Using Panaroma Decentralized wallet with DeFi services through the WalletConnect protocol is a convenient way to interact with decentralized financial applications. Here are the summarized steps:
Navigate to DeFi Service:
Visit the website of the DeFi service you want to use.
Connect to Wallet:
- Look for "Connect" or "Login" links on the DeFi service website.
- Select "WalletConnect" from the options provided.
- A window with a QR code should appear.
Open Panaroma Decentralized Wallet:
- Open the Panaroma Decentralized wallet app on your mobile device.
- Navigate to Settings:
- Go to the "Settings" tab within the Panaroma Decentralized wallet app.
Initiate WalletConnect:
- Click on "WalletConnect" and then select the "New Session" button.
- Scan the QR code displayed on the DeFi service website using your Panaroma Decentralized wallet.
Connection Status:
- The status of the connection will be shown on the Panaroma Decentralized wallet screen.
- Keep the connection status window open during the process.
Return to DeFi Service:
Go back to the DeFi service website; you should now appear as connected.
User Confirmation:
- Any user action on the DeFi website that involves spending funds will require a confirmation from within the Panaroma Decentralized Wallet app.
- The confirmation window will appear on top of the connection status screen in the Panaroma Decentralized wallet.
Transaction Fees:
- Be aware that Ethereum DeFi transactions may have higher processing fees than typical token transfer transactions.
- DeFi services may also charge their fees (e.g., 0.3% for token exchanges).
Keep Confirmation Window Open:
- Ensure the confirmation window stays open to see and approve transaction requests.
- If dismissed, it can be reopened without the need to reconnect from the list of active WalletConnect sessions.
Note on Fees:
Don't be surprised if you encounter higher transaction fees, potentially in the range of $100 - $200, considering both network and service fees.
By following these steps, users can seamlessly connect their Panaroma Decentralized wallet to various DeFi services, allowing for a decentralized and secure interaction with financial applications on the Ethereum or Binance Smart Chain blockchains.