CoinDCX Introduces New Web3 Mode with 50,000 New Token Listings

Key takeaways

• Discover and trade over 50,000 new and pre-launch tokens within CoinDCX’s Web3 mode, designed for diverse investment opportunities.
• Use INR directly to fund transactions in Web3 mode through your CoinDCX portfolio.
• Seamlessly transfer funds between the CoinDCX portfolio and Web3 mode within the familiar CoinDCX app environment.
• Earn rewards like Okto Points for every interaction within Web3 mode, enhancing your investment and trading experience.

In a strategic move to create more opportunities for our users, we have launched a new Web3 mode within the CoinDCX app. Read more about this new feature in this detailed guide:

What is Web3?

Web3 represents the next evolution of the internet, often called the decentralized web. Unlike the current version of the internet (Web2), where data and control are centralized in the hands of a few big companies, Web3 gives more control and ownership back to individual users.

Think of Web2 as a shopping mall, where the building and the stores within are owned and managed by a central authority. You can visit, shop, and interact within this space, but the rules, the operation, and the profits are controlled by the mall’s owners. In contrast, Web3 is more like a bustling market street where individuals independently own and operate each stall. You can still shop and interact, but the stall owners directly control their operations and interact with customers without a central authority overseeing them.

In Web3, operations and data are built on blockchain technology, the same technology behind cryptos like Bitcoin and Ethereum. This means that instead of your information being stored on a single server controlled by a company (like your social media data or cloud storage), it’s stored across a decentralized network of computers. This makes it harder for any single entity to control or misuse your data and enhances security and privacy.

Opportunities in Web3

Web3 enables users to interact in this digital space without needing intermediaries like social media platforms or online marketplaces. You can create, share, and monetize content or even own digital assets through technologies like NFTs (Non-Fungible Tokens) while maintaining direct control. Essentially, Web3 empowers users by making them active participants and stakeholders in their digital environments rather than just consumers of content controlled by others.

Read More: What is Web3 ?

What is CoinDCX Web3?

CoinDCX Web3 is an innovative feature within the CoinDCX app, specifically designed to introduce users to the vast potential of Web3 opportunities. This new mode allows users to explore and invest in tokens not yet available on centralized exchanges. By offering early access to these projects, CoinDCX Web3 provides a unique opportunity to participate in potential high-growth investments before they reach broader markets. However, it’s crucial to understand that these early-stage tokens may present higher risks due to lower liquidity and greater price volatility.

Why Use CoinDCX Web3?

Discover Your Next Crypto 10x Gem

• CoinDCX Web3 mode offers an impressive selection of over 50,000 tokens. This includes emerging, trending, and pre-launch tokens from large and developing ecosystems such as Base, Solana, Binance Smart Chain (BSC), Polygon, and 10 more chains.
• This platform is particularly valuable for those looking to engage with early-stage, innovative projects poised to be the next generation of leading digital assets.

Maximize Yields and Enhance Trading

• Web3 mode enables users to perform various on-chain activities. Using a straightforward interface, you can swap tokens directly within the platform or engage in buying and selling activities.
• In the future, we are also integrating futures derivative trading, allowing for more sophisticated investment strategies and potentially higher returns.

Rewarding Your Engagement

• Every action like making a transaction, swapping a token, or making a deposit within the CoinDCX Web3 mode earns you Points (Points distribution is on hold until launch of Points Season 2). These points accumulate to qualify you for exclusive rewards such as airdrops. The Points you will earn will also make you eligible for the Airdrop of the CoinDCX-powered token launch of $OKTO token.

💡 More Points = Higher Reward = More $OKTO token

Simplified Access to Web3 Opportunities

• Simplified INR On-Ramp: CoinDCX facilitates easy access to Web3 with a straightforward INR on-ramp, allowing users to deposit Indian Rupees to be converted into cryptos necessary for engaging with the Web3 space. While direct trading in INR is not supported, this feature enhances the accessibility of Web3 offerings by simplifying the process of acquiring digital assets.
• Integrated Web3 Access within the App: CoinDCX has streamlined the entry into Web3, integrating it directly within the existing app. This integration makes it exceptionally easy for users familiar with centralized exchanges to explore decentralized offerings without learning new systems or managing additional wallets.
• Unified Deposit and Withdrawal Method: Users can quickly transfer funds from their traditional CoinDCX spot wallets into the Web3 mode using a unified deposit and withdrawal method, simplifying the process and encouraging exploration and trading within the Web3 ecosystem.

Announcing Integration of Solana Tokens into CoinDCX Web3 Mode

We are excited to announce that Solana tokens are now integrated into the CoinDCX Web3 Mode! This latest update brings our users access to over 20,000 tokens from the Solana ecosystem, enhancing the breadth and diversity of assets available on our platform.

WIF, MEW, MUMU… No, these aren’t just sounds.

20K+ tokens from the @solana ecosystem are now listed on CoinDCX’s Web3 Mode! DYOR! 🚀#SOL #Web3 #WIF pic.twitter.com/mYGd8KlVAB

— CoinDCX: India’s Safest Crypto Platform (@CoinDCX) August 1, 2024

Here are some of the top tokens you can now trade thanks to this integration:

• WIF
• POPCAT
• MEW
• BILLY
• CATDOG
• PONKE
• MUMU
• MICHI
• WOLF
• SLERF

With this integration, CoinDCX continues to expand its offering, ensuring that our users have access to the most innovative and promising tokens in the crypto market. Dive into the Solana ecosystem today and explore the new possibilities with CoinDCX Web3 Mode!

How to Transact in CoinDCX Web3?

Transferring Funds into your Web3 wallet:

1. Access Web3 Mode: When accessing the CoinDCX Web3 mode for the first time, ensure you use the same email address that you used to create your CoinDCX account.

