DIA Insights
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DIA Insights

Community AMA, April 2022

Here is a recap of the sixth Community AMA, a monthly session where the DIA Team will answer DIA’s community questions and suggestions on the DIA Telegram Community Chat.

DIA is hosting a monthly Telegram AMA session with the core team. The aim of this monthly event is to improve direct communication between DIA and its community, by collecting community concerns and suggestions and having the DIA core team answer them.

Here is a recap of the sixth Community AMA:

In this sixth Community AMA, we had with us members Paul Cladius, Carl Bruns and Fedir Makarchuk. Please, welcome to this new session!

1. Are there any side projects DIA team planning to release for increasing DIA tokens use cases? Some small projects that would be example to use of DIAs transparent oracles in blockchain while this small projects are basically using DIA token as native token. Prediction markets project would be an example here. Are there any of this concept side project?

The team and contributors are laser-focused on ensuring that DIA is the best oracle solution in the entire web3 space. The traction and feedback we are receiving is thankfully showing that we are on the right path. We believe that adoption is key in an early stage of the crypto market. So we want to create the least possible barriers to integrate with DIA and incentivise dApps to use DIA.

By supporting early-stage dApps we believe we will ensure to be integrated in the most relevant dApps in the next growth wave. Our multichain strategy is helping us to be the go-to oracle of choice. Over time we will validate if the usage of $DIA within dApps can provide value to our and the dApps community. Permissionless lending market i.e. can be a great way to provide additional incentives for DIA token holders to receive a return by providing DIA as a collateral.

With the upcoming extension of the DAO we will enable the broader community also to facilitate such integrations with other projects and be rewarded for it, making DIAs success a joint effort and reward.

2. Do partners using DIA’s services pay fees? if it is free, where is the project revenue collected?

The DIA core team and contributors believe that we are currently still in the infancy of the web3 economy. Similar to the growth tactics in web2 such as Amazon not focusing on profit but growth to transform various verticals we aim to capture value from DIAs usage at a later stage and focus on adoption and fast growth. We are in a great position that our treasury has a >15 year run rate so we can optimise on long term value and not short term revenue.

With DIA ARTs we have built a first layer of token economic incentives that can be used to monetise the value DIA brings to its users as well as bootstrapping data depth and width while maintaining accessibility and aligning community incentives. We will build the rails further out and complete the necessary infrastructure and incentive systems to capture the value of DIA for all stakeholders.

3. Do you have any projects to increase the price? Burn or Stakes etc. I would appreciate your answers, thank you.

Our favorite, recurring question. The price of the DIA token is a factor of supply and demand and all we do is to create value for stakeholders, as described above by Paul. We are not in direct control and are researching and experimenting with various initiatives that we will announce when we are ready.

4. Lately on the forum there have been many submissions coming from protocols requesting oracles. Why? And why over the forum?

Nice catch. As you all here already know, oracles secure smart contracts which in turn lock hundreds of millions of dollars of capital. As a critical layer in the Web3 value stack, oracles require both high standards of quality in terms of technological implementation, as well as transparency about what specifically is implemented. So we started transferring Custom Delivery Requests (CDRs) to the DAO forum for multiple reasons:

→ First, we want to enable any protocol and any user to be able to submit a data request to DIA, without the need of intermediaries or personal connections to team members.

→ Secondly, by handling data requests via the DAO Forum, DIA is providing dApp developers full transparency on what has been requested, how the provided feed is being built, including data sources, processing methodologies, and much more.

→ And lastly, as protocols heavily depend on the data feeding the applications, CDRs provide dApp users insight into the specification of the data feeds securing their fund.

5. How do CDRs work? What are the requirements to request a CDR?

In short, CDRs are mechanisms for dApps to publicly request custom data feeds from DIA. CDRs allow any market actor to independently request any data feeds with fully customized specifications regarding sources and methodologies, as well as to update the delivery requests further down the line.

Additionally, the DIA CDRs enable dApps ingesting DIA data feeds to offer full transparency to their users on how the data they leverage to power the application is being built. All DIA CDRs will be processed and stored in the DIA DAO Forum and they will be free and open for anybody to access.

Regarding the requirements, users can request custom parameters such as:

→Delivery method: off-chain (signed API) /on-chain(network,mainnet/testnet)

→Update mechanism: e.g. block-based / deviation-based / time-based / other

→Methodology: e.g. MA / MAIR / MEDIR / VWAP / VWAPIR / other

→Frequency: e.g. 10s / 20s / 60s / 120s / 5m / other

→Sources (by chain/version): e.g UniSwap V2 — ETH

→Pairs: e.g BTC/USD

Interested? Request your CDR by following this tutorial: https://medium.com/dia-insights/how-to-submit-a-dia-custom-delivery-request-cdr-in-5-minutes-6f88b0a4ca56

6. There has been a constant flow of DAO votes in the last weeks. Good to see an active community participating as well. What is the purpose of these CAR proposals?

