OpenOcean integrates Aurora, adding the 16th protocol to its family of supported blockchains
DeFi aggregators like OpenOcean, 1inch, and Autofarm are gaining traction as investors look for more ways to benefit from multi-chain exchanges and continuous asset bridging. In the last 30 days, the top 3 decentralized exchange aggregators attracted more than 130,000 unique active wallets.
- DeFi aggregators revolutionize crypto trading and investing by allowing users to easily trade assets between different chains. Users also benefit from the best rates on all dapps of these chains.
- OpenOcean integrated the Aurora blockchain on May 9, allowing users to exchange tokens to and from the chain. As 1inch continues to drive mainstream adoption with the integration of traditional financial platform Transak
- DEX aggregators often support the biggest players in the DeFi space. These include Ethereum, Polygon, BNB Smart Chain, and Avalanche. However, they also offer rising stars like Aurora to give you an edge over the others.
- The most popular DeFi aggregator is 1Inch, which has attracted more than 100,000 unique active wallets in the last 30 days.
What are DeFi aggregators?
DeFi aggregators are a relatively new product for the crypto world because the multi-chain paradigm is still in its infancy. Connecting different blockchains and facilitating simple and secure bridges has proven to be a challenge.
However, as blockchain technology develops and teams get even better at creating these multi-chain connections, DeFi aggregators are gaining ground. You may be wondering, what does a DeFi aggregator do?
The answer is simple. It takes exchange rates and trading conditions across numerous dapps built on multiple chains, allowing investors to benefit from the best possible bid or ask rates. Just as NFT aggregators find the best selling price on various secondary markets, DeFi aggregators find the best exchange rates on numerous dapps and protocols.
OpenOcean integrates Aurora
OpenOcean is among the most popular DeFi aggregators and supports one of the largest chain wallets. The latest blockchain integrated into OpenOcean is Aurora, a fast layer 2 solution that aims to improve Ethereum blockchain operability issues.
OpenOcean’s intelligent routing algorithm finds the best price and low slippage for traders on centralized and decentralized exchanges without additional fees. With the addition of the Aurora network, OpenOcean users will have the opportunity to trade tokens on Aurora at the best possible market prices. Currently, Aurora swap offers will come from nine different liquidity providers such as DODO Swap and NearPad. DODO Swap is one of the DEXs with the largest number of supported chains, including Ethereum, BNB Smart Chain, Avalanche, and Moonriver.
According to the official integration announcement, Aurora also has block confirmation times of just over 1 second and transaction completion times of around 2 seconds. This is exceptionally fast, allowing Aurora to compete with any high-performance blockchain on the market. Transaction costs are currently below $0.30, making the chain a perfect option for active DeFi traders.
A true multi-chain approach
The multi-chain paradigm is the next important milestone in the development path of blockchain technology. Everyone at DappRadar is a strong believer in taking this multi-chain approach, which is why we strive to add support and tracking for new blockchains every day.
DeFi aggregators spanning multiple blockchain ecosystems really emphasize the strength of the multi-chain approach. Allowing merchants to benefit from the supply and liquidity of multiple blockchains gives multi-chain aggregators an edge over the competition. Additionally, screening hundreds of liquidity providers and exchange offers allows investors to benefit from the lowest exchange price available.
DappRadar will continue to monitor the DeFi space as it prepares to deal with the current downtrends in the market. For more information on DeFi dapps, check out DappRadar DeFi’s full rankings. Also, you can follow DappRadar on Twitter to get the latest DeFi news and updates first.