dHEDGE DAO Token Mesa Auction Guide

Summary

  • Install MetaMask and get USDC
  • Navigate to Mesa and deposit USDC
  • Submit Bids
  • Wait for the Auction to begin

Here is a guide with a recommended step by step process to take you through these steps from set up to participation in the DHT Token Generation Event

1. Install MetaMask and get USDC

In order to participate on Mesa, you will first need a Web3 enabled wallet to interface with the Ethereum blockchain.
We recommend using MetaMask, which can be downloaded here if you are using the Google Chrome, Firefox, or Brave browsers.
Alongside Metamask, Mesa also supports WalletConnect. This guide will focus on Metamask, but the process should be similar with WalletConnect.

Once MetaMask is set up, you will need to load an Ethereum address with some ETH to pay for Ethereum transaction fees (gas), and USDC.
You can purchase USDC on exchanges such as 1inch.exchange
You will be using this USDC to purchase DHT, so be sure to have enough for all of your orders.

2. Navigate to Mesa and deposit USDC

Once your wallet is set up and ready to go,
Navigate to Mesa.
Mesa is a general trading interface built upon Gnosis Protocol, and it is where the auction will take place. Once you arrive at Mesa, you should see a page similar to the one below.

Select USDC in the “Sell” drop down menu of the page.
Select DHT in the “Receive” drop down menu of the page.


Click “Enable” next to the drop down box. It will prompt you with a transaction to pay to approve USDC deposits. Pay this and wait for it to confirm.


Now it’s time to deposit USDC into your Mesa wallet.
Click Deposit from the Sell section.


This is the USDC you will be using to create your bids later on, so please deposit all of the USDC you intend to use to purchase DHT.

3. Submit Bids

We are now ready to bid on DHT.
Check again that you have selected USDC on the ‘Sell’ side and DHT on the ‘Receive’ side.
Once done, you should see something similar to this.

Input the amount of USDC you wish to offer.
Input a ‘Limit Price’ at which the order will be placed.
Submit Limit Order.
A limit price is the maximum price you would like to pay for for DHT your USDC, and dictates how aggressively you wish to bid on DHT (For example, a limit price of 0.6 means that you value each DHT token at 0.6 USDC or $0.60).

Keep in mind that large orders will be prioritized over smaller ones at the same price by the auction settlement mechanism, so if you are adding a small volume order and want to ensure an allocation of DHT, it’s best to bid high.

An order may not be included by Mesa solvers if it does not generate enough fees to pay their running costs. Learn more here.

While it is possible for Mesa to route orders across other pairs via Ring Trades to participate in the auction (such as USDT/DHT) we recommend participants only place bids in USDC. The reason for this is that these trades are routed via DHT liquidity pairs on Mesa. Placing an order in anything other than USDC for DHT may result in slippage being incurred by the user.

If you want to learn more about how the Mesa app settles and clears auctions, find the documentation here. This video is also useful for those wanting to learn more about how price discovery works on Mesa.

4. Wait for the Auction to begin

That’s it! Once you have placed your bids, they should appear in the “orders” list to the right of the order submission section. Check where your orders sit in relation to everyone else’s by viewing the order book, and sit tight until 10am UTC Thursday September 17 when the auction begins.
If you do experience difficulties with your browser or wallet and have followed all of the steps in this guide, please hop into our Discord support channel.


Important Notices: DHT tokens are a means by which users may utilize the protocol. dHEDGE DAO does not recommend purchasing DHT for speculative investment purposes. dHEDGE DAO does not recommend that you participate in the generation event unless you have prior experience with cryptographic tokens, blockchain-based software and distributed ledger technology and unless you have taken independent professional advice. DHT tokens may lose value or have no value and may have no market. Note that if applicable law does not allow all or any part of the above limitation of liability to apply to you, the limitations will apply to you only to the maximum extent permitted by applicable law.