Polkastarter and OpenOcean AMA Recap
Our AMA recap with Cindy (Co-founder) and Mathias (Community Tech Lead) of the OpenOcean team. OpenOcean is the world’s first DeFi & CeFi full aggregator.
Cindy and Mathias, could you please first introduce yourselves?
I’m Cindy, Co-founder of OpenOcean. With a Finance Master degree from a leading business school, I used to serve as strategy manager at RBS and as Senior Investment Director at a global private equity fund. I started my investment in crypto projects since 2017.
I’m Mathias, Tech Community Lead for OpenOcean. My background is engineering and I’ve been working with crypto/blockchain and data science since 2014. I also did my first crypto trade in 2014!
Can you tell us more about the vision behind OpenOcean, and why are you launching it?
Our 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.
Hear, hear!! 🙌
At Polkastarter we are big believers that the team and talent behind the project is one of the most important factors for success. So please tell us more about the team behind OpenOcean, and how your experience has led you here?
Our technical team are experienced engineers and financial veterans from industry leading financial exchanges and multinational IT companies like IBM, Intel, and HP. In the past, we have been engaged in the technological output of core products of leading crypto exchanges. We have also provided services to the development and design of top ten public chains. We have played an intermediate role by focusing on technology output.
By witnessing the rapid rise of decentralized trading and aggregation platforms such as Uniswap, YFI, and 1inch and the exploding liquidity of DeFi, we see how aggregators can bring great value to the market. It is undeniable that while the Ethereum ecosystem is booming, the picture on other public chains, led by Binance Smart Chain (BSC), Solana and Polygon is also gaining momentum. OpenOcean team developed the protocol of OpenOcean.Finance to provide asymmetric information to users in the fragmented market and offer one-stop entrance for users to increase efficiency in trading.
So let's talk about OpenOcean competitive advantage.
What differs you from other similar projects?
In comparison to other aggregators, 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 are working on aggregating 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, lowest slippage, lowest 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.
That's great, a full trading experience! ✨
And can you tell our community a bit more about your $OOE token, particularly about the token utility and your token generation event (TGE)?
OOE token is a multifaceted token that enables utility for the communities in our ecosystem and lets holders participate in governance. It exists on major public chains via cross-chain protocols and has a finite supply of 1.000.000.000, which can’t be increased - there’s no minting function in the smart contract. With a fair release schedule and more than 70% of the distribution allocated to ecosystem development, protocol development, and liquidity mining, OOE is positioned for sustainability.
Utility include gas fee and trading fee, gas fee and slippage subsidies, liquidity mining and trading incentives, OpenOcean VIP membership and exclusive services, derivatives combined margin pool, and collateral as margin for lending.
OOE token holders can participate in governance via proposing and voting. For example, holders can propose new trading pairs, new aggregations, protocol enhancements, ecosystem initiatives, new features development, and liquidity rewards distribution specifications. The proposals are initially collected through OpenOcean community forums and put up for voting via DAO. Users can also provide liquidity on OOSwap, OpenOcean’s proprietary DEX on Binance Smart Chain, and use the LP tokens to vote for pool specific configuration parameters.
We are working with several exchanges on listing. We plan to issue OOE token in June!
And of course we'd love to hear a bit more about your upcoming roadmap. What key features are you developing?
Our roadmap displays the functionality we have already developed and functionalities that are expected to come in the future.
We are planning to launch the cross-chain swap and the aggregation of Polygon in June.
All eyes are on you this month. 👀
Thanks for that very detailed roadmap!
Could you tell us which networks and exchanges, DEXes & CEXes does it support currently?
OpenOcean as a one-stop entrance currently has aggregated nearly 20 mainstream DEXes from ETH, BSC, Tron, ONT and Ethereum Loopring Layer2 networks and Solana. We will also support public chains such as Polygon, Avalanche, XDAI and more.
We support the following Binance Smart Chain DEXes: PancakeSwapV2, Julswap, BakerySwap, MDex, Ellipsis, Apeswap and DODO, etc. We have also integrated Binance to offer users with better prices and more choices.
We support the following ETH DEXes: Uniswap V2, Balancer, SushiSwap, Kyber, etc. We also support Loopring on Ethereum Layer2. Read more detail in the following picture.
Can you please explain OpenOcean’s revenue streams and its core target markets?
