What can I do with OKX Wallet?
OKX Wallet is a powerful Web3 wallet that serves as your gateway to DeFi, GameFi, NFTs and more in the OKX Web3 ecosystem and beyond. With OKX Wallet, you can create, trade and generate passive income. The ever-expanding digital currency industry is brimming with opportunity, and OKX Wallet is all you need to join the crypto revolution.
OKX Wallet is available as a browser extension and as part of the OKX app. In this article, we explain everything you can do with OKX Wallet. Let’s go.
Store and spend your crypto with OKX Wallet
OKX Wallet’s most basic function is a simple Web3 wallet to manage the keys to your crypto assets. When you first set up your wallet in the browser extension or the mobile app, OKX Wallet generates a seed phrase. This is all you need to access your cryptocurrency if something unfortunate happens to the device on which OKX Wallet is installed.
You must keep your seed phrase safe. Anyone with access to it can spend your crypto <mdspan datatext="el1652994312733" class="mdspan-comment">assets</mdspan>.
OKX Wallet enables you to take absolute control of your cryptocurrencies. One of public blockchain technology’s most powerful qualities is that they’re permissionless. No one can censor your transactions, and your money can move freely, without restrictions.
Explore OKC and any EVM-compatible chain
With OKX’s Web3 wallet and decentralized application hub, you can explore any Ethereum Virtual Machine-compatible blockchain. If a blockchain is said to be EVM-compatible, it just means that it uses the same general architecture as Ethereum, resulting in more straightforward interoperability across chains.
When you first download OKX Wallet as a browser extension or mobile application, it will connect to the OKC network by default. You’ll be able to explore the various DApps deployed on OKC, using assets native or bridged to it.
OKX Wallet becomes your passport to other EVM-compatible Layer-1 and Layer-2 blockchains with just a few clicks. They include Ethereum, Fantom, BSC, Polygon, xDai and more.
By default, OKX Wallet does not support some EVM-compatible chains. Yet, that doesn’t mean you need to download a new Web3 wallet for those networks.
Using the Custom RPC option, you can manually enter network details, enabling OKX’s Web3 wallet to connect to EVM-compatible chains that aren’t listed in the screenshot above. For example, to connect to Avalanche, you need to enter the network’s details, including its name, RPC URL, and Chain ID. You can find these details by searching for “Avalanche RPC URLs.”
Bridge assets between EVM-compatible chains
The crypto assets you hold in your OKX Web3 wallet aren’t restricted to the network on which they were created. With blockchain-bridging technology, you can transact across multiple blockchains. If you want to send ETH from the Ethereum network to OKC to take advantage of a DeFi opportunity or play a GameFi title, you can do it easily with a blockchain bridge.
Using a bridge like OKC Bridge, you can send assets to a smart contract on one network and mint equivalent cryptos on a different blockchain. When bridging ETH to the OKC, you will receive ETHK, which has the same fiat value as native Ethereum ETH.
Trade crypto with OKX Wallet
Armed with OKX Wallet, you can start interacting with different decentralized applications across EVM-compatible networks. Perhaps the most accessible category of DApps to explore first is decentralized exchanges.
DEXs are great because they do not require signup. You just connect your Web3 wallet, select the assets you want to swap and submit a transaction. Crypto assets almost always get added to a DEX like CherrySwap or Uniswap before major exchanges like OKX.
While speedy additions can enable crypto traders and investors to gain exposure to an asset before it starts trending, there is no formal vetting process for new tokens. Therefore, not all assets listed on DEXs are considered safe, and malicious actors can list cryptos with similar names to hyped projects to dupe naive investors. If you’re trading the newest crypto assets, always check a project’s official documents first. Make sure that the asset you are buying is linked to the correct smart contract.
In addition to lacking user protections, DEXs offer a much more basic trading experience than exchanges like OKX. For example, you won’t find advanced order types or many of the features that make OKX the world’s most advanced crypto ecosystem.
