Gnosis DEX

 Basics

• Founded in:
• Mainnet release:
• Based in:
• The website says it is in beta (23-7-2020). Mesa runs on Gnosis Dex.
• Mesa is collectively owned by DXdao (24-8-2020).

Tech

• Whitepaper can be found [insert here].
• Code can be viewed [insert here].
• Built by Gnosis on Ethereum and xDai (3-11-2020).
• Programming language used:

Transaction Details

• Capacity (TPS):
• Latency:

Their Projects

Mesa

• From this article about IDOs (18-9-2020):

"Mesa is a DApp built on the Gnosis Protocol which has been utilized to launch several token sales, including those for MTA, DMG, and DIA. Using Gnosis’ ring trading feature, Mesa allows investors to participate in a token offering using any ERC-20 token listed on Gnosis.

Mesa takes an innovative approach to token sales, allowing buyers and sellers to place sealed buy and sell orders in advance before the sale begins, and asynchronously matching orders via batches of 5 minute mini-auctions. This approach is designed to mitigate gas wars from occurring at the time the sale starts, allowing participants to compete on price alone."

• After originally being started by Gnosis, it moved towards DXdao;

"You can trade on Gnosis Protocol using Mesa, the first dapp built on the protocol, developed and maintained by the DXdao."

• From Bankless (12-2-2021):

"mStable was the first prominent team to leverage Mesa, using it to launch $MTA in July 2020. Mesa has some real benefits—its ring trade functionality can increase liquidity and the batched auction mechanism does help prevent front-running. But it's really complicated (and may involve explaining what non-deterministic results are to your community).

For example, a lot of people were confused by the $MTA sale. More recently, API3 had their Mesa launch disrupted by a technical exploit. Unlike the other mechanisms listed here, Mesa listings are not permissionless—teams must get approved by the DXdao to conduct a listing."

Roadmap

• Can be found [Insert link here].

Audits

• Bug bounty program can be found [insert here].
• Scored a 91% on DeFi Safety (19-1-2021); "G0 Group has conducted an audit on Jan 27th, 2020. Gnosis protocol was officially launched Apr 15th, 2020."​ with the comment: "Solid across the board with only docs holding them back. Way to go!"

Usage

Projects that use or built on it

• mStable launched (16-7-2020) its governance token on the platform.

Competition

• From this article about IDOs (18-9-2020):

"Despite Mesa’s intentions and efforts, token sales on their platform are subject to some of the same drawbacks as on Uniswap. In practice, the 5 minute batching of auctions creates a powerful incentive for bidders to get their orders included in the first 5-minute batch of a token sale, which means that well-capitalized automated traders can still gain an upper hand. In other words, humans may still struggle to out-compete bots on Mesa and gas wars are still not necessarily averted by Mesa’s novel design. Additionally, bidders in a Mesa token sale are never sure whether their bids will be included when orders are later settled.

DIA’s recent token offering on the Mesa platform in August 2020 ran into multiple issues, but I’ll mention one of them. While investors were able to purchase the DIA token using either USDC, DAI, or ETH, they experienced severe spread differentials up to 24% between the DIA/USDC pair and the DIA/ETH pair. This occurred due to insufficient ETH liquidity on the Gnosis protocol, leading frustrated users to threaten legal action.

While Mesa is limited by the liquidity of Gnosis, which has $8MM total value locked (TVL) as of the writing of this post, Balancer LBPs are supported by the liquidity of Balancer, a top 3 ranked DEX with around $750MM TVL (over 93x more). This ensures that investors in LBPs can spend many different tokens to participate, with reduced slippage."

Team, Funding, Partnerships, etc.

Team

• Full team can be found [here].
• Built by Gnosis.