You may have come across the term decentralized exchanges (DEX) and be curious about their differences from centralized exchanges (CEX). We've covered DEXs in detail on our blog. To recap, a decentralized exchange (or DEX) is a peer-to-peer marketplace where tokens are traded directly between crypto traders without the involvement of intermediaries such as banks or brokers. This is enabled by the use of smart contracts, and trades are settled directly on the blockchain.
In this article, we will discuss the integration of OKX DEX in Tangem Express, what makes OKX DEX the most powerful DEX aggregator in our wallet, why it matters to users, and how you can swap crypto with OKX DEX.
What is OKX DEX?
OKX DEX is a decentralized exchange and cross-chain bridge aggregator designed to address various trading issues by integrating prices and routes from over 100 DEXs. With over 100,000 tokens available across more than ten blockchains, users have a vast selection. OKX DEX identifies the best prices across multiple DEXs using the X Routing algorithm. It also compares Liquidity Providers (LPs) prices with the best liquidity pools, splits orders, and considers prices, slippage, and network fees to ensure efficient trading.
Key features of OKX DEX
The OKX DEX has a range of exciting features, such as:
Optimal trading prices: OKX DEX offers competitive or superior prices compared to other DEX aggregators over 60% of the time, reducing the need for users to spend time comparing prices.
Advanced security: OKX's proprietary security technology detects unfavorable trading prices, counterfeit tokens, rug pulls, and high burn rates. It is also integrated with Flash Bot, which keeps transactions private to avoid high maximal extraction value (MEV).
Cross-chain trading: Users can trade across more than ten blockchains, increasing the variety of available trades within the platform.
How does swapping tokens on OKX DEX work?
On-chain swaps involve converting cryptocurrencies within the same blockchain network, where both the sending and receiving tokens are on the same network. Cross-chain swaps involve converting assets across different blockchain networks, where the token you send is on one network, and the token you receive is on another.
OKX DEX facilitates on-chain and cross-chain swaps with its proprietary X Routing algorithm, which finds the best price across every DEX. It connects over 20 networks and 400 decentralized exchanges and offers over 210,000 crypto assets in one place, allowing users to enjoy the largest variety of quotes on the market.
It also compares prices from Liquidity Providers (LPs) with the best liquidity pools and split orders, considering prices, slippage, and network fees.
OKX uses cross-chain bridges as the optimal route for cross-chain swaps based on the amount, network fees, slippage, and cross-chain bridge costs. We’ve explained cross-chain bridges and how they work in this article:
Why swap with OKX DEX in Tangem Express?
OKX DEX presents yet another opportunity to exchange assets across different networks inside Tangem Wallet at very good rates. Due to its decentralized nature, Tangem users will not face any KYC or AML requirements.
Introducing OKX DEX to Tangem Express exposes our users to 1,083,918 new exchanges and 1,504 new tokens available for swaps. You can now trade various crypto assets across numerous blockchains with minimal slippage and the best trading prices.
How to swap with OKX DEX in Tangem Wallet
Here's how you'll be able to exchange one token for another with OKX DEX in the Tangem Wallet:
Go to the Tangem app.
Open a token page, for example, USDT, and tap Swap.
Enter the asset, such as AVAX, and the amount you want to swap.
Tangem Express will automatically show you the provider that offers the best rates.
- Tap the provider shown to see all providers available and their rates.
- Choose OKX DEX/Bridge from the list of providers and tap Give Permission to grant OKX access to your USDT tokens for the transaction.
You can either give permission for the current transaction or to all your tokens. You must pay a network fee every time you give a smart contract permission to use your tokens.
Tap Approve to grant permission for the transaction.
- Tap on Network fee to select your preferred commission payment. We recommend using the suggested network fee.
Tap Swap and enter your access code.
- Scan your Tangem card or ring to approve the transaction.
Tap Close to exit the transaction window.
When the transaction is complete, your account will be funded with the swapped token (AVAX)
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