VitaDAO launches through a Gnosis Auction running from June 18 to June 23. Gnosis Auction optimizes for fair and decentralized token distributions. With the launch just around the corner, this brief guide explains all you need to know to acquire VitaDAO’s governance tokens (VITA). Note, this process may take up to a few days, depending on your situation.
What you will need in advance of VitaDAO’s Gnosis Auction
1️⃣ the public address of your Ethereum wallet
and
2️⃣ Etherum tokens (ETH) equivalent to the amount you would like to acquire VITA tokens for, plus additional ETH for gas costs (that is, transaction fees)
What does this mean and what do I need to do?
1️⃣ The public address of an Ethereum wallet of yours
Unless you already have an Ethereum wallet on which you would like to hold your VITA tokens, you will need to create a new one. Please note, an exchange account does not work and cannot be used to receive VITA tokens.
While there are many Ethereum wallet options, we recommend the following:
1. Install a Chromium-based browser, such as Chrome, Brave, Firefox or Edge.
2. Install the browser extension MetaMask, a reputable and easy-to-use Ethereum wallet.
3. When prompted, allow the extension to be added to your browser.
4. Click on “Get Started”.
5. Click on “Create a Wallet” and, on the next screen, choose whether you would like to provide MetaMask with optional analytical data.
6. Choose a secure password and agree to the Terms of Use. In terms of password security, we recommend you think of your MetaMask wallet like a bank account. Make it a secure password and store it in a safe place, such as a password manager.
7. Very important: Follow the instructions on your screen carefully in order to back up your “backup phrase”. This phrase, and only this phrase, guarantees you access to your Ethereum wallet and your VITA tokens. You must not disclose this phrase to others. If you lose this phrase, you cannot restore your account and lose your tokens. Make sure you keep it safe.
8. Confirm your phrase and continue.
9. Now, if you see this screen, MetaMask is set up successfully.
10. Dismiss the release notes and make yourself comfortable with the overview page of your newly created Ethereum wallet.
11. Finally, move your mouse cursor to the top where it says “Account 1”, click left to copy your public Ethereum address to your clipboard and save it for later. You will need it in the next section in order to top up ETH.
2️⃣ ETH equivalent to the amount you would like to buy VITA tokens, plus additional ETH for “gas costs”
1. Go to an exchange of your choice. Any exchange where you can acquire ETH will work, including popular exchanges like Coinbase or Binance. Depending on your jurisdiction, your options may be limited. Note that registering a new account with any exchange may take a few days of processing time, especially due to Know Your Customer (KYC) procedures. For simplicity, we recommend one of the following:
- Ramp Network (click here for their FAQ)
or
- Wyre Widget, which you can use directly in MetaMask (click here for their FAQ)
2. Acquire ETH of
- the amount that you would like to buy VITA tokens for
and
- at least 0.02 ETH additionally, in order to account for all possible transaction fees during the Gnosis Auction
3. Transfer your ETH to your wallet using the public Ethereum address you noted down in the last section. When making a withdrawal/transfer, always double check your public Ethereum address is correct. If you enter the wrong address, your funds will be irreversibly lost. Transferring ETH to your own wallet may take several minutes to confirm.
Note: Depending on which exchange you chose in step 1, your ETH may transfer directly to your Ethereum wallet, e.g. when using Ramp or Wyre. In that case, this step is irrelevant.
4. Finally, open MetaMask and ensure the account balance in your Ethereum wallet is as you expect it to be. If you just withdrew your ETH from an exchange, it may take several minutes for your funds to arrive.
5. Congratulations, you are all set for VitaDAO’s Gnosis Auction starting June 18. For another article with detailed instructions on how to take part in the auction, click here.
