Monero (XMR), the second largest cryptocurrency by market capitalization, has recently announced a new full aggregation (FAG) backed by Polygon, a multi-asset exchange (MEX) that is launching in an alpha version in the coming days. FAGs are aggregated funds that combine all your portfolio across all supported exchanges, allowing traders to seamlessly move between exchanges.
Since its inception, Polygon has been a proponent of emerging technologies and the decentralized web. This week, as a holiday gift, the team is expanding that support to a new, emerging protocol: the DeFi stack, and blockchain trading platform OpenOcean.
Tortola, British Virgin Islands, 9. July 2021
OpenOcean, a pioneering DeFi and CeFi aggregator that supports interoperability across networks, is pleased to announce a merger with Polygon to expand its distribution network and offer users better prices with low slippage.
The decision to merge Polygon was influenced by the community. When OpenOcean asked the community which network they would like to see aggregated next, an astonishing 48.7% of over 44,000 votes went to Polygon, far more than any other network.
Commenting on polygon aggregation, Cindy, co-founder of OpenOcean, said: We have learned that DeFi users and traders have a preference for merging more open and powerful Ethereum-enabled blockchain networks that offer cheaper and faster transactions.
Polygon is a protocol and framework that addresses Ethereum’s inherent problems, such as. B. the low speed and high cost of gas without compromising safety.
OpenOcean’s aggregation protocol provides liquidity and optimizes DeFi and CeFi transactions on large public blockchains such as Ethereum, Binance Smart Chain, TRON, Solana and others.
Following the merger with Polygon, traders will be able to use OpenOcean’s universal trading platform to obtain liquidity from Polygon’s exchanges and trade assets at the best prices and with low slippage.
OpenOcean plans to implement trading mining to encourage users to trade on Polygon. The company will award 100,000 of its own OOE tokens to users who make transactions through OpenOcean on Polygon in the next two weeks.
In the coming weeks, OpenOcean will release cross-chain aggregators that will allow users to trade and transfer assets between different chains and pairs. Transfer of assets between different public channels is possible via bridges and inter-channel protocols such as Matic Bridge V2.
OpenOcean is the world’s first full-service aggregator, bridging the isolated islands of the currently fragmented DeFi and CeFi markets. It finds the best price, with no additional commissions and the lowest slip rate for traders on the aggregate CeFi and DeFi using a deeply optimized intelligent routing algorithm. The platform also provides users with APIs and arbitrage tools for automated arbitrage transactions.
In addition to the swap pool, OpenOcean will continue to combine derivatives, yield, credit and insurance products, and will launch its own combined margin products and a smart wealth management service.
For more information, see: https://blog.openocean.finance/
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Polygon is a protocol and framework for building and connecting Ethereum-enabled blockchain networks. It is the first well-structured and easy-to-use platform for Ethereum scaling and infrastructure development. The core Polygon SDK component is a modular and flexible framework that supports the creation and connection of secure chains such as Plasma, Optimistic Rollups, zkRollups, Validium, etc. and standalone chains such as Polygon POS.
Polygon’s scale solutions have been widely adopted by over 400 Dapps, ~350 million transactions and over 1.5 million unique users.
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Frequently Asked Questions
What is DeFi in the crypto world?
DeFi is short for decentralized finance. It is a term used to describe the emerging crypto-based financial system that has been created by blockchain technology. What are the benefits of DeFi? The benefits of DeFi are many, but some of the most important ones include: Decentralization: DeFi is decentralized, meaning that it is not controlled by any one entity. This means that no single person or company can shut down the system. Transparency: The blockchain technology used in DeFi makes it possible to see all transactions and balances on the network. This transparency allows for trustless transactions and a more secure financial system. Flexibility: Because of its decentralized nature, DeFi can be customized to meet the needs of different users. What are the drawbacks of DeFi? The drawbacks of DeFi are many, but some of the most important ones include: Volatility: Because of the volatility of cryptocurrencies, it is difficult to predict how much a particular asset will be worth in the future. Lack of regulation: Because DeFi is decentralized, there are no regulations that govern it. This means that there is no one entity to enforce rules and regulations on the system. What are the different types of DeFi? There are many different types of DeFi, but some of the most important ones include: Stablecoins: Stablecoins are cryptocurrencies that have a stable value. They can be used as a store of value and to make transactions. The most popular stablecoin is Tether (USDT). Exchanges: Exchanges are websites that allow users to trade cryptocurrencies. They can be centralized or decentralized. The most popular exchange is Coinbase. Wallets: Wallets are software programs that allow users to store their cryptocurrencies and make transactions with them. The most popular wallet is Exodus. What is the difference between DeFi and crypto? The difference between DeFi and crypto is that DeFi is a term used to describe the emerging crypto-based financial system that has been created by blockchain technology.
How much is DeFi worth?
DeFi is worth $0.00.
Which coins are DeFi?
DeFi is short for decentralized finance. It refers to the use of blockchain technology to create a peer-to-peer lending platform that is not controlled by any central authority. What are the benefits of DeFi? The benefits of DeFi include: Lower fees No middleman No central authority to regulate the platform or take a cut of the profits. What are the drawbacks of DeFi? The drawbacks of DeFi include: Lack of regulation Lack of protection for investors. What are the risks of DeFi? The risks of DeFi include: Lack of protection for investors. Lack of regulation.