Navigating Ociswap: An Easy Walkthrough | The Radix Blog | Radix DLT
With the launch of RadQuest, many users are taking their first steps into the Radix Ecosystem and the following guide will help you go from the basics of RadQuest to a more Radix native.
Exploring a dApp for the first time can be tricky, scared you’ll break or lose something. Thankfully, Radix significantly reduces the risk of something going wrong thanks to the underlying technology that the Radix Ecosystem has been built on top of.
You’ll soon learn that by using Radix DeFi, you can explore all of the amazing innovative products that Web3 and true DeFi have to offer without the anxiety that has, up till now, been a constant issue.
No more blind signing, unreadable robotic jargon, or receiving less than expected in your transactions.
But, Radix wouldn’t be where it is without its community of users and builders, and one of the earliest builders on Radix is Ociswap, a decentralized exchange that helps provide a seamless user experience for users to build their exposure to the many other great Radix projects currently in the ecosystem.
So, let’s take a walkthrough of Ociswap.
Ociswap: A Radix Network Champion
Ociswap launched with smart contract capabilities on the Babylon Mainnet in September 2023. It has since facilitated over $50 million in volume and currently holds steady at $4.44 million in TVL (Total Value Locked).
How To Use Ociswap
In this section, you will explore Ociswap’s main features, including conducting a trade, adding liquidity, and creating your own token!
Three things you’ll need:
- If you haven’t already, you’ll need to download the Radix Wallet
- Have enough XRD in your Radix Wallet to conduct simple transactions and pay fees, $10 should do it; you can buy XRD quite easily.
- Have your mobile device and/or laptop/PC ready. On Ociswap, you can utilize Radix Connect for Mobile, which means you can use the platform on a web browser, without the need of a desktop device.
So, let’s start with the basics, completing a trade on Ociswap.
Ociswap Trading
Access the Swap Feature:
- Go to the Ociswap main dashboard.
- Locate the Swap feature on the right-hand side.
Initiate a Swap (Example: XRD for OCI):
- Type in the amount of XRD you want to swap for OCI.
- Check the “You will receive at least” section to confirm you’re satisfied with the amount.
Execute the Swap:
- Click on Swap Tokens.
- Authorize the transaction on the Radix Mobile Wallet when prompted.
Verify the Transaction:
- Once signed, check your Radix Wallet to see your OCI.
If you want to swap tokens that aren’t OCI or XRD, you can select from over 100 tokens listed on Ociswap by clicking the upside-down triangular drop-down button next to each token ticker.
Advanced Chart View
- Scroll down the main page of Ociswap.
Select a Token:
- Click on the token you’d like to view and trade.
Analyze and Trade:
- Use the visual representation of price movements for technical analysis.
- Decide on your next steps: buying, selling, or holding any of the available Radix Ecosystem tokens.
Adding Liquidity on Ociswap
A liquidity pool is a fundamental component of DeFi that facilitates trading on DEXs and other DeFi platforms. It’s essentially a collection of funds stored in a smart contract provided by liquidity providers (LPs) who usually contribute equal values of two different tokens to the pool.
For example, if you wanted to add liquidity to the XRD/OCI pool on Ociswap, you could add 500 OCI and the proportionate value in XRD, whatever that may be at the time you’re reading this.
The reason platforms like DEXs have liquidity pools is that they enable automated trading of tokens without relying on a traditional order book. Instead, trading occurs directly against the pool, using an automated market maker (AMM) algorithm.
It benefits you as an Ociswap user by allowing you to provide liquidity to the pool. You’d gain a percentage of the trading fees generated by the liquidity pool.
There are currently hundreds of pools to choose from on Ociswap, all set up by the many projects building on Radix. The APR (the annual percentage returns) is shown on the right-hand side.
So, whatever value of tokens you put into the pool, the APR is the estimated return on those tokens over a year via fees.
Access the Pools Section:
- Go to the Ociswap dashboard.
- At the top of the dashboard, click on Pools.
Select a Pool:
- Choose the pool you want to add liquidity to from the list. For this example, stick to XRD/XUSDC
Choose Liquidity Options:
- On the right-hand side, you will see options for adding liquidity.
- Most users select the Wide Liquidity option by default. While there are more strategic options available that require management, for this example, stick to Wide.
Add Liquidity:
- Enter the amount of XRD you want to offer as liquidity.
- Ensure you also add XUSDC of the same value.
Finalize the Transaction:
- Once you are ready, click on Add Liquidity.
- Approve the transaction in your Radix Wallet.
Boosting your Liquidity Returns: SPLASH
With Ociswap, there’s another way you can take advantage of liquidity pools, and that’s by adding liquidity to the SPLASH pools. Each week, Ociswap rewards LPs to these pools with a share of 100,00 $OCI.
The Community SPLASH category is for projects looking to drive the adoption of their project with a tasty incentive attached. If you’re interested in joining as a creator, check out this blog.
Ociswap Token Creator – Token Wizard
If you’ve been in the Radix community for a while, you’ll know that a bunch of new memecoins have taken the ecosystem by storm, projects like $HUG, $EARLY, $DAN and $WOWO have been instrumental in growing the awareness of Radix and its mission.
Perhaps you want to launch your own project with a utility token, there is no easier way than to use Ociswap’s Token Creator.
Access the Token Wizard:
- Go to the Tools tab on Ociswap.
- Select Token Wizard.
Fill Out Token Details:
- Supply: Total number of tokens to be created.
- Name: Name of the token.
- Ticker (Symbol): Symbol representing your token.
Approve Token Creation:
- Once all details are filled out, approve the creation of your tokens.
Receive Tokens:
- The full pre-determined supply of tokens will be transferred to your Radix Wallet, ready for you to use as you wish.
It sounds as though it should be much more complicated than that, but thanks to tools like the Token Wizard, it can be done within a few minutes with all the correct prep work.
Ociswap – Try it out!
Ociswap is a great way to discover the Radix Ecosystem, it provides you with all the DeFi tools and features you would need as a Radix beginner. If you have any questions about Ociswap, make sure to join their Telegram, and follow them on X (Twitter).
Have fun exploring the rest of the Radix Ecosystem!