Botto mints one artwork and then puts it to auction. The auction schedule has been initially set at one mint per week. Botto will mint and auction its art on SuperRare.
All ETH auction proceeds go to Botto’s treasury and an equivalent amount of $BOTTO is burned from the treasury. The amount is calculated by taking the Uniswap price of $BOTTO at the time of the sale (auction end) and subtracting any price impact (slippage) and swap fees.
ETH accrued to the treasury is spent according to the will of BottoDAO. Possibilities include (but are not limited to) protocol-owned liquidity, marketing, and distribution to voters.
Like other SuperRare mints, Botto will retain 85% of auction proceeds. SuperRare retains the remaining 15% as an auction fee. The entire 10% commission received through secondary market purchases will also go to Botto’s treasury and an equivalent amount of $BOTTO will be burned.
As a reminder, Botto creates 350 new art fragments and then lets community participants vote on their favorites with their Voting Points.
The most voted on art fragment will be minted on SuperRare.
An initial grace period of 12 weeks was placed on this governance process as the community decentralizes (detailed here and subject to initial community feedback). This grace period has since been removed.
The first Botto mint is scheduled for 22/10/2021 (DD/MM/YYYY), with subsequent mints taking place on 7 day intervals. This means the second Botto mint is scheduled for 29/10/2021 and so on.
Tuesdays 20:00 UTC - Winning art fragment announced