Web 3 wallet and then log in to link it then transfer the needed amount of tokens to OpenOcean.

    OpenOcean Review: Trading Experience

    OpenOcean offers a straightforward trading experience similar to what you’d find on other decentralized exchanges like Uniswap and PancakeSwap. 

    It also offers trading products like Perpetual Futures, Limit Orders, and Cross-chain transactions beyond the regular swaps. 

    You can place advanced settings that enable you to choose your slippage tolerance, liquidity sources, and gas fees (standard).

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    OpenOcean Review: Customer Service

    OpenOcean offers customer support via email at contact@openocean.finance. 

    Users can check the documentation and get help on different aspects of the platform. 

    The exchange is also active on several social media channels including Twitter, Telegram, Medium, and Discord.

    OpenOcean Review: Customer Satisfaction

    OpenOcean is a user-friendly decentralized exchange with a wide selection of cryptocurrencies. 

    That said, the exchange has limited support channels. The platform also does not have a help center where users can find answers to their questions.

    Does OpenOcean offer Education?

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    Yes, OpenOcean offers a tutorial section on its platform that teaches users how to trade on the platform as well as an InfoHub that contains recent crypto market news and new research tools.

    Is OpenOcean Right for You?

    OpenOcean is right for traders who don’t want to undergo the KYC verification processes of centralized exchanges but want advanced crypto trading products like Perpetual Futures and Limit Orders at the best price.

    OpenOcean Review: Conclusion

    OpenOcean stands out from the myriads of decentralized exchanges by uniting centralized exchanges (Binance and more to come) and decentralized exchanges on one platform.  

    It is easy to use and offers more than basic swaps.

    For those crypto enthusiasts who are always eager to explore the best in the market and expand their toolkit, our Bisq Review provides a detailed exploration of an another top contender, showcasing its strengths and areas of expertise. See also the industry’s top picks on our Best Crypto Decentralized Exchanges page.


    Most frequent questions and answers

    Yes, the exchange has not had any security breaches since its launch excluding the Polygon Network hack.

    OpenOcean is a decentralized aggregator that fetches prices from multiple DEXs to give users the best price possible on swaps on most chains.

    It is a decentralized aggregator that gives users access to combined margin products and the ability to swap cryptocurrencies on over 20 blockchains as well as cross-chain at the best price.

    This is the native token of the OpenOcean ecosystem. Holders of the token gain access to participate in governance decisions.

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