HomecaretCoin98 Wallet

What is OpenOcean? How to use OpenOcean to maximize the profit

Publish by Dieu Bui at 28 July 2021

Coin98 Wallet has recently integrated with OpenOcean and became one of the official wallets on this popular full aggregator, expanding the opportunities for users to benefit from our multi-chain wallet as well as the top-tier DeFi gateway in Asia.

In this article, I will guide you step-by-step through the process of connecting and using OpenOcean directly on the Coin98 Wallet to maximize the profit.

What is OpenOcean?

OpenOcean is the world's first full Aggregation Protocol for Crypto Trading that sources liquidity from DeFi and CeFi, and enables cross-chain swaps. OpenOcean searches across DEXes and CEXes to find and optimize the best trading options for various crypto assets on different Public Blockchains.

It supports cross-chain swaps between the Aggregated Public Chains via cross-chain protocols and will support direct cross-chain transactions once the infrastructure is mature. Users only need to pay the normal blockchain gas fees and exchange fees for the trades, which are charged by the exchanges and not OpenOcean.

At this point of time, OpenOcean supports only 1 CEX which is Binance. The list of DEXes supported can be found through this link.

How to start using OpenOcean

OpenOcean is now available on the DApp Browser of Coin98 Mobile Wallet for both iOS and Android users:

Read the detailed instruction about how to use Coin98 Wallet or watch the tutorial video below to install the Coin98 Mobile Wallet:

Download and install Coin98 Extension Wallet

The Coin98 Extension Wallet is available on both Google Chrome and Firefox. The detailed installation instructions can be found below:

  • Install Coin98 Extension Wallet on Chrome here.
  • Install Coin98 Extension Wallet on Firefox here.

Create a Multi-chain Wallet

After downloading or updating the Coin98 Wallet, you can follow the instructions below to create a Multi-chain Wallet or import a wallet from other wallet applications to the Coin98 Wallet.

  • How to create a Multi-Chain wallet here.
  • How to import a Multi-chain Wallet from Metamask to Coin98 Wallet here.
  • How to import a Multi-chain Wallet from Trust Wallet to Coin98 Wallet here.

If you are already a Coin98 Wallet user, you should import multi-chain wallets again to get updated with wallets on Binance Smart Chain (BNB BEP20), as well as other integrated blockchains on the latest version automatically.

Prepare the blockchains' native coin for transaction fees

The transaction fee is calculated differently depending on the blockchain. Users need to prepare the blockchains' native coins in the corresponding wallets of the respective chains, such as:

  • Transaction fees on DEXs built on Binance Smart Chain will be calculated in BNB.
  • Transaction fees on DEXs built on Ethereum will be calculated in ETH.
  • Transaction fees on DEXs built on Solana will be calculated in SOL.
  • Transaction fees on DEXs built on HECO Chain will be calculated in HT.
  • Transaction fees on DEXs built on Tron will be calculated in TRX.
  • Transaction fees on DEXs built on Polygon will be calculated in MATIC.
  • Transaction fees on DEXs built on Avalanche will be calculated in AVAX.

You can get these coins from centralized exchanges like Binance, Gate.io, FTX, ... and transfer them to your wallet.

Note: You must transfer each coin to the corresponding wallet on the correct blockchain.

Now everything’s ready, let’s start trading.

This guide includes the following main points:

  • How to trade on OpenOcean;
  • How to add liquidity and farm on OpenOcean;
  • How to participate in OpenOcean Vaults.

How to use OpenOcean on the Desktop Browser

Access OpenOcean on https://openocean.finance/.

Swap

OpenOcean currently has aggregated some majority of public chains and the majority of the Dex ecosystem help users to find the best swap prices by splitting them into paths to achieve the best price and lower slippage transactions.

OpenOcean also provides two user interfaces: Pro and Classic trading. In this guide, I will guide you through how to swap on the Pro trading interface. On the Classic trading interface, you can do the same steps.

Step 1: From the main interface click “Go Pro”.

Step 2: Select the network you want to trade on the top right corner. For example, Binance Smart Chain.

Select Coin98 Wallet from the list. OpenOcean will connect automatically with the Binance Smart Chain Wallet on the Coin98 Wallet.

Step 3: Select token pairs you would like to trade on the top left corner.

I will take the USDT-C98 trading pair as an example.

Step 4: On the same page, you will see the following parts.

  • DeFi section: The Dexes price for the token pair chosen.
  • CeFi section: The price on Binance.
  • Chart: To gain more insight, you can click on the chart icon on the screen to see the detailed DeFi Price and CeFi price at the time frame of 5 min, 15 min, 30 min, 1H, 1D.

