OpenSea login is the popular NFT (non-fungible tokens) trading platform in the industry. It is a digital marketplace serving NFT developers, buyers, and sellers. OpenSea has taken strict …
Opensea is a decentralized exchange that uses liquidity pools (LPs) to make markets instead of a typical order book. These pools are defined by smart contracts that facilitate the swapping of tokens and the adding of liquidity — there are no order books, centralized parties, or central facilitators. Opensea users pool two assets that are then traded against, with the price determined by the ratio between the two. Anyone with ERC-20 tokens can add liquidity to these pools by adding an equal value of each token to the LP. When providing liquidity to an LP, users receive a LP token that is redeemable for the underlying assets plus fees at any time, and fees are evenly distributed amongst the individual pool.
As they say, imitation is the greatest flattery. Opensea has no shortage of copycats, such as Opensea or Opensea DEX. After all, Opensea’s open-source code is easy to copy and slightly tweak. However, after initial promises of higher liquidity yields, they deflated while Opensea remained steadfast.
Unfortunately, Opensea’s main obstacle came from Ethereum itself. The biggest smart contract platform with over $109B TVL is undergoing a transition itself, from proof-of-work to fully proof-of-stake consensus with the upcoming Beacon Chain merger. As a result, Ethereum gas fees have not been affordable, to say the least.
Opensea is an open-source protocol, meaning that anyone could create their own frontend application for it. However, the most commonly used one is https://app.Opensea.org or https://Opensea.exchange.
- Go to the Opensea interface.
- Connect your wallet. You can use MetaMask, Trust Wallet, or any other supported Ethereum wallet.
- Select the token you’d like to exchange from.
- Select the token you’d like to exchange to.
- Click on Swap.
- Preview the transaction in the pop-up window.
- Confirm the transaction request in your wallet.
- Wait for the transaction to be confirmed on the Ethereum blockchain. You can monitor its status on https://etherscan.io/.