Frequently Asked Questions

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Jul 22 · 17 min read
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Key Facts

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How can I buy tokens?

Tokens can be bought via a custom interface, a fork of the Mesa dApp that functions as a trading interface interacting with Gnosis Protocol, a permissionless DEX. A detailed description can be found in this FAQ collection as well as in the Step-by-Step Guide to buy tokens and in the Bonding Curve distribution description. The pricing and allocation will follow a bonding curve described below. Anyone who is not in a restricted jurisdiction can participate using USDC as currency.

What is a bonding curve?

A bonding curve distribution is an innovative way to price and allocate tokens. The bonding curve is a predefined price curve. The price for each token increases as tokens are bought and decreases as they are sold back. Investors can sell back tokens at any time, as the contract is 100% collateralised at all times and the contract autonomously creates an instant market. A bonding curve serves the determination of a price equilibrium. Bonding curves have mostly been implemented using custom smart contracts. DIA decided to build replicate a bonding curve on Gnosis Protocol. Please refer to this article for further explanations of bonding curves.

Why did DIA opt for a bonding curve function instead of a direct listing or ICO?

We believe a price shall be determined by supply and demand. Traditional ICOs set a fixed price that is set in most cases by the team. Once acquired at at a predefined price the token can not be sold back. A market price will be found much later at exchanges. A bonding curve, especially with a wide spread enables through gradual price increases and the possibility to sell back to determine a fair market price, reducing the risk for the investor.

Is the DIA Bonding Curve Sale really a bonding curve?

A bonding curve is a mathematical curve that defines a relationship between price and token supply. At DIA, we decided to build on Gnosis Protocol optimising for efficient distribution.

Our implementation meets the two defining characteristics of a bonding curve:

Did the DIA distribution model change over the last days?

No. The distribution model has not changed. We always promised to distribute through a bonding curve mechanism. Our preferred and final technical implementation that leads to the most efficient allocation has been communicated with as many details as possible to give investors the best transparency on the process.

Why is the contract not being made open-source to create full transparency?

The entire tech stack and methodology will be made available open-source after the bonding curve sale has finished. The risk of exploitation by hackers and other malicious actors if published before the sale is too high. Additionally, we want to emphasise that the Gnosis Protocol is open-source already and documented extensively.

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How is the allocation mechanism structured?

The DIA bonding curve is based on the Gnosis Protocol, a fully permissionless DEX that enables ring trades to maximise liquidity. Limit sell orders are placed to fulfill the demand of buy orders from the token buyers. Orders are collected over five minutes after which the order matching phase begins. Orders are matched by external “solvers” who submit solution candidates to the smart contract and compete for the fee of a successful match. To incentivise a fair solution, there is a utility function for every possible solution. The submitted solution with the highest utility function is selected as the winning solution and thus executed.

How do orders get allocated specifically and how are you making sure that the settlement price will follow the bonding curve?

First, let’s make two assumptions:

With these two preconditions, the solver has to select orders that will be fulfilled before other orders are fulfilled. The optimisation criteria suggest that bigger orders are selected with a higher probability because they can fulfill more volume. In terms of the valuation function this results in a better outcome.

So let’s also assume that these bigger orders stretch over a significant part of the sell order book (which follows the bonding curve in steps). So that would mean that at least the first available step is completely sold in this batch, and at least one other step (=sell order) is partially fulfilled.

Because the solution validation prefers a fair solution where every trader’s utility is maximised, it will distribute the tokens with equal preference to the buy orders that have been selected to match, leading to an accumulation of tokens at each trader with a growing price per token.

In the end, each trader with an executed order will have received their accumulation of tokens in such a way that none of the traders gets a worse allocation than another. Tokens are split up until a fair outcome is reached.

All our tests show that accepted solutions with a lower settlement price are more optimal than others.

Can you sell back tokens? At which price?

Yes, tokens can be sold back. The determination of the price and allocation for sellback, is determined by the same mechanics as for the ‘buy’ process, just reversed, meaning that instead of DIA participants will buy USDC for DIA. Note that there will be a 1% spread between buy and sell prices.

What does the 1% spread mean?

