Daily recap of DIA bonding curve

Here we provide a log of the dynamics of the sale to give you an overview of how the sale takes place. We will also address questions that are coming up in the community.

DIA
DIA
Aug 3, 2020 · 10 min read

Daily Recap: 16. August.2020

Uniswap Volume increasing before the end of the curve

The penultimate day of trading saw increased volumes across the day, with peaks in 0:00 UTC — 3:30 UTC timeframes, and higher volume picking up again on Uniswap as well as other DEXes.

  • Maximum bonding curve price as was reached $2.93, 10:30 UTC; Minimum at $2.70 06:20 UTC.
  • Multiple Calculation: 00:00 UTC price ($2.93)/1st batch price ($0.63) = 4.65x
  • Live and historical data: DIA Bonding Curve tracking tool

Daily Recap: 15. August.2020

High volume trading in between 12–17 UTC

Saturday saw the highest single reached tick yet on the DIA bonding curve, spiking to $3.62 due to a high amount of low volume DIA buy orders in between this time (see extract order book below).

  • Maximum bonding curve price as was reached $3.62, 15:50 UTC; Minimum at $2.53 02:15 UTC.
  • Multiple Calculation: 00:00 UTC price ($2.72)/1st batch price ($0.63) = 4.31x
  • Live and historical data: DIA Bonding Curve tracking tool
  • First exchange announcements coming up for post bonding curve phase.

Daily Recap: 14. August.2020

Low volatility on Friday, 14th August.

Friday saw relatively low volatility on the bonding curve, leading to a stable price development along the curve in the $2.30-$2.50 range

  • Successful launch of the DIA Interest Program, ca. 500k Tokens staked from public sale, less from private sale
  • Maximum bonding curve price as was reached $2.54, 14:00 UTC; Minimum at $2.20 11:05 UTC.
  • Multiple Calculation: 00:00 UTC price ($2.54)/1st batch price ($0.63) = 4.03x
  • Live and historical data: DIA Bonding Curve tracking tool

Daily Recap: 13. August.2020

Uniswap Liquidity since 03.August.2020
  • Launch of the DIA Interest Program
  • Maximum bonding curve price as was reached $2.89, 05:15 UTC; Minimum at $2.39 18:05 UTC.
  • Multiple Calculation: 00:00 UTC price ($2.89)/1st batch price ($0.63) = 4.68x
  • Live and historical data: DIA Bonding Curve tracking tool

Daily Recap: 12. August.2020

Bonding Curve from Launch till EOD
  • #buy orders: 6,435/ #sell orders: 1,273
  • Maximum bonding curve price as was reached $2.93, 00:50 UTC; Minimum at $2.71 11:05 UTC.
  • Multiple Calculation: 00:00 UTC price ($2.93)/1st batch price ($0.63) = 4.65x
  • Live and historical data: DIA Bonding Curve tracking tool

Daily Recap: 11. August.2020

Daily volume at ca 5.5mn via Uniswap.

Heavy volume started in 03:00–04:00 UTC timeline, with arbitrage opportunities materialized via Uniswap <->Bonding curve. Also the later hours of trading 18:45–21:00 UTC saw higher volumes and frequency.

Bonding Curve
  • Community proposal on dxDAO Token Addition (appreciated)
  • #buy orders: 6,303/ #sell orders: 1,244
  • Maximum bonding curve price as was reached $2.95, 20:35 UTC; Minimum at $2.46 00:15 UTC.
  • Multiple Calculation: 00:00 UTC price ($2.95)/1st batch price ($0.63) = 4.68x
  • Live and historical data: DIA Bonding Curve tracking tool

Daily Recap: 10. August.2020

Volume was unequally distributed on the 10.August

The early and pm hours of trading on Monday saw more volatile volume distribution, leading to higher volatility in the price development across the $2.3–$2.9 range during the day. This was primality due to the strong increase in buy orders (8,116 vs. 5,832 previous day). Also Uniswap liquidity once again picked up, leading to more transactions in-and out of the curve for arbitrage.

