Community AMA, March 2023
Here is a recap of the March 2023 Community AMA, a monthly session where the DIA Team answers community questions and suggestions in 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 it’s community, by collecting community concerns and suggestions and having the DIA core team answer them.
Below is a recap of the March 2023 Community AMA that took place on March 7th, 2023. In this Community AMA, we had with us Paul Claudius, Co-Founder & BizDev Lead, and Anze Noc, Community Architect at DIA. Lets take a look at what was discussed:
- Congratulations on the launch of DIA xLSD. Certainly an interesting product for a very in-demand sector of Web3 right now. What has been the demand of xLSD so far?
On the issuer side, projects like Interlay (DeFi for Bitcoin, also a Polkadot parachain), Algem (native LSD issuer for the Astar ecosystem), and many more are to be announced. Additionally we have launched feeds for other issuers such as Lido, RocketPool.
On the dApp side, there are several applications that have integrated xLSD price oracles. The latest example of Orbiter One, a lending market offering the largest collateral suite for the Moonriver and Moonbeam ecosystem.
We are excited to announce many more partnerships in the coming next weeks, so stay tuned for that.
2. How is DIA xLSD different from other oracle products supporting LSD price feeds? What is the plan for the future of xLSD and are there new DeFi products on the horizon?
Currently, Liquid Staked Derivatives or LSDs are listed on a few exchanges with low trading volumes and very small liquidity. This means that their market prices (based on trades from exchanges) can be easily impacted through market manipulation, using relatively little capital. For example, if a dApp, i.e a lending protocol, is utilising LSD as collateral for lending and borrowing, by leveraging a price oracle based on market price, it is highly susceptible to price attacks. Any market actor can push the market price of the LSD on a DEX up with relatively low capital and use that advantage to borrow big amounts of stablecoin, for example. This can result in massive problems for the lender (dApp user), as well as the protocol.
This is why DIA xLSD is a product that we are very excited about. An oracle calculating the price of an LSD through regular methodologies may not reflect their fair value and can be easily manipulated. DIA xLSD replaces reliance on low liquidity and low-frequency markets for pricing information, providing more accurate and transparent pricing information for LSDs in DeFi.
We can discuss the prominent features of DIA xLSD under three main headings:
— Fair-value pricing: Instead of leveraging market price data of the LSD, DIA checks the collateral on-chain information of the LSD and the market price of the underlyiong asset to create “fair-value” price.
— Better risk management: DIA’s fair-value LSD pricing evaluates the asset’s collateral ratio, to improve transparency and reduce the risk of market price manipulation.
— Fully customisable: xLSD feeds can be custom-built for any Liquid Staked Derivative for any protocol on any network.
DIA xLSD feeds vastly improve the capability of protocols to integrate LSDs. DIA xLSD feeds enable a number of DeFi use cases, including asset management, option and future, lending & borrowing, and most importantly provide transparency on the collateralization ratio of Liquid Staked Derivatives.
3. Is DIA planning on more integrations within the Arbitrum Ecosystem? Since arbitrum is becoming a more and more popular L2 solution, are you focusing on that currently and how?
Yes, as you said, Arbitrum has been popular on many different metrics lately. We deployed DIA oracle infrastructure on Arbitrum last year and we monitor the ecosystem very closely. In the last weeks, to increase our data quality and availability for the Arbitrum ecosystem, we deployed a number of data scrapers, which allows DIA to source more trade data from Arbiturm native DEXs. Some of the latest additions include Uniswap, Sushiswap, Curve on Arbitrum and a few more that we have yet to announce.
You can check all data sources per network in the DIA App: https://app.diadata.org/source/defi
In addition to scrapers, our Business Development team is working on new partnerships and collaborations. I can say that there are many exciting partnerships in Pipeline. Stay tuned for that!
4. How is DIA planning to create revenue streams to support its operation and further capture value from the crypto industry? Can you please share what plans DIA have to make these happen?
We are currently actively working on a larger architecture upgrade that will enable new product features which will tie in new revenue streams and token utility. These bigger upgrades in the pipeline will advance our architecture significantly and greatly increase the value we provide for our users.
