HOW TO USE THE SWAP FEATURE AND THE ADVANCED SWAP FEATURE

OpenOcean is a full chain platform that gives users the ability to find information on the full liquidity depth of any trading crypto pair across all cryptocurrency markets by acting as an aggregation protocol.

It also serves as a link between decentralised and centralized finance by removing the discrepancies that usually occur during the interplay of these two. With OpenOcean users have access to the best rates across centralized and decentralised exchanges through a user friendly interface with a top trading efficiency.

In very simple words, openocean gives you access to a large pool of trading crypto pairs and liquidity across several platforms and exchanges. Traders can then decide on which pair to trade on or take advantage of depending on the data provided by the OpenOcean protocol.

OPEN OCEAN SWAP FEATURE

One of the OpenOcean features that makes it one of the top aggregation protocols is it’s Swap feature. Swapping is used to describe a system of trading where a user can easily exchange one cryptocurrency for another cryptocurrency in an instant without having to first convert either of the tokens to fiat currency.

I have highlighted the steps needed To do this in OpenOcean,

  1. SIGN IN AND START TRADING

Visit the OpenOcean website https://openocean.finance/

Click On Start trading

2. Click on Connect Wallet to select the blockchain of your choice. Your choice of blockchain would depend on the token you want to swap and the wallet you own.

3. You would then need to choose the wallet to connect by entering the password to login and connect to OpenOcean

4. Once this is done, Select your token pairs and enter the total amount you want to swap.

5. Next, you want to unlock these tokens except native tokens like ETH and BNB. The reason why you need to unlock these tokens is because the smart contracts cannot access your tokens unless you approve access at your end.

There are two options to unlock the tokens. The first option is the “Unlock a specific amount” which is used for one trade only and the second option is the “Infinite unlock” is done once and you won’t need to unlock the same token again in the future,

6. Next, You want to confirm the transaction in your wallet.

7. Once you have done this, and the tokens have been approved, the open ocean page would indicate that you can now swap.

8. After this, click on the advanced setting button and set your price tolerance and spread across DEXes. Once this is done click on swap and then confirm the swap on both the open ocean page and your wallet.

There is another way to do this and it is called the Advance method. For this method,

  1. Visit the OpenOcean website
  2. Select any token pair you would like to trade.

3. You would also need to be aware of 4 things-

  • The Defi price/ Cefi price and spread
  • The Defi Section containing the Dexes price for the token pair chosen
  • The Cefi Section containing the price on Binance.

4. To be able to compare the price on CEXes, register and login on the OpenOcean, then you want to connect your wallet by clicking the button on the top right hand corner.

5. Enter the amount you would like to swap to see the best prices under the DeFi and CeFi section.

6. Proceed by clicking unblock or choose infinite unblock to save on gas from future transactions, though this function is a little riskier.

7. Confirm this in the pop up wallet window that appears. An approval success notification would appear after which you can now swap.

8. Once you click on swap now. You would be asked to confirm swap. Read to ensure everything is the way you want it, then click the confirm swap button.

You would also need to confirm this action in your connected wallet.

Once confirmed, wait a while for a “Transaction Submitted” notification.

And you have successfully used the advanced swap feature.

Learn more about OpenOcean

Website | Twitter | Discord | Telegram | Telegram Announcements

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store