How to Take Part in the API3 Mesa Distribution
Go to the distribution platform →
- Distribution starts: November 30th, 2pm CET (orders can already be submitted, but they will not be filled before November 30th, 2pm CET)
- Distribution ends: December 14th, 2pm CET (or whenever the total allocation is claimed)
- Platform: Optimized fork of Mesa DEX
- Available tokens: 20,000,000 API3 (20% of the initial total supply)
- Price: $0.30 — $2.00
- Currency: USDC
- Proceeds and unsold tokens will go to the API3 DAO
Prohibited from participating in the distribution: Any citizen of, or a person domiciled in Cuba, Iran, Syria, North Korea, and the Crimea region of Ukraine, the United States (including its territories and dependencies, any state of the United States and the District of Columbia), Afghanistan, Ethiopia, Guyana, Iraq, Sudan, or Yemen.
Read the full API3 token disclaimer here.
Stay safe: API3 team will never direct message you first on Telegram or any other messaging platform. We will not ask you for your crypto or your private keys.
What is Mesa DEX?
Mesa is a permissionless decentralized exchange built on the Gnosis Protocol and decentrally governed by DxDAO. The batch auction mechanism provided by the Gnosis Protocol allows for a fair token launch, as it limits the front-running and gas wars typical of token launches on AMM-based decentralized exchanges. For further information about Gnosis Protocol and the Mesa DEX, we suggest visiting this FAQ page.
API3 public token distribution will be using an optimized fork of Mesa, which enables us to provide a smoother user experience for the participants, while at the same time restricting access from countries prohibited from participating in the distribution.
Distribution Structure
The API3 public distribution structure will mimic a logit-shaped bonding curve. The initial price will be $0.30 (the institutional seed round price), and the ceiling price will be $2.00. In total, 20 million API3 tokens will be up for auction in the public distribution. At the end of the distribution period, both the proceeds and any possible unsold tokens will go back to the DAO bank.
The purpose of this blog post is to guide users through the process of participating in the API3 public distribution. For further information about the distribution metrics, allocations, vesting schedules and the use of proceeds, please refer to our previously published public distribution post.
How to participate (step-by-step)
1. Install and set up a Web3 wallet
We recommend using MetaMask, which is compatible with the Google Chrome, Firefox and Brave browsers. Mesa also supports WalletConnect, an open protocol for connecting dapps to wallets such as Trustwallet, Argent and Gnosis Safe. However, for the purposes of this guide, we will be focusing on MetaMask.
You can download MetaMask here.
2. Fund your wallet
Although in principle Gnosis Protocol enables users to use any listed token to buy into the sale using something called ring trades, it is highly recommended to use the direct USDC trading pair to maximize the likelihood of the order being filled.
This means that after setting up your Web3 wallet, your next step should be to fund it with the amount of USDC that you plan to purchase API3 tokens with. Even though there is no minimum order size imposed by API3, due to technical reasons Mesa recommends a minimum order of 1,600 USDC. However, it is possible that lower value orders are also included— you can find more information about this here.
Note that in addition to USDC, you will also need some ETH for the Ethereum transaction fees (gas).
3. Access Distribution Platform
The API3 public token distribution is hosted on an optimized fork of the Mesa decentralized exchange, which means that you should navigate to it using the link provided in the beginning of this article. On the distribution platform, you will be presented with the API3 Token Disclaimer. It is important that you read this through, and only click “I agree” if you have understood everything and fully confirm and agree with the terms as they relate to you and your ability to participate in the token distribution in accordance with the token disclaimer.
4. Connect your wallet
After agreeing to the distribution terms, connect your Web3 wallet to the distribution platform by clicking the “Connect wallet” button at the top of the page.
5. Enable deposits
Once you have connected your wallet, but before you can move funds from it to the exchange, you will need to enable deposits for the currency used in the auction; USDC. To do this, navigate to the “Balances” tab, find the USDC token and click “Enable Deposits” under the label “Actions”. Confirm this in your MetaMask interface, which should pop up after you click “Enable Deposits”.
6. Deposit USDC
Now that you have enabled USDC deposits from your wallet, you can continue to deposit the funds you will use to buy your API3. To deposit your USDC to the distribution platform, click the “+” symbol, enter your desired amount in the “deposit amount” field and click “Deposit”. Confirm this in your MetaMask as before.
7. Go to “Trade” tab and enter your order
After successfully depositing your desired amount of funds onto the distribution platform, navigate back to the “Trade” tab. To exchange your USDC for API3, make sure you have USDC selected in the “Sell” menu, and API3 in the “Receive at least” menu (these will be preselected in the optimized fork).
Next, enter the amount of USDC with which you would like to purchase API3 into the “Sell” box. If you wish to use all your USDC to purchase API3, you can click “max” to fill this out automatically. Then, set the maximum price you are willing to pay per API3 token to the “Limit price” field. Limit price dictates how aggressively you wish to bid on API3 tokens (for example, a limit price of 1 means that you value each API3 token at 1 USDC or $1). Confirm that the number of tokens you will receive if the order is settled by Mesa in the “receive at least” box is correct.
Keep in mind that in selecting orders to the executed batch, Mesa will generally prioritize large orders over smaller ones. This means that small orders with a low limit price may not receive an allocation.
8. Submit your order
Once you are happy with your order, it is time to submit it. To submit your order, click the “Submit limit order” button. A summary of your limit order will pop up — please double check this, and approve the transaction in your MetaMask if it is correct. After this, your order will be displayed on the right side of the page, under “My orders”. The order will be able to be filled in the next batch after it is submitted (this can take up to 5 minutes), and a countdown to this is visible under “My orders”.
9. Wait for the auction to begin
That’s it, your order has been submitted! All you need to do now, is wait for the auction to begin on November 30th, at 2pm CET. You can see how your order stands in relation to other orders by viewing the order book, accessible through the “View Order Book” button in the order interface. You will be able to submit new orders at any point during the two-week offering, ending on December 14th, at 2pm CET, or once all tokens have been sold.
10. Withdrawing your API3 from Mesa
Once your order has settled and you have received your API3 tokens, they will appear in your “Balances” tab. To withdraw your tokens from Mesa, click the “-” button in the actions column.
Clicking the “-” button opens a confirmation window. In the window, input how many API3 you would like to withdraw. After clicking “Confirm” you will also need to confirm the transaction on MetaMask. To finalize the withdrawal, you will have to wait for the current batch to finish (this is illustrated by a clock symbol in the “Pending Withdrawals” column). Once the batch has finished, click “Claim”. Once the claim has been confirmed on MetaMask, the withdrawal is complete.
Support
If you experience difficulties with the process and have followed all of the steps in this guide, feel free to reach out to the API3 team on the official API3 telegram channel.
Additionally, the Mesa team has a dedicated support channel for more complex Mesa-specific questions. Keep in mind that as the IDO is not hosted on the original version of Mesa, but a forked version, there may be some questions that are not answerable by channel admins. Users should furthermore consider reading the Mesa FAQ to understand the platform better.
Remember that official API3 and Mesa team members will never ask you for any crypto, or for your private keys. We will also never direct message you first. If you suspect that you might be dealing with a scammer, please bring up the issue in the official telegram.
