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.
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.
ETH auction proceeds are distributed accordingly:
- 25% to Active Rewards Contract
- 25% reserved for Retroactive Rewards
- 50% to DAO treasury, with equivalent of 20% of revenue in $BOTTO burned
The amount of $BOTTO burned 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.
On 24/10/22 proposal BIP-14: Botto's 2nd Period passed in a snapshot vote, and updated Botto's economy from a simple buy back & burn to direct payouts in ETH.
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.
The first Botto mint happened on 22/10/2021 (DD/MM/YYYY), with subsequent mints taking place on 7 day intervals. The first mint of Botto's Fragmentation Period is scheduled to happen on 14/11/2022 (DD/MM/YYYY)
Tuesdays 20:00 UTC - Winning art fragment announced
Tuesdays 20:30 UTC - Auction is scheduled
- Start Date: Wednesdays, 20:00 UTC
- End Date: Fridays, 20:00 UTC
- Opening Bid: 10ETH
On 04/03/22 (DD/MM/YY) proposal BIP-01 to set a minimum bid price for Botto's 1/1s passed in a snapshot vote. As a result, the Opening Bid price was set to 10ETH.
This has been debated by the DAO leading up to the Fragmentation Period and is in discussion to be removed.