January certainly hasn’t been slow this year with the entire crypto market seeing double-digit gains across the board, it’s certainly not a mystery as to why. With January being a huge start to 2023, the crypto market has been busy and OpenOcean is no exception! We’re going to take a quick look at some of the most notable parts of January and delve into what we’ve been up to.
Volumes
The beginning of 2023 has been nothing short of exciting. Overall trading volume of the market has recovered a lot and we’ve seen that mirrored on OpenOcean. In comparison with December 2022, our total trading volume spiked by 466%.
By far our biggest trade of the month was a $154 million dollar ETH trade routed through DeFiLlama’s Meta-Aggregator and OpenOcean.The funds used were that of the notorious wormhole hacker, the trade was initiated by using DefiLlama’s comparison tool and received the absolute best trade rate through OpenOcean. As OpenOcean has integrated Lido and $stETH, when trades the size that the hacker submitted pass through our platform we can break down trades via multiple routes to get the best swap rates.
Our biggest volume gain was for the Ethereum network which clocked in at 4,068% growth. Volume increases across the most successful networks included Optimism at 286%, Avalanche at 238%, Polygon at 234%, Aptos 221%, Fantom 220% and Arbitrum 132%.
We’ve also noticed a marked increase in the returning DAU (daily active users) with Fantom at 183.89%, Avalanche 152.68%, Polygon 136.58%, ETH 102.14% and Arbitrum 90.92%.
At the tail end of December we released our brand new cross-chain swap feature. Our new tool lets you include a swap as part of the bridging process. Although a relatively new feature, we’ve seen over 1m in volume pass through since it was launched and due to this success, was then launched on Optimism. In the future we hope to expand this service by integrating more efficient bridges and expand to even more chains.
Development
In January, our new trading platform — Perpetual futures — was built into OpenOcean. What originally started as a DAO proposal has spiraled into it’s own beast. The OpenOcean futures platform was launched with up to 25x leverage and up to 20% discounts in trading fees by using OOE.
To continue improving our on-chain swaps across all of our supported networks we’ve had to stay on-the-ball with regards to adding more liquidity sources and providing the best possible pricing. Some of the most prominent integrations in January have been the likes of Mummy Finance, TraderJoe, Camelot, MMF, Kyber Elastic and the BTC Verse Dex.
DefiLlama released their meta-aggregator tool in January to much aplomb, aggregating OpenOcean and several of the top DEX Aggregators. Thanks to our tremendous growth, DeFi Llama has aggregated all of our on-chain swaps via our API. It benefits their users to enjoy our advanced routing algorithm and to know they’re getting the best price through DefiLlama. Their new tool is a great addition to the growing list of #DeFi tools users rely on, but more importantly it’s given us an arena to showcase our how good our native swap algorithm is.
Another new partner of ours, Symbiosis, is a swap and cross-chain provider who has integrated with the OpenOcean API for direct on-chain swaps on their site. To know more about how we worked with Symbiosis, the AMA we attended as part of the announcement can be heard here.
Community
Don’t forget it isn’t always about us, we wouldn’t be here without our dedicated and loyal community. Speaking of users, 300k+ of you now follow us on Twitter. Moving forward we’re using Twitter as a base from which to launch all of our ongoing and current campaigns.
We’ve also launched on CoinMarketCap and have been racking up followers there like crazy — we’re up to just over 8,000 now. Make sure to follow us on CMC because we also provide content there in the way of dedicated crypto articles for everyone to read. Recently we started a series looking at the upcoming Shanghai upgrade to educate our users before the network upgrade.
We don’t just run campaigns on social platforms, near the start of January we launched a campaign with our existing partner Hummingbot. With Hummingbot’s help we launched a 12 week liquidity mining campaign on Kucoin for our $OOE token — this campaign is still ongoing and just another step to we’ve taken to show our users that we’re here to provide value for the community.
Everyone loves an AMA and we do too, that’s why we’ve also tried to keep the gas pedal on increasing our visibility in as many community spaces as we can. This month we attended dedicated AMA’s with Pontem Wallet on Aptos, Celer to discuss our bridge offerings as well as the Fantom Vertical Blocks podcast.
Looking to the future
January has been nothing short of busy for us here at OpenOcean but that doesn’t mean that we’re not also looking ahead to the future. The Ethereum Shanghai upgrade is a huge narrative for the Ethereum network and we’ve already acknowledged where we can introduce more features to OpenOcean to heighten the experience of the upcoming upgrade. Not only do we list all major liquid staking tokens but you’ll be able to compare the different platforms and enter the staking pools all from one handy interface.
Work is still ongoing on our one-of-a-kind NFT Aggregator. We’re confident that what we’re building will elevate this particular feature in the market and show people the real power of aggregators.
We’re also still focused hard on building out OpenOcean into a crypto hub, we’re focused on growing our footprint in the market and making sure that absolutely everything we do is all focused on bringing that great user experience to our community ❤.
About OpenOcean
OpenOcean is the leading dex aggregator and cross-chain swap aggregator providing the best swap returns with intelligent routes on 18+ chains, 200+ dexes and 50b+ in liquidity.
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