We don’t charge trading fees from DeFi users! This is important to emphasize. OpenOcean provides a transparent pricing mechanism without charging any additional protocol transaction fee for DeFi users.
Our goal is to ensure our users get the best possible rates available in the market between DeFi platforms and CeFi platforms.
Our revenue streams will be generated from:
- institutional investors that run investment strategy through our custom-made UI; An API is also available for traders and institutions as well.
- PME (Primary Membership Edition), which is a SaaS that captures arbitrage opportunities between DEXes and CEXes and executes automatically for users.
- our combined margin products.
- our intelligent wealth management service.
And we heard top tier VCs and partners are supporting OpenOcean...
Please, let us know their names and how are these helping the project. 👂👀
We have successfully completed strategic investment and private placement fundraising by industry well known investors.
The strategic round investment is led by Binance, other strategic investors include Multicoin Capital, LD Capital, CMS, Kenetic and Altonomy. In the private round, the investors are Altonomy, LD Capital, DAOMaker, OKex Blockdream ventures, AU21, FBG, TRON Foundation, Asymmetries Technologies and LIAN Group.
Woo, that's a remarkable investor base. 🤩
And how do you see the DeFi space and the Liquidity Aggregators market niche in five years?
What do you think will be the role of OpenOcean in it?
We believe that the DeFi movement has come to stay. All the tremendous development we have seen from different communities and projects is a proof that this provides real value and can challenge traditional finance.
I believe this will continue to grow, face challenges, have ups and downs, but eventually turn out to a more fair digital financial system.
OpenOcean’s role in the transformation won’t change from what it is now - we will serve as a full aggregator that helps participants of the digital economy, in all shapes and sizes, to aggregate more emerging products and services - we always strive to keep up with the new trends!
"the DeFi movement has come to stay" 💞
Before opening up the chat for questions, could you please share with our communiy your website and social media channels, so they can make sure to follow you and be kept up to date on your progress?
Telegram for community: https://t.me/OOFinance
Telegram for announcement: https://t.me/OOFinanceAnn
Great, thank you Cindy! 🙂
Make sure to follow OpenOcean's official channels! 👈
Now, let's open the chat for a brief window to give our community a chance to ask their questions.
And don’t forget that, after the AMA, Cindy and Mathias will choose the best question and hand out one allowlist spot for their upcoming IDO (don’t forget you will need to KYC fast and on time). 💫
Let's go :)
💥 WOOOOW, so many GREAT questions! 💥
Thank you all, always so great to see this! 😍😍
Cindy and Mathias will read through and pick some questions to answer now.
While OpenOcean aims to act as an aggregator for people to trade on multiple chains via one single platform, can OpenOcean go further by finding a solution to solve the problem of swapping the same token between chains at a lower cost? (Compare to Binance bridge)
We will support crosschains swaps very soon. The target launch is this month. Users will be able to choose crosschain protocols such as Binance Bridge, PolyNetwork and Matic bridge to do crosschain swap transactions between our aggregated public chains.
As crypto is getting more mainstream there will surely be regulations, how regulatory compliant is Open Ocean?
Good question, thanks for that. We always stay up to date on the regulations e.g. when we AirDrop or reward community members we make sure do follow strict KYC criteria and do KYC on everyone. The nature of our token is utility and governance, so we make sure to understand the regulations being build up around those asset classes.
Q1 - How will Open Ocean build a thriving community that truly cares and supports the project for a long time, instead of only getting temporary benefits?
Q2 - Are there any plans to be more connected with the community? Just like any other type of social media system, where can people share ideas and suggestions? Because we know the power of community to easily create famous projects?
Those are very good questions. We have more than 80K community members so far. Most of the community members will be our token holders. OOE token is a multifaceted token that enables utility for the communities in our ecosystem and participate in governance.
Utility include gas fee and trading fee, gas fee and slippage subsidies, liquidity mining and trading incentives, OpenOcean VIP membership and exclusive services, derivatives combined margin pool, and collateral as margin for lending. OOE token holders can participate in governance via proposing and voting.
The security system of a company is very important. In order to avoid hackers who want to take or break into a company system, be it company data or user data. How do you do to the security of a project? Do you have a special security system for your project / company? And do you also provide special security guarantees for users / investors?
OpenOcean takes a security first approach in order to protect users from security vulnerabilities and other incidents. Besides our own internal security auditing, we frequently work with external partners to make sure we pass the most updated and leading industry standards. As for now, we have passed security auditing on all OpenOcean public contracts from Certik on March 9, 2021 and SlowMist on February 18, 2021 without any issues.
