Written by @CollinsAtada1 (twitter username), @Ceetada (telegram username)
The OpenOcean AMA was organized by three of OpenoOcean Ambassadors @Ceetada(telegram), @Obongxyprone(telegram), and @AkanimoRex(telegram). This AMA was held on telegram for the local community that yearned to know more about OpenOcean and how they could interact with it.
The AMA began with @Obongxyprone introducing the project. Below are the conversations that took place
Question 1: What’s Openocean?
Answered by @Obongxyprone : OpenOcean is the world’s first full aggregation protocol for crypto trading that sources liquidity from DeFi and CeFi, and enables cross-chain swaps. Our intelligent routing algorithm finds the best prices from DEXes and CEXes, and split the routes to provide traders the best prices with low slippage and fast settlement.
Question 2: What is a full aggregator?
Answered by @Obongxyprone : Full aggregation means one-stop services that search DeFi and CeFi to find and optimize the best trading options for all types of crypto assets, across DEXes and CEXes, on various public blockchains.
Question 3: Meaning of DeFi and CeFi?
Answered by @Ceetada : DeFi means decentralized finance and it is mostly used in the blockchain Industry. To break this down, when a project is decentralized it means you’re in charge of funds and you also make decisions for your funds.
Industries that are decentralized make use of smart contracts.
Question 4: What are Centralised exchanges?
Answered by @Ceetada : Centralised exchanges usually charge a certain percentage of the fee for every transaction.
While Decentralised exchange operates similarly to the per trade fee! Therefore when a transaction is ready to be placed on DEX, you need to pay a gas fee through which your trade will be confirmed through Blockchain
After a little summary of the OpenOcean project was given by @Obongxyprone :
Now OpenOcean plays a major role in accessing prices of a token and making sure you as a trader gets the best possible price that it uses, which is called an aggregator.
The aggregator functions as a bot, that automatically figures out and fetches the perfect price for a token to help every trader enjoys cheap rates
With this, we’ll encounter a new term called arbitrage
Now you might be wondering what is different between Openocean, and other similar projects;
The major difference that distinguishes OpenOcean from others is that Openocean happens to be the first DEFI and CEFI aggregator. This is a very unique feature and it has made OpenOcean stand out amongst its competitors.
@AkanimoRex was later invited to answer the fifth question so that we could move on to take questions from the community members.
Question 5: About OpenOcean staking?
Answered by @AkanimoRex: The OpenOcean staking has 2 variations The liquidity staking and single staking To be able to participate in the liquidity staking, we need to add liquidity to the following pools on OpenOcean
- BNB/OOE
- BUSD/OOE
For the single staking, we need to have our token, the $OOE on the erc-20 network to be able to participate.
After this, we moved on to taking questions from the community member.
Question 1 : By DEFI and CEFI aggregator, what do you mean?
Answered by @Ceetada : A DeFi aggregator is a platform that leverages multiple different DEX and implements various buying and selling strategies to help users maximize profits, as well as mitigate high gas fees and DEX trading commissions.
While CEFI aggregator is a platform that acts as an intermediary to manage the crypto transactions and activities of users.
Question 2: What do you mean by arbitrage?
Answered by @Ceetada : Arbitrage trading simply means profiting from price differences on different cryptocurrency exchanges.
Question 3: How will liquidity be added to the pools you listed here?
Answered by @AkanimoRex: Great question, You can refer to this article for detailed instructions on how to add liquidity to the pools https://link.medium.com/oJGvVrWzPib
Question 4: Will openocean Create an opportunity for new ambassadors, it seems I’m interested?
Answered by @Obongxyprone : About this, there hasn’t been any information relating to them accepting new ambassadors, but by following up their announcement channels, you could get notified when there’s another opportunity for selection.
Question 5: Will they be another airdrop from openocean?
Answered by @Obongxyprone : Concerning this, I can’t say for sure, although in the near future, opportunities might come to take part in bounties to earn their token.
Question 6: Where can I purchase OOE tokens, please?
Answered by @AkanimoRex : You could get it on their platform https://openocean.finance Other places they are listed at are Kucoin,gate.io, hotbit, wbxexchange,lbank,uniswap,coinex,mexc,bkex,Decoin,bilaxy,coinw.
Question 7: Is openocean only available on etherum and binance?
Answered by @Obongxyprone : No it’s not It’s available on ONT, POLYGON, AND HOUBI.
Question 8? will openocean have NFTS?
Answered by @AkanimoRex :There hasn’t been any information about this, but hopefully, with the rise in interest in the NFT market, they might create room for NFTs.
This last question ended the AMA session, we thanked them for joining the AMA session and getting to know more about the OpenOcean project.
They were asked to visit the links below to know more about the project.
OpenOcean First DeFi & CeFi aggregator offers the best swap rate on ETH,BSC,ONT,TRON,SOLANA, & Binance.
Website: https://openocean.finance
Twitter: https://twitter.com/OpenOceanGlobal
OpenOcean ANNs: https://t.me/OOFinanceAnn
CN Community: https://t.me/OOFinanceCN .
Thank you.
