Home Cryptocurrency OpenOcean Tutorial: How to Use OpenOcean? OpenOcean Fees

OpenOcean Tutorial: How to Use OpenOcean? OpenOcean Fees

by Serge Shlykov

OpenOcean is an open-source project that allows people to create their own decentralized, peer-to-peer ocean ecosystem. It’s a platform for creating and managing games that use the blockchain as a foundation.

Pancakeswap is a cryptocurrency that uses the Waves platform. The OpenOcean tutorial will explain how to use Pancakeswap and what fees are associated with it. Read more in detail here: pancakeswap.

OpenOcean is a decentralized complete aggregation protocol that supports centralized exchanges as well as different blockchains like as Ethereum and Binance Smart Chain.

OpenOcean may be used to compare prices across decentralized exchanges and to arbitrage between DEXes and centralized exchanges.

In this video, I’ll teach you how to utilize OpenOcean and provide you with information on Fees for OpenOcean and other information that you’ll need to trade on the platform.

What exactly is OpenOcean?

OpenOcean is a platform that enables users to discover the lowest rates on decentralized exchanges based on different chains like as Ethereum, BSC, and TRON. It was launched in September 2020.

Cross-chain swaps and arbitrage between decentralized and centralized exchanges are also possible with OpenOcean.

The platform is actively being developed, and you will be able to access additional blockchains and centralized exchanges in the future, as well as utilize other platform features.

Chains that are supported by OpenOcean

Ethereum, Binance Smart Chain, Ontology, and TRON are presently supported by OpenOcean.

The platform pools liquidity from a number of decentralized exchanges based on different blockchains to provide you with the best possible pricing on the network you’re trading on.

OpenOcean fees

OpenOcean does not charge any platform fees and uses OOE tokens to cover slippage losses.

When you use the platform to make a deal, the trading fee and transaction fee you pay are determined by the decentralized exchanges from which liquidity is derived, as well as the blockchain.

What is the best way to utilize OpenOcean? On OpenOcean, you may trade.

You’ll need a bitcoin wallet to trade on OpenOcean and access and utilize decentralized apps.

Connect your wallet to OpenOcean in the first step.

For the Ethereum blockchain, OpenOcean presently supports MetaMask, Ledger, Portis, and a number of other wallets.

You may use MetaMask, BSC Wallet, TronLink, Cyano Wallet, and ONTO Wallet to access the Binance Smart Chain, TRON, and Ontology platforms using wallets like MetaMask, BSC Wallet, TronLink, Cyano Wallet, and ONTO Wallet.

To link your wallet to the platform, go to OpenOcean and choose either the pro or traditional trading interface.

Choose the blockchain you wish to trade on on the trading page, then click “connect wallet” to link your wallet to the platform.

Step 2: Using OpenOcean to do a swap

After you’ve selected the blockchain and connected your wallet to OpenOcean, go to the “from” area and input the amount you wish to exchange.

In the “to” area, choose the cryptocurrency you wish to convert to. The protocol will compare costs across different DEXes and provide you the best deal.

OpenOcean Tutorial: How to Use OpenOcean? OpenOcean Fees

You can view the decentralized exchange that will be utilized for your order as well as less favorable pricing on other exchanges if you select the “exchanges” tab.

OpenOcean Tutorial: How to Use OpenOcean? OpenOcean Fees

Click the ”swap now” button, then the ”confirm” button to complete the switch. You may also change your pricing tolerance and the gas price before that.

OpenOcean Tutorial: How to Use OpenOcean? OpenOcean Fees

Slippage in the open ocean and the price of gas

You may modify the pricing tolerance and gas price before performing a swap on OpenOcean. You may also choose which decentralized exchanges will be utilized for your order.

To modify the default settings, go to the switch interface and select the settings button. You may choose a figure for price tolerance such as 0.5 percent, 1 percent, or 3 percent, or input a custom number.

To perform a quicker transaction, choose fast or immediate instead of standard in the gas price area, or input a custom / cheaper gas price.

OpenOcean Tutorial: How to Use OpenOcean? OpenOcean Fees

On OpenOcean, you may trade on the Binance Smart Chain.

You may start trading on Binance Smart Chain by selecting the BSC network on OpenOcean and linking MetaMask or BSC Wallet to the platform.

OpenOcean pools liquidity from a number of decentralized exchanges based on the Binance Smart Chain, allowing users to trade BEP20 tokens.

Many pegged tokens are accessible on Binance Smart Chain, allowing you to exchange your BEP20 tokens for BUSD, USDC, USDT, and BTC.

OpenOcean Tutorial: How to Use OpenOcean? OpenOcean Fees

When you use OpenOcean to conduct Binance Smart Chain token swaps, the protocol compares prices from a number of BSC-based decentralized exchanges to ensure you get the best deal.

OpenOcean Tutorial: How to Use OpenOcean? OpenOcean Fees

If you wish to utilize OpenOcean’s CEX mode, you must first create an account on the platform. Other decentralized exchange reviews may be found here:

OpenOcean is a decentralized exchange built on the Waves blockchain. It allows users to trade cryptocurrency without any fees. Reference: what chains / networks are currently supported on openocean.

Related Tags

  • openocean medium
  • open ocean ido
  • openoceanglobal
  • which centralized exchange has openocean aggregated?

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