From extending access to financial services to empowering artists and creators, blockchain-based decentralized finance, GameFi and nonfungible tokens present many new opportunities for their early adopters. These sectors are seeing massive expansion lately and are responsible for onboarding new cryptocurrency users every day.
Central to this wave of innovation is Web3 technology. For those unfamiliar with the term, Web3 refers to a reimagined and more decentralized internet. Based on networks like Ethereum and the OKC blockchain, Web3 does not rely on central servers to store user data. Whereas Web 2.0 companies like Facebook and Twitter currently harvest vast quantities of user data and monetize it for profit, Web3 seeks to return control to the users.
The first steps to joining the Web3 revolution are setting up and funding a Web3 wallet, such as OKX Wallet. The focus of this tutorial will be funding your OKX Wallet with OKT.
Since OKT is OKC’s native asset, all transactions require a small fee paid in OKT to incentivize the network’s decentralized node operators to process them. Therefore, funding your wallet with some OKT is crucial if you’re looking for opportunities in the expanding OKC DeFi ecosystem.
The guide explains two different ways to fund an OKX Wallet with OKT. The first relies on the OKX exchange itself and is a centralized method more suited to beginners.
The second method can be completed without any exchange account whatsoever. It uses the OKX Bridge to move assets between blockchains and a decentralized exchange to convert bridged assets to OKT. Although generally a riskier route, the decentralized option does have advantages in terms of privacy and lack of counterparty risk. Ultimately, which path is best for you will depend on your own abilities and requirements.
How to add OKT to OKX Wallet
Centralized route
The first way of funding your OKX Web3 wallet with OKT is via OKX’s exchange. This option is more beginner-friendly as users do not need to interact with any decentralized finance protocols or smart contracts, which can have vulnerabilities within their coding.
The following guide presumes you have already signed up for an OKX account.
1. Deposit or buy assets
First, log in to your OKX account using the Login button in the top-right corner of the homepage.
Enter your credentials and click Log in.
Then, complete the 2-step verification process if applicable. Enter the six-digit code sent via SMS or displayed on your authenticator app to the device specified during account registration. Click Continue.
It’s worth checking which assets trade against OKT before depositing or buying cryptocurrency. Depositing or buying an asset that trades directly against OKT will reduce the number of trades you need to make, saving you time and money on trading fees.
You can check the OKT pairs in the “Basic trading” section under “Trade” by searching OKT in the dropdown menu at the top-left section of the screen. OKX currently supports the following OKT trading pairs: OKT/USDT, OKT/BTC and OKT/ETH.
Head to the “Assets” section to deposit cryptocurrency.
Alternatively, visit the “Buy Crypto” section to buy some cryptocurrency to exchange for OKT. You can buy USDT, BTC, ETH and other popular digital currencies directly using several popular payment methods.
2. Exchange
With your exchange account funded, head to the “Basic trading” section and search OKT in the dropdown menu of trading pairs to the top-left of the screen. Click the trading pair of the asset you deposited or bought during the previous step.
On the trading panel, select your order type and enter the other details as required. Finally, click the green Buy OKT button to place your order.
Your OKT will appear in your account when your order is filled. You can also buy using the “Market” order type to speed up the process, but you will pay slightly more in trading fees.
3. Withdraw to OKX Wallet
After completing your OKT buy, head to the “Assets” section and click Withdraw.
Then, select the currency — in this case, OKT — and choose “On-Chain” for the withdrawal method and “OKT-OKC” for the withdrawal network. Click Continue.
On the next screen, enter the receiving address of your OKX Web3 wallet. Ensure you are connected to the OKC blockchain, open the browser extension or application, and copy and paste the address into the “OKT address” field on the OKX website. You can also name your wallet to speed up future withdrawals.
Click Continue to submit the withdrawal request.
Click Get code in the “Email code” and “Athentication app” fields on the next screen. Enter the codes sent to you via email and displayed on your authenticator app, and click Confirm to initiate your withdrawal request.
Your funds will arrive in your OKX Web3 wallet as soon as the OKC network confirms the transaction. You’re now all set to embark into the world of decentralized finance.
Decentralized route
You can also fund your OKX Web3 wallet without using OKX’s centralized products at all. This has several advantages, including better privacy, less counterparty risk and being more in line with the decentralized spirit of cryptocurrency.
However, relying exclusively on decentralized, unstoppable applications, this route does present its own dangers. For example, the user must take sole custody of their assets throughout the process, creating the risk of loss of funds through user error.
Additionally, although publicly viewable, the code used to create the various financial applications may not be audited. Users should weigh the risks against the advantages and choose the best OKX Wallet funding route for them and their experience level.
