Partnership with NEOKingdom DAO

We are delighted to announce that DIA has deployed a bespoke price oracle for the EUR and USDC assets on Evmos to power the off-ramping of NEOKingdom DAO tokens.

DIA Core Team
DIA Insights
3 min readAug 3, 2023

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Introducing NEOKingdom DAO

NEOKingdom DAO’s vision is to reimagine employment by facilitating both web3 and real-world businesses to become DAOs. Investors can invest money and contributors can invest time to receive tokens of the DAO. These NEOK tokens give access to ownership, governance, and dividend rights. Every contributor is an owner and has a voice in governance decisions, and rights to profits. Contributors also have the flexibility to liquidate their NEOK tokens for fiat money. NEOKingdom DAO is a legally-compliant DAO under the favourable Estonian legal system.

DIA Oracles to Power NEOKingdom DAO

We are delighted to announce a partnership with NEOKingdom DAO. With a shared vision of transparency, scalability, and customizability, we have co-developed a bespoke price oracle deployed on the Evmos network. The oracle provides real-time price feeds for the EUR/USD and USDC/USD asset pairs. This oracle enables the automatic conversion required for NEOKingdom DAO contributors to convert their NEOK tokens to Euros.

The feed is constructed by leveraging single trade data for each asset, sourced from multiple high-volume exchanges. Following this, DIA implements rigorous data-cleansing filters and fully transparent pricing methodologies, delivering a highly accurate and reliable final price feed.

See the sources for each asset in the following links:

Learn more about how DIA oracles work in our documentation.

Launching a EUR and USDC Oracle on Evmos

The NEOKingdom team commented on the use case of the custom oracle, saying, One core feature of our project is to enable DAO contributors to buy and sell NEOK tokens in what we refer to as the ‘internal market’. Contributors use the internal market to sell their NEOK for EUR. At the moment, there are no EUR stablecoins on Evmos, and when a contributor buys NEOK from another contributor, they have to use USDC for this type of transaction. In order to convert USDC to EUR, the internal market needs access to a price feed (oracle). We weren’t able to find the price feeds we needed, which is why we contacted DIA. Not only did DIA immediately deploy the oracle to Evmos, but they also helped us to understand and improve our integration with it.

The oracle has been deployed with a custom update mechanism, pushing the latest price data on-chain every 60 minutes. This design best serves the particular needs of using the price oracle as a means of enabling NEOK to USDC conversion on-chain.

NEOKingdom DAO has not only transparently requested but also made these configuration settings available to the public in the DIA Forum. In addition, they have endowed the oracle with sufficient funds to guarantee its operation for approximately a year, and have graciously offered its use as a public good to the wider Evmos community. Details of the oracle’s address, along with instructions for its use, are available in the following section of the DIA Forum:

→ CDR #052: Neokingdom DAO | Asset Price Feed

About DIA

DIA redefines oracles on 30+ L1/L2s: Fully customisable, unmet asset coverage, 100% transparent. Enabling new primitives for DeFi, NFTfi and GameFi.

DIA’s data feeds are fully customized with regards to 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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DIA Core Team
DIA Insights

DIA is a multi-chain, end-to-end, open-source data and oracle platform for Web3. https://diadata.org/