Prerequisites
Before you can start trading on MegaTAO, you need to have certain tools, knowledge, and resources in place. This section outlines everything you need to get started safely and effectively.
Essential Requirements
Web3 Wallet
You'll need a compatible Web3 wallet to interact with MegaTAO:
Supported Wallets
MetaMask: Most popular and widely supported
WalletConnect: Compatible with mobile wallets
Coinbase Wallet: User-friendly option
Trust Wallet: Mobile-first wallet
Other EVM Wallets: Any wallet supporting Bittensor EVM
Wallet Setup Requirements
Private Key Access: You must control your private keys
Bittensor EVM Support: Wallet must support custom networks
Gas Fee Management: Ability to pay transaction fees
Backup Security: Secure backup of seed phrases
TAO Tokens
TAO is required for both trading and network fees:
Trading Requirements
Margin Capital: TAO for position margins
Minimum Amount: Start with at least 0.1 TAO for safety
Risk Management: Only use funds you can afford to lose
Liquidity Needs: Consider your trading strategy requirements
Network Fee Requirements
Gas Fees: TAO needed for transaction fees
Typical Costs:
Open position: ~180,000 gas
Close position: ~120,000 gas
Add margin: ~45,000 gas
Fee Estimation: Always keep some TAO for fees
Bittensor EVM Access
You need access to the Bittensor EVM network:
Network Configuration
Network Name: Bittensor EVM
RPC URL:
https://lite.chain.opentensor.ai(mainnet)Chain ID: 964
Currency Symbol: TAO
Block Explorer: Available for transaction verification
Connection Requirements
Stable Internet: Reliable connection for trading
Browser Compatibility: Modern browser with Web3 support
Network Stability: Consistent access to Bittensor EVM
Knowledge Requirements
Basic Understanding
Before trading, you should understand:
Perpetual Futures Concepts
What are perpetual futures: Derivatives without expiration
Leverage mechanics: How leverage amplifies gains and losses
Margin requirements: Initial and maintenance margins
Funding rates: Periodic payments between longs and shorts
Liquidation: Automatic position closure when undercollateralized
Risk Management Basics
Position sizing: How much to risk per trade
Stop losses: Automated loss-limiting orders
Take profits: Automated profit-taking orders
Margin management: Adding and removing collateral
Portfolio diversification: Not putting all capital in one position
Trading Knowledge
Recommended understanding includes:
Technical Analysis
Chart reading: Basic price action and patterns
Support and resistance: Key price levels
Trend analysis: Directional market movements
Volume analysis: Trading volume significance
Indicators: Moving averages, RSI, MACD basics
Market Dynamics
Alpha token fundamentals: What drives Alpha prices
Bittensor ecosystem: Understanding the broader context
Market cycles: Bull and bear market characteristics
Volatility patterns: Price movement expectations
Correlation analysis: How different assets move together
Technical Requirements
Hardware Requirements
Computer: Desktop or laptop with stable internet
Mobile Device: Smartphone for mobile trading (optional)
Storage: Sufficient space for wallet and trading software
Backup: Secure backup of wallet and trading data
Software Requirements
Operating System: Windows, macOS, or Linux
Browser: Chrome, Firefox, Safari, or Edge (latest versions)
Wallet Software: Compatible Web3 wallet
Trading Tools: Optional CLI tools or SDK for advanced users
Network Requirements
Internet Connection: Stable, high-speed connection
Firewall Settings: Allow Web3 wallet connections
VPN Usage: May be needed in some regions
Proxy Settings: Configure if using corporate networks
Safety Requirements
Security Practices
Essential security measures:
Wallet Security
Private Key Protection: Never share or store online
Hardware Wallets: Use for large amounts (recommended)
Multi-signature: Consider for business accounts
Regular Backups: Secure backup of seed phrases
Software Updates: Keep wallet software current
Trading Security
Position Limits: Never risk more than you can afford to lose
Diversification: Don't put all margin into one position
Regular Monitoring: Check positions frequently
Emergency Procedures: Know how to close positions quickly
Risk Management: Always use stop losses for large positions
Legal and Compliance
Jurisdiction: Understand local regulations
Tax Implications: Consult tax professionals
Compliance: Ensure compliance with local laws
Documentation: Keep records of all trades
Reporting: Understand reporting requirements
Recommended Preparation
Before Your First Trade
Start Small: Begin with minimal amounts
Practice: Use testnet or small positions
Education: Read all documentation thoroughly
Risk Assessment: Understand your risk tolerance
Strategy Planning: Have a clear trading plan
Ongoing Requirements
Continuous Learning: Stay updated on market developments
Risk Management: Regularly review and adjust risk parameters
Performance Tracking: Monitor your trading performance
Community Engagement: Participate in community discussions
Security Updates: Keep all software and practices current
Getting Started Checklist
Before you begin trading, ensure you have:
Next Steps
Once you have all prerequisites in place, continue to:
Network Setup - How to configure your wallet
Your First Trade - Step-by-step trading guide
Trading Mechanics - Understanding leverage
⚠️ Important Note: Trading perpetual futures involves substantial risk of loss. Ensure you fully understand all prerequisites and risks before trading with real funds.
Last updated