Berachain’s Ooga Booga, a Cryptocurrency Trading Aggregator, Secures $2 Million in Funding

Despite the Berachain mainnet not yet being operational, with no current activity from either traders or exchanges on this emerging layer-1 blockchain, startup Ooga Booga is actively securing funds to nurture their growth.

Ooga Booga, a company with a curious name, has successfully garnered $2 million in funds, achieving a valuation of $10 million, as co-founder Kevin Liu shared with CoinDesk. The young entrepreneur, at just 19, envisions his decentralized exchange aggregator as a tool to pinpoint the most economical cryptocurrency trades by canvassing a plethora of exchanges.

In a bid to establish a standout presence on Berachain—a network that prides itself on its focus on capital efficiency—Liu highlights the platform’s innovative “proof-of-liquidity” security protocol. This mechanism propels network participants to allocate their resources within the DeFi ecosystem, allowing for substantial on-chain transactions and financing.

Liu concedes that Ooga Booga’s mission does not venture into uncharted territory, acknowledging that the concept of trade aggregation has been approached numerous times. However, he underscores the unique and innate characteristic of a blockchain to distribute liquidity across various channels.

The splintering of liquidity across the network implies that to achieve the most favorable trades, a trader must navigate through a multitude of exchanges and token pairs.

Liu is taking a different trajectory with his latest initiative by focusing on trade aggregation rather than creating another exchange. His previous endeavor was Gridex, a DEX on the Arbitrum network that eventually halted operations in February after failing to capture an adequate market, as indicated by Liu. With Ooga Booga, he is pivoting towards what he perceives as a more reliable assortment of offerings.

Liu highlights the features of the aggregator, mentioning multi-asset swaps, gas-less transactions, dollar-cost averaging, and limit orders as examples of offerings that have found favor with users.

The whimsical brand name is an homage to a colloquial greeting shared among Berachain enthusiasts, according to Liu.

Liu remarks, “Everyone knows ooga booga,” connecting the name to a familiar term within the Berachain community.