OpenOcean recently announced integrating Chainlink Price Feeds to secure its order limit functionality. The integration will allow OpenOcean to secure the feature on multiple chains, including Polygon, Fantom, Ethereum, BNB Chain, and Avalanche.
With Chainlink’s assistance, OpenOcean can now access highly precise price data to propose reliable DeFi limit orders. The integration will initially access multiple trading pairs, like BTC/USD, ETH/USD, MATIC/USD, AVAX/USD, LINK/USD, FTM/USD, ANKR/USD, CAKE/USD, etc.
Choosing Chainlink for its price feed solutions was a natural choice, given its seamless integration and proven capabilities. The oracle network has secured multiple leading DeFi protocols that hold billions of dollars in transactions.
Its ample security and availability amid unforeseen events like flash crashes, data manipulation, and downtime have been critical for many ventures. OpenOcean will leverage these functionalities to swap crypto assets while offering the best price across every DEX.
The network stands among the best swap spots in the DeFi community. Its intelligent swap routing does not involve protocol fees to offer the best return. In addition, it supports limit order functionality on multiple chains. It allows users to prepare targets to make the most out of favorable market conditions.
Over the last year, OpenOcean has integrated with Chainlink price feeds to secure limit order functionality. Besides integrating Chainlink Price Feeds, OpenOcean has also updated its limit order system. The network is discarding the use of DEXs for price quotes. Instead, it combines RFQ from professional market makers and AMM routing to offer the most competitive rates.
Thus, the network does not require users to stay put and wait for the market to hit the optimal mark. Now, users can easily set a fixed amount and allow OpenOcean to take care of the rest. For example, if ETH is trading at 1,500 dollars, users can set the limit order at 5,000 dollars USDC to ETH if the price falls below 1,3000 dollars. They can even set another limit order to sell the tokens if the price breaches 1,700 dollars.
The functionality is free to use and allows users to trade while executing automated strategies freely. Given the hectic nature of the crypto market, the functionality will save many users time.
Source: https://www.cryptonewsz.com/openocean-to-integrate-chainlink-price-feeds-for-limit-order-on-multiple-chains/