1% spread means that the buy price will always be 1% above the sell price.

When will each batch end?

Batches end every five minutes. There is no limit on the volume that can be allocated and no limit on the number of orders that can be submitted. Yet, only 30 orders will be fulfilled. Which orders are taken into a batch will be determined by the solver, which ensures that tokens can not be allocated twice and that the maximum order volume is taken into each batch. The number of orders taken into each batch depends on the limit prices that have been submitted and whether there are tokens available at those prices.

Will everyone within one batch pay the same average price per token?

Yes. That is the way the protocol ensures fairness in price among all participants that receive an allocation.

How will the price behave? Is there a ceiling?

Our limit orders create a market price curve. The mechanism follows this price curve even in cases where all available limit buy orders for DIA have higher limits because they can also be fulfilled with the lower price. Due to the higher utility generated at the edge of our sell orders, the price is settled there. The first token will be priced at USD 0.05 and the price in the token bonding curve will gradually increase with every token sold out of the contract. The price curve is ‘S’-shaped, which means that there will be an inflection on the price starting after approximately 8M tokens issued by the contract. The inflection begins to ease and price reaches a plateau at around 20M tokens issued by the contract and a price of USD 7.

Will someone pay USD 0.05 for a token?

Yes! Gnosis Protocol prefers solutions that are closer to the market price. With our standing order book of limit sell orders for DIA, the market price y for token number x will be y = f(x), where f() describes our bonding curve. Our test have shown that this is not only a theoretical concept but that accepted solutions are executed at the prices of the bonding curve, even in cases where only buy orders with very high limits have been placed.

Will the DIA bonding curve distribution differ from MTA — Gnosis? The team didn’t seem to change any global parameters like 30 orders every five minutes.

The global parameters on Gnosis Protocol remain the same. However, the limitation is not 30 orders per 5 minute batch but 30 settlements of trades. After the 5 minutes are over, the next batch starts immediately while a solution is calculated for the first batch. You can submit as many orders as the blockchain can handle. Unfulfilled orders remain valid for all batches during the entire two weeks of our sale unless fulfilled or cancelled. All users are treated equally, so the settlement limit does not affect one user more than another. Everyone has the same chances to submit their orders without a gas bidding war.

Will we see a gas war on Aug 3?

No. Gas prices do not influence allocation as long as gas is sufficiently high to be mined in the batch which collects for 5 minutes the order.

Would you agree it might be wise to sit out the first one to get an idea of valuation?

We will never give any advice on how to invest your funds, let alone at what price to buy. This is a decision that each participant must make for himself, as it is highly dependent on his or her strategy, risk appetite and perception of the product and the sale. We can say that since most of the questions circle around the lowest price access, we assume there will be high demand in the first batch.

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If 30M tokens are bought during the bonding curve sale, will the sale end?

No. The sale will continue until August 18 at 3am CET. Even if all tokens are distributed, the contract will remain active and execute its ‘buy’ function for any token holder that wants to sell back the tokens. If tokens are sold back to the contract, the price will also drop again. This cycle can repeat several times, depending on the dynamics of the sale.

Could somebody buy the entire order-book in one transaction?

Yes, that is theoretically possible, but we do not believe that this is a probable scenario, due to the large liquidity required and the lack of incentive on the buyer’s part.

Does the price jump immediately to USD 7 when the first block has open orders of 30M token?

Yes, if there are 30 orders in one batch that contain the full range of prices as well as the required, matching volume, then this can theoretically happen. We believe that this scenario is also very improbable as this requires a quite specific set of transactions to be allocated in the first batch.

Is there a guarantee that the first tokens sold will settle at USD 0.05?

The settlement submission solutions that follow the utility function of Gnosis Protocol are preferred by the contract, so if a solution is submitted that fulfils this requirement then yes.

Each trader with an executed order will have received their accumulation of tokens in such a way that none of the traders gets a worse allocation than another. Thus, even if the first tokens are sold for USD 0.05 and the next step is USD 0.06, everyone gets a chunk of the tokens priced at USD 0.05 and everyone gets a chunk of the tokens priced USD 0.06. This leads to an average price of USD 0.055 for each trader involved. They all received some tokens for 0.05, but their orders were so large that demand for these first tokens was higher than supply, so these tokens are split up until a fair outcome is reached.