You can enter the amount you would like to swap and you will see the best price shown under the DeFi and CeFi section. You can do arbitrage trading between DEX and CEX after comparing the prices between DEX and CEX.

Step 5: At the transaction area, you can:

  • See the token price, gwei, and price tolerance below.
  • Adjust the Price tolerance according to the desired slippage by clicking on the price tolerance percentage. The default slippage tolerance on OpenOcean is set at the standard rate of +/-1%.

Step 6: Click Unlock the certain amount you would like to swap or Infinite Unlock. Confirm your action on the pop-up wallet window.

Step 6: After confirming on your wallet, it will show “Approval Success” and you can click Swap Now!

Step 7: It will prompt the window and show the swap information. Please read carefully before clicking Confirm Swap.

After swapping successfully, you can access the Transaction History to view your transactions.

Add Liquidity - Participate Liquidity Mining

Step 1: On the main home screen and click Pools.

Step 2: Click Add Liquidity to supply.

Step 3: Enter the desired amount you wish to supply.

Note: The token pair must be of equal value according to the token pair ratio in the pool. Once you enter an amount of one of the tokens, the system will automatically calculate the corresponding amount of the other one. Make sure you have sufficient amounts in your wallet for the token pair.

I’ll take the BNB and OOE pair as an example in this guide, but you can choose other tokens as needed.

Step 4: Click Supply → Click Confirm Supply. If it's the first time you use the specific token, you need to Approve Tokens first.

Step 5: Check the transaction fee in your wallet and then click “Send”.

Step 6: ​​After adding liquidity successfully, you can click “View on BscScan” to check the on-chain result. You can view your transaction history in the pool. After a short while, you will see your LP Token balance at the bottom.

Farm

After receiving the LP tokens, you can use this token to farm and receive free OOE tokens as follows:

Step 1. On the main home screen→ Select Farms.

Similar to the previous part, you can freely choose and connect any network and wallet that contains LP tokens.

Step 2: Choose your desired Farm (I’ll take the BNB-OOE farm as an example in this guide), then click Deposit.

Step 3: Insert the amount of LP tokens you want to stake. Click Confirm and pay the calculated fee to complete the process. After the transaction is completed, the system will display the exact real-time amount of OOE you’ve farmed.

If you’d like to collect this amount, click Harvest.

To withdraw the LP tokens, click Withdraw.

Participate in OpenOcean Vaults

Step 1: On the main home screen, select Go Vault.

Similar to the previous part, you can freely choose and connect any network and wallet that contains OOE tokens.

Step 2: Choose your desired Vault, then click Deposit.

Step 3: Insert the amount of OOE tokens you want to stake. Click Confirm and pay the calculated fee to complete the process. After the transaction is completed, the system will display the exact real-time amount of OOE you’ve farmed.

If you’d like to collect this amount, click Harvest.

To withdraw the LP tokens, click Withdraw.

Note:

  • The gas fee on the Coin98 Wallet has been optimized for users to execute fast transactions at a reasonable cost.
  • You can adjust the gas fee to suit your needs
  • In addition, OpenOcean also provides Binance and Matic bridge for you to conveniently cross-swap in different chains.

How to use OpenOcean on the Coin98 Mobile Wallet

To access OpenOcean, after logging in to your Coin98 Wallet account, click Browser on the home screen and select OpenOcean in the Exchange section of the DApp Store or search via the search bar.

Swap

OpenOcean provides two desktop user interfaces: Pro and Classic trading. In this guide, I will guide you through how to swap on the Pro trading interface. On the Classic trading interface, you can do the same steps.

Step 1: After accessing OpenOcean from the DApp Browser store, click on the menu icon on the above-left side. Select Go Pro.

Step 2: OpenOcean will connect automatically with the Ethereum network on Coin98 Wallet.

To change the desired network, click on the wallet name at the bottom bar and select the network you want to connect, for example, Binane Smart Chain.

Step 3: Select the token pair you want to trade from the token search bar. I will take the USDT-C98 trading pair as an example.

Step 4: On the same page, you will see the following parts.

  • DEX section: The Dexes price for the token pair chosen.
  • CEX section: The price on Binance.

You can enter the amount you would like to swap and you will see the best price shown under the DeFi and CeFi section.

To gain more insight, you can click on the chart icon on the screen to see the detailed DeFi Price and CeFi price at the time frame of 5 min, 15 min, 30 min, 1H, 1D.

Step 5: At the transaction area, you can:

  • See the gwei and price tolerance below.
  • Adjust the Price tolerance according to the desired slippage by clicking on the Setting icon. The default slippage tolerance on OpenOcean is set at the standard rate of +/-1%.

