Year 2020 was characterized by the boom in DeFi space, it was dominated by the likes of 1inch, UniSwap, etc which offer swap facility. Now, the problem with these existing options in that I am not able to compare it with the prices an CEX - like Binance, or Huobi offers. What's the answer?
SwapSpace is a aggregator platform where users get best of both the worlds from both DEXes & CEXes. Users would be able to compare prices & swap their tokens from a host of top exchanges and/or DeFi platforms. You can create an account on SwapSpace from my affiliation link.
In the below article we will touch upon another aggregator platform of this kind known as OpenOcean . It is a passage to efficient swap functionality with low fees. .
Both platforms are meant for offering BEST EXCHANGE & LOWEST SLIPPAGE by applying a deeply optimized intelligent routing algorithm.
What kind of swap ?
In crypto world, there are two kinds of Swap,
(a) Converting a Token from its base blockchain to anothe i.e. Cross-Chain Swap r. For ex, NASH token migration from base NEO blockchain to ETH Blockchain
(b) More popular, converting a token from one to another i.e. swapping coins. For ex, converting ETH to UNI, or DOGE to XML, or wBTC to AAVE
Both platforms offer both of these facility, and we can do Coin Swap + Cross-Chain Swap
If you are hearing about SwapSpace for the first time then it would be better if you go through this video shared by the Official SwapSpace Youtube Channel
To have a quick know how about OpenOcean check out the official video. Short & Precise.
1) Registration
Same process for both of them. Only email required. NO KYC needed.
(Except as and when required by the CEX partner like for Binance, if you have more than 2 BTC withdrawal in 24-hour you need to go for ID Verification)
2) Platform/UX
Both platforms are equal and simplistic to use. But I found OpenOcean interface more appealing.
3) Modes
SwapSpace has edge over here. It has kept the platform simple and easy to use. Once you enter the Swap request you can actually see the BEST PRICE which is across CEXes & DEXex. The complete guide on how to use SwapSpace Platform
OpenOcean has two modes:
a) Classic Version - is used for swapping tokens only with DEXes. How to use OpenOcean Classic
b) Pro Version - this includes both CEXes & DEXex for swap functionality. Also you can do charting. How to use OpenOcean Pro
4) Coins , Platforms & Fees
A) Coins
As per CMC, OpenOcean has 81 crypto pairs and a user has option to choose from 6 Blockchain Mainnets namely = ERC-20, BNB Smart Chain, TRX Mainnet, ONT Mainnet, SOL Mainnet, Polygon Mainnet, and HECO Chain. (Note: POL mainnet is also under the works) OpenOcean has a recorded 24-HR trading volume equivalent to ~50 BTC (approx. $1.5 Million)
Moving over to SwapSpace, I couldn't find exchange listed at any major Price Aggregator like CMC/ CoinGecko.com. Nevertheless, SwapSpace offers exchange service to 450 different cryptocurrencies. And, here also we find that there is dropdown option to choose the blockchain in which we want the currency in as shown in the picture below :
With OpenOcean's limited availability of trading pairs, SwapSpace is way ahead than OpenOcean
Also , a point to note is the depth of liquidity with SwapSpace is supreme
B) Platforms
OpenOcean has only one CEX i.e. Binance and from world of DeFi all major ETH/BNB platforms could be found like Uni, Pancake, Sushi, Kyber, etc. They have plans to loop in Coinbase in future.
Whereas
SwapSpace has leapt forward with integration with all prominent CEX & DeFi protocols. Here, SwapSpace has clear edge and is truly serving its users with what they came here looking for. Moreover, the rating & reviews further strengthen my belief as an user.
Found TRUST in this TRUSTLESS space
C) Fees
In this aspect, both of these non-custodial platforms(i.e. user is in-charge of their private keys) don't charge any additional fees to their client. You'll have to bear the gas cost.
5) Governance Token
OpenOcean has a governance token by the name of $OpenOcean [ $OOE ] which gives the token holders benefits like reduction in fees, discount in services, opportunity for liquidity mining, etc. The coin was trading at $0.24 apiece, and is available at marketplaces like Gate/Kucoin/Pancake, etc.
Whereas
SwapSpace has NONE. And, personally I like this, with growing number of coins & platforms each day I don't want to invest in a coin whose only utility is providing discount on the service on its parent platform. In that regard, SwapSpace fares better than the opponent.
6) Passive Income
a) OpenOcean has no affiliation program but it has done Airdrops for $OOE token hodlers. The airdrop rules indicate that you need to have had successfully traded wort $40 to be eligible. Also, they have had two airdrops till now. Read Complete announcement here
b) Platform offers DeFi opportunities like by becoming a Liquidity Provider to OOE-BNB , OOE-BUSD pairs. Also you could farm your tokens for extra yield. However, the base currency for both of them is $OOE
Whereas
a) SwapSpace has a generous affiliation program where you can get handsome commissions for bringing in clients who in turn get amazing service.
Create your account on SwapSpace via this link
b) For content creators and vloggers there's another program where you can earn upto $66 for creating an explanatory YouTube video about the platform. See the announcement and conditions here
Tip: The video I shared about the platform explanation on the top stems from this community driven contest only
c) SwapSpace doesn't have a standalone airdrop program of its own but it hosts many airdrops being run in the crypto space. Here you could find the airdrop amount, deadline, and steps to participate. Check it out here
Tip: Most of them aren't worth your time. Golden Age of airdrops is OVER.
With the Airdrop Aggregation, SwapSpace is becoming a one-stop shop for all your needs
7) Swapping Facility / Exchange Service
For this, we judged them on same parameter.
Converting 2000 $USDT into ETH
SwapSpace
- Super Easy and Effortless
- Took 2 clicks
- Understandable results across DeFi / CeFi
OpenOcean
- Difficult to choose a pair
- Swap happens based on availability of a pair. I couldn't find a basic pair of BTC/ETH
- Results were difficult to understand
Ignoring the small price fluctuation.
SwapSpace is clearly KING!
Conclusion
Both aggregators are the first of their kind, and have great roadmaps listed with numerous more features and services coming in future. We hope the platforms are able to deliver and have great successful run. Till then we would encourage our readers to test the waters with care.
Follow SwapSpace & OpenOcean Official Twitter Handle
All the Best!
Also I have a surprise for all patient readers. Answers to Binance Week2 BSC Learn Quiz
Answers can be found in this video -
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