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30% of total $BOTTO allocation has been reserved for the Botto treasury. The treasury acts as a reserve of funds usable for the continued improvement of Botto as a project.
- Address: 0x35bb964878d7B6ddFA69cF0b97EE63fa3C9d9b49
- Keys held by different team members, and their key security has been reviewed and assessed
- Requires 3 out of 6 keys
The treasury multi-sig is the owner of the OlympusDAO bonds and therefore is the account that updates the terms and receives the LP shares. For more see Bonding.
Example use cases of treasury funds include:
- Contract security audit(s)
- Providing (global) art institutions a token allocation to promote Botto
- Providing (global) art institutions infrastructural support for exhibitions
- The creation and promotion of marketing collateral
- Miscellaneous marketing endeavours that enrich Botto as a project
- Project improvements that fall outside the capability of the existing team and community
In short, there are many possibilities on how the treasury funds are collected and/or allocated and these are simply examples explored by the team so far.
The treasury collects funds through primary and secondary markets; auction proceeds and commissions are collected. Botto will auction its art on a weekly basis on SuperRare, collecting 85% of auction proceeds. The funds are collected in the treasury and used to purchase $BOTTO on the general market. Subsequently, these funds are then burned to reduce total supply of $BOTTO.
Commission from the secondary market is fixed at 10% commission on each sale. Similarly, $BOTTO is purchased on the general market using these funds and are then burned.
Importantly, the treasury is a means of preparing the artist for continued, sustained growth and aspires to be fully decentralized through community governance. There is an initial grace period restricting governance for 6 months as the community grows.
Community feedback is welcomed and encouraged on the usage of treasury funds throughout the 6 month grace period.
The team were approached by various NFT collectors who wanted to purchase $BOTTO after project launch but could not due to an illiquid market. The team could not increase liquidity - Botto didn't own any ETH due to rejecting presales. Initial liquidity was provided on Uniswap via OTC sales to these collectors (selling OTC from treasury at the listed Uniswap price, less spread).
Tokens were sold without discount using Uniswap's price as reference. Botto project did not involve any private investors. A total of 1,629,000 $BOTTO were sold. The team made every attempt to verify that those participating in OTC were operating in good faith to support the project.