Amid the raging bear market that began early in 2022 has put DEXes and various other decentralized financial services under a lot of pressure. Liquidity has become a huge concern as trading volumes have gone down significantly as prices of crypto assets have slumped over the course of the year. To address these problems and bring about another feature into their ecosystem, popular DEX aggregator OpenOcean has finally launched the cross-chain swaps on its platform.
We’ve just launched our 1-click Cross-chain swap🌉+🔄aggregator!
Get the best cross-chain swap rates, now live on @ethereum, @BNBCHAIN, @0xPolygon, @arbitrum, @avalancheavax & @FantomFDN.
Dive in now👉https://t.co/UNP6FBATu0
More info: https://t.co/X9JFUfVMNm
— OpenOcean – A leading Web3 DEX Aggregator (@OpenOceanGlobal) December 20, 2022
This is essentially a rollout of its new interoperable ‘all-in-one’ cross-chain swap platform that allows users to swap and bridge various assets across blockchain platforms like Ethereum, BNB Chain, Polygon, Arbitrum, Avalanche and Fantom too!
OpenOcean also announced that it has partnered with Celer Bridge and the Multichain bridge within its own platform to provide users with this feature and also offer very competitive rates across the various supported chains.
2/ #OpenOcean partnered with @CelerNetwork and @MultichainOrg to integrate their bridges to provide users the best bridging routes.
We've also implemented the Celer IM Framework to introduce the one-time-approval function to the OpenOcean and wider communities. pic.twitter.com/IvTXcpbWGg
— OpenOcean – A leading Web3 DEX Aggregator (@OpenOceanGlobal) December 20, 2022
Additional Read: The Value Of DEX
DEX aggregator OpenOcean supports over 1100 cryptos across the various chains it is active on and also strives to offer its users the best swap and trading rates, especially now through the cross-chain swap returns based on various calculations including pricing structures, gas fees, slippages and multiple optimized trade routes.
This is the reason why DEX aggregators are vital to this ecosystem as they enable users to swap and bridge assets across multiple blockchain networks and this brings about far greater flexibility and interoperability within the space.
3/ By combining the #OpenOcean swap aggregation protocol with cross-chain bridges, we bring our users a seamless, safe and secure easy to use cross-chain swap experience.
An example of ETH on @0xPolygon to USDC on @arbitrum.
Try it now -> https://t.co/UNP6FBATu0 pic.twitter.com/lm07vkM9Ak
— OpenOcean – A leading Web3 DEX Aggregator (@OpenOceanGlobal) December 20, 2022
According to the official press release, the cross-chain swap mechanism that is being implemented by the OpenOcean DEX aggregator features significantly improved algorithms, and the deepest liquidity sources in the market. This gives the platform a much stronger competitive edge over other DEX aggregators, especially since the introduction of OpenOceans ‘one-click cross-chain swap function’.
This also comes in line with the face that a large number of these DEXes, which had been seeing dwindling numbers have seen a major jump in numbers since the month of November post the tragic FTX collapse. More and more people are losing faith on centralized exchanges after the SBF’s FTX fiasco and are choosing to opt for decentralized exchanges over centralized ones – which are often far more user friendly and easier to use.
Even according to data from a report by Delhi Digital indicates that DEX platform are seeing a near 24% upsurge in trading volumes following the collapse of the FTX crypto exchange.
Read More: Centralized Vs Decentralized Exchange
Source: Cointelegraph.