Step 6: Click Swap Now. The interface will prompt a pop-up and show the swap information. Please read carefully before clicking Confirm Swap.

Step 7: Confirm your action in the wallet by click Send to pay the network fee.

After swapping successfully, you can access the Transaction History to view your transactions.

Add Liquidity - Participate Liquidity Mining

Step 1: Click on the menu icon on the above-left side. Select Go Pools.

Step 2: Click Add Liquidity to supply.

Step 3: Enter the desired amount you wish to supply.

Note: The token pair must be of equal value according to the token pair ratio in the pool. Once you enter an amount of one of the tokens, the system will automatically calculate the corresponding amount of the other one. Make sure you have sufficient amounts in your wallet for the token pair.

I’ll take the BNB and OOE pair as an example in this guide, but you can choose other tokens as needed. If it's the first time you use the specific token, you need to Approve Tokens first. Click Approve OOE.

Step 4: The system will then calculate a small confirmation fee. Click Send.

Step 5: Click Supply → Click “Confirm Supply”.

Step 6: Check the transaction fee in your wallet and then click “Send”.

Step 7: ​​After adding liquidity successfully, you can click “View on BscScan” to check the on-chain result. You can view your transaction history in the pool. After a short while, you will see your LP Token balance at the bottom.

Farm

After receiving the LP tokens, you can use this token to farm and receive free OOE tokens as follows:

Step 1: Click on the menu icon on the above-left side → Select Go Farms.

Similar to the previous part, you can freely choose and connect any network and wallet that contains LP tokens.

Step 2: Choose your desired Farm (I’ll take the BNB-OOE farm as an example in this guide), then click Deposit.

Step 3: Insert the amount of LP tokens you want to stake. Click Confirm and pay the calculated fee to complete the process. After the transaction is completed, the system will display the exact real-time amount of OOE you’ve farmed.

If you’d like to collect this amount, click Harvest.

To withdraw the LP tokens, click Withdraw.

Participate in OpenOcean Vaults

Step 1: Click on the menu icon on the above-left side → Select Go Vault.

Similar to the previous part, you can freely choose and connect any network and wallet that contains OOE tokens.

Step 2: Choose your desired Vault, then click Deposit.

Step 3: Insert the amount of OOE tokens you want to stake. Click Confirm and pay the calculated fee to complete the process. After the transaction is completed, the system will display the exact real-time amount of OOE you’ve farmed.

If you’d like to collect this amount, click Harvest.

To withdraw the staked OOE tokens, click Withdraw.

Why you should use on Coin98 Wallet

For both the newbies and the DeFi experts, using OpenOcean with the Coin98 Wallet brings undeniable benefits, such as:

Simple, easy to access

For the browser, Coin98 Wallet has been integrated into OpenOcean, you only need to access and connect the wallet with a single click.

The DApp Browser is integrated into the Coin98 Mobile Wallet for both iOS and Android users. Just by clicking Browser on the home screen, you’ll be seamlessly taken to the marvelous DApp world.

Minimized risks of scams

Coin98 Wallet constantly strives to find the most trustworthy DApps with great use cases while prioritizing users’ security and privacy. Coin98 Wallet directly integrates the exact addresses of all DApps on the app, which prevents the cases of searching and accessing fake DApps that steal users’ Private Keys/Passphrases, or swapping scam tokens.

The Cross-Chain Bridge

Considered one of the most innovative features of Coin98 Wallet, the Cross-Chain Bridge allows users to interact with OpenOcean easily and convert multi-chain tokens directly on the Mobile App without using third parties.

Numerous DApps

If you are inclined towards farming on OpenOcean after reading this article, why miss out on the great experience of trying other multi-chain DApps on the Coin98 Mobile Wallet DApp Browser?

Stay tuned for the upcoming planets that are about to be integrated into the Coin98 Wallet Universe!

Summary

The future vision of OpenOcean is to build a full aggregator for crypto trading that increases capital efficiency and to serve as a bridge connecting the separated blockchains altogether. Besides features of swaps, OpenOcean will continue to integrate derivatives, yield, lending and insurance products in the future. Let's see how those features will turn out to be!

If you have any problem or idea when using OpenOcean, do not hesitate to comment below to get assisted. Join Coin98 Community and Coin98 Wallet to discuss with admins & other members!

Bạn là người mới, muốn học đầu tư Crypto từ đầu để có kiến thức nền tảng?

Học tại đây
Diệu Đặng

Dieu Bui

Take risk and you'll get the payoffs!

back to top