The newest layer-1 cryptocurrency exchange, Berachain, does not yet have any traders or exchanges operating on it. The mainnet is not even operational yet. Nevertheless, Ooga Booga is continuing to raise money to help both in spite of this.
According to co-founder Kevin Liu, the oddly called supplier of financial infrastructure raised $1 million at a $10 million value.The creator, who is only 19 years old, stated that he wants his “decentralised exchange aggregator” to search through more than six exchanges to locate traders the best cryptocurrency swap.
According to Liu, that kind of service might make a difference on a network that is “trying to be the most capital efficient L1.” Berachain’s unique security mechanism, known as “proof-of-liquidity,” incentivizes users to contribute their assets to the network’s DeFi gears, enabling on-chain lending and trading to handle volume.
Ooga Booga “isn’t reinventing the wheel,” Liu said, adding that trade aggregators “have been done tonnes of times before.”
“But an intrinsic and inherent feature of a blockchain is that liquidity is dispersed through multiple different avenues,” according to him. A trader looking to switch tokens may need to search across numerous exchanges and token pairs due to the dispersion of liquidity in order to find the best deal.
Liu decided to take a different approach by creating a trading aggregator rather than an exchange. Gridex was a DEX that he formerly operated on Arbitrum. He said that the fully on-chain order book closed in February due to difficulties determining the product’s market fit. He has since moved to what he refers to be a more tried-and-true product offering under the sponsorship of Ooga Booga.
“Multi-asset swaps, gasless swaps, dollar cost average, limit orders, these are all products which have been proven to be loved by people,” stated him.
Regarding the name, it’s a nod to the salutation shared by Berachain enthusiasts. “Ooga booga is well-known to all,” Liu stated.