OpenOcean Liquidity Pools were created to assist in bringing OpenOcean users the best possible pricing on their swap trades for OOE related pairs. The liquidity pools allow liquidity providers to pair their tokens in the OpenOcean app and get a share of swap fees proportional to their liquidity provided.
The liquidity provided is integrated directly into the OpenOcean App and accessible to swaps through the existing trading interface. For end users, the experience is smooth and consistent, acting no different than any other trade on OpenOcean. The only difference occurs behind the scenes, where OpenOcean aggregates from the OpenOcean liquidity pools on top of existing liquidity sources from decentralized and centralized exchanges.
The benefit to end users is cheaper overall trades on OOE related pairs due to lower trading fees charged by the OpenOcean liquidity pools. The benefit for liquidity providers is two-fold: earning trade fees and rewards of the OOE governance token for staking LP tokens into the OOE farms during the duration of the liquidity mining program.
OpenOcean Liquidity Pools are available on Binance Smart Chain initially with plans to expand to other blockchains OpenOcean supports later on. To ensure a secure and familiar experience, OpenOcean’s liquidity pools are based on PancakeSwap’s battle-tested contracts.
Through the introduction of OpenOcean Liquidity Pools, traders are able to enjoy a cheaper alternative to the industry standard of 0.25% or higher. The trading fee for swapping with OpenOcean Liquidity Pools is a flat 0.2%, where 0.15% goes back to the liquidity providers and 0.05% to the treasury. By introducing native Liquidity Pools, OpenOcean is able to ensure traders receive the lowest possible pricing on their OOE related swaps aggregated through their protocol.
In order to bootstrap initial liquidity, OpenOcean will be rewarding liquidity providers who stake their LP tokens in OpenOcean farms with the OOE governance token for providing the critical liquidity needed to offer lower fees and grow the ecosystem. The first pools to be incentivized are the OOE/BNB and OOE/BUSD pairs on the Binance Smart Chain network.
Liquidity Mining began on July 12th, at 1 pm UTC.
Pool 1 - OOE/BNB Reward allocated: 1,000,000 OOE Duration: 14 days Address: 0xa0b80538fe40660921ce9327879bd1156726d13d
Pool 2 - OOE/BUSD Reward allocated: 1,000,000 OOE Duration: 14 days Address: 0x70f591e38ad52a1f99c1e055759f1f31bcf3732e
To transfer OOE from Ethereum or Ontology to Binance Smart Chain to participate in liquidity mining, users can transfer OOE from Ethereum or Ontology to BinanceSmartChain via PolyBridge under the Farms page - Bridge. More details with guidelines are available here.
To participate in OpenOcean Farms and be able to earn OOE rewards, click here.
Participating in liquidity mining entitles you to receive the OOE governance token and become a member of the OpenOcean community of token holders. Governance token holders are able to shape the future of the OpenOceans own DEX protocol by creating and voting on OpenOcean Improvement Proposals (OIPs) to improve upon the protocol parameters, configurations, features, aggregations, and any other quality proposals the community raises and ultimately reaches consensus on.
OpenOcean’s DEX is based on the battle-hardened contracts of PancakeSwap.
OpenOcean's farming contracts have been audited by KnownSec on May 26, 2021. The contracts will continuously be auditing by third-party security companies. Next audits will be by CertiK and SlowMist.