As these changes will touch the core of current product architecture, we can not share details on the specifics. What we can share is that we will be aiming to share news on this latest in H2 of 2023, given a stable and conducive market environment — we all know how dynamic the space can be.
5. All the development and strategic goals of DIA are great…But is there a plan to incorporate the DIA token into the platform and add new use cases for the token? What are plans to make the token value increase in the long term through increasing demand?
Yes, I can assure that the changes we are working on impacting our architecture are tied in closely with the utility and role of the DIA token. The use and need of the token will be strongly impacted by these changes.
6. Is DIA planning on providing data feeds for synthetics, forex, indices and stocks in the future?
As a data and oracle platform, DIA does have access to TradiFi data. For example, we collect quotations from central providers such as daily exchange rates from the European Central Bank (ECB) against various international currencies. We are also scraping financial data from Yahoo Finance. As a highly modular platform, we can quickly expand our integrations on demand. Thanks to our product infrastructure.
Check our data feeds for traditional data here: https://docs.diadata.org/documentation/api-1/traditional-finance-data-api-endpoints
If you need specific data, you can always contact us via Discord: https://discord.gg/dia-dao
7. I’ve noticed that DIA was added to the AI & Big Data category on Coinmarketcap. Is DIA developing something with or for AI and are there any plans to integrate AI into the platform in the future?
DIA sources enormous quantities of trade data from various sources, processes it with fully transparent methodologies and final data is available for use via APIs/oracles.
AI systems rely on big datasets to generate responses for users, and having access to transparent and verifiable data for AI systems to process is absolutely necessary. DIA is working to provide its transparent data library available for the new wave of AI applications.
On the other hand, we are exploring various ways how AI can improve the operation of our data provision, monitoring, predictive analytics and much more. We are focusing on implementations that add value and quality to our product. We will share more news on this in the future.
8. Really loving these recent community collabs. What is the goal and idea behind these campaigns?
We are all building to decentralization and web3 with different cultures, experiences, languages, and contributions. The idea of bringing together different experiences and contributors excites us. We believe community partnerships create an important context for meeting new contributors while getting to know different ideas.
Connecting with other key communities in the space is also an important building block in discovering innovation in community and governance issues. I am happy to observe how other communities in the space are doing this work, and to build the engagement together while exchanging ideas.
Just as individuals meeting on a common ground is a requirement of decentralization, meeting communities on a common ground is also a requirement of web3. We are planning on continuing these collabs on a regular basis. This is what Web3 is all about :)
9. Now that the airdrop claims are over, can you share if there will be an airdrop for DIA DAO voters also next year?
As was said in the previous AMA, it’s not possible to say anything definitive yet as the 2023 incentives depend on the next treasury vote in December 2023. So let’s use the airdrop to encourage people to vote. It’s up to the DAO!
10.How can someone become a part of the DIA DAO and how can they use DIA to vote?
Thank you very much for your interest in joining DIA DAO. To become a contributor, first join the DIA DAO Discord. Second, you need to connect to the DIA DAO on Dework and submit an application form. Once approved, you will receive a DAO-Applicant role and will be able to take on the guild-specific onboarding tasks.
Guild leaders will review your submissions and decide whether to fully onboard you as a new contributor.
You can also contribute to the building by participating in discussions at the DIA Forum and voting on governance decisions by using DIA tokens. To participate in DIA DAO voting, you have to first hold DIA tokens in a self-custody wallet. You can vote on every proposal in the DIA Forum via snapshot or www.vote.diadata.org
You can visit DIA DAO’s Dework profile to see all open tasks and guilds: https://go.diadata.org/DAO-Dework
Join DIA DAO Discord Server: https://go.diadata.org/DAO-Discord
Join Discussions on DIA Forum: https://forum.diadata.org/
Have questions for the DIA core team? Submit the questions here and get featured in the next AMA in April 2023: https://forms.gle/cUDRwuEDm6UUHPWe6
About DIA
DIA is a multi-chain, end-to-end, open-source data and oracle platform for Web3. DIA’s data is directly sourced from a broad array of on-chain and off-chain sources at individual trade-level. This allows DIA feeds to be fully customized regarding the mix of sources and methodologies, resulting in tailor-made, high-resilience feeds and thereby setting a new paradigm for oracles.
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