OpenOcean Integrates Chainlink Price Feeds to Help Secure Limit Order Functionality on Multiple Chains

We’re excited to announce that OpenOcean, an efficient DEX aggregator offering the best possible final swap return, has integrated Chainlink Price Feeds on Avalanche, BNB Chain, Ethereum, Fantom, and Polygon mainnets. By integrating the industry-leading decentralized oracle network, OpenOcean now has access to high-quality price data needed to help build reliable limit orders in DeFi.

Our initial integration involves the use of the following Chainlink Price Feeds: ETH/USD, BTC/USD, AVAX/USD, MATIC/USD, FTM/USD, LINK/USD, CAKE/USD, ANKR/USD, among others. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of 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.

OpenOcean ensures that swapping from one crypto asset to another will give users the best possible price across any and all DEXs. We pride ourselves on being the best swap spot in all of DeFi, and offer our intelligent swap routing without taking any protocol fees to guarantee the best possible final return. Additionally, we also now support limit orders on several chains, enabling users to create set and forget trades that are executed only when the price is right for them.

On top of using Chainlink Price Feeds, we have also upgraded our limit order mechanism. Instead of using only DEXs for price quotes, we combine both the AMM routing and RFQ from professional market makers to get our users an even more competitive rate on limit orders. OpenOcean users no longer need to sit by a screen and watch the price, as they can trust that we will buy or sell their chosen asset at their requested price as quickly as possible. If ETH trades at $1,600 today, users can set a limit order to swap $5,000 USDC to ETH when the price falls below $1,400, and another limit order to sell at $1,600. OpenOcean limit orders are completely free to use, and open up the opportunity for users to build automated strategies and save time when making trades.

Chainlink Price Feeds play a crucial role by providing a fair-market price that takes into account exchanges across the Web3 ecosystem, removing the need for us to manually check every source on our own. By integrating Chainlink Price Feeds, limit orders can be executed faster and more accurately, which ultimately leads to better prices for our users. Once price data provided by Chainlink Price Feeds crosses the limit order’s threshold, OpenOcean will then execute the trade using our intelligent routing algorithm.

In order to help secure our limit order functionality, we needed 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. Thus, we needed to make use of an oracle network to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.

After reviewing various oracle solutions, we integrated 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, leading to 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 more precise 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.

“Chainlink has always been the industry standard for decentralized oracle services. By integrating Chainlink Price Feeds, our users continue to get the best possible pricing on all their swaps, and the service helps ensure that any price data we use is precise, reliable, and most importantly, decentralized.” — Cindy, Co-Founder of OpenOcean.

About Chainlink
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.

Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.

About OpenOcean
OpenOcean is the most efficient DEX aggregator, integrating major DEXes across 16 blockchains. OpenOcean’s intelligent routing algorithm optimizes swaps for the maximum returns and is completely free to use!

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