OPENOCEAN USAGE AND FEES
OpenOcean is a highly unique, revolutionary crypto project, whose objective is to give users maximum satisfaction on every arbitrage transaction executed. One essential aspect of this project every participant should have at least a fundamental knowledge of is the usage and fees on OpenOcean. And this article is going to give you just that; detailed information, on everything you must know regarding usage and fees when making arbitrage transactions on OpenOcean.
WHAT CAN OPENOCEAN BE USED FOR?
- SWAPPING: You can be sure to get the best prices for every swap, with an extremely low possibility of slippage on the market.
- ARBITRAGE: This is conducted between Decentralized exchange (DEX), and Centralized exchange (CEX)
Let’s do a detailed breakdown of how it all works. If a user has 1000 LINK on a Binance account, for instance. The LINK and USDC pair-to-pair price on Binance stands at 12.5987.
If the user imputes 1000LINK simultaneously on OpenOcean to get the most favorable swapping price for LINK and USDC. OpenOcean finds a good price at 12293UDSC.
On CEX(Binance), LINK/UDSC currency pairs have prices that are more attractive compared to the price of DEXes. For this example, our user exchanged 1000LINk for 12293USDC on a centralized exchange while exchanging the same 12293 units of USDC on OpenOcean for 1024.8 LINK. All at the same time!
Now do the math and determine the net trade and net profit of the arbitrage transaction. They both stand at a juicy 24.8 LINK and 2.48% respectively. Pretty worth it if you ask me.
USERS THAT CAN MAKE TRANSACTIONS ON OPENOCEAN ARE:
- New coin holders: They can always discover superb opportunities to trade on OpenOcean.
- Traders with Arbitrage strategies: This includes institutional investors. On their part, OpenOcean provides the perfect API and services to suit the needs of these two classes of users.
- Users who wish to hold a specific amount of token for some time and still make profits off tokens. They can do this smoothly on OpenOcean. The Arbitrage offer is a risk-free option for them.
- Decentralized exchange(DEXes) users.
- Users with both wallet and Centralized exchange (CEXes)accounts.
USERS THAT CAN MAKE USE OF SWAP ON OPEN OCEAN
Swap transactions on OpenOcean can be carried out by any user with a wallet. OpenOcean gives great opportunities for users to make as many swap transactions as they want, and still find the best swap prices on the market automatically. They also get the lowest possible slippages on the market while conducting transactions.
Also on OpenOcean, users get several incredible, diversified options to choose from on decentralized exchanges they wish to use. I think this is a really big plus as a lot of users prefer to use a specific exchange for their transactions.
WHEN WILL AN ARBITRAGE OPPORTUNITY OCCUR?
On OpenOcean, Decentralized exchanges(DEXes) rely on oracles for the price increase and most of them utilize AMM mechanisms. This is an indicator of the various prices between DEXes. Also between DEXes and CEXes. The result is multiple opportunities for arbitrage transactions at all times.
OPEN OCEAN FEES
Defi users are provided with a transparent pricing mechanism by OpenOcean with no additional protocol fee charged on transactions made. No fees are charged to users for current route-finding functions as well.
But OpenOcean will charge fees from:
- Products that are combined marginally.
- Institutional investors running investment strategies through OpenOcean’s UI. An API is made readily available for several traders and institutions as well.
- Management services regarding intelligent wealth.
- Primary Membership Edition (PME): This is a SAAS that enables arbitrage opportunities between Decentralized exchange (DEXes) and Centralized exchange(CEXes), it also executes this automatically.
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