Tech

DEX aggregator OpenOcean enables cross-chain swaps across major networks

12/21/2022
Bitcoin Ethereum News

Decentralized exchange (DEX) aggregator OpenOcean has announced the rollout of its new interoperable “all-in-one” cross-chain swap platform, which allows users to swap and bridge assets across Ethereum, BNB Chain, Polygon, Arbitrum, Avalanche and Fantom. 

OpenOcean said it has integrated Celer Bridge and the Multichain bridge within its platform to provide users with competitive rates across the supported chains.

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The DEX aggregator, which supports over 1,100 cryptocurrencies across multiple chains, seeks to offer competitive cross-chain swap returns based on various calculations including pricing structure, gas fees, slippage and different optimized trade routes.

DEX aggregators are vital to the cryptocurrency ecosystem because they allow users to swap and bridge assets across multiple blockchain networks, which allows for more flexibility and interoperability within the space. 

Related: As DEXs struggle, new approaches kindle hope

They also offer users access to a broader range of assets than may be available on a single DEX or blockchain network and greater liquidity by aggregating liquidity from multiple DEXs and blockchain networks, making it easier to buy and sell assets. Overall, DEX aggregators attempt to give users the benefits of decentralized exchanges while providing a more convenient, user-friendly experience.

As reported by Cointelegraph on Nov. 18, decentralized finance (DeFi) platforms have continued to see profits following the collapse of FTX thanks, in part, to the mass exodus from centralized exchanges. 

DEX platforms have also gained some momentum, with a report from Delphi Digital suggesting that DEX platforms saw a 24% upsurge in volume following the collapse.