Tuto: From OKEX to Testnet Staking

New feature! VITE ERC20 tokens can now seamlessly be converted against VITE testnet tokens from the VITE web wallet!

If you are not familiar with the notions of VITE ERC20 and testnet tokens, as well as staking or voting in the VITE network, I advise you to read this article first: swissvite.org/delegation-101

In this article, I am going to show you how to use the function, as well as how to use OKEX, as I know this exchange could be potentially a bit confusing the first times!

Prerequisites

This article assumes that you already have a VITE testnet wallet. If you don’t, go here, and make one. This is super quick and easy and does not necessitate a tutorial!

You also need to have an OKEX account, with a tier 1 verification. It requires a very basic KYC, where you need to provide an ID number.
As you can see in the table below, the 24h withdrawal limit is 100BTC, so unless you are a massive whale, it should be enough for you. Note that some countries are not accepted, (see below).

1)Deposit tokens

Nothing special here, transfer your tokens to the given address and wait for the confirmation. Here I will use the ERC20 token MANA. For some reasons, the status “deposit confirmation” means “success” when you have a progress of 12/12. Go ahead!

2)Transfer your tokens to the exchange wallet

This is the first point that can be confusing for those who have not used 20+ crypto exchanges in their life! OKEX requires the users to transfer their tokens from their user wallet to an exchange wallet in order to be able to trade them.

3)Sell your tokens against ETH or BTC

Go to Spot trading / Classic trading, find the pair you need on the top-left corner and sell your tokens.
The password that is asked as this step is your funding password, and not your login password.

4)Buy VITE tokens

Find VITE in the top-left tokens, and buy some.

5)Transfer your VITE tokens to your funding wallet

Like in step 2, we need to transfer the newly purchased tokens from trading wallet to funding wallet, to be able to withdraw them.
Go to Account, Portfolio, Spot account, and transfer your tokens.

6)Withdraw your VITE tokens

Go to your VITE web wallet, click on the conversion icon and copy your address.

Go to “My Wallet” section, and click on Token Deposit.

Here, you have to wait for your tokens to be transferred from the trading wallet (aka Spot Account) to be available for withdrawal. It might take a while (15-20 minutes for me).
Wait for your token balance to show as “Available”, submit, and wait for your withdrawal to be performed by OKEX.


7)Provision your transfer account

The fact to SWAP ERC 20 tokens against VITE testnet tokens requires to execute a smart contract function that will burn the ERC 20 tokens, so this operation does not affect the total VITE monetary supply. And, nothing is free in Ethereum! Thus you need to transfer a small amount of ETH to the same address as the one you transferred your VITE token to in the previous step. 0.00015 ETH should be sufficient. The transaction cost me 0.000089484 ETH.

8)Convert your VITE tokens

Once your balance shows up in the VITE Conversion page of your VITE web wallet, you still need to wait for 30 Ethereum confirmation before being able to convert your tokens (around 7 minutes).

Once you can see your ETH and VITE balances, click convert.

If an insufficient fund error is returned, reduce the mining fee and try again.

Wait a moment, and a new line should show in the transaction tab!

You are now good to go! You can now go to the voting tab and stake your token for your favourite SBP! Be sure to read this article before you make your decision: SwissVite gives you the best!


Also published on Medium.

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