Progress Update #3 — August 2018
We launched at the tail end of summer, but we’re still heating up.
Welcome to another edition of our Progress Update series. The market may be turbulent, but our team is as focused as ever on building a great product. Read on to receive a quick recap of what we were up to last month and where we’re headed in September!
Dive into The Ocean
After a year of experimentation, innovation, and hard work, we launched our high performance, institution-grade platform for decentralized trading. If you haven’t already, create an account and verify your identity to get started.
Since then, we’ve made some updates:
- Language support for Korean, Russian, English, Japanese, Chinese, French, Portuguese, and Spanish [Dashboard]
- Single user history endpoint for info on historical orders
(user_history/[orderHash])[API] - Single user history endpoint
(full_user_history)for all orders [API] - Added
takerSideto trade history [API] - Added wallet address to every user history item [API]
Trading in a Bear Market
Whether you’re a retail or algorithmic trader, there are always potential opportunities to be found if you just survey the market. Let’s take ZRX as an example.
- Try comparing pricing on centralized exchanges on CoinMarketCap to DEXs on EtherScan. An inefficient market like cryptocurrency is excellent for arbitrage, a strategy that takes advantage of price differences across markets. Hypothetically, this can be as simple as buying some ZRX at 50 cents on Radar Relay and selling it at 51 cents on The Ocean.
- If you have some coding experience, you can use CCXT’s trading library to plug into a variety of exchanges (we are among Binance, Bittrex, Bitfinex, and Kraken as officially certified!) to detect these pricing gaps and execute trades automatically. This can save you time, removes the emotional component of trading, and allows you to keep a pulse on international markets 24/7.
- And you don’t always have to trade the same token back and forth. DAI and TUSD are stablecoins with two different economic mechanisms which keep them pegged to 1 US dollar. This means that small price imbalances often occur. Over time, just a few cents worth of profit from triangular arbitrage (Ex. WETH → DAI → TUSD → WETH) can build up quickly if you’re trading consistently.
Some resources:
- CCXT v1.17 supports its first DEX, The Ocean
- MakerDAO’s market maker and arbitrage keeper frameworks can automatically detect opportunities and execute trades
- Triangular arbitrage bot (The Ocean ⇆ Binance) written by one of our community members
- Introduction to Arbitrage Strategies in our Algo 101 series
+10m OCEAN Tokens Airdropped
On launch day, we airdropped token rewards to early adopters, 0x relayer users, ZRX believers, and big holders of ERC20 tokens. This was our personal invitation for traders to try out our platform with lower fees (with possibly more utility to come).
If you missed out on our first airdrop, don’t fret. Thanks to popular demand, we’re extending our OCEAN token airdrop to all our users. Enter your ETH address by September 17th at 12:00 am EST to receive up to a max of 2000 OCEAN tokens.
What’s Next? New Listings, Derivatives, Securities, BTC, and More
“0x is enabling the exchange of tokenized securities by providing developers an open protocol to build on. Many relayers in the 0x ecosystem — like The Ocean and Paradex — are planning to support the trading of tokenized securities.”
(From Harbor, the compliance platform for tokenizing private securities such as real estate, company equity, investment funds, fine art, etc.)
Creating an open finance system involves demolishing the centralized paradigms that govern traditional finance. This is inextricably tied to improving the adoption of DEX trading, beginning with listing more products. Explore our rationale behind our roadmap for new and exclusive token listings, derivatives, true securities, and cross-chain swaps.
Question of the Week
Sign up for our weekly email newsletters to view our answers to thought-provoking questions from our community and the blockchain ecosystem.
Why do you verify users’ identities? Isn’t that contrary to decentralization?
The blockchain ecosystem is a nascent space, and the definition of ‘decentralization’ is certainly in debate. Many folks firmly associate the word with privacy and self-sovereignty, or a complete absence of all centralized structures. Yet, decentralization in this sense isn’t the only measurable outcome–in fact, thinking in absolutes can be counterintuitive to progress.
Expanding the choice to participate in and access once exclusionary systems can co-exist within a spectrum of decentralization. This creates an array of values and priorities that users have the freedom to choose from–to join or to leave. For our team, our goal is to provide trustless trading for all types of financial products.
As a U.S.-based trading platform, registration clears the path to fiat-to-crypto avenues, securities and derivatives, and a fair and transparent marketplace. We believe this strategy provides the most benefits to users and reduces the roadblocks to financial services for everyone–a mission that we’re truly passionate about.
Ultimately, solving the dilemma of a ‘decentralized’ product is both tricky and complex, but we welcome the challenge. Blockchain-based identity solutions are on our radar as we solve this puzzle.
Other News from The Ocean
And finally, here’s an aggregated list of all the other news and content that we pushed out this month. Sit back, relax, and happy reading.
- One by one, meet all our launch tokens
- Before launch, we invited all our early adopters to beta
- Exploring Decentraland: When a virtual world has real world impact
- Our Algorithmic Trading 101 series wrapped up with a lesson on market making and performance evaluation
- We’re working with the MakerDAO team to increase the accessibility of collateralizing tokens into Dai
Disclaimer: This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All information contained in this communication is not warranted as to completeness or accuracy and is subject to change without notice. Any comments or statements made in this communication do not necessarily reflect those of The Ocean, Inc. and its affiliates.
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Sign up and make trades now to join us on building a decentralized future.