Here's a link to our auditing reports if you would like to check it out: https://github.com/openocean-finance/Security-Audit-Report
How are you dears?
We are really good, thanks for asking! Had a wonderful day with the OpenOcean team 😎 I hope you and everyone else is having a good time and are safe.
How does Ocean evaluate the investor's role in your project? How does Ocean deliver optimal returns for both projects and investors? Can I generate passive income with $Ocean ? If so, please share about more issue?
We are a long term project for token holders and investors. OpenOcean brings long term value to our token holders in both offering more and more functionality overtime and increasing value to token holders. As you can see from our road map, we start from swap aggregation on multiple DEXes and CEXe, becoming the first aggregator on BSC, TRON, Layer2 and the first DeCeFi aggregator by aggregating Binance. We will later aggregate derivative, yield, lending and insurance products and launch our own combined margin products and intelligent wealth management products. OOE token holders and VIP members will find an increasing in functionality from gas fee and slippage subsidies, trading fee subsidy to accessing arbitrage tools, and intelligent wealth management products etc.,
We believe OOE is for long term value holders who are crypto users that want to trade in a better way and be part of the leading aggregator community.
How will OpenOcean keep users funds safe? OpenOcean uses its own chain, right? I am just worried
Actually we don't do custody of users funds. DeFi users are in control of the funds themselves through their wallets e.g. MetaMask. OpenOcean is free to use for DeFi users and when you trade through our platform the transactions will go via our smart contracts to the DEXes directly and back to your wallet.
We don't have our own public chain. We build on all the major public chains such as ETH, ETH Layer 2, Solana, Tron, Ontology and more.
OpenOcean Exchange Built on top of the most advanced liquidity aggregator ever developed, Can you explain what a liquidity aggregator is like? So it is said to be the most sophisticated ever.
We don't simply aggregate liquidity. We are working on building an ecosystem for users to trade on best price, apply their investment strategy and increase the trading efficiency. This requires the combination of knowledge in DeFi and CeFi, financial knowledge, profound knowledge of risk control as well as mathematics and protocol development.
Our team is formed by the experts with above mentioned knowledge and more than 10 years' working experience in related fields in traditional finance.
In your white paper, You said that "DECENTRALIZED EXCHANGES (DEX) " is your most noteable contribution. Can you please list some other Killer Characteristics of #Openocean project??
Good question, thanks. Let me try to answer with a few bullets:
- OpenOcean is the world's first full aggregation protocol for crypto trading that source liquidity from DeFi and CeFi, and enable cross-chain swaps
- Our function is free to use, OpenOcean users only need to pay the normal blockchain gas fees and exchange fees for the trades, which are charged by the exchanges and not OpenOcean.
- OpenOcean is the first full aggregator on Binance Smart Chain, TRON, Ethereum Layer 2, and Binance exchange.
- Besides aggregation of swaps, OpenOcean will continue to aggregate derivative, yield, lending and insurance products, and launch it's own combined margin products and intelligent wealth management service.
Why OpenOcean chosen or interest polkastarter? What is Special reason?
We chose Polkastarter 100% because of the vibrant community. It definitely has the kind of people we would like to hold our token and hopefully participate in our ecosystem e.g. liquidity mining and voting to make OpenOcean better!
Besides that, we have come to know the Polkastarter as top professional and passionate about what they do - it means a lot to us when selecting partners 🤝
Catarina, [03.06.21 16:58]
Congrats @florencywg on being the winner of the allowlist spot! 🥳🥳🥳
OpenOcean team will contact you in PM and give you all information regarding KYC, etc.
Thanks for all the wonderful questions!
Thank you Cindy and Mathias for your time and for so many detailed and illuminating answers on OpenOcean. 🙂
Really looking forward to the launch of $OOE and to welcome you to the Polkastarter Family and continue working together in the future. 🚀
Congrats! Thanks to all the participants. Hope you can enjoy your trading on OpenOcean.
Ok, thanks to everyone for tuning in!!
This will be the end of this AMA, thank you everyone for joining us! The chat will now open back up. 👋
🌝 thanks everyone!
Polkastarter Blog - Latest Polkastarter News & Updates Newsletter
Join the newsletter to receive the latest updates in your inbox.