OpenOcean Integrates Ethereum Layer 2 Solution Loopring
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OpenOcean Integrates Ethereum Layer 2 Solution Loopring

May 7, 2021      Jafrin Ahmed

OpenOcean has become the first aggregator on Ethereum layer-2 after integrating Loopring Ethereum Layer 2. Among the main objectives of the integration includes fee reduction, the increase in the speed of order execution as well as avoiding the congestion of OpenOcean in periods of maximum Ethereum overload.

OpenOcean Integrates Loopring

OpenOcean has now become the first to integrate Loopring, a ZK Rollup protocol. Following the integration, OpenOcean will now be known as the first DeFi and CeFi aggregator.

The strategic collaboration is expected to bring enormous advantages such as providing users with the best access to liquidity, pricing, and the lowest slippage. Since the existing Ethereum network is facing congestion, resulting in high gas fees and delays, the integration comes to fix this issue.

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Fee reduction and order execution speed upgrades are the two main rationales behind the integration of Ethereum’s Layer 2. Also, the collaboration was intended to prevent OpenOcean from congestion in periods of maximum Ethereum (ETH) overload.

Loopring is the first scalable DEX protocol built with zkRollup, a type of secure Layer 2 scaling solution designed for Ethereum. Built on top of the Loopring protocol, the non-custodial Ethereum exchange comes with a highly performant AMM & order book-based exchange with Ethereum security guarantees.

OpenOcean Will Not Charge Any Fees for the Integration

Ethereum’s mainnet and Ethereum’s Layer 2 interact via a decentralized bridge, where users are charged with negligible gas fees only.

Since OpenOcean does not charge any protocol or trading fees for DEX aggregation, hence, OpenOcean is not charging any extra fees on top of the Loopring Layer 2 aggregation.

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OpenOcean has previously integrated many blockchains, including Ethereum, Binance Smart Chain, Ontology, and Tron. The team behind the CeFi/DeFi aggregator has highlighted that more blockchains will be integrated by the aggregator in the coming months such as Solana (SOL), Polygon Network (Matic), and Polkadot (DOT).

#Ethereum Layer 2 #Loopring #OpenOcean
Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.