From trade mandate to execution evidence.
The institution determines what may trade, which counterparties are eligible and who can authorize the transaction. The marketplace coordinates private price discovery around that decision; it does not replace your approval policy or take your trading keys.
Before you begin
Apply as a fund, treasury, token issuer or other institutional organization. Eligibility and onboarding responsibilities are agreed before activation. The public application collects initial business/integration requirements; it is not an approval to trade.
Start with one approved EVM chain and standard ERC-20 pair. Identify exact token addresses and decimals, sell amount, minimum net proceeds, invited makers, expiry policy, client wallet and external executor. Nonstandard fee-on-transfer/rebasing assets are outside the initial scope.
The trading sequence
- Set the mandate. Record authorized participants, limits, approved counterparties and required internal decisions.
- Open a private auction. Freeze trade terms, maker set, cut-off, expiry headroom and ranking version.
- Review the comparison. After close, inspect valid firm offers, costs and excluded-response reasons. An indicative benchmark is labeled separately.
- Choose a quote. Check the selected maker, gross output, net assumptions and actual signed deadline.
- Authorize from your wallet. Review spender, allowance, exact contract call and gas. Complete simulation and revalidation before submission.
- Reconcile the outcome. Retain the matching fill and token movements under the agreed confirmation/reorg policy.
Permission to spend a bounded amount.
The client approves the sell token to the verified Exchange Proxy. The maker separately approves its inventory token. Approval is distinct from the fill transaction and remains even if a later trade reverts.
approve(ExchangeProxy, sellAmount)Wallet and approval policy
Initial support is a direct EOA wallet: native taker and txOrigin both equal the client’s EOA. The direct native route uses the maker’s signature plus your wallet transaction; it does not require a new OTConChain settlement-intent signature.
An organization’s business approval is an offchain record unless its chosen wallet policy actually enforces it. No delegated client trading key or automatic wallet authority is assumed. Approve only the intended spender/amount; the earlier allowance remains if the subsequent trade reverts. A reverted transaction may still cost gas.
For a Safe, taker would be the Safe and txOrigin the actual external executor. Owner approvals can outlast a short quote. A refreshed order changes calldata and may require fresh approvals. Safe/custody integration therefore needs separate environment-specific tests and is not claimed as complete here.
What you see before signing
| Item | Required review |
|---|---|
| Assets | Chain ID, token addresses and decimals |
| Amounts | Exact sell amount and maker output in human units and base units |
| Counterparty | Selected maker and valid authorized signer |
| Authority | Client taker, external executor, actual spender and allowance |
| Timing | Signed expiry and sufficient execution headroom |
| Costs | Separate platform charge, estimated gas and benchmark assumptions |
| Transaction | Verified target, allowlisted selector, full requested fill and zero native value |
Confidentiality and execution limits
Invited makers see the required terms and taker address. Other makers do not see competitors’ bids. The operator can see RFQs and responses. Settlement on a public chain is visible, and ordinary submission can reveal terms before mining. Private discovery is not encrypted settlement or guaranteed MEV protection.
Simulation uses current chain state. It cannot guarantee a later fill if a maker cancels, inventory changes or the quote expires. You may decline all offers. Do not automatically switch to a different maker after a failed selection.
Reporting and preparation
The evidence guide explains how a request, selected quote, wallet approval and actual transaction are linked. A report distinguishes submitted, mined and confirmed states and labels indicative comparisons honestly.
A preparation aid, not an eligibility or security certification. Selection stays in this page session.