The following tutorial assumes that you already have cryptocurrency in either an exchange wallet or a non-OKX Web3 wallet. It also assumes that you have .
The process requires you to bridge your non-OKC assets using the OKX Bridge. You can check which networks the bridge supports at the website. We will be transferring ETH on Ethereum and receiving ETHK on the OKC network for this demonstration.
1. Transfer assets to OKX Wallet
First, you need to transfer your assets to your OKX Wallet. For this example, we sent some ETH from an instance of MetaMask to one of OKX Wallet.
In OKX Wallet, select the network on which you want to receive the transaction using the menu at the top of the window. As we are bridging ETH to the OKC network, we chose Ethereum Mainnet as the network.
Copy the address from your OKX Wallet and paste it into the sending wallet’s address field. Then, enter the amount of ETH you want to transfer.
Check the address entered matches the one from the receiving wallet and click Next, or similar, in the sending wallet to initiate the transaction. Check the details on the following page and click Confirm.
2. Bridge to OKC
After the network confirms your transaction, your assets should appear in your OKX Web3 wallet. Now, visit the OKX Bridge to move your cryptos between blockchains.
On the OKX Bridge page, click Connect wallet.
Then, select OKX Wallet.
Next, open your OKX Web3 wallet, choose which account to connect and sign the transaction to connect.
With your wallet connected to the OKX Bridge, select the asset you want to transfer to the OKC network from the menu and enter the amount.
Next, select the blockchain on which you want to receive your assets. You can also opt to automatically buy 0.5 OKT, which will cover your initial network fees on OKC. To exchange your assets for OKT later, you will need a little OKT in your wallet. Therefore, you should check the highlighted box when bridging for the first time.
Your wallet should fill in the receiving address highlighted below automatically.
Check the details and click Continue.
On the next screen, check the details of the requested conversion again and click the box to agree to the OKX Bridge’s terms of use. Then, click Confirm.
On the following screen, click Transfer. Then, open your Web3 wallet app and click Confirm to submit the transaction to the network.
When the two networks process the transaction, your assets will appear under the OKC section of your OKX Wallet.
3. Exchange for OKT
With ETH successfully bridged to OKC, you can now use a decentralized exchange protocol to exchange it for OKT. Several DEX platforms exist on OKC, many of which are listed within the mobile OKX Wallet’s DeFi section.
We’ll be using CherrySwap for this demonstration because it is one of the first DEXs to support OKX Wallet. However, it’s important to remember that all the platforms that comprise the exciting and sometimes dangerous DeFi sector can be vulnerable to exploits. This is especially true of very new protocols.
First, visit the DEX’s website and connect your wallet.
Select OKX Wallet, choose which account you want to connect with and grant the permissions required. Then, click Connect.
Make sure your wallet is connected to the OKC network using the dropdown list of available networks. Then, select the asset you want to exchange for OKT. In our case, it’s ETHK — the OKC version of ETH.
Enter the amount of ETHK you want to swap and select OKT as the currency to receive. Then, click Approve ETHK.
In your wallet, approve the swap by clicking Confirm.
Next, click Swap on the DEX interface, followed by Confirm Swap.
Finally, confirm the swap in your OKX Web3 wallet. Your OKT will be available to use as soon as the OKC network confirms the transaction.
You’ll then be set to use OKT with the rapidly expanding OKC DApp ecosystem, including OKX NFT Marketplace and many other cutting-edge protocols.
Connecting to OKC with MetaMask
Being a decentralized, open-source and permissionless network, you don’t need to use the OKX Web3 wallet to connect to OKC. With a few tweaks to their settings, you can use other Web3 wallets to interact with OKC DApps.
This final part of our wallet funding tutorial focuses on connecting to OKC using the popular MetaMask browser extension wallet. It assumes that you have already downloaded MetaMask from your browser’s application store.
First, open the MetaMask browser extension and click the network at the top of the window to open a list of available networks.
Below the list of available networks, click Add Network. This will enable you to enter OKC network details manually.
A new browser window will open where you can enter the OKC network information in the relevant fields as follows.
Network Name: OKC Mainnet
New RPC URL: https://exchainrpc.okex.org/
Chain ID: 66
Currency Symbol: OKT
Block Explorer URL: https://www.oklink.com/en/okc/
Then, click Save to add OKC to MetaMask.
You will see OKC Mainnet appear in your list of available networks. Select it from the dropdown menu to connect to OKC DApps via MetaMask.
Use your OKX Web3 wallet to blast off into the ever-expansive DeFi universe with OKX’s Web3 products.
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