Ooga Booga Raises $1M to Create First Liquidity Aggregator on Berachain
London, UK, March 20th, 2024, Chainwire
Ooga Booga has announced a $1M raise to support its goal of creating the first liquidity aggregator on Berachain. Funding will be used to build out a suite of advanced tools for seamlessly executing swaps and finding the best price for users.
Ooga Booga was co-founded by Bruno Wu and Kevin Liu, Kevin Liu is the 19 year old also the force behind the fully on-chain EVM order book Gridex Protocol. The $1M raise places a $10M valuation on Ooga Booga and will enable it to deploy on Berachain as soon as its product mainnet launches.
Kevin Liu’s experience of developing Gridex has been brought to bear in the design of Ooga Booga. While incorporating the experience obtained from Gridex Protocol, Ooga Booga aims to achieve optimum product market fit on Berachain, one of this year’s most anticipated layer 1s.
A number of leading investors and angels focused on the Berachain ecosystem invested into Ooga Booga. The round was led by Kenetic Capital, with participation from: Cypher Capital, CitizenX, Rubik, Rana, Baboon VC, Kestrel, Nural Capital, Wizard Capital, Panony and Blockbuilders. Notable angels include: Sandeep Nailwal of Polygon, Apollo of Olympus DAO, Anshu of LogX, Beartic of Kodiak, Raito of Infrared, Brandon Comer of Shogun, DCF GOD, NaniXBT, 0xSisyphus, Janitooor.eth and more. With this funding to develop and market Ooga Booga, the protocol is primely positioned to become a cornerstone of Berachain from day one.
Ooga Booga is designed to optimize the user journey, providing an intuitive and capital-efficient means of trading assets with deep liquidity and low slippage. By integrating an array of third-party dapps including DEXes, intents based infrastructures, and Solidly forks. Ooga Booga will draw liquidity from across the Berachain ecosystem and aggregate it into one place.
Core features include:
- Simple Swaps: Routing through multiple liquidity sources with an emphasis on protocols that utilize any one/two-way swap function.
- DCA: Supports time-delayed buy and sell activity for a specific asset through a multitude of smaller orders over a user-defined internal.
- Limit Orders: Order execution based on a set price by matching it with all available Berachain liquidity, bringing CEX-style trading to an onchain environment.
- Multi-Asset Swaps: Allows for several input/output tokens to be swapped in one atomic transaction.
- Gasless Swaps: Allows users to trade without holding the native gas token (BERA).
Berachain has been designed to serve as a high-performance EVM-compatible blockchain built on the novel Proof-of-Liquidity consensus. Ooga Booga will reinforce Berachain’s status as the most capital-efficient L1 by unifying fragmented liquidity, allowing users to extract more value from every trade.
With Berachain currently in the final stages of its testnet, confirmation of its mainnet launch is believed to be imminent. Ooga Booga is on course to go live on Artio testnet soon as well as be on Berachain mainnet day one, allowing users to maximize their trading from the outset and explore the many opportunities the new layer 1 has to offer.
MVP from the Ecosytem Growth Team at the Berachain Foundation – “We’ve been fortunate to get to know Kevin and the Ooga Booga team over the past few months. They’ve shown that they understand the culture deeply, want to build useful products, and we’re excited for the contributions that they’ll be able to make to the Berachain ecosystem.”
About Ooga Booga
Ooga Booga is a liquidity aggregator designed to support Berachain’s goal of becoming the most capital efficient blockchain. By combining exceptional UI/UX with broad dapp integrations, Ooga Booga will empower users to extract more value with every trade they place.
