Updated: Aug 18
We would like to thank the DIA team for coming to The Gem Hunters and kindly sharing information on the project with our community. Before commencing our pre-set questions which will be followed by public engagement we would like to share some basic information on the project to give people a better idea before the Q&A begins.
DIA provides financial institutions with a immutable and verified single source of financial market data for any market and asset type. To achieve the above DIA used API's and oracles to deliver digital and traditional asset data as well as an immutable record of sources, methodologies and data licenses, ensuring maximum auditability and compliance.
Q1. so to get things started, can you give us a brief idea what problems within the blockchain space Dia is actually trying to tackle?
Yes, quite a ride in the last weeks. We are working on DIA since 2018, building a Wikipedia for financial data. What we try to tackle is in particular the supply or transparent, open-source and crowd driven data for digital and traditional asset, and use a governance token for validation of data. This aims for safety, transparency and access to quality data to build on.
Q2. Can you give us some information on the project from a development perspective, i.e what have you been working on, how has the progress been so far and are you on schedule?
We build a solution first primarily focus for crypto asset feeds for regulated benchmarks (indices, ETFs etc), possible in Europe and CH, and build up a solid coverage of DeFi datasets to use open-source, seed round and investments and currently in the midst of a bonding curve sale. So far good on path in general on progress, and the momentum on DeFi is def. helping to scale and spread.
Q3. What makes DiaData stand out in the oracle space and separates it from other oracles currently working in the space, such as Chainlink, Band, Tellor etc?
Our oracles are verifiable and auditable, also they collect data from sources that can soon be verified for immutability in our database with a hashing-based mechanism. With our governance token we will allow the community to vote in disputes to have a crowd-controlled quality mechanism. It also becomes relavant to be able to compare multiple oracle inputs, and have potential secondary oracles for security monitoring.
Q4. A good product is nothing without proper marketing and adoption. Can you give us some insight on your plans and goals from a marketing point of view, do you have a marketing plan and have you got good marketing advisors ready to hatch that when the time is right?
While a good product is crucial to have, adoption and user experience are even more important for acceptance. We still see massive problems in the usability of DeFi with gas fees (nothing we can solve), multiple transactions and partially long settlement times. For broader engagement what the user and community actually wants we set-up an Ecosystem fund https://medium.com/dia-insights/the-dia-ecosystem-token-pool-cabc41d77da7) in order to involve broader governance into the product development, but also decision on the Association (based in Switzerland) itself. We have a range of reputable investors from the space, as well as Advisors from multiple disciplines and regions for a far spread as possible. Because that is the idea of a decentral Association.
Q5. Can you go into some detail and give us some information on the actual usecase of the $Dia token itself.
The DIA token is a governance token used in our dispute system. The dispute system will be used to vote on disputes about data sources. If a community member believes that a data source provides wrong data, a dispute process is started. Every token holder can then participate in a voting about the dispute, so that the community decides about all data sources. This bottom-up community-driven approach is crucial for our quality control mechanism.
Q6. Your highly anticipated public sale launched on Monday the 3rd of August and will run until the 18th of August. We would love to get some more information on it.
Launched yesterday. We decided to go for an offering via a bonding curve, we find this the best tool to define the price. Even tough not flawless on day 1 , happy to have kicked this off successfully, and I think there lies a lot of potential in this kind of offering. Also posting regular community updates on this as well as providing the whole code and script open-source after the sale.
Q7. Can we get some information on the metrics of the token sale. How and why is it going to appeal if we look from an investors perspective
Some graphs make metrics more accessible. Here an overview of trading (UTC). We saw in particular heavy demand in the first batch, setteled in the subsequent batches. And quite a stable price today with lower volatility.
Q7.1 what were the sale rounds before the public and what was the token price and the number of tokens sold in those rounds? Is there a lockup for those tokens?
DeFi investment raising was not always easy. We did an initial round in 2018: € 0.25 mn; b) Seed round Q4 2019; €0.50 mn from traditional financial and crypto focused investors (EU funds and angels). And lately a private sale round with the token. The valuation on price of this varies per investment round. We have lock-up for private sale and traditional investors. More details on the prices and on-chain audit can be found in our transparency report. https://medium.com/dia-insights/transparency-report-1f61493ed9e5
Q8. what is the softcap and hardcap for the sale, what is the initial circulating supply expected to be?
We will sell a maximum amount of 30 million tokens, all tokens that are unsold at the end of the sale will be burned. With that we ensure that the circulating supply is realistic according to the price we found together with our community during the bonding curve sale. At the moment we sold roughly 8 million tokens, but the sale just started yesterday, so we are excited to see where it will end up.
Q9. you have chosen the process of the so called bonding curve for your public sale. Please explain to us what exactly that means and how investors can participate in it.
A bonding curve is a token distribution mechanism that is designed to find the true market price. The first tokens are sold cheaper than later ones, and a buyback mechanism ensures that investors can get a guaranteed price back at any time. The distribution happens over a time of two weeks, so that eeveryone has a chance to participate.
Investors can participate by going to our designated buy interface at https://buy.diadata.org.
Q10. why did you decide to go with this type of process to raise funds and where do you see the benefits of this process compared to offering all public sale tokens at the same price?
We think even though the underlying technology still has flaws, this is way better than a single price fixing in traditional models. VOlatility in tokens can be very high and bonding curve offerings, with transparent parameters, can help to distribute supply and demand more evenly vs. a steep linear curve and gas war. So raising funds seems via curved offering seems the most long-term stable way of setting the price for our token.
Q10. Are there already listing plans in the pipeline and when can we expect to see $Dia actually being traded?
The community listed our token already already on Uniswap because anybody can do this. That is truly the beauty of Defi, no central authorities needed. Not even we can control where the token is listed in the Defi area. Apart from that, make sure to follow our channels to get informed about other listings as well.