What is the Okto DeFi wallet used for?

Okto is a mobile app with the vision to provide easy and secure access to Web3 opportunities. Okto has built an easy-to-use interface for anyone to explore vetted DeFi investment opportunities and earn passive income on their crypto holdings. With its keyless, self-custody Web3 wallet, Okto provides secure access to DeFi services while eliminating the hassle of securing your funds.

Okto has been developed in partnership with CoinDCX to enable every user to become a part of the Decentralized economy. Decentralization empowers individuals to retain control of their assets while maintaining privacy, and Okto makes that possible for you.

With its intuitive mobile application, you will gain access to Decentralised Finance opportunities that are carefully curated with pre-evaluation and complete risk assessment of the listed opportunities. With Okto, we are solving the discoverability challenge in DeFi by providing access to 1,000+ DeFi tokens, 20+ chains, 150+ liquidity pools, and 100+ protocols on a single Web3 wallet.

How is Okto different from other DeFi wallets?

Today’s investors either do not understand DeFi or struggle to determine and identify legitimate opportunities within the blockchain ecosystem. Our mission at Okto is to provide you with the simplest DeFi wallet app which is exhaustive in providing investment opportunities. Okto is a one-stop-solution to DeFi with a range of unmatched features:

• Easy to Use - Okto offers an easy-to-use and intuitive solution that removes the complexity associated with private key management. It eliminates the need to understand blockchain or private keys.
• Highly secure using MPC: Okto leverages advanced multi-party computation (MPC) to offer a keyless infrastructure where private keys are distributed and stored across various locations.
• Earn high yields on idle crypto: Okto provides additional opportunities to earn passive income by trading thousands of tokens and depositing idle crypto funds to high-yield generating pools. In the near future, Okto will enable investors to access 1,000+ tokens across 150+ liquidity pools by giving access to 20+ chains and 100+ protocols over time.
• Self-Custody- Okto offers a self-custody solution for crypto assets. It provides users full control of their funds as all the transactions require the user’s approval to be processed successfully. Users are in full control of their assets as the wallets cannot be created or operated without their approval.

Okto is a DeFi app which is truly multichain, equipped with a high-performance wallet that is incredibly simple for its users to use and provides a range of unmatched investment opportunities.

Read more: How to choose a DeFi wallet?

Is Okto DeFi wallet secure?

Okto has an in-built secure 2FA-enabled, self-custodial wallet that utilizes MPC to perform distributed wallet operations on assets across multiple blockchains. Okto brings MPC to retail with all requisite end-to-end features of wallet creation, transaction signing, recovery, and security whilst keeping the user as the primary owner. MPC removes single points of vulnerability which means that there is no single place that could lead to a compromise and provide full access to the wallet.

Using MPC, Okto can create a user's private key as separate, cryptographically sensitive secret shares that no longer need to be stored under single custody. One of the shares is controlled by the user while the other shares are held by secondary signing parties. The partial signature of the user and the secondary parties together make the complete signature for a user.

Okto has three signing parties and all three parties are required to jointly perform a transaction for a valid signature. They are independent of each other and no single person has administrative access to both parties, thus preventing others from controlling your funds. The user retains primary ownership of their wallet's key as only they can initiate transactions.

In the event of key share misplacement from the user's side such as when a phone is lost or replaced, they have a reliable, simple process to back up and recover their key share. They can simply recover the share or refresh all key shares in a cryptographically secure method that does not reveal any information to any third party.

Read more: How to keep your crypto with a Self Custody Wallet

How to use Okto DeFi Wallet App: Explained

To get started, simply download the Okto app, sign up or sign in using your existing CoinDCX credentials as explained in the section below, and follow the steps in-app to explore options such as Earn and Swap.

• With Earn, you can earn interest on your existing tokens by adding them to a liquidity pool.
• With Swap, you can trade one token for another.

✔ Download the Okto wallet app & signup

✔ Transfer your crypto from any wallet to your Okto DeFi wallet

✔ Swap tokens & Earn passive income in DeFi

Where to Download the Okto DeFi app?

The Okto app is available for Android users at the moment. Our iOS app will be out soon. Users can download the app from the Play store and join the waitlist for App store access by clicking here.

How to Sign up on Okto App?

To set up your Okto account you can register either with your Google Account or with your email id.

