OPENOCEAN PARTNERS WITH ARBITRUM
Hey guys!
So! In this article, we will be talking about OpenOcean’s partnership with Arbitrum and the benefits this partnership entails.
As we all know, as networks are maturing, several chains have battled with increased network traffic and prices keeps increasing. But goodnews!! OpenOcean is happy to announce the addition of Arbitrum to its portfolio of top decentralized exchanges, which include UniSwap v3, Balancer v2, SushiSwap, Curve, DODO, Synapse, and Swapr.
But first, what is OpenOcean ?
OpenOcean is an aggregator that provides the best prices across decentralized and centralized exchanges while maintaining high trading efficiency. As the world’s first DeFi and CeFi full aggregator, OpenOcean has aggregated major DEXes across public chains which includes; Ethereum and Layer 2, Arbitrum, Binance Smart Chain, Avalanche, Fantom, Polygon, Solana, HECO, TRON, Ontology, and Binance.
What is Arbitrum?
Arbitrum is an optimistic rollup technology which enables Ethereum smart contracts to grow by sending messages between Ethereum main chain smart contracts and Arbitrum second layer chain smart contracts. Much of the transaction processing is done on the second layer, and the results are recorded on the main chain, which greatly improves speed and efficiency.
BENEFITS OF THE PARTNERSHIP
- OpenOcean aggregates Arbitrum to offer users maximum returns on multiple Ethereum layer 2 constructions.
- The service is provided by the aggregator over several networks at no additional cost to the users.
- Aggregating layer-2 structures will enable the protocol to reach a larger user base and generate new revenue-generating options for thousands of users. Arbitrum is a natural fit for OpenOcean, since it accounts for more than 40% of the layer-2 TVL market share.
- Users can swap around the trading universe with one-stop trading on OpenOcean.
- This is advantageous for users that choose to stay inside the Ethereum ecosystem and seek scaling solutions rather than migrate to other chains.
Why Arbitrum?
Arbitrum is a layer 2 construction that runs on top of Ethereum’s base layer. It aspires to feel precisely like you’re dealing with Ethereum, but with transactions that cost a fraction of what they do on layer 1, drastically lowering costs for typical workloads.
How to Bridge assets to Arbitrum
- Check to see whether you have a wallet that supports Arbitrum (We recommend MetaMask). Or you could go to the Arbitrum One Portal to discover which wallets support Arbitrum and ensure that OpenOcean does as well.
- Connect your wallet to the Arbitrum One network and begin linking assets with Arbitrum Bridge.
- Given that ETH is the native token for Arbitrum, you will need to bridge some ETH in order to transact. Other bridges that facilitate cross-chain asset transfer to Arbitrum include cBridge, AnySwap, Synapse Bridge, and the Hop protocol.
- Once the transfer is completed, head over HERE, connect your wallet, select Arbitrum network to begin trading!
Any information you do not understand, please drop a comment and I will explain further. Thank you. 😊
IN CONCLUSION
OpenOcean will keep on facilitating cross-chain swaps through bridges and cross-chain protocols, gather more DeFi and CeFi devices, and introduce intelligent management services.