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For an updated and comprehensive look at DO and the technology used to measure it, check out: Dissolved Oxygen, or Measuring Dissolved Oxygen. Dissolved oxygen in water is vital for underwater life. It is what aquatic creatures need to breathe. Dissolved oxygen is often called DO for short.
Therefore, while the amount of dissolved oxygen may be low compared to the amount bound to hemoglobin, dissolved oxygen is essential for oxygen transport. You see, the dissolved oxygen diffuses into the plasma first, and then it diffuses into the red blood cells. So, in a sense, each oxygen molecule makes a voyage.