How to perform P2P trading in India using OKEx
How to trade and stake crypto assets to earn rewards using Swap and Farm on OKExChain
A step-by-step guide to using OKEx Swap and OKEx Farm on OKExChain
The DeFi space saw major growth in 2020 and saw decentralized exchanges and automated market makers gain popularity in the crypto space. Liquidity mining has also been an important innovation in this development, as it allows users to earn token rewards by supplying liquidity to DeFi protocols via a process called "staking" — i.e., depositing tokens into a smart contract.
Since DeFi's explosive growth in 2020, so-called yield farmers have been storing their digital assets in various decentralized offerings in an attempt to maximize their portfolio returns without selling the assets themselves.
In short, OKEx Swap is a decentralized automated market maker application that allows users to quickly and efficiently swap between major cryptocurrencies; OKEx Farm allows anyone to create farm pools for their project, in which yield farmers may stake their digital assets for attractive returns.
For an in-depth look at OKExChain and its architecture and protocols, check out the technical overview here.
Below is a step-by-step guide on how to swap assets using OKEx Swap and participate in the liquidity mining on OKEx Farm.
Trading on OKEx Swap
Step 1: Go to the OKEx Swap page
From the OKEx homepage, navigate to "Trade" in the top menu and click on Swap under "DEX Trading" to open OKEx Swap.
Step 2: Create/import your OKExChain wallet
A digital wallet on OKExChain is required in order to trade in OKEx Swap. New users can navigate to Create wallet in the top right corner to create one, while users with existing OKExChain wallets can click on Import wallet to proceed.
To create a wallet, users need to follow the instructions on the screen and save their password in a secure location, since the platform does not save any passwords, mnemonic phrases, keystore files or private keys. Click Next to proceed.
Back up your mnemonic phrase and click Continue to proceed.
Complete the mnemonic phrase verification and click Confirm to complete the wallet setup.
Step 3: Enter trading details
Once your wallet is connected, you can trade via the liquidity pools in OKEx Swap. In this example, we will swap 100 USDT for the equivalent in OKT.
Using the interface, select USDT as the sending currency and OKT as the receiving currency.
Enter the amount of USDT you wish to swap and the application will automatically convert it into units of OKT that you will then receive in your wallet. Note that a liquidity provider fee of 0.3% is applied to each transaction. Click Confirm to proceed.
Enter the password you had set for your wallet earlier and click OK to complete the transaction.
Step 4: Review the transaction
After your swap is executed, you can review the transaction by clicking on Asset balance under the Wallet tab and selecting Transaction record.
Add liquidity to a pool on OKEx Swap
Apart from trading via existing liquidity pools, users can also add liquidity to existing pools on OKEx Swap.
Step 1: Go to the Pool tab and add liquidity
To add liquidity to an existing liquidity pool, go to the Pool tab and click Add Liquidity.
Step 2: Enter liquidity pool details
In this example, we will add liquidity to the OKT/USDT liquidity pool.
Select OKT and USDT via the interface and enter the amount of OKT you wish to supply to the pool. OKEx Swap will then automatically calculate the corresponding amount in USDT that you need to provide.
Note that the estimated pool ratio refers to the liquidity in this OKT/USDT pool compared to all OKT/USDT pools on OKEx Swap. Click Confirm to proceed.
Enter the wallet password and click OK to complete the transaction. Adding liquidity to the OKT/USDT liquidity pool will provide you with the liquidity pool tokens, which can be staked in liquidity pools on OKEx Farm (see below).
Step 3: Review your transaction
After adding the liquidity to a pool, you can review your transaction by clicking on Asset balance under the Wallet tab.
Trade in the liquidity pools market
To browse all liquidity pools available for trading, users can go to the Markets tab. The Markets page displays all available liquidity pools with relevant stats.
Users can add liquidity to the existing liquidity pools directly or trade by clicking Add liquidity or Trade.
Stake and earn rewards on OKEx Farm
Step 1: Go to the OKEx Farm page
From the OKEx homepage, navigate to "Trade" in the top menu and click on Swap under "DEX Trading" to open OKEx Swap. Then, hover over "SWAP Trade" at the top of the page and click FARM Pool in the dropdown menu to open OKEx Farm.
Step 2: Choose the liquidity pool to stake in
Once you have acquired LP tokens for OKT/USDT as described in the tutorial for OKEx Swap above, go to the OKT/USDT liquidity pool under the "1st Pool" tab on the OKEx Farm page. The liquidity pools under the 1st Pool tab are the featured LPs in OKEx Farm. Click STAKE to proceed.
Step 3: Input staking details
Input the amount of LP tokens to stake in the liquidity pool. In this example, we stake 0.019 LP tokens in the OKT/USDT pool. Click Stake to proceed.
Step 4: Claim rewards
You can claim the staking-reward tokens you've earned at any time by clicking Claim on the "1st Pool" tab. Claimed tokens will be distributed to your wallet.
Step 5 (optional): Unstake LP tokens from the Farm Pool
You can withdraw your LP tokens from the pool at any time by clicking UNSTAKE on the "1st Pool" tab. Choose the amount of LP tokens you wish to unstake and click Unstake to proceed. Your LP tokens will be distributed to your wallet.