General
OKX DEX aggregator in DEXTools
let’s talk about the OKX DEX aggregator now available in DEXTools app!
- We recently informed you here about the promising alliance between DEXTools and OKX.
- We will also keep you updated on the important news that this collaboration will generate. And today, indeed, we are pleased to announce the integration of OKX DEX, the OKX aggregator in DEXTools!
- DEXTools is the worldwide leader in DeFi, and works to always bring the best to its users, but also to those who partner with DEXTools to join forces, like OKX now.
What is OKX DEX?
- OKX DEX serves as a comprehensive Decentralized Exchange (DEX), functioning as a unified trading bridge aggregator across multiple chains. Its primary objective is to facilitate users in seamlessly locating optimal on-chain liquidity for trading various assets, while identifying the most efficient route for order placement across diverse DEX platforms via X Routing.
- The X Routing algorithm employed by OKX DEX is designed to pinpoint the best available prices across all DEXs, while also conducting comparisons with Liquidity Providers (LPs) to identify the most favorable liquidity pools, splitting orders as necessary.
- This approach aids users in securing the best trading prices with minimal slippage and reduced network gas fees, particularly in scenarios involving multi-chain and cross-chain transactions.
At present, OKX DEX extends support to over 20 chains and encompasses a vast network of 400+ DEXs, offering access to more than 3,000,000 crypto assets within a single platform. Notably, it includes mainstream cross-chain bridges such as cBridge, MultiChain, and SWIFT.
To utilize OKX DEX effectively, users can leverage its Token Market Feature, which enables the exploration of trending tokens at any time and from any location. Prior to engaging with the platform, users are required to connect their wallets for authentication and access.
Let not forget that this is an alliance which, as such, implies collaboration but also mutual benefit.
DEXTools, the world leader in DeFi, benefits from a new and also strong Ally. But OKX will also benefit greatly from the army of DEXTools users (more than 20 million per month worldwide) who will use the OKX aggregator from within the DEXTools app itself.
How to use OKX DEX
In Wallet > Trade, you’ll encounter choices for Swap & Bridge as well as Limit Orders.
Use your assets in Trade (Source: OKX.com)
How to use Swap & Bridge?
Currently, OKX DEX facilitates crypto trading across 26 chains and cross-chain swaps across 17 chains.
Swap:
- Choose the amount of tokens you want to swap from in the “From” section, and in the “To” section, select the amount of tokens you wish to swap into. Once selections are made, proceed by selecting “Swap”
- If you have adequate gas fees, you’ll be directed to the order summary page. Confirm the details and select “Confirm swap”
- In case of insufficient gas fees, you can opt for “Approve [crypto] > Fill up [crypto] > Swap for gas,” a recommended feature enabling quick conversion of mainstream assets into gas fees.
Brige:
- Specify the desired amount of Pay and Receive tokens, then select “Swap cross-chain.”
- Confirm the details and proceed by selecting “Confirm swap.”
Select your trading route (Source: OKX.com)
- Choose your preferred route across various cross-chain bridges.
- Certain tokens may necessitate specific levels of slippage. For instance, tokens with low liquidity might encounter transaction failures if the slippage tolerance is set below 5%.
Swap, cross-chain and slippage: three key terms for understanding the aggregator and its usage.
What is the difference between a swap and a cross-chain swap?
- Swap refers to the conversion of crypto within the same network, where paying and receiving tokens occurs on this network. Cross-chain swap refers to the conversion of assets across different networks, where the token you pay with and token you receive are on distinct networks.
What is slippage?
- Slippage refers to the price difference between the expected price of a trade and its actual execution price. Slippage is an implicit cost of trading and is inevitable in most trades, especially in a DEX. Slippage becomes more prominent during market volatility or when there is insufficient liquidity on the trading platform.
Slippage cannot be completely avoided, but its impact can be minimized in three ways:
- The best way is to choose assets with high trading volume and liquidity.
- You can opt for transactions with smaller amounts, which are more likely to be executed, instead of placing large orders directly.
- Consider adjusting the slippage tolerance during price fluctuations, where slippage may exceed the preset limit when your transaction is executed. In this case, increasing slippage could avoid transaction failure, but it also means you can’t get a good price.
Some tokens have a higher slippage tolerance due to the presence of transaction taxes. To help you trade these tokens, OKX DEX has launched automated slippage to improve the success rate of these trades at the current optimal slippage level.
To learn more about these important trading terms and others, don’t forget to visit our Academy glossary. There you will find hundreds of terms, from the basics to the most technical, to help you educate yourself and learn all about trading and DeFi.
