VitaDAO Launch Guide

💡 Be sure to obtain VITA only from Gnosis Auction

This article will guide you through the process of participating in VitaDAO’s genesis contribution event and acquire VITA, VitaDAO’s token. If you have any question, do get in touch on Discord, Telegram or Twitter.

TL;DR

→ the VitaDAO Gnosis Auction will be open for bids from June 18, 2021, 6PM CET to June 23, 2021, 6PM CET

→ you will need an Ethereum wallet (no exchange wallet) with ETH for your bid + gas

place your bid as high as comfortable but pay the same price as all others

from June 23, 2021, claim your VITA tokens if your bid was successful

after June 23, 2021, you will also find the token for purchase on Uniswap — but be aware of fake tokens

Prerequisites

  • a browser compatible with MetaMask, such as Chrome, Brave, Firefox or Edge
  • an Ethereum account in your MetaMask wallet
  • sufficient ETH on this Ethereum wallet

If you do not already have that in place, see this step-by-step guide.

How to place a bid for VITA tokens

Click the direct link above or, on the main page, click on the VITA auction with the VITA logo

2. Click on the top at the right-hand side on “Connect a Wallet”

Connect a wallet

3. Accept the terms and choose “MetaMask”. Any WalletConnect-compatible wallet or MetaMask will work. For this tutorial, we will use MetaMask.

Accept the terms

4. Click on “MetaMask”

Click on “MetaMask”

5. A pop-up will appear. In your MetaMask wallet, choose the account you would like to connect. This should be the account you have ETH on and where you want to receive your VITA tokens to. Click “next”.

Confirm in MetaMask

6. Click “Connect”.

Click “Connect”.

7. You will be redirected to the auction page. Double check that your wallet is successfully connected in the top right-hand corner. If not, go back and repeat from step 2.

Check that wallet is connected

8. Now, you will place your bid. In this box, you will enter the desired maximum price in ETH per VITA that you are willing to pay for one unit of VitaDAO tokens. You may also express the price in VITA per ETH, if you wish to do so and toggle the button.

Specify price

Labelled “Current Price”, the interface shows the current closing price of the auction if no more bids are submitted or canceled. However, many participants might submit new bids right before the auction closes, making it difficult to predict the closing price of the auction ahead of time. For that reason, it is important for you as a bidder to submit your bid with the highest price you are comfortable to pay.

For more information on this step, see also Gnosis Auction’s documentation or Gnosis Discord.

9. You also need to specify the maximum amount of ETH you are willing to spend in total. This does not include transaction fees, so do leave some ETH aside for that. In this screen, we see that there is a minimum amount that is required.

Specify amount (1)

10. Make sure that the amount of ETH is higher than 0.05.

Specify amount (2)

11. Finally, submit your bid by clicking on “Place Order”.

Place order

12. Double check that everything is as you want it to be, and click “Confirm”.

Confirm

13. Once again, a pop-up window will appear where you will need to submit a transaction in MetaMask. Take note of the gas fees and the total and, if acceptable, click “Confirm”. If the gas fees are too high, you may wait and submit at a later time before the auction ends. For more information, scroll down to the last section of this article.

Confirm transaction

14. Now, your transaction has been submitted. For more information, you can click on the Etherscan link.

Track transaction on Etherscan

15. Optional: On Etherscan, you can track whether your transaction is still pending. If it is pending for too long, you may open MetaMask and pay additional gas fees to speed up the confirmation time.

Check status (1)

16. Optional: Once your transaction was successful, “Status” will change from “Pending” to “Success”.

Check status (2)

17. In the Gnosis Auction interface, scroll down to the bottom of the page and take note of the “Status” indication. If it says “Placed”, your bid has been successfully submitted and is valid.

Check status (3)

18. Optional: If you wish to cancel your bid (e.g., if you decide to bid at a higher price with the same ETH), you may cancel your bid until 12h before the end of the auction, that is Tuesday, June 23rd, 6AM CET.

Option to cancel a bid

Congratulations and good luck at the auction!

Steps to do after the VitaDAO auction

If your bid was not successful, you have the option to convert the WETH that has been refunded to your wallet to VITA on Uniswap v3.

For detailed instructions on how to proceed with either successful or unsuccessful bids, follow this guide.

Notes

  • Once the auction concludes, bids are gathered by the smart contract and sorted from highest to lowest price. The smart contract works back from the highest bid, adding each bid’s amount of tokens to buy, until the sum multiplied by the bid’s price equals the original amount to sell. The price of this particular bid is selected as the final closing for all participants.
  • Note, that all participants who bid at the final closing price or higher pay the same price, even if their original bid was higher.
  • If you place a bid that is higher than the final price, you will receive the same amount of tokens as you specified for a lower amount of ETH.
  • Participants that selected a maximum price at the final closing price or higher do receive tokens. Participants that had selected a maximum price below the closing price do not receive tokens.

Transaction costs

  • Be mindful of total transaction costs in ETH. These are deducted from your ETH balance, so do not use all your ETH to acquire VITA, but leave some ETH for gas fees and transaction costs.
  • For successful bidders, at least two transactions are required: Placing a bid during the auction, and claiming tokens after the auction.
  • A rough estimate is that each transaction costs at about 20 USD or 15 EUR in fees, so about 40 USD or 30 EUR in total. That means, leaving aside at the very least 0.02 ETH for transaction costs, better 0.05 ETH or more.
  • If you notice that transaction costs are too high, consider not bidding at the auction and using Uniswap instead. VITA will be available on Uniswap from June 23 which will involve fewer transaction costs than bidding on Gnosis Auction.

Bidding strategies

  • You can bid at any time without advantages or disadvantages in price or other.
  • You are allowed to place multiple bids. If you, for instance, wish to secure a smaller amount of tokens at a higher price and a larger amount of tokens at a smaller price, you can do so.
  • You are allowed to cancel an order until 12h before the end of the auction, that is June 23, 6AM CET.
  • Again, bear in mind that placing multiple bids and cancelling bids both involve additional transaction costs in ETH.
  • What is displayed as “current price” does not let you make any conclusions about the final price, as bids can be placed at the last minute or cancelled until the deadline.

Other

  • In case you are using a Ledger hardware wallet with MetaMask, ensure that the option allow contract data is enabled in your Ledger settings.
  • In case your are using MetaMask but you don’t automatically see a pop-up window to confirm a transaction, follow these steps:
First, click on the puzzle icon to see your extensions and click on the needle icon to pin MetaMask.
Click the MetaMask extension icon in the top-right corner and, if applicable, unlock using your password. Then, you should see a notification within the MetaMask icon, signalling that you have a transaction left to confirm. Click the icon and a window should appear where you can confirm the transaction.

VitaDAO is the world’s first decentralized intellectual property collective, funding and commissioning research into human longevity.