Is there a guarantee that trades cannot settle over USD 7?

Yes there is — at least not from the DIA bonding curve/order book. But you should be aware that buyers can add liquidity back into the market at higher prices. If individuals want to pay this and enter a higher limit price, then the transaction will be executed. However if no buyer set their limit orders at higher than USD 7, there will also be no orders settling above USD 7.

If there are 2 buyers bidding USD 0.5 and USD 0.7, respectively, in the first batch. Who will get the 5 cent tokens?

There’s a few different cases:

If I submit a bid 10 USDC’s worth at USD 0.2 and someone else submits 50 USDC’s worth, also at USD 0.2. Does that mean that the 50 ETH order is prioritised, regardless of when it was submitted?

If it happens in the same batch, yes. Bids are collected over 5 minutes as described above and then assigned to the corresponding sell orders in such a way that the biggest order volume can be filled. The next batch starts immediately after the 5 minutes are over, leading to continuous batches over time.

In the above example, will the USD 0.7 order be paying USD 0.7 for those tokens? Or will they be paying the “average price” of the batch?

Not necessarily. That is the maximum price. It can happen that it settles at a lower price if tokens are available and not allocated to another order. This price will then be the average of all tokens in the batch.

If my order is partially fulfilled, causing the remainder of my order to transfer to the next batch, and the price in the second batch is a lot higher, does that mean that I will have to pay that higher price?

No, you set the price you want to pay. If there are tokens available at your desired price, your order will be eligible for fulfilment. It then depends on which other orders are being submitted to determine whether yours will get accepted. If it is not accepted this process repeats until 1) you cancel your order, 2) your order gets fulfilled or 3) the bonding curve period ends.

According to Gnosis Docs each batch will have an average price, which is the same for all executions in this batch. Does that mean that no one will be able to buy for 5 cents if the demand is big enough?

No, that is incorrect. It is important to understand that the price rises continually. This means that within one of the first orders, there will be tokens allocated at that price. But since there will hardly be anyone buying only a single token, the price of an order is determined by the prices of all the tokens that make it into that order — if fulfilled.

In our simulations and experiments we were always able to reproduce prices at the lower end of the curve. We are continually doing more evaluations to ensure that our system works as intended. Take in mind that there is also a buyback function, which might move the order books “backwards” when tokens are sold back.

Why would anyone put up less than the maximum bid?

There is the risk that demand is not as high as that person thought and then they bought too many tokens. If you think the fair market price is at x you shouldn’t go higher than x with your order, because otherwise you might get tokens for a higher price than you wanted to.

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How to acquire DIA during the Bonding Curve Offering?

In this guide you find information on how to buy DIA tokens during the Bonding Curve Offering.

What about partial filling? And what happens to unfulfilled orders?

Orders can be fulfilled partially. Unfulfilled orders and unfulfilled amounts of partially fulfilled orders are also taken into the next batch, so an order that was placed once is valid until it is cancelled by the wallet placing the order. No extra gas costs will apply to orders that are transferred into following batches.

Will the average price of a batch be transparent after execution? In other words will people have an idea of how much DIA is being valued at?

Yes, all settlement results are public.

What happens if I deposit to the contract but the buy order isn’t executed? Are the funds automatically returned or do I need to withdraw?

Orders remain active until cancelled or fulfilled. If your order is not fulfilled or only partially fulfilled, the full or remaining order amount will be transferred into the next batch. If you would like to avoid that, you will need to cancel your order before the end of the next batch.

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How many Tokens will be sold?

The initial supply will be 30M in the bonding curve distribution. All team and advisor tokens have been locked, apart from 50K DIA of the first project backer. The remaining DIA remain locked in various contracts or are legally prohibited from being circulated.

Is this another unfair sale where the team can dump on investors?

It is not. Even though a bonding curve is a novel price determination mechanism, and some did not work well, we see it as a better way to find an efficient price vs. the team determining the price. DIAs goal is to have an efficient price discovery for the DIA Governance Token.

