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Academy Beginners Tutorial Article
Blockchain Ethereum OKExChain OKEx

How to use the new EVM-compatible 0x addresses on OKExChain

2021.06.01 OKEx

A guide to setting up and using your EMV-compatible wallet address on OKExChain.

Ethereum allows developers to build and run decentralized applications on the network. This is achieved by a developer-friendly ecosystem that allows the coding and deployment of smart contracts, which are at the heart of all decentralized applications.

This is achieved by the Ethereum Virtual Machine, which provides an environment for smart contracts to run and interact with other contracts. Smart contracts on Ethereum are coded in the programming language Solidity and then converted into EVM bytecode (i.e., computer-readable code, as opposed to human-readable code) for execution. Since the EVM isolates code input and execution functions from the Ethereum blockchain, other blockchains can also run Ethereum DApps as long as they have EVM compatibility.

OKExChain has recently launched support for Ethereum Virtual Machine and can now support developers wanting to migrate their Ethereum decentralized applications without having to write entirely new code. For instance, developers can now migrate their Ethereum DApps to OKExChain, such as trading and lending protocols as well as nonfungible tokens and stablecoins.

In order to facilitate user participation in this new ecosystem of Ethereum DApps on OKExChain, the team has also introduced EVM-compatible wallet addresses. Now, each OKExChain user will have two wallet addresses: a native OKExChain wallet address and an EVM-compatible wallet address. As seen in the image below, EVM addresses start with "0x" and OKExChain's native wallet addresses start with "ex."

Users will now have two wallet addresses, an EVM-compatible address and a native OKExChain address.

In this tutorial, we will walk through the process of setting up your EVM-compatible wallet address on OKExChain for use with ETH-based DApps on the network.

How to use Ethereum-based DApps on OKExChain?

Before users can start using Ethereum-based DApps on OKExChain, they need to connect their EMV-compatible OKExChain wallet with an Ethereum-compatible wallet such as MetaMask. They can then transfer their OKExChain assets to the EVM-compatible wallet address and spend them within the Ethereum ecosystem.

For the purposes of this tutorial, we will be using MetaMask.

Step 1: Import your OKExChain EVM wallet address to MetaMask

You can use the private key to import your wallet address to MetaMask. If you have lost the private key, you can retrieve it using the wallet's mnemonic phrase.

Private key

If you have the private key of your OKExChain wallet address, you can import it in MetaMask directly. Go to the MetaMask application and click the profile icon on the top right corner of the menu bar.

Then, select Import Account to proceed.

Each imported wallet address is attached with an "Imported" tag.

Select Private Key as the import type and enter the private key in the private key string field.

Imported accounts will not be associated with your originally created MetaMask account seed phrase.

To retrieve the private key, log in via the OKEx DEX homepage. Go to Wallet at the top right corner of the menu and choose Export secret key from the dropdown menu.

Now enter the password to retrieve the private key of your wallet before copying and pasting it in MetaMask. 

Once you have entered the private key, click Import to proceed.

Mnemonic phrase

In case you have lost your private key, you can retrieve it using the mnemonic phrase. First, go to the OKEx DEX homepage and click Import Wallet at the top right corner of the menu.

Now go to the "Mnemonic phrase" tab to enter the mnemonic phrase of your wallet. Note that you need to leave a space between each word in the mnemonic phrase. 

Then, create a new wallet password and click Next to proceed. This wallet password will also be used to confirm transactions from your wallet.

If your mnemonic phrase is used to recover your private key for a second time, you will need to set up a new wallet password as well.

A one-time password is required to recover your private key.

You are then required to choose your account type. Select Old account if your wallet was created or imported before April 26, 2021. Otherwise, you can select New account and click on Submit to proceed.

With the new account, users can use one mnemonic phrase to manage both wallet addresses on OKExChain.

You will then retrieve your private key. Copy the key and import it in MetaMask to connect your wallet.

Step 2: Transfer your assets

Once you have imported your wallet in MetaMask, you can transfer your assets to the EVM-compatible wallet address and spend them in the Ethereum ecosystem on OKExChain.

To transfer your assets, go to Wallet at the top right of the menu and click on Asset balance from the dropdown menu. 

The "Asset balance" tab shows a list of assets available for transfer. We use OKT as an example. Click Transfer to transfer your OKT.

Enter the receiving wallet address and the amount you wish to transfer. Your EVM-compatible wallet address starts with "0x." After you have entered the transfer details, click Next to proceed.

When the transfer is completed, you can go to MetaMask to check the transaction record and asset balance.

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

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