VOOI x OneBalance Chain Abstraction Partnership

We have teamed up with OneBalance usher in a new era of Perp trading, to build the first truly seamless Chain Abstracted Perp DEXs Aggregator.

Nov 19, 2024

This article was originally published in OneBalance’s Blog. Read the original version by this link.

It’s no-brainer VOOI has seen an explosive growth over the last year, with close to $5B in volume being traded. Designed to simplify and unify access to multiple perpetual DEXs (Orderly, KiloEx, SynFutures, Hyperliquid and Ebi), it core focus - allowing users to enjoy a CEX-like trading experience across multiple chains on various Perp DEXs, has propelled it new heights.

Utilising OneBalance’s CA toolkit, together eliminate the concepts of “chains”, “bridges” or “native gas fees” from the users journey.

Through the VOOI x OneBalance partnership, all the VOOI users will soon be able to access a wider variety of markets and additional chains, without ever touching the complexities of a multi-chain environment.

The perp trader dilemma

Traders ultimately care about two things. Price and execution. When moving from a single chain environment to a multi-chain universe, both pricing and execution of a trade are severely affected through:

1. Enhanced slippage via reduced depth of liquidity:
Due to liquidity being spread across several chains and DEXs, larger orders will suffer from increased slippage

2. Higher execution costs
To transact cross-chain, users will need to first bridge and pay additional platform fees eating into tight profit margins

3. Poor UX leading to time delays
Users executing multi-chain trades will suffer the time delay from existing infrastructure providers. This often results with a different market price being executed

Coinbase has seen an average of $57.7B in daily volumes for just the BTC market alone with Binance recently experiencing $68B in daily volume. In comparison, the entire derivatives volume across all perp DEXs is around $5-7B per day.

If one was to scale up CEX volumes to incorporate wider token pairs, and other exchanges, it is clear that UX is the final hurdle in unlocking trillions - not billions, in volume for DeFi.

The future of leveraged trading

VOOI and OneBalance are combining forces to provide the following feature set:

The flow diagram highlights the process of how a multi-chain leveraged trade, is executed through VOOI and OneBalances architecture.

$1T in trading volume is just the start

The partnership between VOOI and OneBalance paves the road for Perp DEXs to have a UX akin to a centralised exchange . This new feature set minimizes friction for users when interacting with different networks with key benefits including:

Faster transaction execution: Saving precious seconds when it really matters.
Gas abstraction: Users can pay gas fees with multiple tokens.
Chain abstraction: Chain specifics are hidden to the user, enhancing UX.
Unified balances: All funds appear in one UI, even when spread across chains.
Enhanced Arbitrage opportunities: Users can take advantage of price discrepancies between different chains/DEXs instantly.
Optimal price execution: Chain abstraction enables advanced trading features, like smart order routing and automation, that work cross-chain, for more efficient use of liquidity sources.
Greater opportunities: It will now be easier than every to execute more complicated trading strategies such as funding rate arbitrage.
Wider variety of token pairs: No longer will users be confined to a particular token pair due to chain restrictions. Any token, on any chain, with just one click.

Together, we are making DeFi accessible for the masses. Together we are making a chain free, Web3.

Together we will onboard the next billion users.

Phase 1 → Phase 2

It’s happening: VOOI will soon finish Phase 1 of its product launch and enter the new era of futures trading, with the highly-anticipated upcoming VOOI Phase 2.

Coming soon.
Additional details, info & the upcoming plans: