DeFi Aggregator OpenOcean Adds Layer-2 Solution Arbitrum

OpenOcean has announced today the official aggregation of Arbitrum as well as its decentralized exchanges (DEXs), such as UniSwap v3, Balancer v2, SushiSwap, Curve, DODO, Synapse, and Swapr.

With the maneuver, users from OpenOcean could trade on multiple Ethereum Layer-2 constructions via Arbitrum, which has experienced an increase in its total value locked (TVL).

Ethereum Layer-2 Ecosystem Development

Arbitrum’s network allows performing transactions at lower costs than Ethereum through Layer-2.

“On the one hand, we know our users are trading on Ethereum and have been requesting us to aggregate more Layer-2 solutions to access cost-efficient and fast trading while still being in the Ethereum ecosystem. On the other hand, we also know that some of our users have been hesitant or directly reluctant to trade on Ethereum due to the cost. With the Arbitrum aggregation, we mash two potatoes with one fork, and our users can swap around the trading universe with one-stop trading on OpenOcean,” Cindy Wu, Co-Founder of OpenOcean, commented about the integration that aims to expand its one-stop trading solution.

Arbitrum’s Current Market Share Per TVL

Overall, Arbitrum has over 40% of the market share of the Layer-2 TVL, according to metrics from l2beat.com. The next ones on the ranking are dYdX, Boba Network, Loopring, and Optimism.

As of press time, OpenOcean had integrated major decentralized exchanges across public chains, including Ethereum and Layer 2, Binance Smart Chain, Avalanche, Polygon, Solana, Fantom, HECO, TRON, and Ontology.

The DeFi and CeFi aggregator noted that they plan to add more cross-chain swaps and protocols, and products while also planning to launch intelligent management services in the future.

Recently, Binance Smart Chain (BSC) partnered with Animoca Brands to launch a $200 million fund specifically for GameFi projects. Each partner will invest up to $100 million to support the projects. In addition, Binance said it would be investing from its $1-billion accelerator fund set up for decentralized finance (DeFi), nonfungible tokens (NFT), and GameFi.