I just bought some $DIA tokens and this is what happened ...

2020 is all about DeFi, there's no doubt about it, and the bull on DeFi doesn't seem to stop yet, with coins like YFI giving more than 12000% gains in a few days to investors.

While Link was making all time highs, (Yes, I did call fr a blow off top, but it looks like I was a bit too early) Though I did warn not to go against the trend without assessing the risk :)

Enter DIA token.

They claim to be providing financial institutions with a immutable and verified single source of financial market data for any market and asset type.

Basically, a DeFi themed Link (sounds pretty undervalued right?) And, if we really understand DeFi, oracles are amongst the greatest applications within DeFi, isn't it?

Now before I go on with some more details, here's a small (no wait, it's big!) disclaimer:

I'm not a certified financial advisor, and even though I've been trading for quite a few years, I urge people reading this, and my other posts to #dyor (Do your own research) before taking any decisions! Of course I'm going to help you out if you have some queries/doubts, so feel free to let me know in the comments, or on Twitter :) I'm also, in no way associated with DIA tokens, and I'll also not receive any incentives if you buy/sell DIA tokens based on this post (Except for the upvotes on this post). Also be warned that most of the tokens on Decentralised exchanges like Uniswap may eventually go to Zero, as just anyone can create an ERC20 token an launch a sale.

Here's something about DIA tokens and why it caught my attention:

DIA claims to be an open-source, data and oracle platform for the DeFi ecosystem, which leverages crypto economic incentives to drive supply, share and use transparent, crowd-verified price data and oracles on financial and digital assets.

If you are aware of LINK, BAND and similar oracle coins, they are doing the same thing as well, and are pretty much riding the hype train, alongside with DeFi.

DIA is a governance token, and any token holder can participate and cast their vote on the network and receive incentives for doing the same. DIA tokens can be staked to incentivize the validation of existing oracles, scrapers, methodologies and more

There are two sales going on, one on Bonding curve, one on Uniswap.

Bonding curve link: https://buy.diadata.org/ (Gnosis pool) You can also get the link of Uniswap from the official address.

Here's the link to the smart contract: https://etherscan.io/address/0x6F400810b62df8E13fded51bE75fF5393eaa841F #code

*Note that they are also available on Hotbit and Biki, and I confirmed with the team that they are legit, but not official.

Now I'd urge you to cross check, verify with their official team and then only proceeding with the transactions, only if you are comfortable and sure.

There are a lot of scammers in the market, who are selling fake DIA tokens (and actually many other tokens) on Uniswap and all Decentralized exchanges. Also, some people may even claim that they are affiliated with DIA team, and will share some contract address, asking you to send ETH there. But don't do that, else you may most probably be scammed.

If you want to know more about the token, here's their medium post:

https://medium.com/dia-insights/dias-governance-token-4664db4490e7

Now this was my first purchase of any token from a sale on a Dex, and I didn't risk a big amount, but:

Here's what you need to do if you want to buy any coin by transferring your coin from a centralised exchange to buy some random shitcoins(or gem coins :P) on Uniswap, or any swap exchanges (Bonding curve in this example) ...

Send some ETH to Metamask
Convert that ETH to WETH on Metamask
Deposit that WETH to the Swap exchange
Pay some additional gas fees to get the token.
Pay additional gas fees again to get back tokens to the Metamask wallet (optional)

Overall, I paid nearly $10.67 in gas fees to get my tokens, from start to end, after moving some funds from a centralised exchange)

The fees is ridiculous I must say, especially if you are not investing much, but there's basically no limit on how less or how much you want to buy.

Being a critique as well, I must say, that unless these gas costs are fixed, these things will never get mass adoptionand will only remain as a money making tool for the elites

Overall, you can spend anything from $10-$30 in just gas fees, depending on the network congestion, and other factors But these losses will be offset if the token moons! :) So that's our only hope.

Here are a few aditional factors/resources:

If you want to check the sentiments, follow this link: https://twitter.com/search?q=%24DIA&src=typed_query

https://finance.yahoo.com/news/top-10-defi-projects-watch-171349072.html

Yahoo finance also covered them, which is pretty awesome, as they covered almost all the tokens which already mooned a lot.

If you look at the bonding curve distribution, here's where we are (This is a bit old, when I bought the tokens some 30 hours back)

So, if you are seeing that the price is above $7 now, I'd rather suggest you to wait for some time, in case you want to get in.

Here's their deck: https://docsend.com/view/zsyky5gigzwjxb36 Source: https://token.diadata.org/
If you have a look at the development, here's the link: https://github.com/diadata-org/diadata/

My take: I feel, it's a nice project, with some drawbacks, and based on the current hype, we can get some decent returns in 7-8 months (max), but I'll exit as soon as I see some decent returns/hype. I'll of course never get married to a project :)

So, DYOR :P

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Posted Using LeoFinance