DeFi Aggregator Protocol OpenOcean Completes Aggregation of Layer-2 Leader Arbitrum

Decentralised Finance aggregator protocol OpenOcean has completed the aggregation of leading Layer-2 scaling solution Arbitrum.
Image Source: OpenOcean twitter

Quick Take:

  • OpenOcean is a Decentralised Finance (DeFi) and Centralised Finance (CeFi) full aggregator protocol.
  • The platform said Wednesday it completed the aggregation of Arbitrum.
  • Arbitrum is a Layer-2 scaling solution developed on the Ethereum blockchain.

Decentralised and Centralised Finance aggregator protocol OpenOcean said on Wednesday it had aggregated leading Layer-2 scaling platform Arbitrum. Arbitrum is a scaling solution used by developers to scale up Ethereum projects. 

OpenOcean users will now be able to access several exchanges that run on Arbitrum, including UniSwap v3, Balancer v2, and SushiSwap, thereby helping to maximize their returns.

Cindy Wu, Co-founder of OpenOcean said the company was primarily responding to calls by the community to aggregate more Layer-2 solutions, thus allowing them to access more cost-efficient trading solutions within the Ethereum ecosystem. 

Wu also pointed to the hesitant display by some of its users that have been reluctant to trade on the Ethereum ecosystem to the cost. “With the Arbitrum aggregation, we mash two potatoes with one fork and our users can swap around the trading universe with one-stop trading on OpenOcean,” she said in a statement sent to media services.

Arbitrum has been gaining Total Value Locked (TVL) in recent months, thus gaining the attention of Aggregator platforms like OpenOcean. The platform is a full aggregator focusing on both centralized and decentralized finance solutions. Therefore, adding Arbitrum was going to happen at some point, given its involvement in Web3.

Steven Goldfeder, CEO and co-Founder of Arbitrum said, “We are thrilled to have OpenOcean joining the Arbitrum ecosystem. Low-slippage aggregated DEX trading is a phenomenal use cases of Arbitrum’s low cost and instant confirmation, providing an excellent experience for DEX traders.”

Arbitrum is designed to improve the processes of Ethereum Layer-2 smart contracts by boosting speed and scalability, in addition to more privacy features. It allows developers to run unmodified Ethereum Virtual Machine on a second layer without giving up the security benefits of Ethereum Layer-1. 

OpenOcean’s announcement of Arbitrum aggregation resulted in a temporary spike in the price of the aggregator protocol’s native token. 

Arbitrum’s response to the announcement on Twitter received positive chatter from users, who couldn’t wait to capitalize on the benefits that come with it.

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