OpenOcean Completes Loopring Layer 2 DEX Aggregation

UTC by Steve Muchoki · 3 min read
OpenOcean Completes Loopring Layer 2 DEX Aggregation
Photo: OpenOcean / Medium

OpenOcean will not collect any extra fees on top of the Loopring Layer 2 aggregation.

OpenOcean, a crypto aggregator protocol that focuses on deploying liquidity from different DEXs and CEXs, has completed Loopring Layer 2 DEX aggregation. Notably, Ethereum users can now access cheaper and faster transactions with the same security offered on the Ethereum layer 1.

“With the aggregation of Loopring, OpenOcean becomes the first Ethereum Layer 2 aggregator. We will continue to aggregate more Layer 2 to provide users with the best access to liquidity, pricing, and the lowest slippage,” OpenOcean noted in a press release.

OpenOcean embarked on a journey to provide the global crypto users with not only reliable trading data but also cheaper amid the ongoing bull market. Furthermore, the Ethereum ecosystem accounts for a huge part of the cryptocurrency industry as it enables the larger decentralized financial ecosystem. However, high transaction fees due to network congestion have hindered mainstream adoption and forced other blockchain projects to pop up and offer similar but cheaper services.

OpenOcean and Loopring Aggregation

In a bid to keep the Ethereum network competitive in the global crypto market, developers are coming up with scaling solutions, besides the Eth 2.0 upgrade. Notably, OpenOcean has also aggregated decentralized exchanges on Binance Smart Chain, Ontology, Tron. The platform is working on aggregating DEXs on other blockchains including Solana, Matic, and Polkadot.

On the part of centralized exchanges, OpenOcean has aggregated data from the largest cryptocurrency exchange by daily traded volume, Binance. The firm announced that plans are underway to aggregate market data from other top-tier centralized exchanges.

The company opted to aggregate data from Loopring due to several notable benefits. Among them, Loopring is the first scalable decentralized exchange protocol built with zkRollup. ZkRollup is one of the methods used by different platforms to provide layer 2 scaling solutions on the Ethereum ecosystem and in turn reduce the transaction cost and also enable fast payments.

Mind you, Loopring v2 is regarded as one of the leading Layer 2 scaling solutions for Ethereum in terms of assets and users on the rollup.

“With the aggregation of Loopring’s Layer 2 orderbook, we can provide the same consistent trading experience as Loopring’s orderbook. On OpenOcean Pro, users can transfer assets to their Layer 2 wallet,” the company explained in a Medium post.

For one to access available later 2 tokens, users will have to activate layer 2 on their interface. Then, the user can trade different Ethereum based tokens at much lower transaction fees and lightning speed. Reportedly, OpenOcean will not collect any extra fees on top of the Loopring Layer 2 aggregation.

Blockchain News, Cryptocurrency News, News
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