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Academy Beginners Tutorial Article
Blockchain Ethereum OEC OKX

How to use BTC on Ethereum and more with OKX Bridge

2021.01.19

A step-by-step guide to using OKX Bridge

While Bitcoin remains the leading digital currency in many aspects, it has fostered the growth of the DeFi space powered by various protocols. With this boom in growth, users understandably seek more flexibility when it comes to utilizing their digital assets — such as BTC, ETH or other coins and tokens. To facilitate user participation across these booming ecosystems, OKX is launching its Bridge service.

What is OKX Bridge?

OKX Bridge allows users to convert a non-native token to a native one for supported public blockchains, without any transaction fees. Such a direct conversion mechanism enables users to easily participate in ecosystems of popular public blockchains. For instance, OKX users can convert their BTC using the Bridge and receive a compatible token usable across the Ethereum-powered DeFi ecosystem.

OKX Bridge currently supports 15 crypto assets:

The digital assets can be converted into K-tokens, such as BTCK, DOTK and FILK, which can then be used on the Ethereum network. For USDT and USDC, they can be converted into USDT-A2B and USDC-E6C, respectively. Going forward, OKX will make more tokens available for cross-chain conversions, and users will also be able to withdraw their converted tokens on other public blockchains such as TRON.

What are the benefits of using the OKX Bridge?

OKX users enjoy a number of benefits when using OKX Bridge to convert their coins or tokens:

  • Stable value conversion
  • Instant conversion without transaction fees
  • Transparent records available on Etherscan
  • High liquidity

Firstly, users can convert their crypto assets into K-tokens at a 1:1 ratio. For instance, 1 BTC can be converted directly into 1 BTCK. Such stable value conversion eliminates the price volatility seen during traditional conversions between assets.

Moreover, OKX Bridge offers a seamless experience for users. Once the conversion is complete, the K-tokens are credited into the user’s funding account, and no transaction fee is charged in the process.

The smart contract for OKX Bridge is open-sourced and has been audited by SlowMist, a renowned third-party public auditor. Additionally, information relevant to BTCK, DOTK and FILK is publicly available on Etherscan. 

Finally, OKX has adopted rigorous standards to select K-tokens available on OKX Bridge. These K-tokens are chosen based on market capitalization, high on-chain liquidity and general popularity. The 15 crypto assets fulfilled the above criteria, and their conversion can bring additional liquidity to other public blockchains, including Ethereum.

How to read asset information on OKX Bridge?

The OKX Bridge webpage provides two metrics for users to review the assets available for cross-chain transfers: “Locked assets,” which refers to assets staked on OKX to perform cross-chain transfers, and “Assets on other blockchains,” which refers to the amount of K-tokens or converted stablecoins on a public blockchain.

As the conversion ratio between crypto assets and K-tokens is maintained at 1:1, both the metrics above generally remain equal. For assets such as FIL and DOT, there are small differences between the two metrics. This is due to the withdrawal fees for K-tokens on public blockchains.

There are two token standards for K-tokens in OKC: KIP-10 and KIP-20. While the KIP-10 token is an OKC-based utility token, KIP-20 is compatible with both OKC and Ethereum. 

We discuss three examples below to help readers better understand these figures and numbers:

BTC example

When we look at the “Locked assets” column for BTC, there are, at the time of writing, 1,300.402 BTC staked on OKX for cross-chain transfers. The “Assets on other blockchains” column shows that 999.99 BTCK is issued on OKC, and 300.4 BTCK is issued on the Ethereum blockchain. 

In particular, 15.1318 BTC is converted as KIP-10 tokens on OKC, and these tokens can be used only on OKC. 984.8681 BTC is converted to KIP-20 tokens, which means these assets are compatible with both the Ethereum blockchain and OKC. 

The difference of 0.0021 BTC is due to the withdrawal fees of BTCK on the Ethereum network.

Users can convert their BTC into BTCK on OKC and Ethereum. Source: OKX

USDT example

From the Locked assets column, we can see a total of 120,010,214 USDT is staked on OKX for cross-chain transfers. 110,000,215 USDT is staked on the Ethereum blockchain, and the rest is staked on the TRON blockchain. 

On the other side, a total of 120,000,003 USDT-A2B is issued on OKC. 4,250,003 USDT is issued in KIP-10 tokens while the rest are KIP-20 tokens.

The difference of 10,211.84 USDT serves as withdrawal fees of USDT-A2B on the TRON and Ethereum blockchains.

Users can convert their USDT into USDT-A2B on OKC. Source: OKX

ETH example

In the case of ETH, the figures show how 2,009.9337 ETH is staked for cross-chain transfer and 1999.99 ETHK issued on OKC against them. Of the issued ETHK, 49.999 ETH are KIP-10 tokens, and the rest are KIP-20 tokens. The difference of 9.93 ETH is accounted for by ETHK withdrawal fees.

Users can convert their ETH into ETHK on OKC. Source: OKX

Using OKX Bridge to convert assets

You can convert your assets in a few steps using the OKX Bridge.

Step 1: Go to OKX Bridge

Navigate to “More” on the top navigation bar on OKX’s website and click on OKX Bridge to proceed.

The OKX Bridge webpage includes a summary of how the service works and also lets you select assets you want to convert via withdrawal.

Step 2: Select the currency and withdrawal method

Hover your mouse over to Assets on the top right corner of the menu and click on Withdrawal from the dropdown menu.

Select the currency you want to convert, or pick one from the “Popular selections” section.

After you have chosen the currency, select On-Chain as the withdrawal method. We use BTC as an example for this tutorial. Choose OKC or ERC20 as the BTC withdrawal network and convert your assets into BTCK. Click Continue to proceed.

Step 3: Enter conversion details

Enter your OKC address under the “BTC address/blockchain domain” field and the transfer amount. Click Continue to proceed.

Enter your funds password, SMS and email code to verify your transaction. Click Confirm once done.

Step 4: Check the withdrawal status

Once you have withdrawn your BTCK tokens, you can check the transaction status on the “Withdrawal history” section. Click View under the wallet address to review the transaction.

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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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