As the crypto industry continues to evolve, the DeFi revolution has caught everyone’s attention because of its potential to offer empowering financial instruments for all. O3 Swap, the latest project from one of the popular crypto wallet solution providers O3 Labs takes DeFi to the next level with its cross-chain aggregation protocol.
So what is O3 Swap?
O3 Swap is the latest feature to be added to the O3 Wallet which allows users to trade or trade a variety of cryptocurrencies from within the app. Enabled by the proprietary cross-chain protocol, O3 Swap allows users to swap native assets of different supported blockchains such as Ethereum, Binance Smart Chain (BSC), NEO, Huobi ECO Chain (HECO), Polkadot and other layer2 protocols without worrying about compatibility issues.
The governing O3 Swap protocol is made up of two separate modules, an O3 aggregator and a cross-chain pool. While the latter, as the name suggests, aggregates liquidity from various popular DEXs, the cross-chain pool powered by PolyNetwork allows users to seamlessly exchange assets between different blockchain protocols. The whole process is carried out on the settlement layer, using different market liquidity mechanisms such as AMM, order books, money market, etc.
The combination of a versatile O3 Swap protocol and a user-friendly O3 Wallet interface provides users with a simple yet secure one-stop-shop for most of their trading and trading needs. Besides the liquidity aggregation between DEX’s main O3 Swaps, it also compares the going rates on different platforms to offer its users the possibility to trade assets at the lowest rate through the most trading channel. effective. This feature contributes to a reduction in the time associated with trading as well as transaction costs.
How to use O3 Swap?
Using O3 Swap isn’t rocket science. In fact, it’s remarkably straightforward, and the platform has released a step-by-step tutorial to make it a lot easier for the community. Users will need to visit the O3 Swap page on the website and follow the instructions to connect their wallets. Depending on the assets you want to swap, they can use O3 Wallet or NeoLine for Neo and Metamask for ETH, BSC and HECO cross-chain swap.
Once the wallet is connected, users can start the exchange process by choosing the tokens they wish to exchange and the amount of the transaction. After entering the basic information, they can click “RFQ” on the transaction detail page to get the transaction details including amount, value, trade route, rate and charges. . If they are not happy with the price, they can choose any available route under “More Negotiation Price” and select the one that suits their needs before clicking the “Confirm” button.
After confirming the exchange, users will encounter a pop-up window of Metamask or O3 Wallet to complete the transaction. And that’s all! The exchange is over.
Besides O3 Swap, the platform includes O3 Hub – a cross-chain asset pool for liquidity providers where users can stake their crypto assets and earn rewards. In the testing phase, O3 Hub currently supports cross-chain exchanges and stablecoin LPs. The full-fledged platform is expected to be released soon.
Much more to come
The O3 ecosystem will have a lot of new products in the coming days. In addition to the fully operational O3 hub, the platform will also introduce commercial mining and other community incentives, a DAO governance model, and a full Layer 2 upgrade for much faster and more economical transactions.
As the O3 network continues to grow, the project is expected to give fierce competition to companies like Curve and 1inch, which are also working on cross-chain aggregation but have their own limitations. For example, Curve’s offering is limited to stable coins only, and the 1-inch support does not extend beyond ETH and BSC.
Learn more about O3 Swap at – https://o3swap.com/