Why are only 15% of the tokens made available to the public? Why are 90M being kept in the reserve?

DIA is aiming to build the data infrastructure of the DeFi economy transitioning into a DAO in the near future. Several distribution mechanisms are in place to distribute the governance token to the ecosystem, the first of which being the bonding curve sale. Other mechanisms are described in this post. During the Bonding Curve Distribution, the company reserve will be locked.

With the ongoing distribution of governance, the decision of how to allocate the reserve will be transferred to the community. Anything can be possible from reducing the reserve by burning tokens to employing them for beneficial governance or product-related projects.

Why does the team only face 7 months of lockup?

The DIA founding team has been working on the project since 2018 with a core team developing the platform, when DeFi had not yet seen its current momentum. Effectively, tokens have been kept out of circulation for this entire time. To ensure alignment of interest with the community during and after the sale, it has implemented another 7 months cliff period, followed by a weekly vesting over 13 weeks. Be assured that the team is in it for the long haul.

Why is there no lockup for people who buy during the bonding curve sale?

One of the most important characteristics of the bonding curve is to enable an instant market for buy-back of the tokens. This allows participants to liquidate their DIA if they feel that the price is too high, thus driving the price back down. This way, an efficient price can be found.

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Will DIA be listed on a DEX?

Yes. DIA will be accessible on Gnosis Protocol through the Mesa DApp after the Bonding Curve distribution and after receiving approval from the dxDAO. Further decentralised exchanges will follow.

Will DIA be on Uniswap?

The DIA team will ensure tradability on Uniswap after the bonding curve sale. Naturally, it is possible that the token will be listed on Uniswap by holders as soon as the first tokens have been allocated when the bonding curve begins.

Will DIA be listed on a CEX?

DIA is also pursuing a listing of the Governance Token on a centralised exchange. There are no dates or specific exchanges we can yet communicate. We will update our community via all relevant DIA channels as soon as there is tangible progress on this topic.

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Which tech is DIA using to do the bonding curve?

The buying interface for the DIA token distribution is a customised fork of the Mesa interface. The allocation algorithm used will be the Gnosis Protocol. Note that the DIA token sale will NOT be accessible via the Mesa Dapp interface, but only via our custom interface.

Why did you choose Gnosis Protocol over a custom smart contract?

Gnosis Protocol provides advantages over a custom bonding curve contract. It allows the efficient finding of a price without the risk of a gas war. It is multi-currency enabled. And the buy back curve can be supplied with liquidity automatically, as it immediately reflects the funds placed by distribution participants in real-time. It also provides the best solution for high demand allocation scenarios.

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What is the Total Supply of DIA Tokens?

200M DIA Tokens have been minted in total. Our regularly updated Transparency Report gives an overview of how they are allocated.

How is the token distributed?

DIA is not yet publicly available, but will be offered to interested parties via a token bonding curve distribution, starting August 03 and ending August 18. The token bonding curve will be followed by an initial DEX offering. More details will be released soon.

Is there a whitelist?

No, there is no whitelist. Anyone can participate in the sale as long as they prepare as described in the Step by Step Guide and they are not from any of the restricted jurisdictions listed in our legal disclaimer.

Can Uniswap be used as an interface?

No. The interface will be made accessible provided as a link in our channels and on our website.

I’ve seen the token listed at some exchanges already. How is that possible?

What you have seen is NOT the DIA Token. There are many scammers around, actively trying to exploit our community. Do NOT buy into this. The token will NOT be available on any exchange before August 3. Starting August 3, it is possible that the token gets listed at a DEX like Uniswap. The risk of scamming will however remain throughout DIA’s entire lifecycle. Always be cautious and careful and contact our community admins in Telegram if in doubt.

I have received OTC offers for DIA. Was there already a private sale?

There was a private sale of 10M which has been transparently communicated. All private sale tokens are locked in a smart contract ‘lockbox’. We can not vouch for anyone making OTC offers. Be very careful not to fall for scammers.

This information is not investment advice. Please read the full Disclaimer before investing.

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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…


Written by


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.


Written by


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.

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