  • #active wallets: 1,452
  • #buy orders: 8,116 / #sell orders: 1,205
  • Maximum bonding curve price as was reached $2.93, 01:25 UTC; Minimum at $2.36 03:35 UTC.
  • Multiple Calculation: 00:00 UTC price ($2.72)/1st batch price ($0.63) = 4.31x
  • Live and historical data: DIA Bonding Curve tracking tool
Stable Top 10 in Uniswap 24h Volume

Daily Recap: 09. August.2020

High Volume and Liquidity on Uniswap
  • Circulating volume decreased slightly along prices with more tokens sold back to the curve offering. Due to the non-linear progression in this section of the curve, some first tracking-error of 2–3% was seen in the live orderprice and mathematical set-up of the curve.
DUNE Analytics
  • #active wallets: 1407
  • #buy orders: 5853 / #sell orders: 1150
  • Maximum bonding curve price as was reached $3.35, 19:20 UTC; Minimum at $2.94 23:25 UTC.
  • Multiple Calculation: 00:00 UTC price ($3.21)/1st batch price ($0.63) = 5.09x
  • Live and historical data: DIA Bonding Curve tracking tool

Daily Recap: 08. August.2020

Volume and Price development UTC
  • Volume reached >10.4 M DIA tokens in circulation, the price developed further along the bonding curve, with some minor discrepancies due to the high volume and non-linear price increase of the token offering.
  • #daily orders: 772 vs. 1.307 previous day.
  • Maximum bonding curve price as of 19:00 UTC was reached $3.58, 22:25 UTC; Minimum at $2.365 08:30 UTC.
  • Multiple Calculation: 00:00 UTC price ($3.21)/1st batch price ($0.63) = 5.09x
  • Live and historical data: DIA Bonding Curve tracking tool

Daily Recap: 07. August.2020

Left: Live DIA curve | Right: Theoretical DIA curve. (Reminder: X axis of the curve is token supply, not time.)
  • We saw unprecedented volumes and orders on Friday the 7th August, with demand kicking in the early hours of the day UTC, building up a stong demand side driven price surge along the bonding curve.
  • Price development has not reached a section with higher incremental price increases per token sold vs the previous flatter section.
  • #daily orders: 1.307 vs. 223 previous day.
  • Arbitrage between MESA and Uniswap has increased along the higher growing section of the bonding curve we are currently in.
  • Maximum bonding curve price as of 19:00 UTC was reached $2.569, 22:40 UTC; Minimum at $0.97 00:05 UTC.
  • Multiple Calculation: 00:00 UTC price ($2.56)/1st batch price ($0.63) = 4.06x
  • Live and historical data: DIA Bonding Curve tracking tool
Uniswap 08.August.2020; DIA 2nd highest 24h Volume in tokens

Daily Recap: 06. August.2020

  • #buy orders from 06.08.2020: 4071
  • #of sell orders from 06.08.2020: 574
  • Maximum bonding curve price as of 19:00 UTC was reached $1.00, 06:00 UTC; Minimum at $0.83 01:24 UTC
  • Multiple Calculation: 19:00 UTC price ($0.91)/1st batch price ($0.63) = 1.49x
  • Bonding Curve tracking tool

Daily Recap: 05. August.2020

DIA Uniswap liquidity and volume 19:00 UTC
05.August.2020; 19:00 UTC
  • The third day of trading saw high volatility from 04:55 UTC to 08:30 UTC and more volume compared to the second day, asl well as a more even distribution of orders
  • Investors and market makers generate increasing arbitrage along the bonding curve via secondary markets, in particular Uniswap
  • Maximum bonding curve price as of 19:00 UTC was reached $0.96, 06:05 UTC; Minimum at $0.85 13:15 UTC
  • Multiple Calculation: 19:00 UTC price ($0.94)/1st batch price ($0.63) = 1.48x
  • Bonding Curve tracking tool

Daily Recap: 04. August.2020

03/04 August 2020
  • The second day saw lower price volatility and lower demand compared to the launch day.
  • Some selling back to the contract happened around 10:00 UTC, purchase order at 11:00 UTC brought the price back up along our bonding curve order book.
  • Maximum bonding curve price was reached $0.98, 08:40 UTC; Minimum at $0.86 14:05 UTC
  • Multiple Calculation: End of day (00:00:00) price ($0.95)/1st batch price ($0.63) = 1.50x
  • Go live: Bonding Curve tracking tool
Uniswap liquidity
  • Arbitrage: Users started to offer and trade the DIA token as projected on other DEXes, leading to first secondary liquidity outside of the curve as well as open of more DIA traiding pairs vs ETH, USDT, DZAR. We expect more pairs and DEXes to follow.
  • Coinmarketcap and and Coingecko registration. We are working on getting the stats updated (supply and more not correct).

