OpenOcean, the foremost complete aggregation protocol in the world, has decided to enter into a collaboration with Chainlink Price Feeds, according to Chainlink forecast reports. The integration is for the orderly organization of limit order swaps on the blockchain networks of Ethereum, Polygon, Binance Smart Chain, and more. The integration will enable users to set limit orders on decentralized exchange platforms. A limit order is a common trading practice in which the trader can place buying and selling orders on any asset at any price for the automatic execution of the orders whenever the limit order conditions are met.
For the security of the limit order facility, a trader needs to gain access to freshly updated asset prices that should be made available directly on-chain efficiently and reliably. The asset prices should represent the volume-weighted average of every trading environment. Such a consistent representation requires the use of the robust Oracle infrastructure of Chainlink to fetch off-chain data related to aggregated prices for its on-chain delivery on demand.
Through the integration of Chainlink Price Feeds, OpenOcean will be able to get access to tamper-proof and high-quality price feeds that are crucial for triggering swaps at desired prices. The integration is also beneficial for users as it protects against erratic market conditions. The infrastructure of Chainlink ensures seamless integration, and its production is time-tested. Chainlink secures the industry-leading protocols of decentralized finance. The platform is renowned for its high availability amid unprecedented events, including exchange downtime, data manipulation attacks through flash loans, and flash crashes.
Currently, OpenOcean is also looking forward to integrating its platform with Chainlink Keepers to improve the functionality of limit orders. The decentralized network of Chainlink Keepers enables the automation of smart contract functionality. Chainlink is associated with hundreds of enterprises and corporations and operates in the blockchain industry with its robust Oracle solutions.