OpenOcean Will Integrate Chainlink Price Feeds to Secure Limit Order Functionality

Our community has been increasingly asking our team for limit order swaps in order to eliminate the burden of waiting around for a certain price or missing an opportunity to trigger a swap at a desired price. Therefore, we’re excited to announce that OpenOcean — world’s first full aggregation protocol — will integrate Chainlink Price Feeds for limit order functionality on Ethereum, Binance Smart Chain, Polygon, and more to come.

Much in the same way that users can set limit orders on centralized exchanges, you’ll soon be able to set limit orders on decentralized exchanges as well. Limit orders allow traders to place buy or sell orders for any asset at their desired price that will automatically get executed only if the conditions specified are met. For example, you can set a limit order to sell ETH if the price drops below $3,000 USD or buy OOE if the price goes above $1 USD. All you have to do is set an order and then go enjoy your life, taking comfort in the fact your orders will trigger while you’re away, or even asleep!

In order to secure our limit order functionality, we need access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments, so we need to make use of an oracle to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.

By integrating Chainlink’s industry-leading decentralized oracle network, OpenOcean will have access to high-quality, tamper-proof price feeds needed to trigger a swap at a desired price. With this, our users can sleep more comfortably knowing they have both the ability to protect themselves against volatile market conditions and the means to seize opportunities whenever they arise.

We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already secures leading DeFi protocols responsible for billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.

“We’re happy to integrate Chainlink Price Feeds and enable limit orders for our users. As a trader myself, I understand the frustration of having to sit in front of the computer and monitor prices in order to get the desired outcome from a swap. With Chainlink Price Feeds, we now have a solution for limit orders on swaps that is cost-effective, reliable, and secure.”

Cindy Wu, Co-founder of OpenOcean.

After reviewing various oracle solutions, we selected Chainlink Price Feeds because they provide a multitude of critical features such as:

• High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, ensuring broad market coverage through price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates accurate global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
• Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.
• Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.
• Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.

OpenOcean will later on integrate Chainlink Keepers to further enhance the limit order functionality. Chainlink Keepers is a decentralized network of professional DevOps incentivized to automate the calling of smart contract functions when predefined conditions occur. Third-party smart contract automation functionality is necessary because smart contracts are inherently unable to self-execute on their own. They need to be poked by an on-chain transaction that informs their contract logic to execute.

About Chainlink
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.

Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.

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About OpenOcean
OpenOcean is the world’s first DeFi & CeFi full aggregator. OpenOcean’s intelligent routing algorithm finds the best price and lowest slippage for traders across centralized and decentralized exchanges with no additional fees. As one-stop entrance, we aggregate major exchanges DEXes across 9 public chains, Ethereum, Ethereum Layer 2 (Loopring), Binance Smart Chain, Avalanche, Solana, Polygon, HECO, OKExChain, Ontology, TRON, and CEX on Binance. OpenOcean will continue to support cross-chain swaps via bridges and cross-chain protocols, and more cross-chain protocols and aggregate more DeFi & CeFi products such as derivative, lending & Insurance products.

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