First Recap: 03.August.2020

  • The bonding curve mechanics worked largely as designed.
  • No orders were executed before the official start time.
  • The 13:15 CET batch did not settle, yet orders simply moved into next batch. We are investigating.
  • Massive attacks on DIA infrastructure, none of which succeeded.
  • Price peaked at $1.23 in batch 3, (15:35 CET). Peak volume settled in batch 1 (15:05 CET), 5.06 M DIA tokens.
  • Price as of 03.August.2020; 7pm CET: $0.83
  • Community driven DEX submissions to Uniswap
  • Heavy load on the Ethereum network led to clogging and some slow TXs
  • Multiple Calculation: End of day (00:00:00) price ($0.96)/1st batch price ($0.63) = 1.52x

Heavy attempts, but DIA infrastructure stood fast

In the lead up to the distribution start, we observed heavy inbound attacks by scammers and other malicious actors. Besides a range of fake communities, fake DIA token listings on fake exchanges and inbound messages to our community, we observed DDOS attacks from servers all over the globe and people trying to flood the order books with massive $0 orders.

To protect our community from attacks, miscommunications and misleading comments, we took several measures, including regular warning postings, engaging external communities where misinformation was being spread and muting our group 30 minutes before go live to avoid scammer spam. Our DDOS protection measures worked as planned so that our servers were up throughout. At go-live we opened a support channel to observe the most pressing issues. As far as our current state of knowledge goes, there were mainly issues with a clogged network, as demand was very high, which led to many participants facing wait times to enable coins in the forked MESA interface.

The first hours of the sale

UTC time

With sale start, a large volume of orders poured into the contract, pumping price up to $1.23 in the first batch, as many participants set high limit orders. The initial average batch price primed by the go to market for DIA was — $0.64. Following batch 1, price dropped to around $0.9. Batch 3 did not execute as the solver was not willing to pay for the submission. We are investigating together with Gnosis tech team and will update as soon as we have verified results.

DIA was listed on Uniswap exchange fast after the start of the distribution. DIA is not providing liquidity on Uniswap until after the bonding curve distribution. If you do decide to purchase DIA on Uniswap, please make sure that you buy the correct token (Uniswap token address). We encourage investors to also use other DEXs for increased liquidity. Make sure to compare prices as they may vary from DEX to DEX.

More detailed statistics are being pulled together and will be added when available.

Feedback from the community

First off we want to thank all supportive community members and we are getting a lot of positive direct feedback from happy distribution participants. As is the human condition, negative news travels faster and louder. We want to address each point that has been brought forward individually:

“I wasn’t able to enable my coin or post my order”

This was the most frequent feedback we heard. We fully understand the frustration with this. The underlying issue was the surprisingly large demand for DIA and a resulting clog on the Ethereum network. This led to a slowing of network transactions, especially in the first minutes of the sale. Unfortunately, scalability of the Ethereum network is not something that is under our control.

“Why did transactions happen prior to 3pm CET?”

The answer is simple: There weren’t any. Some community participants believe to have discovered transactions from and to the bonding curve contract, however these were orders not transactions. All transactions that happened since the start of the distribution were done with tokens that were acquired within the bonding curve. As is the nature of decentralised finance, DEX’s are freely accessible and Gnosis Protocol is no exception. Community members listed DIA at Gnosis before the team started the sale. Forensics shows a large amount of orders accumulating prior to sale start, however the allocation design worked just as intended: The first batch of transactions was filled at 3.05pm CET and the allocation was executed exactly according to the design laid out in our FAQ.

“Buyers in one currency paid more than buyers in other currencies”

Our multi-currency support worked by using ring trades, i.e., trades with multiple hops. So if you want to get DIA for WETH, there also needs to be a trade of WETH to USDC. These ring trades have varying liquidity, which is why it is important to post a limit order with the price you want to pay. The solver tries to fulfil as many limit orders as possible and if you post a high limit and the solver can route you through a low-volume ring trade, it will do so. If you post a limit order with what you actually want to pay, you will get the tokens for that price or cheaper.

About DIA

DIA (Decentralised Information Asset) is an open-source, financial information platform that utilises crypto economic incentives to source and validate data. Market actors can supply, share and use financial and digital asset data.

DIA Insights

Updates and insights about the developments on DIA — an…

DIA Insights

Updates and insights about the developments on DIA — an open-source platform for transparent, reliable financial and digital asset data built on blockchain.

DIA

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DIA

DIA is a Swiss non-profit association that provides open-source access to crowd-verified financial and digital asset data.

DIA Insights

Updates and insights about the developments on DIA — an open-source platform for transparent, reliable financial and digital asset data built on blockchain.