Decentralized Finance, or DeFi, has sparked the interest of many people in the open finance industry, and while Decentralized Exchanges (DEX) are prospering as a result of this new interest, one key issue they face is liquidity fragmentation. With network congestion and inadequate scalability leading to an increase in network transaction costs, a solution was required to address these issues.
Although layer 2 solutions and sidechains have been proposed to address these issues, transaction barriers across blockchains have proven to be a disincentive in this situation. O3 Swap aims to address all of these concerns by developing a cross-chain protocol that connects multiple blockchains and allows users to freely trade assets without being isolated from the network.
What is O3 swap?
The O3 Swap is a cross-chain aggregation protocol developed by O3 Labs with the goal of allowing users to exchange or “swap” digital assets within their O3 Wallet. Cross-chain aggregation means that they source liquidity from multiple providers on different blockchain networks. Normally, exchanging cryptos between various blockchain networks is impossible. Users will be able to easily exchange (or swap) different crypto assets from their O3 Wallets using O3 Swap.The O3 Wallet is a decentralized open-source wallet built on top of high-quality fundamental networks like Bitcoin, Ethereum, and Neo.
O3 Swap released the NEO swap module in Q1 2021. It brings together significant liquidity sources from some of the most well-known decentralized exchanges, allowing users to choose the most cost-effective trading routes. As a result, users may trade without fear of hidden costs or limitations.
Why O3 swap?
High transaction costs, network congestion, and non-scalability have become the new normal as decentralised finance (DeFi) continues to gain traction. O3 Swaps is ahead of the game, aiming to provide a one-stop exchange and aggregation platform for crypto assets for both its consumers and developers. It effectively removes the inter-blockchain asset usage limit.
- Cross-chain exchange: The cross-chain aggregation protocol developed by O3 Swap removes the transaction barrier that exists across blockchains. In a single click, users are able to trade multi-chain cryptos on BSC, Huobi Eco Chain, Ethereum, Neo, and other popular layer 2 projects.
- Permissionless: KYC is not required to access the platform. O3 Swap also enables true anti-censorship since it partnered only with DEX liquidity providers.
- Liquidity Aggregation: Having several liquidity providers as partners, O3 Swap’s users will always get the best rates possible
- Community-driven: It supports decentralised governance using O3 Swap Tokens, ensuring that the community’s opinion is heard.
How to use O3 Swap?
Using O3 Swaps is a simple and basic process. All you have to do is connect your wallet to the O3 Swap website. The O3 Wallet and NeoLine are supported by the Neo Swap as of April 2021, but the ETH, BSC, and Heco cross-chain swaps only support Metamask.
After you’ve connected your wallet, start the Swap by selecting “From” and “To” and enter the amount you want to swap.
A step-by-step guide is presented below:
Step 1: Access O3 Swap website and choose “Swap” on the navigation bar
Step 2: To swap, users need to connect their wallet and confirm the connection in the pop-up window. New Swap supports O3 wallet and NeoLine, whereas Metamask is supported by ETH, BSC, and Heco cross-chain swap. The O3 wallet will support all chains in its official version, and it will be accessible on mobile devices soon.
Step 3: The user may select the ‘From’ and ‘To’ addresses, as well as the amount to be exchanged. Details such as the quantity, value, trade route, rate, and charge may be displayed by clicking the ‘RFQ’ option. After clicking confirm, the customer is given the opportunity to change the GAS cost.
Step 4: The user can check the transaction status on the corresponding explorers after the transaction is completed.
You can also check out this video to know how to use O3 Swap: Tutorial Using O3 Swap and It’s Benefits
O3 Wallet is one of the top crypto wallets for BTC, NEO, GAS, ETH, and ONT. It’s a light wallet with a genuine multi-chain environment, with over 150,000 users worldwide as of this writing. It is built on the blockchains of Neo and Ontology. Users of Windows, macOS, and Linux may utilize the wallet on their desktops. The O3 wallet can also be downloaded for Android and iOS devices.
O3 Labs promotes their cryptocurrency wallet as the portal to the smart economy. Because the wallet connects between blockchain applications, users may acquire cryptos, monitor their portfolio, trade cryptos, and stake in seconds.
The wallet features a fiat on-ramp, which allows users to buy cryptos with their local currency. It’s worth noting that cryptos may be purchased using credit and debit cards. The O3 wallet also includes a fully integrated dAPI (decentralised API), making it the ideal DeFi gateway. Decentralised API allows decentralized applications (dApps) to communicate directly with the blockchain, obviating the requirement for a wallet to manage funds. As a result, customers may utilize DeFi without having to take their wallets out.
You can also watch this video to know more about O3 Wallet: O3 Wallet Intro
Why O3 Wallet?
- Enhanced Privacy: Users may generate new addresses for each time they swap or acquire cryptos using the O3 Pay dAPI. This new address, however, is linked to your account. That implies that for each new transaction, O3 Wallet may generate several addresses for a single coin. This is like a new shell address which helps keep your Coinbase account anonymous. Furthermore, O3 does not need you to create an account with them. This ensures that your true identity remains hidden. Because O3 does not keep your private key outside of your device, you will be in charge of it. This guarantees that the funds in your O3 wallet are only accessible to you.
- Sending cryptos both on-chain and off-chain: Users of the O3 wallet may transfer and receive cryptocurrency, as well as pay for services, directly from their wallets. O3 Swaps allow for off-chain settlements that are completely free and may be done immediately from your wallet.
- 24/7 Support: If you have any concerns when using O3 app, you can ask the support team directly on the app. Moreover, they are also available 24/7 on channels such as Telegram, Discord, Email, and Twitter. You can also reach them on O3 Community Forum, Medium, Publish0x and Reddit.
How to set up an O3 Wallet (Desktop)?
Step 1: Install the app
If you haven’t installed the app, you can get it from: https://o3.network/#download
Step 2: Create a new wallet in the login screen
- Open the O3 app
- Choose “Create a new wallet”
- Name your wallet
- Enter a passphrase to encrypt your credentials, and then click “Create.”
- You will then be presented with your wallet credentials. Remember to save them in a secure place and not to lose them. If they are lost, you won’t be able to get them back since there’s no recovery feature.
- Be careful when using your private key as if it’s exposed, anyone can use it to log in your wallet and steal your money
- If you want to print your credentials to create a paper wallet, please click the “Print wallet” button
- If you want like to hide your private key before printing, please click the “Hide private key” button beforehand
- Once you saved your wallet credentials, close the above screen and you will be directed to the dashboard of your wallet
- The wallet accepts NEO, GAS, all NEP5 tokens, ONT, and ONG.