2. Navigate to Your Wallet: Go to the “Wallet” section within the Web3 mode interface.

3. Add Funds: Click on the “Add Funds” button.

4. Select Token to Transfer:

a. You will see a list of tokens for transfer from your CoinDCX portfolio to your Web3 wallet. For example, select “USDC.”

b. The interface will display the available balance of USDC in your CoinDCX portfolio.

5. Enter Transfer Amount: Enter the USDC you wish to transfer to Web3 mode.

6. Confirm Transfer: Click “Swipe to Confirm” to initiate the transfer.

7. Confirmation: Wait a few seconds for the transfer to be confirmed.

8. Check Transferred Balance: Once confirmed, you can view your transferred balance in the wallet section of the CoinDCX Web3 mode.

You are now ready to use these funds to trade over 50,000 tokens available in Web3 mode.

How to make your first trade in Web3 mode

Once your funds are in Web3 mode, you can navigate through a user-friendly interface to select and trade various tokens. Here’s a straightforward, step-by-step guide on how to buy and sell tokens in Web3 mode on CoinDCX:

1. Access the Trade Interface: Click on the “Trade” button, which is located at the bottom screen of the Web3 mode.

2. Explore Tokens:

a. To find tokens, you can browse different categories (narratives) that group similar types of tokens. Choose a category and then select the token you are interested in trading.

b. Alternatively, use the search function to find the specific token you want to trad

3. Select Token and Blockchain:

a. Once you’ve selected your token, choose the blockchain on which you wish to conduct the transaction. Some tokens are available on multiple blockchains.

b. CoinDCX Web3 mode will suggest the best blockchain for purchasing the token based on transaction fees and token utility, but you can select a different blockchain if you prefer.

4. Enter the Amount to Buy/Sell: Enter the token amount you want to buy or sell.

5. Choose Payment Method: Select the token you wish to use to complete the trade. A list of available tokens in your Web3 wallet will be displayed, including any you have transferred from your CoinDCX portfolio.

6. Review Transaction Details: On the next screen, review the amount you will receive and the maximum fees for the transaction (note that actual fees might be lower).

7. Confirm the Transaction: Swipe or click on “Swipe to confirm” to finalize your transaction.

8. Transaction Processing: Transactions are executed directly on the blockchain, so completion might take a few minutes, depending on network conditions.

9. Check Transaction Status: You can check the status of your transaction by clicking on the “Check Status” button or by accessing the “Activity” tab, which is located at the top right corner of the Wallet page.

Fees Explained:

When you make a transaction in CoinDCX’s Web3 mode the following fees are added in your transaction. It’s important to understand the fees involved:

Platform Fees:

Platform fees are charges levied by CoinDCX to facilitate trading operations and maintain the platform. These fees cover the costs of using the trading platform’s technology, services, and support. They are essential for providing a secure and efficient trading environment.

Network Gas Fees:

Network gas fees are paid to blockchain validators who process and verify transactions on the blockchain. These fees compensate the validators for the computing energy required to ensure your transactions are secure and added to the blockchain. Gas fees can vary based on the blockchain’s congestion level, the complexity of the transaction, and the speed at which you want the transaction to be completed.

Total Transaction Fees:

The total transaction cost in CoinDCX’s Web3 mode will include both the platform and network gas fees. When you initiate a transaction, you’ll see a breakdown of these fees so you know exactly what you’re paying for. 

Conclusion

As we embrace the new era of digital finance with the launch of CoinDCX’s Web3 mode, our focus remains on providing an intuitive, secure, and rewarding environment for exploring the vast potential of Web3 technologies. With our simplified access features, including the INR on-ramp and integrated Web3 capabilities within our app, CoinDCX is committed to ensuring that you have all the tools necessary to navigate this evolving landscape confidently and successfully. 

Join us as we explore the limitless possibilities of Web3, enabling you to discover, trade, and maximize the potential of over 50,000 new tokens.

Learn Key Concepts of Web3 to Trade Smartly

Below are the important topics that will help you navigate the word of Web3 better. We will keep updating this section on a regular basis: 

Blockchain 101

What is blockchain?

A blockchain is essentially a distributed database or a digital ledger that records transactions across many computers so that the records cannot be altered retroactively without altering all subsequent blocks. This technology underpins most cryptos and Web3 applications.

How does blockchain work?

Imagine a blockchain as a train composed of a series of carriages, which we call blocks. Each block contains a data bundle similar to how a train carriage might carry cargo or passengers. For example, on the Bitcoin blockchain, each block carries a list of transactions. When a new transaction is made, such as sending money to a friend, it’s like adding a new piece of cargo to a carriage. Once a block is filled with transactions, it is sealed and linked to the previous block, forming a chain.

Can the same token exist on multiple blockchains?

Yes, the same type of token can exist on multiple blockchains. This is similar to having money in different bank accounts; the currency is the same but held in different places. This can happen when a token is issued on multiple blockchain to take advantage of different blockchain features.

Gas Fees

What are gas fees?

In the blockchain world, “gas” is the fuel required for transactions and smart contract executions. Like fuel for a car, gas powers every operation on the Ethereum network and other blockchains.

Why are gas fees required?

Gas fees help keep the network secure. By requiring a fee for every computation executed on the network, it prevents bad actors from spamming the network. Typically, paying these fees in the blockchain’s native token, such as Ether on Ethereum, is less costly than using other tokens like USDT or USDC.

Bridge

What is a bridge?

A bridge in blockchain technology refers to a protocol that allows the transfer of data or tokens between two different blockchains. This facilitates the use of different blockchains’ unique features without limiting users to one blockchain.

It is used to swap (transfer) the same token from one blockchain to another.