VitaDAO

Jun 18, 2021

4 min read

Participating in the VitaDAO Genesis

Launch details for VitaDAO, a decentralized collective funding early stage longevity research

💡 Be sure to obtain VITA only from Gnosis Auction

The VITA token is exclusively available on Gnosis Auction at this time. Until the end of the Gnosis Auction on June 23, any other offers are fraudulent and do not represent the real VITA token. This includes offers on decentralized exchanges, such as Uniswap. The original and only token contract address is 0x81f8f0bb1cb2a06649e51913a151f0e7ef6fa321.

🔑 Key Points

→ When? June 18 — June 23, 2021, at 9 AM PT / 6 PM CET.

Anyone can obtain VITA by contributing ETH into the genesis auction

→ VITA will be released for claiming at the end of the genesis auction on June 23.

Learn more at VitaDAO.com and join Discord

Video: VitaDAO Explained

If you are new to Ethereum, check out this beginner’s guide “How to prepare in advance” to learn more about how to get started with MetaMask and prepare for bidding at VitaDAO’s Gnosis Auction.

What is VitaDAO 🧬

VitaDAO is an Ethereum DAO funding early stage longevity research and is governed by VITA token holders.

VitaDAO’s mission is to extend human lifespan and healthspan by researching, financing, and commercializing longevity therapeutics through an open and democratic approach. VitaDAO will acquire early-stage IP assets and finance data creation to potentially bring these longevity therapeutics to market.

The first project is underway. VitaDAO will fund a research project at the Scheibye Knudsen Lab at the University of Copenhagen (learn more here).

VITA Token Utility ✨

VITA tokens are governance tokens (Ethereum, ERC20) that grant rights to participate in governance on
a) what IP is funded;
b) how it is funded;
c) how it is governed; and
d) how the VitaDAO treasury is governed.

VITA tokens grant no ownership of the IP or expectations of profits surrounding it. VITA holders decide how it is commercialised and brought to patients.

The diagram and table below propose the initial VitaDAO token distribution. Overall, 30% will be distributed to the community for the initial genesis, whereas 70% of tokens remain available unminted in the VitaDAO treasury to ensure the longevity of the entity.

10% will get auctioneered through a Gnosis Auction and become immediately claimable after the Auction, while the 20% of working groups and service providers is not fully allocated yet and is vested over 12–24 months.

Total token supply and distribution

After the auction concludes, the DAO will use approximately 5–10% of the proceeds to seed a liquidity pool on Uniswap, making VITA freely tradeable. Most of the other proceeds will go towards funding specific longevity research projects and incentivising contributors. To ensure constant cash flow and long-term success, the DAO will hold a significant share of its treasury in stablecoins.

The VitaDAO Token Auction 🔨

VitaDAO will launch through a Gnosis auction running from June 18 to June 23, 2021. The Auction will help ensure fairness by charging every bidder the same price. You can participate in the public auction or buy VITA tokens afterwards on Uniswap.

For the auction you will need an Ethereum wallet (MetaMask is recommended) with ETH.

VitaDAO uses a Gnosis Batch Auction, which is a fair and transparent way for the community to buy into the DAO.

The tokens sold at the Genesis Auction amount to 10% of total ( that is 6,435,936 VITA), which presents close to 50% of circulating supply directly after launch.

Logic of a Gnosis Auction

Steps for Bidding 🔨

  1. Connect your wallet via MetaMask or WalletConnect
  2. Select VITA on https://gnosis-auction.eth.link and double check that you selected the official VitaDAO auction with the VITA logo
  3. In a first transaction, approve Gnosis Auction to use your ETH for your bid by confirming in your wallet
  4. Specify your desired amount of tokens and your maximum bid price
  5. In a second transaction, place your bid and confirm the transaction in your wallet

Bidding Modalities and Typical Strategies

  • You can place a bid at the maximum price you are willing to pay for VITA tokens, above the minimum price per token which rises as more people participate.
  • At the end all bids get gathered and sorted according to price
  • The auction sorts the different bids, back from the highest bid until all the shares are sold
  • Bidders who specified a maximum price in their limit order that is equal to or greater than the final auction price receive tokens at this price, that is the lowest qualifying bid. This price is the same for every successful bidder.
  • Bidders that specified a maximum price in their limit order that is less than the final clearing price do not receive the tokens being auctioned, and have to withdraw their bidding tokens from the auction. They can buy Vita tokens afterwards on Uniswap.

VitaDAO’s token offering runs from June 18 — June 23, 2021.