DEX aggregator OpenOcean expands to Solana
OpenOcean, an aggregation protocol that stretches across centralized (CeFi) and decentralized finance (DeFi), has expanded to the Solana network. It will allow users to trade the popular Solana network tokens including the native SOL, giving them the best rate with minimal slippage.
OpenOcean has risen to prominence in the recent past as one of the most popular crypto aggregation protocols, taking the best from both the CeFi and DeFi worlds. It operates on some of the most popular blockchain protocols in the world. They include the Ethereum blockchain, Ethereum Layer 2, Ontology, TRON and the fast-rising Binance Smart Chain (BSC).
It’s now expanding to Solana, the aggregator revealed in a May 28 announcement. It cited the massive interest from the Solana community as the key reason for the latest integration.
After receiving a massive number of requests from our community, including over 14,000 votes via Twitter to aggregate Solana, we are pleased to announce that OpenOcean has now expanded to the Solana network!
OpenOcean will provide a versatile platform that will connect all DEX trading opportunities for Solana and automatically find the best options for the traders. Traders will access the native token SOL as well as other Solana ecosystem tokens including RAY, FIDA, SRM and OXY. By using the platform, traders will have a one-stop solution that takes away the need to hop from one DEX to the other to obtain the best swap rate.
The growth of DeFi on Solana
The integration will provide yet another option for the Solana ecosystem, one that’s been growing aggressively in the past year. More developers have continued to prefer the Solana blockchain for its low fees and high transaction throughput. The network boasts of being able to process 50,000 transactions a second, close to matching the capacity of one of the world’s biggest payments platforms – Visa.
In the past year, there has been an explosion of DeFi, most of which is concentrated on Ethereum. However, more projects are choosing alternatives that are cheaper, more efficient and faster. Solana has been one of the more serious alternatives. As a result, in the past year, several projects have sprung up in the Solana ecosystem, attracting not just a bevy of users, but also some of the most renowned investors.
Just recently, startup accelerator DeFi Alliance backed its first Solana project – Mercurial Finance. The Alliance, which counts companies like Coinbase as its mentor, invested $100,000 in the project. Mercurial also boasts of having Huobi, OKEx, the Solana Ecosystem Fund and Alameda Research as its other backers.