That said, DEXs are still a powerful use case for Web3 wallets like OKX Wallet. You just need to understand their risks and limitations to use them safely.
Earn yields in DeFi
Beyond digital currency itself, decentralized finance is one of blockchain technology’s breakthrough use cases. DeFi applications enable you to borrow, lend, provide liquidity and earn a yield on your investments. All you need to get started is a funded Web3 wallet.
Popular yield-bearing activities on DeFi apps include:
- Providing liquidity to automated market maker DEXs — e.g., Uniswap, SushiSwap, CherrySwap and Curve.
- Lending assets via lending protocols — e.g., Aave, Compound, Maker, Flux Protocol and Teddy Cash.
- Stake assets via liquidity-staking services — e.g., Lido, Rocket Pool and Marinade Finance.
DeFi is a fast-moving sector that is not for the risk-averse. The DApps comprising DeFi are built entirely using smart contracts. Vulnerabilities in the code can lead to exploits that drain user funds resulting in irreversible losses.
We recommend reading up on <mdspan datatext="el1653043049263" class="mdspan-comment">some high-profile exploits</mdspan> to understand the risks better if you’re new to the sector. Also, stick to long-established protocols while you get a feel for the sector — newer apps’ code is usually less scrutinized and more likely to fall victim to exploits. You’ll find examples of popular DeFi protocols in the “Discover” section of the OKX Wallet hub.
While DeFi is undoubtedly riskier than centralized passive income-generating services like OKX Earn, the potential rewards can be greater, too. Bear this in mind when exploring DeFi apps and avoid committing too much of your portfolio to a single protocol — regardless of how juicy the quoted APY sounds!
Create NFTs with OKX Wallet
Web3 isn’t just full of financial opportunities. Artists of all kinds can benefit from the blockchain revolution through nonfungible-token technology.
Creating an NFT is easy. Once you have produced your artwork, music or video, you can tokenize it using a platform like the <mdspan datatext="el1653053522164" class="mdspan-comment">OKX NFT marketplace</mdspan>. You can then monetize your creation by listing it for sale. You can also set future royalty payments, meaning every time someone sells your artwork, you receive a percentage of the total sale price.
Trade NFTs on popular marketplaces
With OKX Wallet, you can buy and sell NFTs to support your favorite creators or make profits from buying low and selling high. As a multichain Web3 wallet, you can connect to marketplaces on multiple blockchains to trade NFTs. Examples include OpenSea, LooksRare, NFTrade and OKX NFT Marketplace.
Unlike many NFT trading platforms, OKX NFT Marketplace charges absolutely no fees for secondary market sales. Considering that the most popular NFTs sell for more than $100,000 each, the 1%–2.5% fees charged elsewhere can soon add up!
Explore the metaverse and GameFi with OKX Wallet
OKX Wallet also serves as your gateway to GameFi and the metaverse. This expanding and forward-looking niche is reinventing how we spend time online.
With play-to-earn titles like Axie Infinity, Blockchain Brawlers and CryptoBlades, you can earn rewards in GameFi assets, and tradeable NFTs represent many in-game items. Your Web3 wallet acts as your account for blockchain games. OKX Wallet records gameplay progress and safely stores any virtual assets you receive.
Meanwhile, metaverse worlds like Decentraland, The Sandbox and CryptoVoxels are early visions of lifelike online social spaces. Similar to GameFi titles, OKX Wallet is all you need to explore these emerging metaverses, and as technology advances, people will undoubtedly spend more time in these virtual worlds.
OKX Wallet: Your portal to Web3
OKX Wallet opens up a world of possibilities in the innovative and exciting world of Web3. Available as a browser extension and a standalone mobile application, it’s all you need to store, trade and earn passive income on your crypto assets.
Start your DeFi, GameFi, metaverse or NFT journey today with OKX Wallet. Game on!
Not already an OKX trader? Sign up to join the world’s leading crypto ecosystem today.
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