Overline and the Overline interchange

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Basics: Purchasing OL

The Overline interchange utilizes a brand new method of completing cross-chain trades called Collateral Based Trading (CBT). Using CBT, interchange users are able to execute trades without needing to trust that their trade partner will hold up their end of the deal. If you would like to learn more about how CBT works, feel free to read this document:

The interchange uses Overline's mineable token as collateral for trades. Using the token that miners are rewarded with for mining the underlying multichain as the interchange collateral creates a mutually beneficial relationship between miners and traders. If you would like to learn more about how to mine Overline tokens, you can follow the Mining Tutorial found here.

Since it will grow more and more difficult to earn Overline tokens by mining the network over time, the best way to acquire Overline is to purchase it on the interchange. The following step-by-step guide will walk you through how to accomplish this.

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NOTE

If you have not already done so, follow the instructions here to download and run the interchange application. This “Step 0” is assumed in all Overline Interchange Basics documents.

Step 1. Go to the wallet tab and upload the purchasing wallet

Here in the wallet tab, you will find all the wallets you currently have uploaded to your interchange session. You will have already uploaded an Overline wallet.

Import the wallet from whichever of the underlying chains, BTC, ETH, NEO, WAV, LSK, USDT, and DAI, you wish to use to purchase Overline.

In this example we’ll use ETH.

Step 2. Go to home tab then find the the Market Picker and it’s Auction tab

The home tab is where cross-chain order books, transaction history, and pending actions can be found. More information on this section can be found here: LINK

The Order Books for collateral based trades in the interchange can be found in the Bid/Ask tab. Since the action of purchasing Overline assumes that users have zero/small amounts of Overline to begin with, this trade occurs differently, without a collateral. This is why all Overline trading pairs can be found in the Auction tab.

Step 3. Select the desired trade pair (ETH/Overline) and set Overline price / amount

Selecting the ETH/Overline trade pair brings up the ETH/Overline Order Book on the left hand side. Here we can see the open orders for this trade pair.

You will now need to decide how much Overline you want and at what price. To automatically fill out that information with the lowest Overline price, simply click the highest order on the Order Book. You can then edit the amount field if you would like to fulfill part of that Open Order.

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NOTE:

Notice that the Place Order section defaults to “SELL” when you click the highest order. This is because you are selling ETH for Overline. If you were to switch to the BUY tab, you would be buying ETH with Overline.

Step 4. Sell and confirm your order details input, then send your ETH

After completing the previous step, click “Sell ETH”, which will display your order details and information. Review these to make sure they are correct. Once done, input your Session Password and click “CONFIRM”.

Then scroll down to the Matched Orders section and click “Send ETH” on your order. This will require you to confirm the details and again enter your Session Password.

Step 5: Retrieve your Overline and review in your wallet.

Finally, scroll down to the Matched Unlockable Orders section and click “Unlock” next to your Overline. That’s it! Head back to the wallet tab and you can now view your updated Overline balance.

Updated 18 days ago

Basics: Purchasing OL


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