How to Purchase $TEC
Step-by-Step Guide to Buying $TEC
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$TEC is a token that is native to the Gnosis Chain, and can be purchased directly with wxDAI (wrapped xDAI).
There are many ways to get the wxDAI tokens you’ll need to purchase $TEC. Pros won’t need these steps, but for those less experienced in crypto, here is a breakdown of the process above:
This guide assumes that you are using Metamask for your crypto wallet. If not, you can download it here. Once you have your Metamask, you can purchase ETH or send ETH directly to your wallet address.
DAI is a stablecoin on the Ethereum Mainnet (as well as many other blockchains) pegged to ~1 USD. You can purchase DAI tokens from pretty much any crypto exchange, but since you are using Metamask we highly recommend one of the more dependable decentralized exchanges such as Uniswap or Sushiswap. Converting a portion of your ETH to DAI will require gas fees (ETH), so it is always good practice to maintain a healthy amount (~$100) of ETH in your wallet for future transactions.
Every transaction will require an amount of ETH to process, so it's important not to convert ALL of your ETH to DAI.
Once you have your DAI tokens, the next step is to make sure that you have the Gnosis Chain (formerly xDAI) network recognized by your Metamask.
The xDAI chain is now the Gnosis Chain, so either one will work for the purpose of bridging your tokens.
If you don't see the Gnosis/xDAI option, please visit Chainlist, find the Gnosis Chain (Chain ID: 100) and click on Add to Metamask. This will add the network to your wallet.
At the top of the page, you can type “gno” into the search box to make it easier to find.
Gnosis Chain Bridge
Once you are connected, select the account with your DAI in it. Make sure you select “Ethereum Mainnet.” Follow the steps in your wallet to complete the connection. Once you’re done, you should see something like this:
Converting DAI on Ethereum Mainnet to xDAI on Gnosis Chain
Next, input how much DAI you want to trade for xDAI, click “Transfer,” and confirm the transaction in your wallet. You’ll see a notification at the bottom of the screen with updates on the status of the transaction. Once the transaction is fully confirmed (which may take a few minutes), you’ll see something like this:
Once your conversion is completed, change your Metamask from Ethereum Mainnet to Gnosis Chain to claim your xDAI.
Congratulations, you now have xDAI on the Gnosis Chain!
Now it’s time to get wxDai. You can do this by going to Honeyswap, a popular decentralized exchange on the Gnosis Chain network.
Once there, connect your wallet that holds your xDAI, change the network from "Ethereum Mainnet" to "xDai" (aka "Gnosis Chain"), and follow the prompts within your wallet.
Type in the amount you want to convert, (and remember to leave a small amount ($5) of xDAI for future transactions). Click “Select a token,” and type in “wx” into the search box, and select “WXDAI” from the list. It should now look like this:
We are simply converting you xDAI to wxDAI at a 1:1 ratio.
Now, click “WRAP” and confirm the transaction in your wallet. You’ve now got your wxDAI.
Once you have your wxDAI, go to the TEC Converter page, and make sure your wallet is still connected to the same account and that you’re still connected to the Gnosis Chain/xDai network. In the upper right corner, select “Enable Account” and select your wallet. Click the arrow buttons so that “WXDAI” is at the top of the page (not TEC). It looks like this:
When you want to convert your TEC tokens back into wxDAI, simply click the arrows so that TEC is on top and the wxDAI is on bottom.
Now type in the amount you want to purchase, or select “Convert all.”
Accept the terms by clicking the checkbox, then click “Convert” and confirm the transaction in your wallet.
Congratulations!! You now share a stake in the Token Engineering Commons and are helping to enable “the creation of ethical, safe, resilient and diverse economic systems to benefit societies around the world.”
Now that you’re all set, go to the TEC Garden and sign our covenant to start participating in our governance and help us advance token engineering!
Last modified 1yr ago