Indeed, we are very happy to see genuine interest from the community as well as projects to participate in the DAO proposals.

These DAO proposals are the first step in leveraging the DIA DAO community to validate critical aspects of the DIA platform and architecture. For example, to build the oracles, DIA sources market data from a high number of data sources. Instead of relying on a small and centralised team, all data sources will be approved in a scalable manner with the help of a decentralised community of contributors.

To give an example of a CAR for the rest of the community, last week Binance was crowd-approved as a data source for the DIA platform. You can check the Snapshot via this link: https://vote.diadata.org/#/proposal/0x97867a844a12bf243eec02c2b3d3e412e43146283bdd9c3bfa8b3c5a9436b0d9

In the future, we will continue to develop this process and experiment with incentive mechanisms to increase the robustness of the approvals.

7. I am a huge fan of Metis and was happy to see DIA is part of it as well. How does the NetSwap product update contribute to the development of the Metis ecosystem?

DIA’s open-source oracles are available for Metis-based dApp developers already since December 2021. The latest update, announced a data scraper for the NetSwap DEX on Metis and included it as a data source for the oracle platform.

NetSwap is the first native DEX built on Metis’ Andromeda Layer 2 Network. As many assets are only available and traded on Metis DEXs, this product update enables DIA to build price feed oracles for Metis-native assets. This opens up more possibilities for protocols to build use cases using price feeds for these assets.

8. Is there an update on the DAO? Will it be limited to governance only?

First off, while governance will always be a central part of the DAO, it will be much more than just governance. The framework we are building for the DAO will enable community members to participate in the development of the DIA project at all levels and in all verticals. From one time gigs to strategic roles, and from marketing to BD to development work, we will open the operation and reward contributors for creating value.

In addition to earning rewards and being able to participate in governance, there will be some more interesting mechanics we explore to create value for token holders!

In general, what we are building is the next stage in the organisational setup of the DIA project at large which we plan to roll out across the entire organisation. For now we test it in a controlled and limited environment!

9. When is the DAO update going to launch that you mentioned during the last AMA?

Well, we are already onboarding a select group of community members to learn and iterate on the framework we’ve designed.

Mind that soon we will be launching a closed alpha phase and let in a bigger, albeit limited number of contributors

This project is quite complex and ensuring a high standard of quality is essential for long term success. This is why we roll this out in a stepwise manner to deliver the best results for the broader community.

So if you are eager to be among the first DIA DAO contributors, you may want to apply via this form and let us know why you want to join and what you can contribute. We screen each individual application and select contributors to ensure a high quality of contributors, strong commitment and a good mix of skills.

Seats are limited and there are some nice goodies for early birds, so don’t wait — fill the form: https://forms.gle/j8X2JsuZou8p45zHA

Lets build DIA DAO together!

10. Why can’t token holders on Binance vote?

Well, because it works like this: In order to participate in the DAO voting, happening on https://vote.diadata.org/, one must hold the DIA tokens in self-custody (and not CEXs). Unfortunately we can’t change this, as this is how Snapshot works.

Snapshot is an industry standard, decentralised voting system and it requires governance tokens to be held in various wallets to operate. Currently Snapshot supports the following wallets: Metamask, WalletConnect, Torus, Coinbase and Portis.

And mind that DIA DAO members can still actively participate in the governance process by discussing and submitting proposals in the DIA DAO Forum: dao.diadata.org

11. Will there be any significance or value to the POAP badges, or is it just collectible?

Besides the collectible aspect, POAP badges will give us a basis to track community engagement in DIA’s activities. These will and can be used for a variety of things in the future. For instance, with the aforementioned new DAO framework, DIA DAO POAP badges will enable holders to receive XP and more as a reward for their contribution to the DIA DAO development.

So, make sure to go vote at vote.diadata.org

DIA is a cross-chain, end-to-end, open-source data and oracle platform for Web3. The DIA platform enables the crowd-sourcing, validation and sharing of transparent and verified data feeds for asset prices, metaverse data and more. DIA data is simultaneously sourced at a trade level from multiple on-chain and off-chain sources and made available to developers on all relevant layer 1 and layer 2 networks.

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Updates and insights about the developments on DIA — A cross-chain, end-to-end, open-source data and oracle platform for Web3.

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