It gives us immense pleasure to announce that we, Open Ocean, have successfully aggregated Loopring Ethereum Layer 2. That means there will be faster trading, very low transaction fees, and exactly a similar security level, just like the main Ethereum chain (layer one).
Open Ocean is now the first official aggregator of Ethereum Layer 2. The company is determined to provide more Layer 2 aggregation so that our users have the best possible access to pricing, liquidity and lowest possible slippage.
Open Ocean, as the first CeFI and DeFI complete aggregator, nourishes a primary objective to facilitate our users with low fee and the best possible prices. We intend to do that by liquidity aggregation from regular exchanges on CeFI as well as DeFI by application of intelligent algorithms. Open Ocean has aggregated DEXes on Binance smart chain, Ethereum layer 2, Ethereum, Tron, and Ontology for DeFI. Furthermore, we will provide continuous aggregation of mainstream exchanges on other networks, including Matic, Polkadot, and Solana. Similarly, we have aggregated Binance for CeFI and looking forward to aggregation with other mainstream exchanges.
Ethereum Layer 2 Integration- Why Do We Do That?
Ethereum, due to being a popular network, is always over-crowded, which means our users had to face long delays and high fees. However, with Layer 2, users will be facilitated with quicker solutions and lower fees without any compromise on Ethereum main chain level security. With Ethereum layer 2 solutions, chain transaction processing will be enabled, and the computation will be less congested. Moreover, there will be a cryptographic proof generation that a specific computation is completed accurately and is committed back to the main chain. Block validation is faster, cheaper, and needs less gas because of less data required for main chain commitment.
Looping Aggregation- Why Do We Do That?
Built with zkRollup, loopring is the first scalable DEX protocol and Ethereum-specific secure Layer 2 scaling solution. Loopring exchange is a non-custodial Ethereum exchange that is created on Loopering protocol. It is an order-booked based exchange with high performing AMM and Ethereum guaranteed security. With context to assets and users on the rollup, Loopring v2 is one of the leading Layer 2 for Ethereum.
Moreover, due to the aggregation of the Layer 2 order book of Loopering, Open Ocean will be able to give its users the same trading experience, just like Loopering’s order book. Users will be allowed asset transference to their layer 2 wallet on OpenOcean Pro. There will be gas fees when a user transfers assets to Layer 2 from Ethereum. Similarly, the user will have to pay a fee for withdrawing back to Ethereum chain.
Then, an integration between Ethereum layer 2 and Ethereum main chain will allow users to have easier and quicker inter-chain assets transfer. This also means that users will be able to get benefits such as faster transactions and no gas fee that is usually paid on Ethereum layer 2.
However, to see Layer 2 token pairs that are available on the OpenOcean Ethereum network, users will have to activate Layer 2. A user can choose a token pair and immediately trade the tokens, and that too without paying a high gas fee even if the network is highly congested.
What Are The Fees On Loopring?
We do not charge our users any trading or protocol fee for DEX aggregation. Also, there are no extra charges on the aggregation of Loopering Layer 2. However, the users will be charged with transaction fee in case of any withdrawal, transfer, swapping or trading in Layer 2.
These fees are credited to the zkRollup operator (Loopering relayer) for motivating active participation and enhanced functioning in Layer 2.
Open Ocean provides aggregation for Loopring Layer 2’s order book exchange. That means the trading fees on the order book will be according to the maker-taker model.
The fee for takers is 0.25 per cent. Takers are those users who, when submit a market order, subtract or deduce liquidity from the order book.
The fee for makers is -0.02 per cent (negative bps). Makers place an order and set a bid limit price. They are responsible for adding liquidity to the order book. An order cannot be executed unless the price limit is met. Makers, just like LPs, also get rebates through liquidity contribution participation. On every filled order, a maker earns 2 bps. Also, the rebates will be distributed to the layer 2 account.
The fee for takers is 0.04 per cent, while it is still -0.02 per cent for makers on Stablecoin pairs Vs. stablecoin.
You can start trading in Ethereum Layer 2 by proceeding to Open Ocean
If you are a beginner, you can read the guidelines on how you can use the Layer 2 Loopring Exchange on Open Ocean.
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2021-05-06 10:18:37
