How to use Tacen Exchange Open Alpha
Tacen Exchange is the world’s first hybrid decentralized exchange (hDEX) - a perfect blend of the convenience of a centralized exchange, with the security of a decentralized exchange. When using Tacen Exchange, you enjoy access to a centralized orderbook while always maintaining full custody of your cryptocurrency.
It’s hard to overstate the importance of staying in control of your crypto while trading. At Tacen, we believe that the best defense is to simply never expose our users to risks in the first place, which is why we never take custody of your crypto. In this way, we ensure there is never a risk of centralized systematic fraud or error like you see in other exchanges.
Tacen Exchange is currently in its Open Alpha phase, which means you can experiment with the exchange interfaces and learn how it works without using your own cryptocurrency. To do this, we only allow actions on Ethereum’s Goerli testnet – one of the most popular testnet that allows Web3 developers and users to experiment with different functionalities.
To get started, you’ll first need to fill your preferred wallet with testnet tokens. This is a very simple and free process that takes about 15-20 seconds, but you’ll need to wait for an email from our team about halfway through the steps.
HOW TO FILL YOUR WALLET WITH FREE GOERLI TESTNET TOKENS
Step a: Visit https://tacen.typeform.com/to/OL637xVX and click “Continue.”
Step b: Copy/paste your MetaMask wallet address into the text box and click “OK.”
Step c: Enter your email address and select “OK.”
Step d: Click “Submit” on the next screen and wait. Our team will review your request and deposit Goerli testnet tokens into your wallet as quickly as possible.
Now that your wallet is filled with testnet tokens from the Goerli testnet, you’re ready to get started with Tacen Exchange Open Alpha! Below are the steps that you should follow to visit the site, connect your wallet, deposit testnet tokens, make a trade, and withdraw testnet tokens. While there are a lot of steps involved, the entire process should take less than one minute to complete.
It’s worth noting that at no point in time will you sacrifice custody of your cryptocurrency. As you’ll see, you are always signing transactions with your wallet, which is our way of ensuring the highest level of privacy and security.
Let’s get started.
HOW TO USE TACEN EXCHANGE OPEN ALPHA
Step 1: Visit https://alpha.tacen.exchange/ to get started.
Step 2: Instead of logging in with a username and password like a traditional exchange, simply connect your crypto wallet by clicking the “Connect Wallet” button at the top right of your screen.
Step 3: Follow the on-screen prompts to connect your wallet of choice (e.g., MetaMask). This usually involves choosing the MetaMask wallet you want to use by checking a box beside it, clicking “Next,” and then clicking “Connect.”
Step 4: Prove that you own the wallet that you just connected by clicking the blue “Confirm Ownership” button on the center-right of your screen. This will cause your wallet to pop up a signing request, which involves you clicking the “Sign” button.
Step 5: At this stage, you may need to deposit some assets to begin trading. You are still retaining custody of this crypto, but you’re simply moving it from your wallet into a custody contract under your control. At the top left of your screen, select the “Assets” button.
Step 6: You will see a screen that says Total Assets – this shows the assets in your wallet that could be tradable. From here, find the asset that you would like to trade (e.g., ETH), hover over the “In Wallet” column, and tap “Deposit.” Enter the amount that you would like to deposit, ensure the wallet that you’re using is correct, and tap “Confirm.”
Step 7: When you send this transaction, you will be asked to sign the deposit. This will prompt your wallet to pop up on your screen again; double-check that everything looks correct, then tap “Confirm.”
Step 8: At this point, you have just placed crypto (e.g., ETH) into a custody contract; you retain ownership of this crypto, but now it is usable on Tacen Exchange.
Step 9: Next, select the “Trade” tab at the top left of your screen.
Step 10: At the center right of your screen, you will see a box with two options: Limit Orders, and Market Orders. Choose the option that is best for you; for this example, we’ll use a Market Order.
Step 11: Select BID (buy) or ASK (sell) based on the action you want to take.
Step 12: Choose the asset you want to trade from the menu under the “Market Order” tab.
Step 13: Enter the amount of the asset you want to trade in the Order Details box.
Step 14: Click the blue “Place Order” button when everything looks correct.
Step 15: This will prompt your wallet to give you a signature request pop up; sign the request if you’re satisfied with the order.
Step 16: Success! Your order has been filled and you have used the world’s first hybrid decentralized exchange!
Step 17: When you’re ready to withdraw your crypto out of the custody contract and back into your wallet, you can do that by first visiting the “Assets” tab at the top left of your screen.
Step 18: Find the asset you want to withdraw in the Total Assets box, find the “Available to Trade” column, and click the “Unlock” button on the asset you want to withdraw. Your wallet will deliver a pop-up prompt for you to sign the transaction, as always.
Step 19: This might take a few moments, but once the Decentralized Settlement Layer ensures that your assets are not actively involved in a trade, it will move the assets to the “Available to Withdraw” column of the Total Assets box. It has now left the “Available to Trade” column.
Step 20: Under the “In Wallet” column of the Total Assets box, click the “Withdraw” button. Decide which asset you want to withdraw and how much you’d like to withdraw. Tapping the “Confirm” button will again prompt your wallet to deliver a pop-up request asking for your signature.
Step 21: Congratulations! You have now withdrawn your crypto back into your wallet and successfully used Tacen Exchange!
As you can see, Tacen Exchange is a trading experience that just feels different. While it has the convenience factor you may have come to expect from centralized exchanges, the fact that you retain custody of your cryptocurrency at every step demonstrates our commitment to your privacy, security, and financial freedom. There’s a reason why we believe that hybrid decentralized exchanges are the next evolution of cryptocurrency trading, and we think that you’ll agree.
New to Tacen and wanting to learn what it’s all about? Be sure to follow us on Twitter to catch the latest updates and join our Discord community to meet the team and make friends. We love to give crypto to our community, and staying active on our Twitter and in our Discord server are the best ways to be the first in line.
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