Sign up on the Okto DeFi app using your Google Account

Follow the steps below to sign up for Okto using a Google account:

1. Download and open the official Okto App to get started
2. On the app home page, click “Continue with Google”
3. Select your Google account
4. Enter your phone number and verify via OTP
5. Complete your registration by setting up your login PIN

Sign up on the Okto DeFi app using your email id

To Register with your email id click on the ‘Register with Email’ button and fill in your ‘Full Name’, ‘Email’ & ‘Password’ and enter the OTP to verify your email.

Sign in on the Okto DeFi app using CoinDCX credentials

If you have an account on CoinDCX you can simply use the same credentials to log in.

How to transfer your crypto assets from another DeFi Wallet to Okto?

Once you have signed up for the Okto app and backed up your wallet, you can seamlessly transfer crypto from your CoinDCX or external wallets to the Okto wallet.

• To deposit crypto, tap on ‘portfolio’ at the bottom of your screen.
• On your portfolio page, select the token you want to deposit. You can simply search for the name of your preferred token.
• Now select the wallet you wish to transfer the token from. Let’s say in this case CoinDCX.
• Now enter the token amount. Swipe to confirm your transfer. And voila! In a few seconds, your crypto will be transferred.

How to backup your private keys to secure your funds?

In case you get logged out of the app or use a new device, backup helps you access your wallet. Okto uses encryption which is a security method of encoding private information that can only be decrypted by the user with specific keys, thus adding an extra layer of security to your funds.

Online Backup: Your wallet keys get synced to your personal cloud that gives you access if you get a new phone. To stay safe, we recommend using more than one cloud service.

Offline backup: Your wallet recovery key is converted into a simple text format making it possible for you to write it down & hide it somewhere offline. Offline keys are less accessible, which in return adds a layer of security.

How to Swap Tokens on Okto Wallet?

Okto offers Multichain and cross-chain functionality as you can Swap 1,000+ tokens without switching between different networks and chains.

To Swap, simply follow the steps below:

• Click on ‘Trade’ at the bottom of your screen, there you’ll see your Trade page where you can select the token you wish to buy, e.g. BNB.
• Now select the token you wish to sell against BNB from your portfolio.
• Enter the trade amount and simply click next.
• Now, carefully review and confirm your trade.
• Please note that for every transaction, you will be charged a gas fee which is also known as blockchain transaction fee that is paid to the network validator for providing services to the blockchain.

How to earn passive income in DeFi with Okto?

You can easily earn passive income by putting your idle crypto to work on Okto. Simply follow the steps below:

• Tap on ‘Earn’ at the bottom of your screen and browse through many available liquidity pools.
• Different liquidity pools offer different returns. Select a liquidity pool of your choice to get started, e.g. search for BNB, click on BNB to check all the available pools with BNB token, and select USDT-BNB pool.
• Once you’ve made a choice, invest an equal amount of both the tokens of the liquidity pool to add liquidity. e.g. $10 worth BNB and $10 worth USDT. If you do not hold a sufficient balance of the tokens, you can transfer funds from your other wallets to Okto or swap your crypto to the required token.
• Carefully review your order and confirm.
• Now, simply sit back and enjoy passive returns on your crypto.

Conclusion

The Okto Wallet is your one-stop solution for all DeFi needs. It is a Web3 mobile app that provides you with a self-custody crypto wallet where you can Swap more than 1,000+ tokens seamlessly across multiple chains. Not only that, but Okto also helps you to earn passive income in DeFi with 150+ liquidity pools. Now discover vetted earning opportunities on the go and invest in top DeFi coins with Okto!

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FAQs:

1. Is KYC required to sign up on Okto DeFi wallet app?

Since Okto is purely self-custody and decentralized, KYC is not mandatory.

2. Can I use my CoinDCX account to access Okto's self-custody wallet?

Yes, you can use your existing CoinDCX credentials to access and sign in to the Okto self-custody wallet app.

3. How is Okto different from my CoinDCX crypto wallet?

Okto is a keyless, self-custody Web3 wallet working on MPC technology, while CoinDCX wallet is a centralized wallet under the custody of CoinDCX. With self-custody or non-custodial wallets, you are the owner of your funds while with custodians like CoinDCX, users trust CoinDCX to keep their funds secure.

4. Where can I see my Okto DeFi Wallet Balance?

Your Okto wallet balance is visible under the “Your Tokens” section under the “Portfolio” tab.

5. Where can I view my Holdings / Crypto DeFi Investments?

You can view your tokens under Portfolio -> Your Tokens

You can view your investments under Portfolio -> Your Investments

6. Where can I see my Okto DeFi transaction history?

You can see all your transactions history under the ‘Activity” tab.